You may be having plans of living or working in Hungary, and you are wondering what the average salary in Hungary is per year or month. Well, you have come to the right place. People earn money depending on their professions, qualifications, and skills in their areas of work. The type of employers you have also have a significant influence on the amount of salary you earn. Hungary ranks above average in terms of work-life balance. So, if you are looking to relocate to Hungary, the information below on salary will be of much help.
So, what is the average salary in Hungary? A person who works in Hungary will typically earn around $ 2975 per month. The minimum amount you can make is $ 2853.9 per month, while the maximum salary of most jobs is $ 9287.54. Half of the population earns more than $ 2160, which is the median salary, while the other half makes less than the median salary.
Want to know the best part? 75% of the population in Hungry are earning more than $ 1141.12. This leaves us with 25% of the people who make less than $ 1151.12. Here’s is the deal, if you work or plan to work in Hungary and your salary is higher than both the median and the average, you are doing great. If you fall under both, then they’re a lot of is room for improvement since many people are earning more than you. If your salary is in between, then, things can get confusing.
Average Salary in Hungary
Here are some of the salaries for specific job categories.
Accounting and finance
How much does an individual working in accounting and finance make? A person working in this job category makes around $2030 per month. This includes transport, housing, and other benefits that come with the job.
Salaries differ between different accounting and finance jobs. For instance, an account earns $1268; an accounting clerk makes $ 982 per month. A corporate treasure makes an average of $3418.92 per month. A financial analyst will make, on average, $2092.
A person working in architecture in Hungary makes approximately $1779 each month. This is the average monthly salary, and it is inclusive of housing, transport, and other benefits. The minimum wage payable for an architect is $1393, while the maximum is $2296.
The salaries vary for each architecture job. Some of the posts are; Architecture consultant pay is $1870. Architect specifications writer makes $1286 on average monthly. The design manager makes $1998.32 while a landscape architect earns $1737.96.
A person working in Hungary in the banking sector makes an average of $2372 per month. The salaries for each specific banking job ranges from $1345 which is the minimum to $4385, which is the maximum salary per month.
Each banking job offered has different a different salary. A mortgage credit analyst makes $1846 per month while an online banking manager earns $3000. A mortgage quality assurance auditor receives $2094, which is different from a credit analyst who makes $2555 on average per month.
If you work in Hungary in real estate, you will probably earn an average salary of $ 2300 per month. This amount is inclusive of transport, housing, and other benefits that come along. Different specific real estate jobs offer different salaries.
For example, a real estate analyst gets paid $3125, while a town planner earns $ 3265 monthly on average. Commercial leasing manager earns $3278, whereas compliance specialists make $1690 per month on average.
A teacher or any other person working in education in Hungary makes around $215 per month. The minimum salary for this job is about $1057.58, while most one can make $3611 per month.
Different teaching job descriptions offer different salaries. For instance, a biology teacher can make $1680 while a computer teacher $1756. The salaries for teaching/ education in Hungary are rising each year based on recent salaries and reports.
How much does a person in Hungary working in insurance make? A person working in this sector will typically earn around $2088 per month. Salaries of different jobs drastically differ.
Examples are; the actuarial analyst is paid approximately $2454 while an insurance account manager makes $2453 per month. A risk manager will earn $2870 while a title typist makes $5111.
The salaries range between $1393, the minimum wage to $3163 for the maximum salary. The median salary is $ 2458, which means that half the population earns more than that while the remaining half makes less than the median salary.
Average household income
The annual household income per capita in Hungary reached $5988.75 in December 2017. This is more than the previous year, which was $5342,53. The average value is since December 2000 is $5414.12. The annual household income per capita reached its highest point at $6575.11 in December 2008. It also recorded its lowest at $1832.81 in December 2000. This information is provided every year by the Hungarian Central Statistical Office, which gives it in the local currency, and the CEIC converts the annual household income into USD.
The minimum wage in Hungary.
The national minimum wage is the lowest amount per hour, per day or month that employers can pay their workers. In Hungary, there is a government-mandated minimum wage. No worker is to get paid less than the set minimum pay rate. The government of Hungary is set to punish every employer who does not reimburse the minimum wage to their workers.
In 2019, the minimum wages in Hungary set at $463.20 per month. From 1999 to 2019, the average minimum salary averaged$ 269.34 per month. The highest minimum wage rate was at $464.20, which occurred in the second quarter of 2019. A low record established at $89.15 per month experienced in the second quarter of 1999.
Recently, there has been a rise in the minimum wages in Hungary. The wages rose to a gross of $ 150.00 per month for the unskilled workers. Skilled workers will now have a minimum salary of $200 per month. These figures base on a tripartite agreement reached, which was between the government, employees, and employers.
This rise in the minimum wage aims at addressing the population’s demand for increasing living standards. At the same time, it is safeguarding the competitiveness of the country and low labour costs to keep drawing in foreign businesses and companies. This is to ensure the cornerstone of the booming economy and an attractive manufacturing sector.
Among the V4(countries in the Visegrad four-group), Hungary has the lowest minimum wages. In the automotive industry, the average salary in Hungary is $ 1118 per month, which is still behind all other V4 countries. The Czech Republic leads with the highest average in the industry.
The average wage for teachers in Hungary per month is $ 709, which is better than in Poland’s. It says that the current problems in Hungary are as a result of the flat tax system. Suggestions say that the new income tax system to set a rate of 9% for those who make less than $1650 per month and leave the current 15% for those who get higher salaries.
The average salary in Budapest
How much does a person working in Budapest earn? A person working in Budapest will make approximately $2125 per month. This is the average monthly salary includes housing, transport, and any other benefit.
If you work in Budapest, the minimum you can earn is $ 2817, while the maximum is $9416 per month. Half of the population in Budapest makes an average salary of more than $5432, which is the median, and the other half earns less than the median.
Most of the high paying jobs are found in Budapest, which is the heart of Hungary. The average hourly wage in Budapest is $12.25 which means that the average person makes around that much for every hour they work.
Salaries in Budapest are on the rise each year. According to recent studies, salaries in 2019 are higher than those of 2018. This shows a steady yet continuous increase in pay in the future. The salaries differ from one industry to another.
Cost of living in Hungary
The cost of living in Hungary is on par with or just below other European countries. It is cheaper than in London and Paris but more expensive compared to Warsaw and Bucharest. Expats have an advantage since they earn higher salaries than their Hungarian counterparts, enabling them a better quality of life.
The cost of accommodation is very high, especially if you plan to live in urban areas like Budapest, which is around $40 to $60. The price will largely depend on the size, location, and condition of the residence. It is common for most people residing in Budapest to spend almost half of their salary on rent and household maintenance fees and utilities. The hotel prices range from $30-$50.
Food accounts for approximately a quarter of an average Hungarian monthly salary. Expats who long for their home foods may find them in supermarkets though most imported foods are more expensive than locally made foods. Meals from great restaurants are more expensive, approximately cost $12. Eating in humbler places is cheaper. You can have two main dishes at $2.50 to $7. One can spend around $ 20 to $ 40 a week on groceries.
The countryside of Hungary is cheap, but most expats prefer to live in cities like Budapest. Medical care is excellent, and the dental care is excellent. Prices for medical care range from $200 to $350, which is cheaper than in other European countries. To get a cleaning and a checkup is approximately $25, and getting a set of x rays is around the same price too. These post should help you have an idea on what to expect if you set out to live in Hungary. These average salaries should help you plan your life and know what profession can serve you right.
About the author: Marta Kovachek is the author of this article. She graduated from the University of Chicago with a master’s degree in Economics. Marta enjoys writing about the current economic situation and loves helping our readers to find their next "destination". From places to live to complex social and economic topics, we always enjoy Marta's work. Please contact us in case of any questions.