Cost of living in New Zealand – Single, family & student

The cost of living in New Zealand is:

• Single person: NZD 3,132/month with rent, NZD 1,307/month without rent.
• Student: NZD 3,600/month with rent, NZD 1,700/month without rent.
• Family of four: NZD 7,076/month with rent, NZD 4,011/month without rent.

New Zealand is a stunning archipelago known for its breathtaking landscapes and high quality of life. With its strong economy, stable political environment and world-class education system, New Zealand offers a unique blend of adventure and career prospects. 

This guide highlights the financial aspects of relocating to New Zealand and a concise breakdown of New Zealand’s cost of living index to help you plan your relocation efficiently. 

Do you know?

• New Zealand’s inflation rate decreased from 7.2% in 2022 to 5.7% in 2023. [1]
• New Zealand ranks among the top 10 countries in the OECD Better Life Index, with a life satisfaction score of 7.9. [2]
• New Zealand’s GDP per capita increased from USD 48,216.5 in 2022 to USD 48,5278 in 2023.[3]

A glance at the average cost of living in New Zealand

Source: Numbeo

Average cost of living in New Zealand: Single vs student vs family

Source: Livingcost.org, Leapscholar.

An overview of monthly rents in New Zealand

Source: Numbeo

Average living cost in New Zealand: Citywise

Source: Livingcost.org (Refer to citiwise cost of living pages)

Tax scenario

In New Zealand, non-residents are taxed only on income from within the country, while residents are taxed on worldwide income. Here are the personal tax rates for individuals.

For non-residents, income earned from personal services in New Zealand can be exempt from New Zealand tax if specific conditions are met. These include:

1. The non-resident’s visit to New Zealand does not exceed 92 days in a tax year.
2. The non-resident is subject to income tax on New Zealand income in their home country.
3. The payer of the income is not a New Zealand resident.

Source: Inland Revenue, PWC

What salary do you need to live in New Zealand?

While New Zealand’s standard of living is higher than many other countries, it also comes with a higher cost of living. The cost of living in New Zealand is 1.86 times more expensive than the world average. High prices can be managed with good financial planning. A salary that covers necessities and essential investments like health insurance will ensure a comfortable life in New Zealand.

Also read: The ultimate guide to choose a country to move to.

What should be your monthly budget to live in New Zealand?

##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.

Do’s and don’ts

Do’s

• Create a detailed budget to track your income and expenses and identify areas for better money management.
• Prepare meals at home instead of eating out. 
• Shop at local markets to save money on groceries. 
• If you are a student, use your student ID to get discounts at restaurants, local stores and entertainment outlets. 
• Buy a bike, walk to most places or use public transportation. 

Don’ts 

• Avoid overspending on rent. Off-campus accommodation is more expensive than on-campus accommodation. Try applying for student housing early to ensure you secure a student room. 
• Avoid spending on unnecessary things. When budgeting, prioritise essential expenses like rent and utilities over entertainment. 
• Overlook small expenses. Keep track of all expenditures. 

Best places to live in New Zealand for students & job seekers

Auckland

Auckland’s high quality of life, multicultural atmosphere and stunning natural beauty make it an attractive choice.

Students in Auckland benefit from world-class education and ample opportunities for extracurricular activities. On the other hand, working professionals enjoy a strong economy, a healthy work-life balance and high income levels in New Zealand. 

Average cost of living per person: NZD 3,662

Wellington

Wellington is known for its safety and breathtaking natural beauty. It is home to a thriving job market with fantastic career scaling opportunities and competitive salaries. Moreover, the city’s vibrant culture, diverse community and excellent educational institutions make it an ideal place to study, work and explore. 

Average cost of living per person: NZD 3,566

Christchurch 

Christchurch’s modern and vibrant atmosphere, coupled with its thriving arts and cultural scene, make it an ideal place for international students wanting to explore New Zealand during their study term. Additionally, the ever-growing job industry, with a fantastic work-life balance and competitive salaries offers working individuals an array of benefits of moving to the city. 

Average cost of living per person: NZD 2,888

Hamilton 

Hamilton’s welcoming community and ample opportunities for outdoor exploration make it a great place for international students. Moreover, the thriving job market and a high demand for skilled professionals make it a compelling choice for international professionals. 

Average cost of living per person: NZD 2,749

Also read: A quick guide to building a saving habit.

Before you go…

Before embarking on your journey to New Zealand, it is crucial to assess your financial situation based on the average salary in New Zealand. Factors like New Zealand living expenses, the current income levels, etc., must be researched thoroughly. 

You will also require a reliable money transfer service to send money from New Zealand. For example, if you wish to send money to India from New Zealand, consider Instarem – a trusted provider that offers easy, secure and fast** money transfers across many countries. 

With Instarem, you eliminate hidden charges commonly associated with international transfers. We ensure 100% transparency for all your transactions. Instrem also offers competitive conversion rates, making conversions from NZD to INR quick** and affordable#. 

Moreover, money transfer services from Instarem are now accessible via the AppStore or Google Play for convenient access and seamless transfers. 

FAQs

Q. Is it expensive to live in New Zealand?

The cost of living in New Zealand is 1.86 times higher than the global average. However, with informed decisions and proper planning, one can efficiently manage the cost of living in New Zealand.

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

The average monthly budget for a single person in New Zealand ranges from NZD 1,500 – NZD 3,050.

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

New Zealand’s cost of living for an international student is NZD 3,600 per month with rent and NZD 1,700 without rent. 

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

Sydney is more expensive than Auckland, with the average cost of living being USD 2741, which is USD 462 higher than Auckland’s USD 2279.

Q. What is the average room rent in New Zealand?

A 1-bedroom apartment in the city centre in New Zealand costs around NZD 1,850 in rent.

Q. How much is the cost of living in New Zealand per month?

The average monthly cost of living in New Zealand for a single person is around NZD 3,132 per month with rent and NZD 1,307 without rent.

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

The monthly cost of living in New Zealand for a couple ranges around NZD 3,538 with rent and NZD 2,006 without rent. 

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

The average monthly cost of living in New Zealand for a single person is around NZD 3,132 per month with rent and NZD 1,307 without rent.

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

The average monthly cost of living in New Zealand for a family of four is around NZD 7,076 per month with rent and NZD 4,011 without rent.

Q. What is a good salary in New Zealand?

A good salary in New Zealand depends on various factors like lifestyle and accommodation choices. However, a salary of around NZD 4,700 should suffice for an individual to live comfortably. 

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. 
• The prices were taken on the 2nd and 3rd of September 2024 from different sources and are subject to change.

Citations:

[1]https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=NZ

[2]https://www.oecdbetterlifeindex.org/countries/new-zealand/