Cost of living in Austria – single, family & student

The monthly cost of living in Austria is €1,604 for a single person, €700 – €1,000 for a student & €3,899 for a family of four. Also, check out the rent costs & the budget needed to live in Austria.

Known for its rich culture, excellent educational institutions and thriving economy, Austria attracts talent from all over the world. If you are planning to move to Austria, you might be wondering about the budgeting aspects related to relocation and the income levels in Austria. 

This guide aims to provide you with in-depth details of Austria’s cost of living index. This should help you understand the expected cost of living in Austria’s various prominent locations and effectively plan your finances for your future endeavours.    

Quick Overview

• The cost of living in Austria for a single person =  €1604 per month
• The average cost of living in Austria for a student = €700-€1000 per month
• The cost of living in Austria for a family =  €3899 per month 

Do you know?

• As per OECD’s Better Life Index, Austria’s safety percentage is an impressive 9.3%.[1]
• Austria’s inflation rate on consumer prices dropped to 7.8% from the former 8.5% in 2023.[2]
• Austria’s standard of living is considerably high, with the country ranking 3rd as per the Global Peace Index, with a GPI score of 1.313.[3] 

A glance at the average cost of living in Austria

Source: Numbeo

Average cost of living in Austria: Single vs Student vs Family

Source: Livingcost.org, Leapscholar

An overview of monthly rents in Austria

Source: Numbeo

Average cost of living in Austria citywise

Source: Livingcost.org (Refer citywise pages)

Austria cost of living – Tax scenario

Foreign workers are subject to Austrian income tax on income that is earned within the country. Non-residents are taxed only on income sourced in Austria, which includes a fictitious income increase of €10,199. Here is a quick overview of the taxation rates as per the income brackets:

Source: PWC Worldwide Tax Summaries-AUSTRIA

What salary do you need to live in Austria?

The average salary in Austria that is required to live comfortably can vary based on individual circumstances and lifestyle choices. According to data from SalaryExplorer, the average monthly salary in Austria is around €3800, which approximately amounts to €45,600 annually.

For a single working professional, a minimum of €1580-€2820 may be required to cover basic Austrian living expenses, including housing, food and transportation, along with additional essentials. On the other hand, a family of four may require a budget between €2370-€6460 for a comfortable lifestyle and the cost of living in Austria for a couple would range around €1185-€3230. 

These ranges may naturally differ based on the lifestyle choices and location of the individuals involved. However, when budgeting, it is important to remember that the cost of living in Austria is 1.67 times more expensive than the world average.

Source: SalaryExplorer, Livingcost.org     

What should be your monthly budget for living in Austria?

##It is an approximate value based on the consumer prices and average living expenses of an individual. It is advisable to consider income level, spending habits, location, and specific monthly expenses to calculate an accurate budget.

Also read: A quick guide to building a saving habit

Do’s and Don’ts

Do’s

• Consider renting in suburban areas to lower renting costs.
• Shop at discount supermarkets like Aldi and Lidl for affordable groceries. 
• Take advantage of lunch menus; many restaurants offer reduced prices for lunch specials. 
• Shop in local markets for fresher and cheaper produce. 
• Compare utility providers often to choose and switch plans to cheaper deals. 
• Turn off appliances when not in use. 
• Use public transport or a bicycle.  
• Take advantage of cheaper travel options with student discounts. 

Don’ts

• Do not overlook rental agreements. Utilities are often not included in the rent costs and are charged separately. 
• Do not rely on taxis; opt for public transportation instead.
• Do not skip health insurance; without insurance, health care can be very expensive as an expat. Also, it is essential to build an emergency fund when living overseas.

Also read: 10 offbeat things people do to save money

Top cities in Austria for students and job seekers

Vienna

Vienna, Austria’s capital, is known for its excellent infrastructure and amenities. Consistently ranked as the world’s most liveable city by EIU’s Global Liveability Index, Vienna offers its residents high safety levels, convenient transport connectivity and comprehensive healthcare options. 

Vienna is also known for its lucrative job market, where some of the largest global companies are based. Vienna’s vibrant international community, excellent quality of life and accessible healthcare make it an attractive destination for professionals and students alike. 

Average cost of living per person: €1706 per month

Graz

Graz stands out as an exceptional city for both job opportunities and students alike. Renowned for its four universities and dynamic educational environment, Graz attracts students from around the globe. The city’s focus on education is complemented by a dynamic job market that offers lucrative opportunities in sectors ranging from IT to culture and tourism. 

Graz provides a vibrant environment where students can thrive academically and socially. At the same time, professionals can find ample career prospects in a city known for its entrepreneurial spirit and quality of life. 

Average cost of living per person: €1526 per month

Salzburg

Salzburg excels as a hub for career opportunities and academic pursuits. Home to global leaders like Red Bull and BMW, the city thrives with innovation in tech and industry. The University of Salzburg anchors a vibrant academic community and is renowned for its lively festivals and social culture. 

The city’s strategic location and excellent infrastructure support easy mobility and business growth. With a high quality of life, from healthcare to recreational options, and a thriving job industry, Salzburg offers a dynamic environment for both academic and career pursuits. 

Average cost of living per person: €1556 per month

Linz

Linz, nestled near Germany and the Czech Republic, stands out as a prime destination for students and professionals alike. With a strong economy that is anchored by multinational corporations and a thriving tech sector, there are plenty of job opportunities, especially for software developers. 

The city offers efficient public transit and a lively social culture, making it ideal for students and working professionals seeking a balanced lifestyle. The universities and colleges in Linz provide diverse educational paths and affordable living options.  

Average cost of living per person: €1516 per month

Before you go…

When planning on exploring your prospects in Austria, it is important to evaluate your finances while considering factors like the cost of living in the city that you aim to relocate to. Educate yourself regarding the pay scale in Austria and the taxes that are levied on your income. 

Another crucial factor is choosing a reliable and secure fund transfer service for whenever you need to send money from Austria. A great option for international transactions when you need to send money to India from Austria is Instarem. 

Whether you are an international student looking to transfer money for overseas studies or a professional wanting to transfer funds to your loved ones across borders, Instarem is a convenient and user-friendly platform available in more than 60 countries. 

It is an affordable# and fast* transaction service that ensures secure fund transfers and offers competitive conversion rates for EUR to INR. Moreover, with InstaremApp, you can now make your transactions on the go as and when you need them. You can download the app conveniently using the AppStore or Google Play. 

FAQs

Q. Is it expensive to live in Austria?

The average cost of living in Austria is 1.67 times more expensive than the world average. 

Q. How much money do you need to live in Austria?

The budget required to live in Austria can vary depending on various factors like lifestyle choices, renting or living location, etc. Typically, the average amount required for a single person to live in Austria comfortably would be €1580-€2820.  

Q. How much does it cost for international students to live in Austria?

It can cost international students somewhere between €700-€1000 per month to live comfortably in Austria. 

Q. Is it cheaper to live in Sydney or Austria?

Austria’s cost of living is 32% cheaper than Australia’s. The average after-tax salary in Sydney covers living expenses for 1.4 months in Sydney but to 1.6 months in Vienna.  

Q. What is the average room rent in Austria?

The average room rent for a 1 bedroom apartment in the city centre can cost around €862.51. 

Q. What is the monthly cost of living in Austria?

The average monthly cost of living in Austria for a single person is around €1604 per month.  

Q. How much is the cost of living in Austria for a couple?

The basic monthly cost of living in Austria for a couple ranges around €1185-€3230.

Q. What is the cost of living in Austria for a single person?

The average annual cost of living in Austria for a single person is around €1604 per month. 

Q. What is the cost of living in Austria for a family?

The cost of living in Austria for a family is  €3899 per month. 

Q. What is a good salary in Austria?

A good salary in Austria for comfortable living can vary depending on various factors such as spending habits, location, etc. However, a budget of around €1580-€2820 should suffice for a single person to live comfortably in Austria.

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Disclaimer:

• This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with the products or vendors mentioned.

• Prices mentioned in this blog are subject to change.

• ** Fast means 75% of our transactions are completed in 15 minutes. Depending on the funding method.
• # When it comes to affordable exchange rates and fees, it’s worth noting that the cost will vary depending on how you choose to fund your transactions. Credit card funding and bank transfer fees can differ significantly. 

Citations:

• [1]https://www.oecdbetterlifeindex.org/topics/safety/
• [2]https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=AT
• [3]https://www.visionofhumanity.org/maps/#/