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Local Spain
15-04-2025
- Business
- Local Spain
Spain crowned best country for Americans to retire to
Spain has long been a popular country for Europeans to retire to due to its great climate, relatively low cost of living, vibrant culture and strong social communities. Now a new study from Global Citizen Solutions, an investment migration consultancy firm, classes Spain as the top country for US nationals to retire to as well. The study is based on the firm's Global Intelligence Unit's Retirement Index which looks at factors such as living expenses, healthcare and retirement visa options. Spain ranked first place on the index, beating the likes of Portugal at number two, Costa Rica at number three, Uruguay at number four and Mexico at number five. It scored 100 points in their US Retirement Trend report, due to its low cost of living, excellent quality of life, good public and private healthcare systems and visas for being able to move there. According to the price comparison website Expatistan, the cost of living in United States is 75 percent higher than in Spain. For example, it states that living in Madrid is 67 percent less than in New York, 49 percent cheaper than San Francisco, 46 percent more inexpensive than Miami and 39 percent cheaper than in Los Angeles. Spain ranked as the second in terms of its healthcare system, fifth on climate, and sixth in terms of flight distance from the United States. It also ranked seventh due to its relatively low crime rate, "despite the fact that petty theft can occur in tourist areas like Madrid and Barcelona', the company reported. The report suggests that Madrid is a popular choice for American retirees, 'known for its culture and history' and praises it for its low cost of living. It suggests that a single person can live in the capital for around $2000 to $2500 USD per month – the equivalent of €1,765 to €2,207. But it's worth keeping in mind this might be a little low given the current rising costs in Spain. For example, it says you can rent a one-bedroom apartment in central Madrid for $1,322.50 USD, which is €1,176.33. This is low given the fact that Idealista has the average rental price down in central Madrid as €25.7 /m2. This would be at least €1,542 for even a small apartment of 60m2. So if you are thinking of retiring here it's worth budgeting a little more than perhaps you've been led to believe. The index also took into account the visa options that Americans could use to retire to Spain. It states that the 'Non-Lucrative Visa is perfect for those who want to live in Spain without working'. In order to be eligible for the NLV you need to show you have savings or passive income of €28,800 per year or €36,000 for a couple. This is currently equivalent to $32,571.08 or $40,718.45 per year. You also need to have private health insurance. The report also says that the Golden Visa is another good option, for those making a real estate investment of more than €500,000, but unfortunately this is no longer an option as the Spanish government decided to cancel it. It officially ended on April 3red 2025. This means that the NLV is really the only visa option for Americans to retire to Spain. Many of the reasons it gives for retiring to Spain are reasons that other American readers gave The Local Spain for moving here. Among the most popular reasons were the getting away from the current political situation, safer and a better quality of life, as well as the lower cost of living. In fact, the number of Americans living in Spain soared by 10,000 in two years according to official data.
Local Spain
11-03-2025
- Business
- Local Spain
How much cheaper is life in Spain than the US in 2025?
The number of Americans living in Spain increased by a staggering 10,000 from 2022 to 2024, new official data shows, with the stats for the whole of last year yet to be released. We recently covered the reasons why so many Americans are moving to Spain, which range from the political situation in the US to more safety and better quality of life in Spain. But in this article we're going to break down just how much cheaper life in Spain is compared to the US, and how much do you need to live comfortably here. According to the price comparison website Expatistan, the cost of living in United States is more expensive than in 93 percent of countries in the world, including Spain. In fact, the site states that in 2025 the cost of living in the United States is a whopping 75 percent more costly than in Spain. Food is 49 percent more expensive, housing is 112 percent higher in cost, transport is 70 percent more, personal care is 99 percent más caro ('more expensive' in Spanish), entertainment is 63 percent pricier and clothing - at least - is just two percent more expensive. Most expensive cities Madrid and Barcelona are the most expensive cities to live in Spain, so let's compare these to some of the most expensive places to live the US - New York, San Francisco, Los Angeles and Miami. The website states that living in Barcelona is 60 percent cheaper than living in New York, 47 percent cheaper than San Francisco, 43 percent cheaper than Miami and 32 percent cheaper than Los Angeles. When we compare these same cities against the capital of Spain, Madrid, we see that it's 67 percent less than in New York, 49 percent cheaper than San Francisco, 46 percent more inexpensive than Miami and 39 percent más barato ('cheaper' in Spanish) than in Los Angeles. According to the Price Index, the cost of living in Barcelona and Palma de Mallorca is equal to that of Louisville (Kentucky) or Green Bay (Wisconsin) and the cost of Madrid is similar to that of Tucson (Arizona). Other expensive cities to live in Spain include San Sebastián, Bilbao and Palma de Mallorca. The cheapest cities to live on the other hand according to a report by Kelisto insurance broker are Zamora in Castilla y León, Ciudad Real in Castilla-La Mancha and Lugo in Galicia. Expatistan states that a family of four would need an average estimated monthly cost of €3,495 which is equivalent to $3,815.47 USD, while a single person would need a an average of €1,843 per month or $2,012.14 USD. Renting and buying in Spain According to property portal Idealista the cost of rent in Spain is at a historic high at €14,0 /m2. This means that for an average 80m2 apartment you'd pay €1,120 per month. But keep in mind this will be much higher in popular cities - €21,2 /m2 in Madrid, €23,7 /m2 in Barcelona and €17,1 /m2 in Palma de Mallorca. Costs for buying a home in Spain are the highest since records began, with the latest data for February 2025 showing that the average price for a 100 sqm property is now over €220,000. Other expenses When it comes to other costs, Expatistan states that the average price of a transport ticket in Spain €29 ($31.66), a three-course dinner for two in a nice restaurant is €51 ($55.68), internet is €27 ($29.48) per month and bills are around €78 ($85.18) per month. Again, this can vary a lot depending on where you choose to live. Healthcare Healthcare is significantly cheaper in Spain. As everybody knows, the US health system does not provide universal healthcare for all its citizens and Spain mostly does. In Spain there is public healthcare system, which you have access to if you pay into the social security system. By contributing to social security you won't pay anything extra for healthcare, apart from subsidised prescriptions. All pregnant women and children will also be treated for free under the public system, regardless of whether they or their parents pay into the social security system. In 2022, U.S. healthcare spending reached $4.5 trillion, which averages to $13,493 per person. By comparison, the average cost of healthcare per person in other wealthy countries is less than half as much. If you don't pay into social security because you don't work or are not self-employed and pay it yourself, you will have to get private health insurance, but this will likely still be a lot lower than in the US. It can cost anywhere from €50 ($54.60) to €200 ($218.39) per month. If you've lived in Spain for a year or more you can also choose to pay to access the public health system under an agreement called the convenio especial. This costs €60 ($65.53) per month if you are under 65 and €157 ($171.49) if you are over 65. Costs in Spain are rising Keep in mind that Spain is not the cheap country it once was. It has suffered from inflation over the past few years like many countries and the cost of living has risen considerably. Food prices rose by 30.7 percent between December 2019 and August 2024, according to the latest data available from the Agri-Food sector report by Caixabank Research. Rent has increased in Spain by a whopping 78 percent over the last ten years. Nevertheless, inflation is spiking now to under President Trump in part due to this controversial tariffs, meaning that the cost of living in getting more expensive in the US too. Salaries Another important factor to keep in mind is the local salary. If you are moving to Spain on the digital nomad visa and you're earning a wage from a company in the US, you're in a very fortunate position as you'll be earning a lot more than the local population and therefore be able to afford a better lifestyle too. If you will be relying on the local job market, however, and want to earn a living that way, the cost of living will not be as affordable as you think. These figures differ from the most recent data from the National Institute of Statistics (INE), from September 2024, which puts the average gross Spanish salary at €2,128.4 gross per month (gross annual salary of €26,948.87) This is equivalent to $29,392.46 USD per year. Keep in mind however the net salary will be hovering around €1,600 a month. This is much less than the average gross salary in the US which is $66,622, according to the latest data from the Social Security Administration. This is equivalent to €61,000, which is almost twice as what the average Spaniard makes. If you're planning on moving here with a US salary it's important that you're not adding to the issue of the housing crisis and paying over the odds for rent or buying a property just because you can. This pushes prices up for locals too who can't afford the same on their Spanish salary. Costs for housing, utility bills, travel, food are all expected to continue rising during 2025. Other things may surprise you that will actually be more expensive in Spain than back home. These include internet, banking services, taxes, being self-employed, as well as documents and bureaucracy.
