Here’s presenting a Mumbai vs Bangalore cost of living comparison that will help you know more about the differences across several basic parameters.
Doing a Mumbai vs Bangalore cost of living comparison? Well, it is easier said than done in most cases! This is because there is no hard and fast measure for living costs, i.e. it all depends upon your lifestyle and your own needs and wants. Yet, doing a basic comparison is possible, taking some basic parameters into account. As per several reports, going by an approximate calculation, about Rs. 1,10,722.6 is what you would require to keep up the same living standards in Bangalore as compared to what you will get with Rs. 1,50,000 in Mumbai.
The Mumbai vs Bangalore cost of living comparison mentioned above has been worked out on the basis of rentals and other expenditure while accounting for net earnings of people post payment of income tax.
Mumbai vs Bangalore- Key cost of living insights
When it comes to actual cost differences between Mumbai and Bangalore, two of the country’s most bustling and thriving metropolises, there are some fascinating insights worth knowing more about:
- Bangalore offers 6.22% lower prices of consumer goods in comparison to Mumbai.
- Rentals and other consumer prices are 26.18% lower in Bangalore as compared to Mumbai.
- Mumbai has 57.23% higher rentals as compared to Bangalore.
- Prices of restaurants are lower in Bangalore by 21.74% as compared to Mumbai.
- Groceries are 3.04% cheaper in Bangalore as compared to Mumbai.
- Purchasing power (locally) is higher by 59.99% in Bangalore as compared to Mumbai
These insights serve to give you an idea. Mumbai is the country’s richest city and its financial capital, which explains its high real estate prices, high rents for the property, and comparatively higher living costs.
Mumbai vs Bangalore cost of living parameters
The average monthly net salary in Bangalore is Rs. 50,309.52 post taxes which is decent, considering the cost of living situation. In comparison, average net salaries in Mumbai on a monthly basis stand at Rs. 42,600.16 which may not be sufficient to meet all expenses. The yearly rate of interest for mortgages (fixed rates for 20 years) stands at 9.11% on an average in Mumbai while they stand at 9.12% in Bangalore as of June 2020.
No Mumbai vs Bangalore comparison is possible without comparing rentals on a monthly basis for properties. Here’s taking a look at the same:
- You can rent a 1 bedroom apartment in the Mumbai city center for approximately Rs. 44,032.97 while this goes down to Rs. 17,632 for Bangalore.
- 1 bedroom apartments rented outside the city center come for approximately Rs. 21,172.22 per month in Mumbai and Rs. 10,488.97 per month in Bangalore.
- Renting a 3 bedroom apartment in the Mumbai city center will set you back by Rs. 1,15,944.44 per month while this drops exponentially to Rs. 43,833.33 per month in Bangalore.
- Renting a 3 bedroom apartment outside the city center will cost you Rs. 49,141.30 in Mumbai every month while the cost drops down to Rs. 26,546.76 every month in Bangalore.
Mumbai vs Bangalore cost of living comparisons- From property prices to transportation
If you are doing a Mumbai vs Bangalore cost of living study, property prices should definitely be taken into account. The price for each square meter for purchasing an apartment in the city center stands at Rs. 131,246.27 in Bangalore. In comparison, if you are looking to buy 1 square meter in the city center in Mumbai, you will have to shell out a whopping Rs. 473,289.64. This is more than three times the property prices in Bangalore.
If the location of the apartment is outside the city center, then the price per square meter comes down to Rs. 188,748.66 in Mumbai while it drops down even more to Rs. 56,876.90 in Bangalore. One-way local transportation tickets are usually costlier in Bangalore at Rs. 50 while they are Rs. 20 in Mumbai. Monthly passes are cheaper in Mumbai at Rs. 380 on an average while they stand at Rs. 1,500 in Bangalore. Additionally, taxi start tariffs are Rs. 22 and Rs. 65 in Mumbai and Bangalore respectively. Gasoline prices are slightly higher in Mumbai on average along with electricity bills, prepaid mobile phone tariffs, garbage, and water. The difference is minimal, however; internet plans are slightly cheaper in Mumbai as compared to Bangalore. Public transportation is also costlier in Bangalore as mentioned above.
A Mumbai vs Bangalore cost of the living comparison indicates that Mumbai is approximately 16-20% more expensive than Bangalore. Real estate is substantially costlier in Mumbai along with some basic essentials while Bangalore has more expensive public transportation.