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If you’re an expat or retiree dreaming of living abroad in Hong Kong, don’t miss this guide. We’ll break down the cost of living, discuss some factors that determine how expensive Hong Kong is, share what it’s like living there as an American, and list the steps to retire and move there.
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Hong Kong is an attractive place for expats who want to explore the night markets, the Causeway Bay, and Hong Kong Disneyland. It’s a rich waterway region with 235 offshore islands in addition to the lively Hong Kong Island.
It also has high safety levels, world-famous tourist attractions, and advanced and affordable healthcare. Truly, this is a fantastic place to move and/or retire. By the time you finish this article, you’ll be eager to dive into the best places to live in Hong Kong.
A Guide To Living Abroad As An Expat In Hong Kong
It’s a big change to live in Hong Kong as an expat, and that’s why Pacific Prime is here to help. This guide to living abroad is going to help you figure out if you can afford living in Hong Kong, prepare you for what may be surprising cultural differences, and teach you the moving requirements.
We’ll also include a bonus section about how to retire in Hong Kong if that is something you are ready to do now or would like to plan to do in the future.
No matter your reasoning for moving there, understanding the cost of living in Hong Kong is one of the key factors that determines if it’s the right place for you, so we will spend a decent amount of time breaking down some potential expenses.
We also recommend reading our general guide about all you need to know when living abroad in Asia as another resource in your research.
Cost Of Living In Hong Kong Vs. New York City
The cost of living in Hong Kong is about 23% less expensive vs. in New York City. On average, one person will spend $2,884 in Hong Kong a month on living expenses but $3,723 a month in New York. A family spends about $6,543 a month in Hong Kong vs. $8,021 a month in New York.
Because New York City could be considered a Hong Kong equivalent in the US, we will compare the cost of living in Hong Kong vs. New York City.
We are using crowd-sourced costs to give you estimates of what prices may be, but these are not intended to be exact prices.
Housing Expenses In Hong Kong Vs. New York City
On average, one person in Hong Kong will spend $1,998 a month on housing expenses vs. $2,426 a month in New York City. A family in Hong Kong will spend about $3,776 a month on rent, while a family in New York will spend about $3,744 a month.
A utility bill in Hong Kong averages between $109 – $169 a month and in New York, it’s between $105 – $160 a month.
An internet plan, however, is much cheaper in Hong Kong, costing only $27 a month for 50 Mbps + 1 unlimited month, while the same plan may cost around $67 a month in New York.
Food Expenses In Hong Kong Vs. New York City
Food expenses in Hong Kong generally cost around $495 a month vs. in New York City, they cost around $752 a month. In general, both buying groceries and eating out are cheaper in Hong Kong vs. in New York.
Here are some average grocery prices:
- 1 qt of milk is $3.13 in Hong Kong vs. $1.26 in New York
- 1 lb of bread is $2.12 in Hong Kong vs. $4.16 in New York
- 1.2 lb of rice is $2.06 in Hong Kong vs. $6.09 in New York
- 12 eggs is $4.07 in Hong Kong vs. $5.37 in New York
- 2.2 lb of apples is $4.21 in Hong Kong vs. $5.52 in New York
- 2.2 lb of oranges is $3.72 in Hong Kong vs. $5.20 in New York
Here are some average restaurant prices:
- Lunch for two is $8.04 in Hong Kong vs. $20.70 in New York
- Dinner for two is $53.90 in Hong Kong vs. $84.30 in New York
- Fast food meal is $5.75 in Hong Kong vs. $10.90 in New York
Transportation Expenses In Hong Kong Vs. New York City
On average, transportation costs $237 a month in Hong Kong vs. $347 a month in New York City. Public transportation is half as expensive in Hong Kong compared to New York, but paying for gas to drive your own car is more than twice as expensive in Hong Kong compared to New York.
Here are some estimated transportation fees:
- Local transport ticket is $1.54 in Hong Kong vs. $2.75 in New York
- Monthly transport ticket is $65.40 in Hong Kong vs. $129 in New York
- Taxi ride for 5 miles is $12.70 in Hong Kong vs. $20.10 in New York
- ¼ gallon of gas is $2.85 in Hong Kong vs. $1.20 in New York
Salaries In Hong Kong Vs. New York City
The average monthly salary in Hong Kong after tax deductions is $2,843 compared to $5,796 in New York. That means, on average, individuals in Hong Kong are making $34,116 a year after tax, and individuals in New York are making $69,552 a year after tax.
Is Hong Kong Expensive To Live In?
When compared to many European, American, and Australian cities, Hong Kong is considered quite expensive. In fact, it is one of the more expensive places expatriates can choose to live. This is even more so if you choose to live near the city center. Healthcare is quite affordable, though.
Healthcare In Hong Kong
Hong Kong has 2 healthcare systems: public healthcare and private healthcare. The public healthcare system is provided to all Hong Kong citizens and residents with no fee or a very low fee. Many of the doctors graduated from Western universities.
The public healthcare system in Hong Kong does not cover dental care, however, so if you don’t want to pay for all of those expenses out of pocket, we recommend looking into a private healthcare plan in Hong Kong. You may also be more able to find English-speaking doctors in a private clinic.
Living In Hong Kong As An American
The style of living in Hong Kong can be exotic, upbeat, and refreshing for many Americans. They are a very expat-friendly community with a depth of nightlife possibilities and vibrant outdoor recreations. There’s also a wide variety of cuisine and excellent public transportation.
With so much to do there, you will have new adventures to explore for many years to come. There may also be a big shock between cultures when you arrive.
To help you prepare, here are some cultural differences between the Chinese and Americans:
- Celebrate the group: The Chinese consider the success of one person to be the success of the whole group, while Americans like to celebrate individualism.
- Respect the hierarchy: Chinese workers respect their superiors, and everyone knows their place in the system.
- Conversations may feel blunt: Americans like to skirt around the bush, while it is common and accepted for Chinese to be direct about things Americans may consider personal.
- Seniors are highly regarded: Elders are treated with great respect and honor in Chinese culture, both in families and in the workplace.
- Personal space: While Americans aren’t as used to being crowded and touched on a bus, in a crowd, or on an airplane, the Chinese are very used to densely populated areas without much personal space.
- Be humble: Chinese people are very humble and downplay their achievements. They may view Americans who boast about their strengths as being crass.
Retiring In Hong Kong From The USA
Retirement in Hong Kong is attractive because of the high safety levels there, the night markets, the exquisite food, and the tourist attractions. To retire in Hong Kong from the USA, you need to get a visa to stay there for longer than 90 days.
Hong Kong provides Mandatory Provident Fund (MPF) benefits to Hong Kong employees, and those with working visas in Hong Kong for longer than 13 months who aren’t enrolled in a retirement scheme outside of Hong Kong can also enroll in MPF schemes.
In general, you can begin collecting your retirement funds in Hong Kong at age 65, but you can apply for early retirement at 60.
Moving To Hong Kong From The USA
To move to Hong Kong, you will need to have a valid passport, no criminal record, and a visa/entry permit. You must apply for this permit in your current country of residence before traveling to Hong Kong.
Reasons for applying for a visa/entry permit in Hong Kong:
- Non-local Graduates (IANG): this is a type of student visa for those entering Hong Kong (HKSAR) with the intent of gaining an education.
- New Foreign Domestic Helper Visa: This is a temporary visa that lets you work in Hong Kong for a time, but you can’t settle here long-term or bring your dependents with you.
- Top Talent Pass Scheme (TTPS): This scheme attracts top talents with strong work experience to work in Hong Kong.
- Residence as Dependent: This application is for dependents who want to enter Hong Kong to reside with their responsible party.
Within 30 days of arriving in Hong Kong, you should apply for a Hong Kong identity card. You will need to carry this with you at all times, as does every person age 15 and older.
To apply for permanent residency in Hong Kong, you must live there for seven years first.
Conclusion
Hong Kong, though expensive compared to other locations, has a booming economy and a thriving recreational scene. If you have money you’re ready to play with, this is the perfect place for you!
If you’re not sure, we suggest learning about living abroad in China and Beijing, and contact Pacific Prime for your international healthcare plan!
Serena earned her Bachelor’s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it’s cognitive psychology!).
Her previous work experience includes teaching toddlers to read, writing for a travel/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.
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