Home to just over 9.7 million people, Hungary is a landlocked central European country that borders Romania, Ukraine, Slovakia, Austria, Slovenia, Croatia and Serbia. The capital Budapest is bisected by the Danube river and it contains many architectural wonders including castles as well as spas and baths from both Turkish and Roman influences.
Whether you’re going to Hungary to study there for a semester or you’re making a permanent move with your family, knowing about the cost of living there will help you budget better. To provide a comprehensive overview, we have gathered real pricing data from various regions across Hungary, taking into account factors such as housing, utilities, transportation, food, healthcare, and entertainment. This comparative cost guide provides valuable insights that can aid in financial planning and decision-making for anyone considering a move to Hungary.
- Planning on visiting Hungary
- Going to study there, or
- Planning on permanently relocating
Table of Contents
Can non-residents open a bank account in Hungary?
Having a bank account is an integral part of your comfort and convenience in a foreign country. Whether your salary is transferred there or you get money from another country a bank account is crucial.
As an expat, the answer to the question “Can I open a savings account in Hungary?” is yes. You just need to be prepared with the right paperwork. Some of the documents you need to open a bank account in Hungary include a valid residence permit or work visa, an address card or proof of address such as an apartment or lease contract and a valid passport.
Certain banks permit non-residents to open an account using only a passport. However, depending on the bank, you might also be required to provide a utility bill to verify your name and address as well as evidence of employment or income. Some banks will require only some of these documents, while others may require all of them.
What is average rent in Hungary
Rental costs in Hungary are notably lower than in numerous other European countries. For example, renting a one-bedroom apartment in the heart of a Hungarian city is 66% less expensive than in Italy and approximately half the cost compared to Spain or Malta.
Of course, the cost of your rental will depend on your location, dwelling size and the condition of the property itself, much like anywhere else in the world. In Budapest, the monthly rent for a one-bedroom apartment in the city centre is approximately €589, while in the suburbs, it drops to around €457. In Debrecen, the average rental price is 30% lower, at €344 for a small apartment located outside the city centre. In other cities such as Pécs and Siófok, the rental price for a similar apartment can be as low as €252.
How much does a house cost in Hungary?
Property costs in Hungary are approximately half the price as those in the UK and 20% lower than in the USA. In Numbeo’s cost of living database, Hungary ranks 6th among 40 European nations when it comes to the affordability of property purchases.
The average cost for a new house in Hungary is about €2,564 per square metre. In Budapest, the capital city, new home prices can reach over €3,093 per square metre, making it the priciest region in the country. Conversely, Nyíregyháza stands out as the most economical option for new housing, with prices around €1,469 per square metre.
For second-hand properties, the national average is even more budget-friendly, at €1,126 per square metre. In Budapest, the cost is €2,281 per square metre, while in the surrounding areas, it decreases to €1,559. Near Lake Balaton, a favoured tourist destination, the average price for secondary properties is €1,766 per square metre.
The most sought-after locations for foreigners who want to buy a house in Hungary include Lake Balaton, Budapest, and regions along the western border.
Cost of utility bills in Hungary
Hungary residents pay an average of €933 annually for utilities and expenses for electricity, gas, water, and garbage disposal represent 90% of the property maintenance costs.
| Type of Product | Average Prices |
|---|---|
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment | 134.11 € |
| Mobile Phone Monthly Plan with Calls and 10GB+ Data | 23.52 € |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | 16.20 € |
Transportation expenses
Since the country has a generally well-established public transportation system, you are not likely to need to use your own car while in Hungary, unless you are planning trips to nearby cities or to other European destinations.
Some of the general costs you can expect to pay there include:
| Type of Product | Average Prices |
|---|---|
| One-way ticket (local transport) | 0.97 EUR |
| Monthly pass (regular price) | 26 EUR |
| Taxi start (normal tariff) | 1.95 EUR |
| Taxi 1 km (normal tariff) | 0.83 EUR |
| Taxi 1 hr waiting (normal tariff) | 12.50 EUR |
| Gasoline (1 litre) | 1.10 EUR |
| VW Golf | 16,667 EUR |
| Toyota Corolla (1.6 litre) | 17,776 EUR |
Cost of necessities in Hungary
While we’ve covered most of the main living costs in Hungary, such as transportation and accommodation costs, one of the most frequent categories of expenses and one that we cannot live without is the cost of basic necessities. These include:
Price of food in Hungary
| Type of Product | Average Prices |
|---|---|
| Milk (1l) | 1.01 € |
| Loaf of white bread (500g) | 1.35 € |
| White rice (1kg) | 1.73 € |
| Regular sized eggs (12) | 2.50 € |
| Local cheese (1kg) | 9.23 € |
| Chicken fillets (1kg) | 4.92 € |
| Beef (1kg) | 10.81 € |
| Apples (1kg) | 1.41 € |
| Bananas (1kg) | 1.63 € |
| Tomatoes (1kg) | 2.70 € |
| Potatoes (1kg) | 1.05 € |
| Onion (1kg) | 1.17 € |
| Lettuce (1 head) | 1.15 € |
| Water (1.5l) | 0.45 € |
| Bottle of wine (mid-range) | 4.56 € |
| Domestic beer (0.5l) | 0.94 € |
| Imported beer (0.33l) | 1.23 € |
| Cigarettes (20 pack Marlboro) | 5.58 € |
Average expenses if you go to eat out:
| Type of Product | Average Prices |
|---|---|
| Meal (inexpensive restaurant) | 10.14 € |
| Meal for 2 people, mid-range restaurant, three course | 45.64 € |
| McMeal at McDonald’s | 7.61 € |
| Cappuccino | 1.91 € |
| Coke/Pepsi | 1.31 € |
Attire and personal care
| Type of Product | Average Prices |
|---|---|
| 1 pair of jeans (Levis 501 or similar) | 68.18 € |
| 1 summer dress in a chain store | 29.53 € |
| 1 pair of running shoes (Nike) | 76.91 € |
| 1 pair leather men’s business shoes | 80.89 € |
Check out our post on which are the best cities in Hungary to move to.
Healthcare prices in Hungary
In Hungary, state medical care is available at no cost to individuals who make social security contributions. The social security tax is set at 18.5% of an employee’s gross monthly income. For those who are unemployed, a monthly contribution of €20 is required to retain eligibility for public healthcare insurance.
As soon as you begin making social security contributions, you will be automatically enrolled in the National Health Insurance Fund. This will grant you access to state healthcare services and your dependents will also qualify for state healthcare coverage.
For employees, social security contributions will be paid by the employer. However, if you are self-employed, it is your responsibility to register with your local tax and customs office.
If you have not paid into social security contributions and if you are not a dependent of someone else, you are required to obtain private health insurance.
Public healthcare services include preventative care, emergency assistance, prescribed treatments, and medications. Children under the age of 18 receive free dental care, whereas adults are responsible for standard consultation fees and any technical expenses related to their dental treatment.
Private healthcare in Hungary presents a more affordable option compared to the United States and several other European nations. A typical 15-minute consultation with a Hungarian doctor costs around €67, in contrast to €97 in the USA, and approximately €75 in Italy or Finland.
The cost of dental services in private clinics also demonstrates this affordability. A standard dental check-up ranges from €75 to €140, while a comprehensive dental cleaning can vary between €118 and €350. The price for a standard filling is approximately €109, and tooth extractions can range from €80 to €200.
Takeaways
Hungary is one of the mid-range countries in the world in terms of being expensive to live in. In fact, compared to Western European countries, living costs in Hungary are much more affordable.
Whether you are a student, a professional, or someone seeking a comfortable retirement, Hungary offers a high quality of life at a reasonable price. However, your living expenses will largely depend on your lifestyle and the city you choose to live in. Understanding the average Hungary living costs will help you plan better and make informed decisions about your stay.
By carefully budgeting for housing, food, transportation, and other essentials, you can enjoy everything Hungary has to offer without breaking the bank.
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