As with many capital cities around the world, the cost of in Bucharest can be high.This is especially true when it comes to housing costs. In this post we will take a closer look at the cost of living in Bucharest, with a specific focus on the cost of rent and buying an apartment.

Renting in Bucharest

Renting a home in Bucharest can be quite expensive, especially if you are looking for a place in the city center.

According to Numbeo.com,the average monthly rent for a one-bedroom apartment in the city center is around 2,500 RON (approximately $590 USD). This can be a considerable expense for anyone living on a budget, particularly if they are just starting out in their career.

Of course, the cost of renting a home in Bucharest will depend on a variety of factors, such as the size of the apartment, its location, and the amenities included.

For example, a studio apartment in the city center may cost anywhere from 1,800 to 3,500 RON (approximately $425 to $825 USD) per month.

Meanwhile, a three-bedroom apartment in the same area could cost anywhere from 3,500 to 6,500 RON (approximately $825 to $1,530 USD) per month.

It is worth noting that the cost of renting a home in Bucharest can vary significantly depending on the neighborhood.

For example, the northern neighborhoods of Herastrau and Aviatorilor are some of the most expensive areas to live in the city, with rents that can reach up to 6,000 RON (approximately $1,415 USD) per month for a one-bedroom apartment.

On the other hand, the southern neighborhoods of Tineretului and Drumul Taberei are more affordable, with rents that can be as low as 1,500 RON (approximately $355 USD) per month for a one-bedroom apartment.

Buying an Apartment in Bucharest

If you are considering buying an apartment in Bucharest, be prepared to spend a significant amount of money.

According to data from Numbeo, the average cost of an apartment in the city center is around 13,000 RON per square meter (approximately $3,065 USD).

This means that a 50 square meter (approximately 538 square feet) apartment in the city center could cost around 650,000 RON (approximately $153,000 USD).

Of course, the cost of buying an apartment in Bucharest will depend on several factors, such as the location, size, and age of the building.

For example, a new apartment in a high-end neighborhood like Primaverii could cost as much as 20,000 RON per square meter (approximately $4,710 USD), while an older apartment in a less desirable neighborhood could be significantly cheaper.

It is worth noting that the cost of buying an apartment in Bucharest has been steadily increasing in recent years.

According to a report by real estate firm, the average price per square meter for apartments in Bucharest increased by 6.4% in 2020, despite the economic challenges posed by the COVID-19 pandemic.

This trend is expected to continue in the coming years, especially as the demand for housing in Bucharest continues to outpace supply.

Other Housing Costs

In addition to rent or mortgage payments, there are several other housing costs to consider when living in Bucharest.

For example, utility costs can be quite high, especially during the winter months when heating bills can add up quickly.

The average monthly cost of utilities (including electricity, gas, waterand garbage) for a 85 square meter (approximately 915 square feet) apartment in Bucharest is around 735 RON (approximately $173 USD).

This can be a significant expense for many residents, especially those living on a tight budget.

Another cost to consider is property taxes.

In Romania, property taxes are calculated based on the value of the property and range from 0.08% to 0.2% of the property’s value. For example, if you own an apartment in Bucharest with a value of 500,000 RON (approximately $118,000 USD), you can expect to pay between 400 and 1,000 RON (approximately $94 to $235 USD) in property taxes per year.

It is also worth noting that many apartment buildings in Bucharest charge a monthly maintenance fee, which covers the cost of building maintenance and repairs.

These fees can vary depending on the age and size of the building, as well as the amenities offered. For example, a newer building with a gym and swimming pool may charge a higher maintenance fee than an older building without these amenities.

Living Expenses in Bucharest

Aside from housing costs, the cost of living in Bucharest can be relatively affordable compared to other European cities. For example, the cost of groceries and eating out in restaurants is generally lower than in Western European cities like Paris or London.

According to Numbeo, the average cost of a meal at an inexpensive restaurant in Bucharest is around 35 RON (approximately $8 USD), while a three-course meal for two at a mid-range restaurant can cost around 170 RON (approximately $40 USD). A loaf of bread costs around 2.7 RON (approximately $0.64 USD), a liter of milk costs around 3.5 RON (approximately $0.83 USD), and a dozen eggs costs around 10 RON (approximately $2.36 USD).

Transportation costs in Bucharest can also be relatively affordable. The city has an extensive public transportation system, including buses, trams, and a subway system. A single fare on the subway costs 2.5 RON (approximately $0.59 USD), while a monthly pass costs around 70 RON (approximately $16 USD).

If you are considering moving to Bucharest, it is essential to factor in the cost of housing and other living expenses into your budget. However, with careful planning and budgeting, it is possible to enjoy all that Bucharest has to offer without breaking the bank.