Depending on where you live rents can be higher or lower. In richer cities apartments might start at ~1200EUR, in other slightly more remote areas (everything is quite close together regardless..) 700EUR might be a more normal price. These are prices in the northwest of Europe, in Spain they are likely lower. In eastern Europe, much lower.

Most people in Europe with "normal", even though highly skilled jobs do not make large wads of money. Freelancing and consulting is where it's at (or Switzerland).