Do you think you need to be a millionaire to live in Switzerland? Au contraire! While it’s no secret that the cost of living in Switzerland is high, don’t let that stop you from experiencing everything this gorgeous Alpine country has to offer! keep reading to learn all about the cost of living comfortably in Switzerland.
Cost of living in Switzerland and minimum viable income
In Switzerland, the cost of living in Zurich is a little high. You’ll need a good income account to get by in some of Switzerland’s most expensive cities. However, the rent of an apartment is an important consideration. Therefore, the cost of living is significantly lower if you choose to reside outside the major cities.
The cost of renting a home is an important factor in determining the total cost of living. When on a tight budget, try moving to a smaller city or town or becoming one of the numerous people who work in Switzerland but reside on the other side of the Swiss-German border.
If you live in Zurich, a one-bedroom apartment costs about half what it does in Berlin. Childcare in Berlin costs about CHF 115 per month instead of CHF 2,000, which is a lot less than in Zurich.
The cost of transferring money from your home currency to Swiss francs is a substantial expense for ex-pats in Switzerland. This is true even if your bank claims to offer money exchange without a fee. Exchange services like ‘Wise’ apply the same mid-market rate found on Google and Reuters, so you’ll get the greatest value. However, when it comes to money transfers, this can be a lot better option than going through your bank at home.
Switzerland average income | Full breakdown
In line with the cost of living, salaries in Switzerland are very high all over the country. The salaries shown here are for Geneva, and they are based on real-time data that Teleport has taken.
However, the interesting part is that there isn’t a national minimum wage in Switzerland. If you live in one of these cantons, you’ll have to pay at least 20 CHF an hour. At the time of this writing, that’s just over 21 dollars an hour.
Annual salary in Switzerland
Profession
Average annual salary
Cashier
22,178 USD
Copywriter
61,189 USD
Financial analyst
108,840 USD
Graphic designer
35,586 USD
Mobile Developer
120,717 USD
Product Manager
85,098 USD
Receptionist
46,288 USD
Software engineer
71,953 USD
Teacher
42,715 USD
Web developer
64,591 USD
Average monthly housing cost in Switzerland
It doesn’t matter if you live in the U.S. or Switzerland; housing is always going to make a big portion of your total cost of living. However, it’s fair to say that the cost of housing does add to the overall cost of living in Switzerland. The average rent in Switzerland is quite high in comparison to the rest of the world. However, many people work in Switzerland but live in Germany, France, or Italy. If you’re on a tight budget, think about moving to a smaller city or town.
Since the Swiss rent and utility prices are very high, where you live will affect how much you pay for rent. Here are a few examples of major cities, taken from Numbeo, that show how much rent you can expect.
To keep things simple, we’ll look at the Switzerland cost of living in dollars, so you can see how much rent you’ll pay each month if you move here.
City
Rent 1 bed, city center
Rent 1 bed, outside of city center
Basel
1,465.40 USD
1,161.68 USD
Geneva
2,196.60 USD
1,723.40 USD
Lausanne
1,636.62. USD
1,320.40 USD
Zurich
2,155.56 USD
1,560.13 USD
Average price
1,628.76 USD
1,268.51 USD
A 915-square-foot apartment that needs electricity, gas, water, and garbage service will cost about-
City
Price
Basel
250.20 USD
Geneva
196.82 USD
Lausanne
224.64 USD
Zurich
229.64 USD
Average utility prices
225.32 USD
How much does it cost to buy a house?
As an investment and a place to live while you’re in Switzerland, you could buy a home there. The average cost can be around 1,050,000 Swiss Francs.
Food and entertainment
The amount you pay for food and drinks will depend a lot on how you live and what you like. There are a lot of events to go to and places to eat out if you want to be a part of the lively Swiss culture. So it entirely depends on what you choose. On the other hand, you can eat more at home and enjoy the great outdoors for free.
In Switzerland, you must have your own health insurance. Within three months of moving to a new country, you have to make sure you have health insurance. There are a variety of plans that range from basic to comprehensive.
Though you must keep in mind that Switzerland’s healthcare is expensive. In fact, the percentage of money spent on health in Switzerland is second only to the amount people spend in the United States, which is a lot. A huge 12% of GDP is spent on health and medical costs together. Switzerland has seen a rise in the cost of healthcare, dental, and social care each month, with private households that pay extra or out-of-pocket costs for healthcare instead of having medical coverage.
Key takeaways
Switzerland has something for everyone, from picture-perfect alpine landscapes to lively, beer-fueled festivities held around the country.
You can move to Switzerland for studies or a job as per your goals, but make sure you know all about the cost of living in Switzerland.
Simply assess your financial situation to ensure that you have sufficient funds to enjoy it.
We hope you enjoyed reading this blog. In case of any queries, reach out to us or drop a comment below!
Q1. How much money do you need to live comfortably in Switzerland?
Answer- In most Swiss cities, a single person would need a net salary of 3,500 CHF per month to live comfortably, while a family of four would need a net salary of at least 9,000 CHF per month.
Q2. Is healthcare in Switzerland free?
Answer- Although there is no free state-provided health care in Switzerland, private health insurance is required for all residents.
Q3. Is it possible to live in Switzerland without a job?
Answer- Citizens of EU/EFTA1 member nations have the right to enter and stay in Switzerland without having to work, according to the Agreement on Free Movement of Persons (AFMP) between Switzerland and the EU.
In order to live comfortably in Switzerland, a single person would need more than $3,500 per month. However, in the larger cities, a retired couple can expect to pay $4,000 per month or more just for rent, utilities, food, and healthcare.
What is the average cost of living in Switzerland? The average person spends $1600 USD per month, excluding rent. Rental expenses depend on the city and can range from $1900-2600 USD.
Switzerland's idyllic Alpine lifestyle, political and economic stability, excellent healthcare, and high quality of living come at a price. So much so that three Swiss cities featured prominently in Mercer's 2021 Cost of Living City Ranking – Zurich (fifth), Geneva (eighth), and Bern (tenth).
With a cost of living index of 139 all goods are on average about 39% more expensive than in the USA. But the average income in Switzerland of 7,550 USD is also 28% higher, which means that citizens can also afford more goods. Now you calculate the 39% higher costs against the 28% higher income.
Boasting the highest quality of life in the world, a very low crime rate, and one of the best cities for the wealthy – Zurich – Switzerland is consistently regarded as the most desirable place to live in the world.
Even though Switzerland does not have a national minimum wage, workers in Switzerland are among the most paid worldwide. A report by OECD shows that the average annual salary in Switzerland in 2020 was around CHF 60,600 (€61,450) and points out that the average annual wage has remained steady over the last ten years.
The healthcare in Switzerland is universal and is regulated by the Swiss Federal Law on Health Insurance. There are no free state-provided health services, but private health insurance is compulsory for all persons residing in Switzerland (within three months of taking up residence or being born in the country).
Overall, Switzerland can feel like a fairytale county. There are no beggars on the streets, every public place is kept relatively clean, and crime is low. Additionally, wages are significantly higher when compared to Americans.
The standard of living in Switzerland is extremely high and its economy stable, plus unemployment is low. Therefore, it is ideal for expats who want to relocate and take up a new position. Salaries in Switzerland are amongst the highest in the world and working conditions good.
Switzerland ranks above other expensive countries such as Luxembourg and Hong Kong by being the second most expensive country in the world, according to Numbeo. With a gallon of milk costing about $6.50 in Geneva and gas reaching almost $5 a gallon, there is no hiding from high prices.
Grocery shopping is costly in Switzerland. If you have been to any other country, it should be pretty clear that groceries are too expensive here! If you shop at medium-priced shops like Coop and Migros, you can save a lot of money by buying in another European country.
Groceries in Switzerland may be more expensive than in your home country, particularly for meat and dairy. Expect to pay about CHF 15-25/kg for cheese, CHF 22/kg for ground beef, CHF 36/kg for chicken, CHF CHF 55-80/kg for steak (about $30-40/lb). In Switzerland, the main grocery chains are Migros and Coop.
High Swiss tariffs on food and drink imports are designed to protect local farmers who generally have smaller farms than international competitors and the steep costs of 'high price island' Switzerland.
You need to have lived in Switzerland for a minimum of five years (in most cases, ten years) before you are eligible to apply for permanent residence. You need ten years of continuous residence in Switzerland to apply for Swiss Citizenship.
Switzerland is notoriously expensive, and expats generally spend far more on housing, education, healthcare, and daily necessities than they do at home. Many expats also report feeling frustrated with Swiss culture, which can be overly reserved, polite, and traditional. This also makes integrating with locals tricky.
If you are a Swiss citizen, you are generally permitted to own a weapon if:you are at least 18 years old. you are not subject to a general deputyship or are represented through a care appointee. there is no reason to believe you may use the weapon to harm yourself or others.
If you have a permanent residence permit (C permit), you have the same rights as Swiss citizens to purchase real estate. You do not need authorisation to purchase a house or land.
On average, a standard 500ml bottle of Swiss bottled water can cost anywhere between 1 to 3 Swiss Francs (CHF), which is roughly equivalent to 1 to 3 US dollars. In restaurants or cafes, the price of bottled water can be significantly higher, with some establishments charging up to 6 CHF or more for a single bottle.
If you work as an employee in Switzerland, you normally will pay only Swiss social security taxes, and neither you nor your employer will pay U.S. Social Security taxes.
Most expats chose to live in Winterthur because of its convenient location to Zurich, and the rents are cheaper compared to Zurich. Large Expat Community: You will be pleasantly surprised to know that the cozy town of Winterthur has a large expat community, making it great for you and your family to settle in.
In Switzerland, the guest is not obliged to tip. In many restaurants, however, it is customary to pay a tip. This amounts to approximately 10 percent or it is rounded up to a round amount.
The average salary for a Crew is CHF 20 per hour in Switzerland, which is 3% lower than the average McDonald's salary of CHF 21 per hour for this job. What is the salary trajectory of a Crew? The salary trajectory of a Crew ranges between locations and employers.
If you are moving to Switzerland, obtaining Swiss health insurance is one of the first things you must do. However, as a foreigner, you cannot sign-up for the Swiss healthcare system until you have arrived in the country and applied for your residence permit or registered with a local cantonal authority.
Although Swiss healthcare is subsidized through health insurance, it isn't completely free. Therefore, all residents have to pay an excess of between CHF 300 to CHF 2,500 per year towards their healthcare. This can vary depending on their insurance premiums.
Switzerland is one of the most beautiful countries to study in; however, it can be expensive when it comes to the cost of living in Switzerland. Cities such as Zurich, Geneva, and Bern are the costliest. The standard of living and salaries offered in the Swiss country are incredibly high too.
Switzerland is made of 26 cantons, which are federated states. You will need to apply for a residence permit with the cantonal you plan to move to. Once you've entered the country, you go to the cantonal immigration and labor market authorities to register and receive your Swiss residence permit.
The average median household income (PPP) was $40,094 in 2021. Switzerland's median household income (PPP) hit $48,041 in 2021, a decrease of 0.5% over the previous year. Between 2015 to 2021, Switzerland's median household income (PPP) decreased by 11.1%.
If you have a permanent residence permit (C permit), you have the same rights as Swiss citizens to purchase real estate. You do not need authorisation to purchase a house or land.
The median price for apartments on the market is CHF 750,000. The asking price for 80% of properties falls between CHF 365,000 and CHF 1,800,000. The average price per m² in Switzerland is CHF 8,386 / m² (price per square meter).
Buying has become much more expensive than renting in Switzerland, according to a report by the bank Credit Suisse. The market for owner-occupied homes is currently undergoing a reversal of fortunes, triggered by the spike in mortgage interest rates in 2022, said the bank.
As an American living in Switzerland, you're generally required to file a U.S. tax return. Americans are required to report their worldwide income on their U.S. tax return. If you are a U.S. citizen living in Switzerland, you're required to report your Swiss income on your U.S. tax return.
Yes, US citizens can retire in Switzerland once they meet the requirements and criteria for obtaining a Switzerland Retirement Visa. As a US citizen, you must receive a visa from the Swiss consulate, and apply for a residence permit without gainful employment within two weeks of entering the country.
Switzerland does not have free healthcare; in fact, it can be more expensive than other European countries. However, because health insurance is mandatory, everyone is insured, and those with a low income can benefit from social benefits or subsidies regarding health insurance.
Home Ownership Rate in Switzerland averaged 43.03 percent from 2010 until 2021, reaching an all time high of 44.50 percent in 2014 and a record low of 41.30 percent in 2017.
If you own residential property, you must also pay a property tax (Liegenschaftssteuer, impôt foncier) in around half of the cantons. The tax amounts to around 0.2 to 0.3 per cent of the estimated value of the property. The taxpayers are the owners or co-owners named in the land register.
In general, non-resident foreign individuals may not purchase land and/or property to use as a primary residence. A non-resident may acquire a holiday home in Switzerland upon receipt of an authorization from the canton where the property is located.
Introduction: My name is Mrs. Angelic Larkin, I am a cute, charming, funny, determined, inexpensive, joyous, cheerful person who loves writing and wants to share my knowledge and understanding with you.
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