If you are looking for a second home, living expenses might be a major concern, whether you are single, married, with kids, or parents and have a particular budget. Many of us like to live in a place with all the benefits of our home country without the same high cost of living. This blog will tell you about living expenses in Malaysia in 2024.
Malaysia is a magnificent choice for those looking for an economical country to live in with excellent weather and a healthy lifestyle. According to upGrad Abroad, Malaysia’s per month cost of living is around 600$ – 800$ in 2024, which ranks it 142nd on the list of the most expensive countries in the world.
Details on Living Expenses in Malaysia
1. Accommodation and Rent
One plus point of moving to Malaysia is the affordable accommodation. If you are an expat looking for a two-bedroom condo in an upscale market area close to work, the monthly rent can be RM4,406 onwards, while accommodation in other districts can be found at half of that price.
One of the positive points of moving to Malaysia is the cheap, affordable, and value-to-money accommodations. If you are looking for a 2 bedroom condominium within KLCC (Kuala Lumpur city centre), the monthly rent would be RM3500 to RM5000, and if you want to live nearby KLCC with nice Kuala Lumpur skyscrapers views then rent would be around RM2000 to RM3500.
Students and Bachelors living in Kuala Lumpur can live in Studio apartments and Separate rooms, including all amenities of the condominium, e.g. swimming pool, gymnasium, Cafe area, BBQ Pits, etc. So, the Studio and separate rooms will cost you around RM500 to RM1000, based on location.
| Accommodation | Average Rental (MYR) Per Month |
| Furnished Home in KLCC | RM3500 |
| Furnished Studio in KLCC | RM2500 |
| Normal Furnished Home | RM2500 |
| Normal Furnished Studio | RM1800 |
2. Utility Expenses in Malaysia (Living Expenses in Malaysia)
If you compare home expenses and spending on utilities, the results proved to be well worth the price. Depending on the area where you live in Malaysia, the bill amount can vary slightly. Utilities included mobile packages, internet broadband, mobile recharges, electricity, and gas, which usually cost at most RM600, around 120 USD per month.
| Utilities | Expenses Per Month |
| Cooking Gas, Water, Electricity | RM300 Approximately |
| Internet Broadband (500MB) | RM200 Approximately |
| Mobile Package | RM50 Approximately |
3. Transportation Cost in Malaysia
Public transport in Malaysia is so cheap because the Malaysian government has made fuel prices so affordable that everyone can afford high-standard public transportation at a low cost. The latest fuel price in Malaysia is RON95 RM2.05 per litre (unchanged), RON97 RM3.47 per litre (whole), and Diesel RM2.15 per litre approximately, which is almost the same as Saudi Arabia fuel prices.
A monthly public transport cost can be at most RM100. Again it depends on which means of transport you are using. In Malaysia, there are three types of public transport: MRT Metro Train, Taxi, and public buses. Below is the breakdown of costs for transportation based on which type you use for commuting.
| Transportation | Average Cost |
| MRT Metro Train (Unlimited Travel Pass) | RM50 Per Month |
| Rapid KL Buses | RM1 to RM3 (depends on route) |
| Grab Ride Hailing Service | RM 20sen Per KM |
4. Food and Grocery Expenses in Malaysia
If you are living in Malaysia, then you have a lot of options to have great all types of food. You can enjoy delicious, affordable meals anytime. Prices again depend on venues; Malaysia has local food streets, luxury restaurants, international food chains, and so on. You can enjoy all the food types from any place within your pocket limit. That makes living expenses in Malaysia more favourable.
For groceries in Malaysia, you will have a lot of options to buy groceries from all big stores or marts, mostly available at every street corner and in bigger malls. There are big names in Malaysia for groceries, such as Lulu Hypermart, NSK Traders, NSK Marts, JayaGrocers, etc.
| Food and Grocery | Expenses |
| Monthly Grocery (2 Adults + 1 infant) | RM1500 to RM2000 approximately |
| KFC Burger Meal | RM25 to RM30 Approximately |
| Local Restaurant (Nasi Kandar Meal) | RM5 to RM8 Approximately |
| Mineral Water Per 1.5 Litre | RM1.50 to RM2.50 Approximately |
5. Education Expenses in Malaysia
Malaysia has one of the best education systems in South Asia. The Malaysian Government has always maintained the quality and delivery of education. Most of the educational institutes in Malaysia fall under the top 200 universities worldwide.
There are many international and local colleges and schools in Malaysia. Here’s what education in Malaysia would cover: Living Expenses in Malaysia.
| Educational Institute | Average Cost Monthly |
| Preschool or kindergarten | RM1000 to RM1500 |
| International Primary School | RM2500 to RM4000 |
| University (Undergraduate) | RM30000 to RM50000 |
Conclusion of Living Expenses in Malaysia
The total monthly expenses for foreigners and locals in Malaysia would be around RM8,000 to RM10,000. Expats like foreign employees, businesspeople, and students can open their local bank accounts in Maybank or any other bank to manage their living expenses in Malaysia.
For Digital Nomads in Malaysia, it is hard to open a local bank account; we recommend opening Wise or Payoneer accounts for free and managing your finances with fewer transaction and transfer fees, even though you can compare both financial services and decide which one suits you best.
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