Cost of Living in Hong Kong

Expensive Areas of Daily Life in Hong Kong

The following areas will cause one to spend a lot of money when residing in Hong Kong. These areas are generally essential and impossible to do without.

1. Transportation

Movement within the area is somewhat expensive. Using taxis to move within Hong Kong will add to the expenses that one is likely to incur. Alternatively, to cut the cost of living in Hong Kong, one can either minimize movement within Hong Kong or use public transportation, which is affordable, to reduce transportation costs. A one-way local transport ticket is approximately HK$10 (US$1.28), while a taxi ride costs HK$24 (US$3.06). The price of one liter of gasoline is HK$16.22 (US$2.07).

2. Food and clothing

Both of these are vital aspects of life. Therefore, spending on these is an important daily expense, regardless of where in the world one may live. However, meals will cost much more than clothing. For instance, a complete meal for two in a restaurant would go for approximately HK$400 (US$51) according to statistics shown by Numbeo. On the other hand, a pair of jeans and a dress cost HK$637.76 (US$81.35) and HK$280.87 (US$35.83) respectively, making them relatively affordable when compared to the cost of food in Hong Kong.

Areas in Hong Kong with the Highest Costs of Living

Those who are ready and willing to splurge will have nothing to worry about while living in Hong Kong. This is because there are locations which are extremely expensive in the area. At the top of the list is the Peak. It is one of Hong Kong’s most expensive places in which one can reside.

The location is famous for being the location of the homes of rich and prominent individuals. It has some of the most expensive homes in the world.

Exclusive and Expensive Residential Areas in Hong Kong

Therefore, living in the Peak will allow residents to rub shoulders with some of Hong Kong’s most famous and richest people. Living in this neighbourhood will permit the residents to hike to different parts of the island and the city. The calmness of the area while traversing it can make residents feel that they are actually in the countryside, not the city.

The other area which is relatively expensive is Mid-Levels. The fact that the place is centrally located gives residents the chance to see a breathtaking panoramic view of Hong Kong’s skyline.

Other reasons that make the neighbourhood admirable to many include its closeness to financial and commercial districts. It is also close to bustling city action but still far enough from the city centre that the residents can still enjoy the tranquillity. The area is attractive to prominent businesspeople due to its central position and proximity to business activities.

Another expensive area in Hong Kong is Stanley, a beachside town located in the southern part of Hong Kong. The place is full of upscale restaurants as well as beaches that make it attractive to both families and children alike. Other areas which are relatively expensive include Kowloon Tong, Repulse Bay which is located in the southern part of Hong Kong and is surrounded by freshwater reservoirs, and Tai Tam.

Saving on Daily Expenses in Hong Kong

An average earner can still opt to spend little if they do not want to spend too much in Hong Kong. Despite the generally high costs of living, there are ways in which such can be complete. If the person wishes to have a permanent residence, then it would be wiser to buy a home instead of renting one. However, if the person is moving to the area temporarily, then the person should locate a cheaper area or location to live. An effective savings plan can involve the reduction of transportation costs by opting for public transport as opposed to using taxis for navigation. Selecting the most affordable restaurants is also a better option as they would charge cheaper bills relative to some which are located in areas where people are perceived to be rich.

Furthermore, it is advisable to prepare one’s meals because doing so is usually less expensive when compared to eating in hotels and restaurants. Except for those who are residing in a hotel, one can choose to prepare one’s meals to reduce daily expenses; consuming all three meals in a day in a restaurant can incur relatively high costs.

For students wishing to continue with their studies in Hong Kong, living in university-provided residence halls or hostels will be a bit cheaper when compared to living off-campus. Rent for residence halls and hostels provided by a university costs tenants HK$5,000-HK$15,000 per semester. However, those who opt to pay rent per month while living off-campus will have to pay HK$30,000-HK$50,000 per year inclusive of food, leisure, transportation, and personal care – the exact amount will, of course, depend on the level of comfort desired.

Conclusion

In summary, Hong Kong is one of the most expensive places to reside in Asia and, indeed, the world. Rent is the primary reason why life in Hong Kong can be expensive. Due to the low number of rental houses in the area, the housing prices are relatively high. Furthermore, Hong Kong is one of the areas with the highest costs of living in the world. Unfortunately, the high cost of living in Hong Kong is not reflective of the living standards as most local people cannot afford comfortable houses due to their higher prices; the majority of the people are middle-class with some people living below the poverty level. Nonetheless, ex-pats will find Hong Kong a good place to live due to the high number of available entertainment options, the calmness of the area, and the general tranquillity in the country.