While going abroad, the most challenging part is managing finances. College fees and hostel accommodation details are displayed clearly on colleges’ official websites, but determining additional costs is challenging yet crucial for planning an overall budget. The cost of living accounts for all the additional expenses, such as rent, food, travel, and shopping, directly dependent on external factors such as inflation and foreign exchange rates.
Hence, through this article, we will look at the average cost breakdown of the cost of living in some of the most popular foreign study avenues to help students provide a clear view of their expected expenditure at different locations. This will also help students draw comparisons among various nations.
Cost of Living in the USA:
For students aspiring to study abroad in the United States, gaining insights into the cost of living in this diverse country is essential. The United States is popularly dubbed as the country of dreams and opportunities.
The country houses some of the most prestigious universities- such as Yale University, Princeton University, and Harvard University– making it an attractive option among students.
While delving at the cost of living, the average cost in the USA is between $2,500 and USD 3,500 per month. This cost includes food, transportation, rent, and other common expenses. It is also worth noting that this cost is subject to change depending on an individual’s location, spending habits, and lifestyle.
The United States is significantly more expensive than other developing nations, such as India, where the cost of living is around 229% higher than India. Regarding housing rents alone, the United States is 800% more expensive than India.
Cost of Living in Germany:
Being one of the largest European countries, Germany offers a high-quality education system, but it’s also known for being a relatively expensive country. Housing is one of the most significant expenses, with rental prices varying depending on the city. Munich has one of the highest costs of living in the country.
Germany’s average cost of living is around $900- $5000 USD. Compared to India, the cost of living is 243% higher in Germany and 14% lower than in the US.
While dining out can be pricey, grocery shopping and cooking at home can help students save money on food.
On the positive side, Germany boasts an efficient public transportation system; students can benefit from discounted public transport passes.
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Cost of Living in Canada:
Canada is celebrated for its high-quality education system and excellent universities, but it’s also known for its varying living costs. Housing expenses vary significantly depending on the province and city, with major urban centres such as Toronto and Vancouver having higher rents.
Based on various market surveys, Canada’s average cost of living is around $2,730- $4000 USD. This cost is inclusive of housing accommodation. On average, this expenditure is 18% less than the United States and 254.3% higher than India.
Cost of Living in the UK:
UK, or England, is also one of the most popular choices among students due to its high-quality education and friendly environment. However, the cost of living is also significantly high due to the cost of living crisis in the country since 2021. As per the consumers, 92% reported that their cost of living increased in 2021.
Today, the average cost of living is $2000- $3500. Compared to the US, the cost of living in the UK is 18% lower but 177.7% more than in India.
Cost of Living in New Zealand:
New Zealand is emerging as a magnet for international students. All of its eight universities feature among the top 3% of the educational institutes globally. Hence, internationally recognized college degrees and affordable tuition fees make New Zealand an excellent choice for international education.
Living expenditure of $1250- $1700 monthly is also less than in other nations. As a result, New Zealand witnessed a 98% spike in the inflow of international students after the pandemic.
Compared to India, the cost of living is 225% higher but is 19% less than the US.
Cost of Living in Poland:
Poland has emerged as one of Europe’s most attractive study hubs in the past decade. Data shows that the number of education institutes in the country has increased by five times. As a result, the number of students seeking education has also increased four times in the past decade.
On top of that, affordable education and nearly half the living expenses make Poland an excellent choice for international students looking for quality education without burning a hole in their pocket.
The average cost of living is around $1000- $1500 USD each month, including rent, food, and transportation.
This cost is more than 56% less than the living expenditure in the US. In comparison to India, Poland is 70% more expensive.
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Comparison of Cost of Living in Various Countries
|Country||Average cost of living (in USD) monthly||Cost comparison to the USA||Cost comparison to India|
|USA||$2500- $3500 USD||Same||229% higher|
|Germany||$1800- $3000 USD||14% lower||243% higher|
|Canada||$2730- $4000 USD||18% lower||254% higher|
|UK||$2000- $3500 USD||18% lower||177.7% more|
|New Zealand||$1250- $1700 USD||19% lesser||225% higher|
|Poland||$1000- $1500 USD||56% lower||70% More|