You’re not the only one who dreams of living in Hong Kong. With an astounding seven million people living on just 1,098 square kilometers of land, it is one of the world’s densest populated areas. The cost of living there is considered to be the highest in all of Asia. However, it remains a particularly sought-after ex-pat location due to the fascinating fusion of east and west and the unrivaled job opportunities.
It’s useful to have an idea of how much living in Hong Kong will cost you if you’re retiring, moving there temporarily, or relocating there permanently.
Here is a brief manual:
Comparison
Hong Kong’s official currency is the Hong Kong dollar (abbreviated HKD or HK$ in exchanges).
Using an online currency converter, you can determine the exact worth of your money in HKD, however the following is a general idea:
- £1000 = HK$10,118
- A$1000 = HK$5,931
- €1000 = HK$8,878
- $1000 = HK$7,811
| Place | Monthly Rent | Food | Transportation |
| Australia | HK$15,498 | HK$475 | HK$950 |
| New York City | HK$23,431 | HK$585 | HK$929 |
| London | HK$17,023 | HK$556 | HK$1333 |
| Hongkong | HK$16,551 | HK$350 | HK$460 |
The cost of translating funds from your home currency to Hong Kong dollars is a significant expense for expats living in Hong Kong. Even if your bank claims to offer fee-free currency exchange, you can bet they’re still getting a cut thanks to their artificially high exchange rates.
Use an exchange provider like Citi Express Payment, which applies the same mid-market rate you’ll see on Google, to get the greatest available value. This can be a far better option than relying on your own bank because of the speedy service and affordable flat rates for cash transfers.
Please read: The Philippine Currency
What are the standard costs of living in Hong Kong? How little can you survive on?
The 10th most expensive city to live in is Hong Kong. Rent dramatically raises the cost of living, but if you pick your new place intelligently, you can still live well on an average salary.
| Living Expenses in Hongkong (Excluding Rent) | Average Cost |
| Single Person Per Month | HK$6,865 |
| Single Person Per Year | HK$82,380 |
| Student | HK$5,298 |
| Family (4 member) Per Month | HK$24,472 |
| Family (4 member) Per year | HK$293,664 |
What are Hong Kong’s typical salaries?
In Hong Kong, salaries are generally very high. Numerous positions have top-tier average pay, and Hong Kong is home to some of the world’s highest paid lawyers, QA engineers, product managers, hardware engineers, and industrial designers.
| Occupation | Average Annual Salary |
| Teacher | HK$465,920 |
| Software Engineer | HK$332,151 |
| Cashier | HK$144,462 |
| Financial Analyst | HK$806,057 |
| Web Developer | HK$331,332 |
How much do homes and lodging cost in Hong Kong?
Rent payments are a significant factor in determining your entire cost of living. The rent in Hong Kong’s central districts is among the highest in the world, and the apartments there are frequently rather small. Consider living outside of the city center if you’re on a tight budget.
| Renting | Monthly Cost |
| Studio apartment (city centre) | HK$16,551 |
| Studio apartment (outside of city centre) | HK$11,006 |
| Family home with three bedrooms (city centre) | HK$39,800 |
| family home with three bedrooms (outside of city centre) | HK$23,426 |
| Internet | HK$205 |
| Utilities | HK$1,371 |
How much do medical and dental services cost in Hong Kong?
The healthcare system in Hong Kong is first-rate. Permanent legal residents and citizens of Hong Kong have access to publicly funded healthcare. However, because the procedure might be lengthy, many people opt to pay for private healthcare instead.
- Family physician examination: HK$367
- 6 days of cold medicine costs HK$65.
- Prescription for antibiotics: HK$80
How much does transportation and travel cost in Hong Kong?
Hong Kong is incredibly congested and challenging to drive through. For most city dwellers, taking public transportation is the best choice. It’s comforting to know that a monthly pass costs here only around half what one would pay in New York or Sydney and only a third of what one would pay in London.
- 1 litre (0.25 gallon) of gasoline costs HK$14.80.
- HK$460 for a monthly bus/transport pass
- Single-use bus fare: HK$10
- Taxi fare for an 8 km/ 5 mi trip is HK$58.
- Toyota Corolla, new, $217,343 Hong Kong
- New VW Golf costs HK$213,000.
How much does education cost?
Hong Kong, which is ranked as the 15th best city in the world for students, boasts many reputable universities. There are several courses that stand out in particular; for instance, dentistry at Hong Kong University is the best in the world.
| School | Average Cost |
| Preschool / kindergarten (monthly fee) | HK$5,336 |
| Private school for lower grades (annual) | HK$95,231 |
| University tuition (University of Hong Kong) | HK$146,000 for non local students (HK$42,100 for local students) |
| University tuition (City University of Hong Kong) | HK$120,000 annually |
Conclusion
You’ll discover you have a very energizing new home in Hong Kong, no matter where you decide to reside. The incredible cuisine and culture are there, along with a unique blend of the east and west. Hong Kong is a fast-paced environment, making it a great choice for ex-pats looking to settle down permanently or simply travel for a year or two.
Best wishes as you start a new life in Hong Kong!
