Question
My husband earns €55,000 per year in Madrid. We’re curious if this is enough to live in Madrid and comfortably support our family of two adults and three children aged 10, 6, and 4. We would appreciate any tips or advice from those who have experienced similar circumstances.
Answers
These are the answers of Spainguru’s Facebook group members:
“55K gross or net? Will you rent or buy? Will you have to hire private health insurance?”
“Most Spanish families could live on this, but for expats, it might be tight. I spend €100K per year without kids; my lifestyle isn’t ‘typical.'”
“It depends on your lifestyle, the schools you choose, and where in Madrid or its outskirts you plan to live.”
“I live comfortably on less than that, but I’m single. Families often need more, especially with kids in school and other expenses.”
“€55k might be sufficient, depending on additional income, lifestyle, and whether you own or rent your home.”
“55k is approximately 39k after taxes a year and net of roughly 3200€ a month. If he works for Spanish/EU company, he is probably paid only once a month. Can a family of 5 live off this? Maybe but after rent/mortgage, utilities, transportation, food, health insurance/ dental (depending on your situation), and general normal household expenses, you are not left with much of a reserve which will limit your ability to save emergency funds, have disposable income for vacations, holidays, and birthdays etc. It is best to build a realistic budget factoring in all your expenses vs earned income to assess this yourself. Only you and your family know what you need to get by or live fairly comfortably. Madrid is not cheap!!!” – SalaryAfterTax
“The cost of living can vary greatly in Madrid. If you’re planning to live centrally and send your kids to private schools, it could be challenging.”
“Managing on €55k is doable but requires careful budgeting and potentially making some lifestyle adjustments.”
Conclusion
Responses varied widely based on individual circumstances and definitions of “comfortable living.” While some expats reported needing upwards of €100K per year due to higher lifestyle standards, others suggested that a more modest, well-budgeted lifestyle could make €55K workable.
Key factors include the choice between public and private schooling, central or suburban living, and the need for private health insurance. The consensus suggests that while possible, living comfortably on €55,000 in Madrid requires careful financial planning and possible lifestyle adjustments.
