Comparing The Cost of Living: Greece vs. the U.S

Moving to Greece has become a popular choice for those seeking a more relaxed lifestyle, beautiful landscapes, and a lower cost of living. But how does the cost of living in Greece compare to that in the U.S.? From housing and groceries to healthcare and entertainment, there are many factors to consider before deciding to make Greece your new home. This guide covers everything you need to know about living in Greece as an expat, with detailed comparisons of key expenses.

Greece Cost of Living vs. U.S.: Key Differences for Expats

Housing Costs: Greece vs. U.S.

Housing is often the largest expense when moving to a new country, and this is where Greece offers significant savings compared to the U.S.

• Rent Prices: In Greece, rental costs are typically 50-60% lower than in major U.S. cities. For example, in Athens, a one-bedroom apartment in the city center may cost around €450–€650, compared to over $2,000 in cities like New York or San Francisco.
• Buying Property: Greece offers affordable options for those looking to buy property. Prices vary depending on the region, but buying a home in Greece is generally much more affordable than in the U.S., especially if you avoid high-tourism areas.
• Utilities: Utility costs are lower overall in Greece, although air conditioning may increase summer bills. On average, monthly utilities for a small apartment range between €100-€150.

Healthcare Expenses in Greece vs. the U.S.

One major advantage of living in Greece is the significantly lower cost of healthcare compared to the U.S.

• Public Healthcare: Greece has a public healthcare system that offers basic services at minimal or no cost to citizens and residents. Expats can access public healthcare once registered, and the cost is significantly lower than in the U.S. However, it is crucial to obtain the appropriate documents and valid residency permits in order to access the public healthcare system in Greece. To register as an eligible resident and obtain a social security number, read our guide on how to obtain an AMKA number.
• Private Healthcare: Many expats opt for private healthcare in Greece due to shorter waiting times and higher quality service. Even with private insurance, the cost is often much lower than in the U.S., where healthcare can be prohibitively expensive without insurance.
• Insurance: Health insurance is also more affordable in Greece. Monthly premiums for private health insurance can range from €50 to €150, a fraction of U.S. insurance costs.

Groceries and Dining Out

Daily expenses like groceries and dining out are also cheaper in Greece, contributing to a lower overall cost of living.

• Grocery Costs: Grocery prices in Greece are around 25-30% lower than in the U.S. Local produce, dairy, and bread are affordable, with many people opting to shop at local markets for fresh and budget-friendly food.
• Dining Out: Eating out is much more affordable in Greece. A meal at a mid-range restaurant costs around €15-€20 per person, compared to about $30-40 in the U.S. In smaller towns, meals can be even cheaper.

Transportation and Commuting

Transportation costs vary, but public transit and fuel tend to be more affordable in Greece.

• Public Transportation: Greece has a reliable public transportation system, especially in Athens and Thessaloniki. Monthly transit passes cost around €30-€40, much cheaper than in many U.S. cities.
• Owning a Car: Car ownership costs are generally lower, although fuel prices in Greece can be high. Many expats living in urban areas rely on public transportation to save money.

Entertainment and Leisure

Greece offers plenty of affordable entertainment options, from visiting ancient ruins to enjoying beachside cafes.

• Recreation: Museum tickets, theater shows, and beach outings are affordable in Greece. The relaxed Mediterranean lifestyle also means many activities, like beach days and hiking, are free. Many local festivals and bazaars also take place for free.
• Gym and Fitness: Monthly gym memberships cost around €20-€40 in Greece, lower than in many U.S. cities where fitness memberships can be much pricier.

Education Costs

If you’re moving to Greece with children, education is an important consideration.

• Public Schools: Public education in Greece is free and open to all residents, although Greek is the primary language of instruction.
• Private and International Schools: Private schooling costs are much lower than in the U.S., although international schools in major cities like Athens can be more expensive, ranging from €7,000 to €15,000 per year.

Taxes and Cost of Living in Greece vs. U.S.

Understanding the tax systems in both countries is crucial for budgeting accurately.

• Income Taxes: Tax rates in Greece can be higher for certain income brackets. However, the overall cost savings on housing, healthcare, and daily expenses can offset these differences. To see if you are eligible under the 7% tax incentive program, read Greece's 7% Tax on Foreign Income for pensioners.
• Property Taxes: Property taxes in Greece are generally low, especially compared to major U.S. cities.

Quality of Life in Greece vs. the U.S.

Living in Greece provides expats with a unique blend of affordability and quality of life that is hard to find elsewhere.

• Work-Life Balance: Greece is known for its slower pace of life, prioritizing family, social activities, and leisure.
• Safety and Community: Greece is generally safe, with strong community bonds and a friendly culture that makes it welcoming for newcomers.

Pros and Cons of Moving to Greece

Moving to Greece offers many benefits but also comes with some challenges to consider.

• Pros: Lower cost of living, beautiful landscapes, rich culture, affordable healthcare, and friendly locals.
• Cons: Higher taxes, language barrier, and lower salaries compared to the U.S.

Cost of Living Breakdown for Common Expat Cities in Greece

Costs may vary across Greece, so here’s a breakdown of common expenses in major expat destinations.

• Athens: Higher housing costs, bustling city life, excellent healthcare options.
• Thessaloniki: Lower housing costs than Athens, vibrant cultural scene, more affordable lifestyle.
• Crete: Lower costs overall, popular for those seeking a quieter lifestyle with proximity to beaches.

Budget Tips for Expats Living in Greece

Here are some tips to help you manage costs effectively when living in Greece:

1. Live Like a Local: Shop at local markets, cook at home, and avoid tourist-heavy areas to save money.
2. Choose the Right Location: Consider smaller cities or towns if you want a lower cost of living.
3. Public Healthcare: If eligible, use public healthcare services to reduce healthcare expenses.

Final Thoughts on Greece Cost of Living vs. U.S.

For those seeking a lower cost of living, vibrant culture, and breathtaking landscapes, Greece offers an attractive alternative to the U.S. Expats can enjoy substantial savings on housing, healthcare, and daily expenses, making it an ideal destination for those looking to stretch their income while enjoying a relaxed, slow-paced Mediterranean lifestyle.

FAQs

1. Is it cheaper to live in Greece than in the U.S.?

Yes, Greece is generally much cheaper than the U.S., especially in terms of housing, healthcare, and daily expenses.

2. Can I use my U.S. healthcare insurance in Greece?

Typically, U.S. health insurance does not cover international expenses, so expats often buy local insurance plans.

3. How much do I need to live comfortably in Greece?

A monthly budget of around €1,200-€1,800 is comfortable for a single person in Greece, depending on lifestyle and location.

4. What are the best places to live in Greece for expats?

Athens, Thessaloniki, and Crete are popular choices due to amenities, affordability, and vibrant expat communities.

5. Do I need to speak Greek to live in Greece?

While knowing Greek is beneficial, many people in urban areas speak English, and expats can manage without being fluent in Greek.

Are you interested in relocating to Greece? We assist in gathering the necessary documentation to make the big move. To find out more, book a 15-minute discovery call to learn more about our services.