Porto is a medium city located in Portugal with a metropolitan area population of 220,241. A couple could live a moderate lifestyle in Porto on a budget of $2,040 per month, or $24,484 per year.
Cost of Living in Porto, Portugal
As noted above, the cost of living in Porto, Portugal is $2,040 per month for a couple living a moderate lifestyle. This budget consists of $1,171 for housing related costs, $335 for food, and $534 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Porto is estimated to cost $960
- Basic utilities including electricity, water, and gas will run about $164
- High-speed internet averages $47
- Typical grocery costs of $247 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $42
- Frequent coffees in a neighborhood café are estimated to be about $47
- Meals out are estimated to be $295 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $101 for public transport passes and occasional taxis
- Fitness center memberships of $99
- Cinema tickets of $39 include several outings for international releases
Note that Porto, Portugal is a very walkable city with a Walk Score of 99/100, which means you won’t need a car if you are living in the city center and you may even save some money by not using public transportation and taxis very often.
Amount of Money Needed to Retire in Porto, Portugal
Many people searching the internet for the cost of living in Porto, Portugal are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $612,102 to live a moderate lifestyle in Porto, Portugal.
Annual expenses of $24,484 ÷ 4% = $612,102 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Porto, Portugal is affordable coming in at $2,040 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $612,102.