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Answered Is it cheaper to live in Hong Kong or Singapore

Answered: Is it cheaper to live in Hong Kong or Singapore? 

Hong Kong and Singapore are recognized worldwide for their flourishing economies. However, this comes with a price – both have a high cost of living. 

If you’re planning on living in either country, you have to be prepared to put aside a fair bit of money for your monthly expenses. However, this still leaves us with this question: is it cheaper to live in Hong Kong or Singapore?

In this article, we answered this and other important facts you need to know. 

Is it cheaper to live in Hong Kong or Singapore?

While both places are known for their high cost of living, Hong Kong is cheaper to live in compared to Singapore by 8%.

We’ll go through a rundown of how we figured this out. Before we start, however, here are some quick figures.

Cost of Living (per month)Hong KongSingapore
Average salaryHK$36,583HK$ 33,589.16
One-bedroom apartment(city center) HK$18,000HK$21,049
Utilities HK$1,000HK$1,161

Overall, the average person would spend roughly HK$23,370 in Hong Kong on essential things. When we consider the salary, this would leave them with HK$13,212 to spend on other things. 

In Singapore, the total average cost of essential items is HK$25,404. By the end of the month, an average Singaporean would typically have HK$8,185 left. 

Ultimately, this is just a rough estimate and can vary depending on one’s lifestyle, among other aspects. 

How much is the average salary of a full-time employee in Hong Kong and Singapore?

The average salary of full-time employees in Hong Kong is HK$36,583. In Singapore, it’s SGD 5,783 or HK$33,589.16.

What is the cost of housing in Hong Kong and Singapore?

According to CNBC, the average housing cost for private homes in Hong Kong is HK$ 9,020,862.83. When it comes to Singapore, this goes up to about HK$9,366,841.05, making the Singaporean housing cost significantly higher. 

In fact, Singapore is considered the most expensive place for private homes in all of the Asia Pacific. 

What is the cost of education in Hong Kong and Singapore?

Based on an HSBC survey, the cost of education in Hong Kong is roughly HK$1,000,000 from kindergarten to undergraduate studies. In Singapore, it costs about HK$205,759.35, making it 79% cheaper than Hong Kong. It can also be significantly cheaper if the child is a Singaporean citizen. 

How do job opportunities for foreigners compare between Hong Kong and Singapore?

Job opportunities for foreigners in Hong Kong and Singapore are available but dependent on your field. If you are in finance, getting a job in Hong Kong would be easier. Meanwhile, Singapore is more concerned with technology, meaning there are more tech positions available. 

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