We talk about the cost in renting an apartment in Thailand and cost of living when you want to retire in the country
The cost of renting an apartment in Thailand is about 16 percent of what it costs to rent an equivalent apartment in New York. Thailand is the 65th most expensive place to live in the world.
Is accommodation expensive in Thailand? The cost of living in Thailand depends on where you decide to live. Just like in the US and Europe, living in a big city is more expensive than living in a small town. For a furnished studio apartment in a city like Bangkok or Chiang Mai, you can expect to pay $568 a month in an expensive area.
On average, Thailand’s cost of living is about 60% lower than in the US, and anywhere from 15% to 30% lower than much of the rest of Asia. The rental prices for apartments are only about 16% of the rent in New York for an equivalent apartment.
A 30 square meter studio room in Bangkok costs around 12,000 baht to 15,000 baht per month in expat residential areas such as Onnut. In business districts like Asok or Silom, prices can go up to 24,000 baht. In Chiang Mai, the same size residential unit can cost you only about 10,000 baht per month even in the main city.
You should plan to live in Thailand with a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. This will allow you to live comfortably without breaking the bank. You might be able to live much cheaper, just $1,000 a month, but you’d probably have a hard time.
Can a US citizen retire in Thailand? The Thai retirement visa for US citizens is issued to retirees or applicants who wish to visit and retire in the Kingdom of Thailand. Please note that you must first obtain a 90-day visa from your home country or country of residence prior to your application for the Thai retirement visa in Thailand.
Costa Rica Climate, environment, and costs vary across the country, but the overall cost of living is about 38% lower than in the United States, and housing is 72% lower on average, based on June 2022 data.
A recent study conducted by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. The study covered most countries of the world, with the aim of estimating the cost of retirement based on the equivalent quality of life you would enjoy at home.
| Monthly Expense | Minimum Cost (USD$) |
|---|---|
| Rent & Internet | $230 |
| Electricity & Water | $30 |
| Maid | $15 |
| food | $190 |
Some people pay more than 50,000 baht for rent, while some pay 30,000 baht. There are also those who pay around 15,000 baht and some who pay less than 5,000 baht per month. In other words, the cost of monthly rent varies greatly and depends on factors such as location, type of accommodation and facilities offered.
What is the average cost of living in Thailand?
Housing- Average rents, which are more like the western comforts, start at around 15,000 baht, or 462 dollars per month. If you really want a luxury apartment, you should also expect to pay around 30,000 baht or 925 dollars a month.
A one-bedroom apartment in the center of the Thai capital Bangkok will run you about $562 a month for rent. When you factor in utilities, that cost comes to over $640. Other monthly costs are likely to total between $600 and $700 per month.
If your monthly expenditure is at 30,000 baht (360,000 annually) then it will be three times more compared to the first investment which is 9 million baht (9,000,000 baht x 4% annually = 360,000 baht annually) to be rich enough.
What is considered a millionaire in Thailand? A millionaire is defined as someone who owns one million US dollars or more, so known as high net worth individuals. The figures have been rounded.
Thailand’s middle class is currently emerging, and it is predicted that about 13 percent of households will earn at least 525 thousand Thai baht by 2020.
On average, Thailand’s cost of living is about 60% lower than in the US, and anywhere from 15% to 30% lower than much of the rest of Asia. The rental prices for apartments are only about 16% of the rent in New York for an equivalent apartment.
Is it better to rent or buy in Thailand? Do you dream of moving to Thailand? It’s up to you, but if it’s the first time you come for a long stay, renting is the easiest way to get used to the country. By renting a property, you will avoid many restrictive procedures, which can sometimes be lengthy.
A one-bedroom apartment in the center of the Thai capital Bangkok will run you about $562 a month for rent. When you factor in utilities, that cost comes to over $640. Other monthly costs are likely to total between $600 and $700 per month.
Chiang Mai is known as one of the most affordable places to live in Thailand. A one-bedroom apartment costs $290 to $400 a month, with an average of $370. The single person estimated monthly costs are from $870 to $1,100. Some digital nomads manage to live on as little as $650 a month.
No matter what visa you have, even on a tourist visa (used within 90 days from the date of issue and allows an initial stay of 60 days), you can rent a home or apartment in Thailand as a holiday property or, on a longer term, with a suitable a visa, a nice house or an attractive condo for a year or longer.
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