Budapest is a well-known city in Hungary, and it is renowned for its history, customs, and employment prospects that welcome foreigners and those seeking further education. However, the average cost of living in Budapest is $1738 for families, $888 for students, and $938 for single people (bachelor).
Budapest’s cost of living varies drastically depending on where you reside; a typical flat or house costs $500 per month to rent.
Cost of living in Budapest
Budapest is larger than Bucharest, Vienna, or Prague, with a population of roughly 1.75 million and an area of 525.2 km2. Budapest citizens can expect to live an average of 76 years. There are around 48 percent men and 52 percent women. There have been an increasing number of expat communities in Budapest since the early 1990s political upheaval.
Budapest differs from Bristol, England, or Boston, Massachusetts, as a place to live (USA). Although nowadays, in Budapest, it is feasible to get most things done without having to speak the native tongue, speaking Hungarian will give you a clear edge. Although administrative offices, the post office, and other places where English is not as standard are significantly less said there than in stores, pubs, and restaurants.
Understanding how to manage money in a new country is among the first things to learn. To begin organizing your finances in Hungary, you must first become familiar with the local currency. The Hungarian Forint is accepted as payment in Budapest (HUF). Additionally, remember that if you ever need a quick estimate of how much something will cost in Budapest, you can always pull out your smartphone and use an online currency converter.
Don’t immediately go to your bank or the closest Bureau de Change if you need to convert GBP or another money to HUF. Since steep markup is often imposed on top of the mid-market rate, you are unlikely to find the best exchange rates there.
Hungary elected to keep using its currency, the Hungarian Forint, abbreviated “Ft” or HUF, even after joining the European Union. Please pay attention to the exchange rate while purchasing from foreign retailers and real estate companies who quote their prices in euros. Recalling that 1,000 HUF is equal to 3 EUR, USD 3.50, or 2.7 GBP as of April 2019 is straightforward.
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How much do medical and dental services cost in Budapest?
Although private healthcare is also offered, Hungary’s publicly funded universal healthcare system is cheap and comparable to other Western nations. If they possess a European Health Insurance Card, individuals of the EU are insured for emergency medical care (EHIC). However, a visit to the doctor costs about 8,000 HUF for regular and other medical care.
If you apply for a national insurance number and card, you can receive the same healthcare as Hungarian residents if you want to live, work, or study in Budapest (TAJ Katya). If not, you’ll need to purchase private health insurance or pay for medical care.
Study costs in Budapest
In the Shanghai Academic Ranking of World Universities 2020, Eötvös Loránd University is listed as one of many Budapest-based colleges and universities. Other institutions include the Corvinus University of Budapest and the Budapest University of Technology and Economics.
Tuition expenses for higher education in Hungary can reach £10,730 per year, depending on where you enroll. The annual cost of attending Eötvös Loránd University is approximately £3,679. You should also take application and entry fees into account. For international students, there are frequently some scholarships and state-funded positions available.
About a quarter of Budapest inhabitants use a car to get around, while another 19% rely on trains or metros, and 18% utilize buses. Budapest’s public transportation costs approximately £24.18 per month, far less than those in London and other significant European capitals. The city center is relatively accessible and “bikeable” if you live and work there, but the metro system can also be helpful if you need to get somewhere else quickly.
Budapest apartment searching may not be as simple as it always was these days. Due to the increased demand for rentals, lodging costs are frequently on par with those in other Central European towns.
There are no longer many apartments available for a modest cost. Contacting multiple real estate agents who can assist you in finding the apartment you desire is the most delicate and straightforward approach to it. Since the agency receives a commission from the owner, most owners will only rent for an extended period; thus, be prepared to sign a contract for at least one year.
Budapest’s clothing and shoes cost comparable to almost every other European capital. Like in most cities, there are a few upscale streets lined with sizable multinational stores and boutiques. A quality pair of Nike running shoes start at about 20,000 HUF, and a couple of pants will cost you between 20 and 30,000.
Of course, there is always the option to eat out at one of the city’s countless fantastic cafes, bistros, or restaurants. Avoid popular tourist destinations since a fixed “traditional” meal might cost as much as 6,000 HUF per person. A three-course lunch for two people in smaller restaurants will run you about 3600 HUF. That works out to 1800 HUF per person for a delectable soup, a main course, and a cake!
Budapest is home to numerous bakeries where you can purchase fresh daily bread. Almost any type of bread is available, from the standard sliced white bread to the unique whole grain loaves. There are also many Hungarian sweets, including the incredible lángos, pastries, and cakes from Budapest. In the city’s core, a slice of vegan cake will run you about 1,000 HUF, although prices increase the closer you get to the center.