Living in Hungary offers a unique blend of cultural richness and affordability, making it an appealing destination for many. However, it’s essential to understand both the cost of living and the residency permit process, especially in 2024.
What is Cost of Living in Hungary?
The cost of living in Hungary is generally lower than in many Western European countries, which contributes to its attractiveness for expatriates and locals alike. As of 2024, a family of four can expect estimated monthly costs around 1,135,749 HUF (approximately €3,000), while a single person’s monthly expenses are estimated at about 565,604 HUF (around €1,500) 13. This affordability is reflected in various aspects of daily life.
Housing Costs
Housing remains one of the most significant expenses. For instance, renting a furnished studio apartment in Budapest can range from 194,036 HUF (about €520) in a normal area to 231,048 HUF (around €610) in a more expensive area 1. In contrast, monthly rent for an 85 m² furnished accommodation typically costs between 297,123 HUF (approximately €790) and 429,041 HUF (around €1,140) depending on the location. Outside Budapest, cities like Szeged and Debrecen offer even more affordable options, with rents significantly lower than those in the capital.
Utilities and Groceries
Monthly utility bills for a two-person household can average around 57,795 HUF (about €150) for basic services such as heating and electricity 1. Grocery prices are also reasonable; for example, a loaf of bread costs about 400-800 HUF (approximately €1-2), while milk is priced between 260-550 HUF (around €0.70-1.40) per liter 5. This makes budgeting for food relatively straightforward.
Residency Permit in Hungary
For those considering a longer stay or relocation to Hungary, understanding the residency permit process is crucial. In 2024, several types of residence permits are available depending on individual circumstances.
Types of Residence Permits
Work Permit: For individuals seeking employment in Hungary.
Student Permit: For those enrolled in educational institutions.
Family Reunification Permit: For family members of Hungarian citizens or residents.
Investment Permit: Available through the Golden Visa Program for investors contributing significantly to the economy.
The Hungarian Golden Visa Program requires a minimum investment of €250,000 in real estate or other qualifying investments 4. This option is particularly appealing for those looking to establish residency while also making a financial commitment to the country.
Application Process
The application process typically involves gathering necessary documentation such as proof of income, health insurance, and accommodation details. Fees vary depending on the type of permit but can range from €100 to €300. Once approved for a temporary residence permit, individuals can live and work in Hungary for up to one year, with the possibility of renewal.
Pathway to Permanent Residency and Citizenship
After residing in Hungary for three years on a temporary permit, individuals may apply for permanent residency. This status allows for greater stability and fewer restrictions on employment. Additionally, after eight years of continuous residence—including at least five years with permanent residency—individuals may be eligible to apply for Hungarian citizenship 4.
Conclusion
In summary, living in Hungary presents an attractive opportunity characterized by affordable living costs and a straightforward residency process. The combination of rich cultural experiences and manageable expenses makes it an appealing destination for expatriates and locals alike. Whether you’re drawn by the charm of Budapest or the affordability of smaller cities like Szeged or Debrecen, Hungary has something to offer everyone looking to make it their home.
