Cost of Living in Finland in 2024

Are you thinking of moving to Finland? 

Whether you’re drawn by its pristine natural beauty or its high standard of living, understanding the cost of living in Finland is essential.

Finland consistently ranks among the top countries in terms of quality of life. This reflects its exceptional standard of living. Furthermore, this is complemented by the high salaries that graduates typically earn after securing employment.

Not only does Finland offer a robust social security system and top-notch public services, but its cities also boast some of the highest safety and cleanliness standards in the world. For instance, Mercer’s 2023 Quality of Living Survey ranked Helsinki 34th globally for quality of life, citing its excellent infrastructure, healthcare, and education systems.

As you embark on this exciting adventure in Finland, it’s important to understand your potential monthly expenses.

This guide will help you navigate the cost of living in Finland. From housing to groceries and transportation to entertainment, this guide will help you navigate the financial landscape of the cost of living in Finland.

Cost of Living in Finland – Key Highlights

Aspect	Details
Average Finland Monthly Expenses	INR 80K – INR 2L for single person per month
Housing Costs	INR 53K – INR 1L for a one-bedroom apartment in Helsinki
Utilities	INR 8K – INR 18K per month for basic utilities (electricity, heating, cooling, water, garbage)
Groceries	INR 27K – INR 45K per month for an average household
Public Transportation	INR 4K – INR 9K per month for a monthly public transport pass
Dining Out	INR 1K – INR 2K for a meal at an inexpensive restaurant; INR 5K – INR 7K for a three-course meal for two
Education	INR 5L – INR 16L per year for non-EU students
Healthcare	Public healthcare covered by national health insurance; private insurance INR 4K – INR 9K per month
Internet	INR 1K – INR 3K per month for a 60 Mbps or more broadband connection

Why Choose Finland?

• World-Class Education: Finland boasts a globally recognised education system known for its high academic standards and innovative teaching methods, making it an ideal destination for international students.
• Affordable Tuition Fees: Compared to other European countries, Finland offers competitive tuition fees, especially for non-EU students. Many programs offer scholarships and financial aid.
• High Quality of Life: Finland consistently ranks high in global quality of life indices, offering residents a safe, clean, and well-organised environment. The country’s commitment to sustainability and green living enhances the overall experience.
• Student-Friendly Environment: Finnish cities provide a welcoming and supportive environment for students, with numerous amenities, cultural activities, and vibrant student communities.
• Focus on Research and Innovation: Finland is a hub for research and innovation, offering students opportunities to engage in cutting-edge projects and collaborate with leading industry professionals.
• Robust Healthcare Services: The country boasts a comprehensive healthcare system, ensuring access to quality medical care for all residents. Public healthcare is well-regarded, with private options also available for additional comfort and convenience.
• Safety and Stability: Finland is known for its low crime rates and political stability, providing a secure environment for residents. This aspect is particularly appealing for families and professionals.
• Pathways to Employment: Graduating from Finnish institutions opens doors to excellent career prospects, both within Finland and internationally, thanks to the country’s strong economy and global business connections.

Finland living expenses – Housing Cost

Understanding the cost of living in Finland is crucial for Indian students planning to study there. Housing expenses are a significant part of the budget.

Here’s a detailed look at rental and purchase prices, affordable housing options, urban-rural cost variations, and additional expenses specifically for international students.

Top 5 Cities in Finland

The housing market in Finland varies widely, particularly between Helsinki and other cities. For international students, this comparison provides a clearer picture of Finland’s living expenses, helping you make informed decisions.

City	Rent (1-bedroom apartment)	Purchase Price (per sq. metre)
Cost of Living in Helsinki	INR 90 K- INR 1L	INR 5L – INR 7L
Espoo	INR 89 K- 1L	INR 4L – INR 6L
Tampere	INR 71 K- 98 K	INR 3L – INR 5L
Oulu	INR 53 K- 71 K	INR 2L – INR 4L

Affordable Housing Options: Student Housing Foundations and Shared Apartments

For Indian students looking for more affordable housing options, there are several avenues to explore. These options can significantly reduce the cost of living in Finland.

• Student Housing Foundations: Organisations like HOAS provide student housing at significantly lower rates, typically ranging from INR 22K to INR 44K per month.
• Shared Apartments: Renting a room in a shared apartment can cost between INR 26K and INR 53K per month, making it a budget-friendly option.
• Co-Living Spaces: Modern co-living spaces offer furnished rooms with shared amenities, starting at around INR 35K per month.

Significant Variation in Costs Between Urban and Rural Areas

The cost of living in Finland varies significantly between urban centres like Helsinki and rural areas. Understanding these differences can help you choose the right location to live.

Area	Rent (1-bedroom apartment)	Purchase Price (per sq. metre)
Urban (Helsinki)	INR 82K – INR 2L	INR 5L – INR 8L
Suburban (Espoo)	INR 89K – INR 2L	INR 4L – INR 7L
Rural	INR 35K – INR 53K	INR 1L – INR 2L

Additional Housing Expenses: Electricity, Home Insurance, and Deposits

When calculating the cost of living in Finland per month, it’s essential to include additional housing expenses. These can add up quickly and impact your overall budget.

• Electricity: Average monthly cost is INR 4K – INR 9K
• Home Insurance: Typically costs INR 890 – INR 3K per month.
• Deposits: Usually one to three months’ rent, depending on the lease agreement.

Cost of Living in Finland for Indian Students

Choosing Finland for your higher education is a decision that promises rich academic and cultural experiences. However, for Indian students, it’s crucial to be well-informed about the cost of living in this Nordic nation to ensure a smooth and financially manageable stay.

Finland is celebrated for its world-class education system, safe environment, and high quality of life. These benefits, however, come with costs that can significantly impact your budget if not planned for properly.

Understanding the financial requirements of living in Finland goes beyond just knowing the average prices. It involves comprehending the nuances of everyday expenses, such as the cost of local transportation, the price of dining out, and the seasonal variations in utility bills. 

By familiarising yourself with these aspects, you can make informed decisions that enhance your study experience and allow you to enjoy everything Finland has to offer without unnecessary financial stress.

Average Prices for Basic Grocery Items

Item	Average Price (INR )
Milk (1 litre)	INR 98
Eggs (12)	INR 223
Bread (500g)	INR 178

Monthly Costs for Energy, Water, Internet, and Mobile Plans

Utility	Average Monthly Cost (INR )
Energy	INR 4K
Water	INR 2K
Internet	INR 3K
Mobile Plan	INR 2K

Costs of Bus Passes, Petrol Prices, and Electric Car Charging

Expense	Average Cost (INR )
Monthly Bus Pass	INR 4K – INR 5K
Petrol (1 litre)	INR 160.20
Electric Car Charging	INR 17.80 per kWh

Tuition Fees for Higher Education for EU and Non-EU Citizens

Category	EU/EEA Students	Non-EU/EEA Students
Bachelor’s Programs	Free	INR 5L – INR 9L per year
Master’s Programs	Free	INR 8L – INR 16L per year
Doctoral Programs	Free	Typically free, but may have minor fees

Top Universities in Finland with their Tuition Fees

Considering higher education in Finland? This Nordic nation boasts a world-class education system, consistently ranking high for academic excellence and innovation. Finnish universities attract international students with their strong programs, cutting-edge research facilities, and focus on practical learning. 

However, for non-EU/EEA students, tuition fees can be a significant factor. Here’s a breakdown of some of Finland’s top universities along with their tuition fees for international students.

University	Programs Offered	Tuition Fees for Non-EU Students (per year)
University of Helsinki	Humanities, Science, Law, Medicine	INR 9L – INR 16L
Aalto University	Engineering, Business, Arts & Design	INR 10L – INR 14L
University of Turku	Science, Business, Law, Humanities	INR 6L – INR 11L
Tampere University	Technology, Health, Social Sciences	INR 5L – INR 11L
University of Oulu	Engineering, Business, Medicine	INR 9L – INR 13L
LUT University	Technology, Business	INR 8L – INR 12L
University of Eastern Finland	Education, Health, Social Sciences	INR 7L – INR 10L
Hanken School of Economics	Business, Economics	INR 9L – INR 14L

Managing the Cost of Living in Finland

Navigating the cost of living in Finland requires a strategic approach to ensure financial stability and a comfortable lifestyle. From accommodation expenses to daily necessities, understanding how to manage your finances effectively is crucial for residents and expatriates alike. 

By implementing practical budgeting strategies, making informed choices about expenses, and seeking opportunities to save, individuals can optimise their spending habits and make the most of their resources in this Nordic country. 

Effective Budgeting Strategies for Affordable Living

• Create a detailed budget outlining your monthly income and expenses
• Prioritise essential expenses like rent, utilities, and groceries.
• Allocate a portion of your income to savings and emergency funds
• Use budgeting apps or spreadsheets to track your spending and identify areas for improvement

Tips for Saving on Accommodation, Groceries, and Transport

• Consider shared accommodation or student housing to reduce rent costs
• Shop at budget-friendly grocery stores and plan meals to minimise food expenses
• Opt for public transportation or cycling to save on commuting costs
• Look for discounts, loyalty programs, and second-hand options for furniture and clothing

Encouragement for Distinguishing Between Necessary and Discretionary Spending

• Differentiate between needs and wants to prioritise essential expenses
• Limit impulse purchases and unnecessary luxuries to stay within budget
• Practise mindful spending by evaluating the value of each purchase
• Set financial goals and reward yourself for achieving savings milestones

Conclusion

Convinced by Finland’s natural beauty, top-ranked universities (think the cost of living in Finland for Indian students!), and exceptional quality of life (but maybe worried about the cost of living in Helsinki?), you’re not alone.

While Finland might have a higher price tag than some countries, it offers a strong social safety net, excellent public services, and a culture that prioritises well-being.

The good news is that Finland caters to various budgets. From affordable student housing options (perfect for those curious about the cost of living in Finland for a single person) to cost-saving strategies like public transportation (intrigued by the monthly expenses in Finland?), navigating life here is achievable.

Frequently Asked Questions