In case you are thinking about relocating to Monaco, or just wondering how expensive it really is to live in Monaco, this guide will deconstruct what a comfortable life in Monaco will look like in 2025, at least, as an American. We will discuss the major cost elements, their comparison with the U.S. living and establish a feasible income goal that you are supposed to go after.
Why Monaco is Unique
Tax Advantages
The taxation system in Monaco is quite favorable for residents are not subject to personal income tax (in any case, except for the majority of cases). That is one of the attractions among the high net worth and Americans.
Also, you have to bear in mind that as the U.S. citizen, you would have to still file your U.S. federal taxes and abide by the rules of other U.S. taxes, yet living in Monaco would allow changing your residential tax base.
Limited Land and Premium Living
- The real estate system of Monaco is one of the costliest in the world. There is a severe shortage of land, housing is on an ultra-premium scale, which increases the cost of living among the people.
- As an example: property is often sold at tens of thousands of euros per square meter.
- Rental is extremely expensive one-bedroom apartments in the city centre rent out at about several thousand euros monthly.
Therefore, it would be a comfortable way of life here because you would have to spend more than you would in most other places.
Style of Life
To most of the residents, Monaco is not simply a home or a center of residence. It is a life style excellent weather, Mediterranean location, upscale facilities, fine shopping, and excellent security and prestige. That generally translates to more day-to-day expenses (even grocery, utility and restaurants) than you would find in most cities.
Key Cost Components
Here are major cost categories for Monaco. These help us build up a picture of what income you’d need.
Housing (Rent or Ownership)
- In Monaco, latest information on the city-centre/one-bedroom apartment in the city-centre indicates that the rent is approximately EUR5,938 (or approximately US5,400) every month.
- Something more reasonable to live in (perhaps 2- or 3-bedroom) would cost you EUR8,000 – EUR15,000 + or more a month or more, depending on size, location, facilities.
- When it makes a buy, it may be very expensive to buy: e.g., up to EUR50,000-EUR55,000/m2 in certain places.
Therefore, housing is the greatest expenditure determinant of comfortable living in Monaco.
Groceries, Dining & Everyday Expenses
According to recent data:
- Bread, milk, rice, eggs, etc., are very high as compared to many places.
- An Inexpensive restaurant meal could cost approximately ~US $30-40+, a typical meal of two at a good restaurant could cost about ~US $110-150+.
- Groceries and daily essentials most expatriates cost EUR600-EUR1,000/month (or higher) to feed one individual based on their lifestyle.
- Utilities: In the case of an 85 m^2 apartment, simple utilities (electricity, air conditioning/heating, water, garbage) cost EUR187-EUR500/month based on usage.
Transportation & Miscellaneous
- There is a small yet efficient transport in Monaco- monthly passes are cheap as compared to house.
- In case you have a car, then you can anticipate expensive parking, fuel, maintenance, etc.
- Other expenses such as internet, mobile phone: are expected to have high prices as opposed to most places.
Education, Healthcare & Family Costs
In case you are moving with a family:
Private/international school fees: As of 2025, the annual fees of a single child can range between EUR20,000 and EUR40,000 in a private/international school.
Healthcare: Monaco is at a high standard, although the private or international care will be more expensive.
Family living: (2 adults + children) multiplies many costs (housing larger unit, higher utilities, more groceries, schooling, etc).
Calculating a “Comfortable” Minimum Income
Let’s break it down for two scenarios: single person, and a couple (or small family).
Scenario 1: Single Person
Assume you want to live a comfortable, modest-luxury (one-bedroom or small two-bedroom apartment, dine out occasionally, good utilities, moderate travel and leisure) lifestyle.
Housing: EUR6,000/month (approximately US$6,500) = US78000/year.
Groceries and daily: estimate US.1000/month = US.12,000/year.
Utilities/misc: US$500/month = US 6000/year.
Restaurants, entertainment, leisure: US 8,000/year.
Transportation/other: US$4,000/year.
Total approximate:US$108,000/year ([?] US$9,000/month).
To live in comfort (not a very high level of luxury, but good standard) you might well set yourself a level of financial security of US$120,000-150,000 annually after tax to be safe, with plenty in reserve to cushion fluctuations, savings, travel. That is about EUR110,000-EUR140,000 in euros.
Scenario 2: Small Family or couple (2 adults and 1 child)
Now assume: a comfortable two-bedroom apartment, more dining out/entertaining, schooling cost for one child, maybe a car.
Housing: EUR10,000/month (approximately US$10,800) = US129,600/year.
Groceries & daily: US$2,000/month =US 24, 000/ year.
Utilities/services: US$1, 000/month = US 12, 000/year.
Food, amusement, Transport: US $20,000/year.
Transport, car, parking, etc: US$10, 000/year.
Schooling: Use EUR30, 000/ year (approximately US$33,000) of international school.
Total estimated: US$228600/year (approximately US19000/month).
To be absolutely comfortable (in terms of savings, unforeseen expenses, additional expenses) you’d probably have to make US$300,000 or more every year. In euros, roughly EUR270,000-EUR300,000.
Factors That Can Raise or Lower the Required Income
Lifestyle Choices
- When you lead an affordable life (smaller flat, less luxury excursions) you are able to cut expenses.
- When you select luxury/ prime location apartments, fine restaurants, yachts/ big travel- all these will add up to big expenses.
Housing Location & Size
- An apartment in prime area, in Monaco will be extremely expensive when compared to the outskirts or slightly outside the principality.
- Some expats prefer staying in the local French towns (e.g., Beausoleil, Cap Dail) and commuting can reduce the cost of accommodation, but retaining the Monaco lifestyle.
Family Size & Schools
- More children increased schooling and cost of housing.
- In case you do not use international/private schools but local alternatives, it might be cheaper, but they might be inaccessible to expatriates.
Tax Situation & U.S. Reporting
- Although personal income tax is not charged on individuals residing in Monaco, U.S. citizens remain liable to federal taxes (and possibly, state taxes). Do not forget to include the tax burden when planning.
- Also, currency fluctuations (Euro vs USD) and cost increase over time are also to be considered.
Exchange Rate & Inflation
Your budgeting will be impacted by the euro-dollar exchange rate in case your income is in USD.
Inflation in Monaco (particularly housing and services) is generally high. Recent statistics indicate that the average monthly expenses of an individual (including rental costs) are approximately US 7,728 in Monaco. The latter amounts to an approximate of US 92,700/year, though again that is probably in quite comfortable living as compared to what most Americans would regard as comfortable.
Why Income Estimates Are Higher Than Some Minimums
Some sites quote that for a modest lifestyle in Monaco you might live on €5,000-€7,000/month. But for the American audience targeting comfortable (not just scraping by), we factor in:
- Location (location is very small, in Monaco, and prime is where the demand is the highest).
- Food/leisure/social expectations associated with an expatriate American lifestyle.
- Savings/contingency buffer.
- Education of the children.
- U.S. tax considerations.
Therefore, the upper income level is achievable towards well living, not mere existence.
American Audience Considerations
Currency & Purchasing Power
Exchange rate risk (EUR vs USD), as an American making money in USD. In case USD depreciates, you might have less effective spending power in Monaco.
In addition, certain commodities of daily use can be beyond the reach of the comparisons given in the U.S. cities.
U.S. Tax Compliance
In case, a U.S. citizen, even in another country, you move to Monaco, you must file U.S. federal tax returns (and potentially state tax returns in case you do not give up ties). Monaco has no income tax, but that does not make you any lighter in U.S. tax. Estimate the possible tax preparations and clearance of prior tax status.
Banking / Financial Planning
- You might have to produce evidence of having enough financial capabilities to get Monaco residency (rental contract, bank statements, etc).
- You will have to think about currency hedging in case your income is based in the U.S., and in what way the cost of living will be different in a foreign country as compared to home.
- Determine health insurance cover (U.S. plans may not apply outside of country, you might need Monaco/personal international cover).
Lifestyle Shift
Although it is luxurious and prestigious, the life in Monaco will be restricted in the following aspects: there is no space, many goods/services are very costly and there is no cheap alternative.
Do not think that your U.S. suburban living expenses will fit exactly at this point, they might be greater.
Summary & Recommendation
If you’re an American looking to live in Monaco comfortably (not ultra-luxury, but well-above minimum):
- Single person: Aim for US$120,000–150,000/year income (after tax) or equivalently around €110,000-€140,000/year.
- Couple/small family: Aim for US$250,000–350,000/year (or more) depending on children, schooling, housing size—equivalent to around €230,000-€320,000/year.
If you are on a tighter budget, it may be possible to live on less (for example, US$100,000/year for a single person) by choosing modest housing, limiting dining/leisure, and perhaps living just outside Monaco. But that would be a trade-off.
