Cost of living in Palma: rent, salaries & real expenses (2026)
The cost of living in Palma is around €1589/month, with rent at €819 (INE 2023) — 26% above the Spanish average. Rent trend: +3.4% per year. Here's the full breakdown.
Avg. rent
819€
/ month · INE
Total cost
1589€
/ month est.
Salary needed
49k€
gross / year
Rent trend
+3.4%
annual change
Estimated monthly budget
Food, transport and utility expenses based on INE/Eurostat national averages. Adjust to your lifestyle.
Rent in Palma
Est. rent
819€
/ month
vs Spain
+26%
media 648€
Ranking
#143
of 748
Trend
+3.4%
annual change
Rent in Palma is 26% more expensive than the national average and 3% more expensive than the Illes Balears average (€792/month). The annual trend is +3.4%.
What salary do you need to live in Palma?
Recommended salary
48,500€
gross / year
Rule applied
30%
max rent/net
Avg CCAA salary
29,075€
gross / year · INE
To avoid spending more than 30% of your net salary on rent in Palma (€819/month), you need to earn at least €48,500 gross/year. The average gross salary in Illes Balears is €29,075/year according to INE.
Buying in Palma: what does a mortgage cost?
Est. price
165,000€
PER ~200 months
Monthly payment
661€
25yr · 3.5% · 80%
Down pmt + costs
49,500€
20% + 10%
Estimate based on a sale price of €165,000 (typical price-to-rent ratio). 25-year mortgage at 3.5% with 80% financed. Indicative calculation.
Calculate with your price →Quality of life in Palma
Summer max
31°C
Jun–Aug · ERA5
Winter min
8.9°C
Dec–Feb · ERA5
Unemployment
4.3%
SEPE 202604
Rent burden
60.7%
of net income
Palma has a warm climate with mild summers (31°C max from June to August) and cool winters (8.9°C min from December to February). Unemployment stands at 4.3% (SEPE 202604) and the rent-to-income burden is 60.7%. Climate data: Open-Meteo ERA5 (2015-2024 normals).
📊 Full data
Municipal page with all indicators
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Rent by community
Compare Palma with other cities
Rent: INE IPVA index (2023). Expenses: INE/Eurostat national averages. Mortgage: indicative calculation.