Hong Kong Cost of Living Guide
A Complete Guide For Cost of living in Hong Kong
The cost of living in Hong Kong is not as prohibitive as you think although it is one of the world’s costliest cities. Hong Kong also has arguably the most expensive real estate market in the world. Rentals and apartment prices can be sky-high throughout the island where space is in short supply. At the same time, Hong Kong offers a high standard of living through its premium condominiums and residential tower projects.
Many people fancy the premier lifestyles in Hong Kong. It is one of the world’s highest populated regions with a whopping 7 million people living in only 1,098 square kilometres of area. It is hence the costliest place to live in Asia. Yet, Hong Kong is still a desirable place to live with its cosmopolitan culture, unique traditions and its status as one of the biggest financial and commercial hubs in Asia.
The official currency in Hong Kong is HK$ or HKD which is the Hong Kong Dollar. It is tied to the USD or US$ and equates to $0.13. H
Here Take a Closer Look at the Estimated Cost of Living in Hong Kong (approximate figures)
The average rent for a 1 bedroom apartment within the Hong Kong city centre is HK$16,551 while a one bedroom apartment outside of the city centre will cost you approximately HK$11,006. Average rent for a three bedroom family home within the city centre will be around HK$39,800 while this will come down considerably to HK$23,426 outside the city centre.
2. Utility Costs
There are several utility costs that you will have to bear while staying in Hong Kong. Internet costs may hover around HK$205 every month while you can expect somewhere around HK$1371 approximately for utilities such as water, gas and electricity in case of an 85 m2 apartment unit. Monthly transport passes usually cost somewhere around HK$460 while a regular meal for two at a restaurant (mid-range) will come at HK$350 approximately.
3. Living Expenses Summed Up
Living expenses in Hong Kong (without rent) for a single individual will be roughly HK$6,865 per month while they may increase to HK$82,380 annually for a single individual. University students may have to incur expenditure of HK$5,298 every month while a four-person family unit will have to spend approximately HK$24,472 every month. A four member family will have to spend HK$293,664 every year by way of living costs.
4. Healthcare Expenditure
The health infrastructure in Hong Kong is excellently maintained. Citizens of the island and those who are permanent and legal residents may get access to considerably subsidized healthcare infrastructure. Yet, the procedure is often slower than usual and hence people choose to buy private healthcare plans. Average costs may hover around HK$367 for a check-up by the family doctor while cold medicine costs may hover around HK$65 for a period of 6 days. HK$80 will be the cost of an antibiotic prescription as well.
The cost of living will include expenditure on travel and transportation. Hong Kong is tough to navigate with a personal car or private vehicle. It is always best to take public transportation and the monthly pass is quite affordable in the city as compared to other leading global cities. To put it into context, it is roughly 1/3rd of the monthly ticket pricing for London. The average gasoline cost is HK$14.80 for every litre while the monthly pass, as mentioned, will cost around HK$460. A single use bus ticket costs around HK$10 while taxi fares for a journey of 8 kilometres will be roughly HK$58.Buying a new car will be at least HK$213,000-217,343 on average.
6. Cost of Education
Hong Kong is home to numerous leading universities and colleges while being ranked as the 15th best global city for education as per several reports and ratings. There are several innovative courses on offer and some universities specialize in particular fields, i.e. the Hong Kong University is globally acknowledged as the best institution for studying dentistry.
Approximate pre-school or kindergarten costs stand at around HK$5,336 per month while private school fees usually hover around HK$95,231 annually. The tuition fees at universities start from approximately HK$146,000 for international students and HK$42,100 for local pupils. The annual tuition fees in the city for university are HK$120,000 annually.
No matter where you decide to stay in Hong Kong, you will find a vibrant and bustling ambiance that is quite captivating. It goes without saying that the business environment is fast-growing and highly progressive while the mixture of cultures, cuisines and traditions makes for a fascinating experience indeed. Hong Kong promises a life that is exciting and filled with new things to do, including exploring some of the world’s most famous landmarks and destinations. You will fall in love with the chaotic pace of the city, its lovely coastline and plethora of natural attractions.
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