Heraklion is a small city located in Greece with a metropolitan area population of 137,154. A couple could live a moderate lifestyle in Heraklion on a budget of $1,794 per month, or $21,524 per year.
Cost of Living in Heraklion, Greece
As noted above, the cost of living in Heraklion, Greece is $1,794 per month for a couple living a moderate lifestyle. This budget consists of $718 for housing related costs, $480 for food, and $596 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Heraklion is estimated to cost $518
- Basic utilities including electricity, water, and gas will run about $152
- High-speed internet averages $48
- Typical grocery costs of $330 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 $63
- Frequent coffees in a neighborhood café are estimated to be about $87
- Meals out are estimated to be $268 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $160 for public transport passes and occasional taxis
- Fitness center memberships of $121
- Cinema tickets of $47 include several outings for international releases
Note that Heraklion, Greece is a very walkable city with a Walk Score of 89/100, 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 Heraklion, Greece
Many people searching the internet for the cost of living in Heraklion, Greece 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 $538,104 to live a moderate lifestyle in Heraklion, Greece.
Annual expenses of $21,524 ÷ 4% = $538,104 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 Heraklion, Greece is affordable coming in at $1,794 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $538,104.