The cost of living in Bermuda is $3121 a month for a single person, making it one of the most expensive places to live on earth.
Bermuda’s cost of living is 1.69 times more expensive than the UK.
A 2-child family can live a comfortable life in Bermuda on a $7065 monthly budget.
In 2021, Bermuda, with the highest world cost of living index, ranked the most expensive country in the world to live in.
This year as well, Bermuda tops the list of most expensive countries to live in the world in 2022, with a 146.04 cost-of-living-index.
If you lived in the USA instead of Bermuda, you would pay 51% less for restaurants, 39% less for transportation, and 48% less for housing.
Living in the USA is 45.5% cheaper than living in Bermuda.
How expensive is accommodation in Bermuda?
On average, the accommodation expense in Bermuda is $2039 per month. By international standards, housing or apartment rent in Bermuda is hugely expensive.
If you are planning to live and work in Bermuda as an expatriate or digital nomad, you must know that an average 1-bedroom apartment rent in the downtown area will be $3,175 per month.
It will cost you $1200-$1500 per month to rent a studio in the city area.
If we have to look into the rental charge for a 1-bedroom apartment outside of the downtown area, it would be $2,162 per month.
Similarly, a 3-bedroom apartment in places like Hamilton would be $6300 per month.
If this price is high for you, you have the option to look for a cheap 3-bedroom apartment.
The average monthly rental charge for a cheap 3-bedroom apartment is $3176.
One thing to remember is that you can only own a house in Bermuda if your spouse is Bermudian or secure a governmental license to acquire the property in Bermuda.
How expensive is food in Bermuda?
The monthly food budget for a single person in Bermuda is estimated to be around $815.
In general, eating out in Bermuda is more expensive than in the UK, USA, and Canada.
A basic meal for two people in a decent restaurant will cost $45.
For coffee lovers, regular coffee is priced at $5, and a bottle of soda can be bought for as low as $3.
You can buy one liter of milk at just $3.69, a loaf of white bread costs $6.27, and one kilogram of local cheese costs $16.
A typical grocery budget for a month could be around $400.
While fruits like oranges and bananas, and vegetables are cheaper, the price for an apple exceeds $9 per kg.
How expensive is transportation in Bermuda?
You can set your monthly transportation budget without breaking the bank.
Expect to spend $84 per month to get around Bermuda.
You can either hop on public transport or a private taxi.
The taxi fare at the government-set rate is around $7 for the first mile and $2.75 for each additional mile.
Bus fare in Bermuda is determined by zone, and you will need to have a token or change.
It will cost you around $3.50 to traverse up to 3 zones.
On average, the cost of a monthly public transit pass is around $95, which seems quite reasonable.
The cost of gasoline is twice as much as in the US. You can get 1 liter of gasoline at $1.20 in the USA, while it costs $2.55 in Bermuda.
The same is with taxi fares; it’s more expensive to hail a taxi in Bermuda than in the USA.