Cost Of Living in Ankara 2025
Average monthly spending for singles, couples, students, and families in Ankara
Whether you're living in Ankara or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure
Currency: TRY
Monthly Expenditure ▶ Single
Currency: TRY
Monthly Expenditure ▶ Couple
Currency: TRY
Monthly Expenditure ▶ Family
Currency: TRY
Monthly Expenditure ▶ Student
Currency: TRY
Food Prices, Dining Expenses, and Grocery Costs in Ankara
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Ankara
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Ankara is approximatly 110 TRY with meal cost ranging from 54 TRY to 180 TRY. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 180 TRY and 550 TRY with 270 TRY being the average price of a plate for one person at a regular restaurant in Ankara.
Fine dining meal for one price
| 360 TRY | 540 TRY | 2,200 TRY |
The price range of a meal at fine-dining restaurant is 360 TRY to 2,200 TRY with the average cost being 540 TRY for one person. This is what you would expect to pay a top-tier diner in Ankara.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Ankara is around 73 TRY. Price ranges between 45 TRY and 110 TRY depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Ankara is 44 TRY. The maximum what you would pay for milk is 55 TRY and the minimum being 36 TRY depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 36 TRY on average with 27 TRY and 54 TRY being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Ankara is between 62 TRY and 110 TRY depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 81 TRY.
Pack of beef price
The price of a regular pack of beef or meat is around 110 TRY. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Ankara costs around 40 TRY on average with prices rangeing between 29 TRY and 56 TRY depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 11 TRY to 27 TRY. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 25 TRY on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Ankara is around 28%. This means that people spend 28% of their income on grocery and basic household items. The expenditure can range from 20% to 34% depending on salary and location.
Expenditure on food and grocery for every population group
A single person living alone spends approximately 6,100 TRY per month on grocery and food with expenditure fluctuating between 860 TRY and 68,000 TRY depending on location and the type of person. The average cost of food and groceries for a couple is around 7,800 TRY per month. That number can be get as low as 1,200 TRY or a high as 72,000 TRY. Families' spending on grocery ranges from 2,300 TRY to 120,000 TRY with the location, income, and size of the family being the most determinite factors.
Monthly costs and expenses of energy and basic utilities in Ankara
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Ankara
Utility Bill Cost / Electricity + Water + Gas / Individual
| 320 TRY | 2,300 TRY | 25,000 TRY |
Utility Bill Cost / Electricity + Water + Gas / Couple
| 340 TRY | 2,500 TRY | 28,000 TRY |
Utility Bill Cost / Electricity + Water + Gas / Family
| 630 TRY | 3,200 TRY | 32,000 TRY |
Internet and cable cost
Mobile phone bill and charges
| 210 TRY | 350 TRY | 1,100 TRY |
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly expenditure for individuals on electricty, water, and gas in Ankara ranges between 320 TRY and 25,000 TRY with average being 2,300 TRY, meanwhile the expenditure of couples is slightly higher at 2,500 TRY with 340 TRY and 28,000 TRY being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 3,200 TRY. The cost of internet and WiFi is unchanged among the three groups and ranges from 270 TRY to 730 TRY with 550 TRY being the average internet bill. Finally, the average monthly mobile charges is around 350 TRY but can range between 210 TRY and 1,100 TRY depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Ankara is around 6.2%. This means that people pay 6.2% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.1% to 10% depending on salary and location.
Expenditure to Income Ratio in Ankara
One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.
Spending to Income Ratio
89%
82% to 98%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 3% |
| 50% - 60% | 8% |
| 60% - 70% | 14% |
| 70% - 80% | 24% |
| 80% - 90% | 22% |
| 90% - 100% | 12% |
| 100% - 110% | 6% |
| 110% - 120% | 4% |
| 120% - 130% | 3% |
| 130% - 140% | 3% |
| > 140% | 2% |
Interpretation and Analysis
The average spending-to-salary ratio in Ankara is 89%
This means that on average, people spend around 89% of their income for living.
According to the distribution table, 14% of the population spend approximately 60% to 70% of their income every month.
How can spending be more than income?
A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.
Individual
80%
Spending-Income-Ratio
74%
88%
Couple
85%
Spending-Income-Ratio
79%
94%
Family
92%
Spending-Income-Ratio
86%
100%
How do people spend their money in Ankara?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.
Housing Expenditure22%
22% of total expenses on average (11% to 30%)
| LOW | $41 1,300 TRY |
| AVERAGE | $410 13,000 TRY |
| HIGH | $6,200 190,000 TRY |
| Per Month |
People living in Ankara typically spend from 11% to 30% of their total monthly expenditure on housing with 22% being the average. The average spend on housing is 13,000 TRY with expenditure ranging from 1,300 TRY to 190,000 TRY. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water, Internet, Mobile8%
8% of total expenses on average (5% to 12%)
| LOW | $6.7 210 TRY |
| AVERAGE | $67 2,100 TRY |
| HIGH | $1,000 32,000 TRY |
| Per Month |
Utility expenditure like electricity, water, and gas in Ankara ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 2,100 TRY with 210 TRY and 32,000 TRY being the upper and lower limits.
Transport, Fuel, Commute6%
6% of total expenses on average (3% to 10%)
| LOW | $14 430 TRY |
| AVERAGE | $140 4,300 TRY |
| HIGH | $2,000 64,000 TRY |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 430 TRY to 64,000 TRY on commuting with 4,300 TRY being the norm for most people in one month. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 3% or as high as 10%.
Food and Groceries Cost29%
29% of total expenses on average (21% to 35%)
| LOW | $34 1,100 TRY |
| AVERAGE | $340 11,000 TRY |
| HIGH | $5,100 160,000 TRY |
| Per Month |
The average outlay on groceries in a month in Ankara is 11,000 TRY. The cost of groceries can range between 1,100 TRY to 160,000 TRY. People spend on average about 29% on food and groceries with upper and lower bounds of 21% and 35% respectively.
Healthcare and Medical Services11%
11% of total expenses on average (6% to 14%)
| LOW | $9.2 290 TRY |
| AVERAGE | $92 2,900 TRY |
| HIGH | $1,400 44,000 TRY |
| Per Month |
People in Ankara allocate 6% to 14% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 11%. The range of medical expenses range from 290 TRY to 44,000 TRY with 2,900 TRY being the norm.
Leisure and Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $5.4 170 TRY |
| AVERAGE | $54 1,700 TRY |
| HIGH | $810 26,000 TRY |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 170 TRY to 26,000 TRY with 1,700 TRY being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.
Education and Schooling5%
5% of total expenses on average (3% to 11%)
| LOW | $8.1 260 TRY |
| AVERAGE | $81 2,600 TRY |
| HIGH | $1,200 38,000 TRY |
| Per Month |
Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 2,600 TRY per month with 260 TRY being the minimum spent amount and 38,000 TRY being the maximum.
Other Expenses15%
15% of total expenses on average (10% to 22%)
| LOW | $18 560 TRY |
| AVERAGE | $180 5,600 TRY |
| HIGH | $2,700 84,000 TRY |
| Per Month |
How much money can you save in Ankara every month?
We asked thousands of people what percentage of their income can they save in a month. Below are the answers.
What percentage of people in Ankara manage to save money from their income every month?
Almost 54% of the surveyed people in Ankara said that they can save some money at the end of each month while 46% said that aren't saving anything.
Percentage of people saving money by population group in Ankara
| Group | Savers | Non Savers |
|---|
| Singles | 59% | 42% |
| Couples | 54% | 46% |
| Families | 48% | 52% |
Savings-to-Income Ratio
The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.
Saving to Income Ratio
Average Monthly Saved Amount
1,300 TRY
$41 | 13,000 TRY
$410 | 190,000 TRY
$6,100 |
For most people, 10% to 31% of their monthly income is what they can allocate to their savings, with 18% being the average. The amount of money that people can save is approximately 13,000 TRY on average with savings ranging from 1,300 TRY to 190,000 TRY.
59% of surveyed singles reported some of their income going to savings while 54% of couples said the same. 48% of families confirmed their ability to save money.
How much money do people actually save in Ankara?
The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
1,300 TRY
$40 | 11,000 TRY
$360 | 130,000 TRY
$4,000 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 34% |
| 10% - 20% | 26% |
| 20% - 30% | 17% |
| 30% - 40% | 11% |
| 40% - 50% | 9% |
| > 50% | 3% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 13% to 33% of their monthly income to savings, with 22% being the average for most singles. The average amount of money that singles are able to save is 11,000 TRY with 1,300 TRY and 130,000 TRY being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
2,600 TRY
$81 | 17,000 TRY
$530 | 150,000 TRY
$4,800 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 38% |
| 10% - 20% | 28% |
| 20% - 30% | 20% |
| 30% - 40% | 6% |
| 40% - 50% | 6% |
| > 50% | 2% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 11% to 32% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 17,000 TRY with 2,600 TRY and 150,000 TRY being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
3,900 TRY
$120 | 19,000 TRY
$610 | 190,000 TRY
$6,100 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 41% |
| 10% - 20% | 31% |
| 20% - 30% | 21% |
| 30% - 40% | 3% |
| 40% - 50% | 3% |
| > 50% | 1% |
Interpretation and Analysis
Families in Ankara can save anywhere between 9.2% to 29% of their monthly income, with 16% being the average for most families. The average amount of money that families can put aside is 19,000 TRY with 3,900 TRY and 190,000 TRY being the minimum and maximum respectively.
Saving Challenges in Ankara
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Ankara. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 4% |
| High Expenses | 7% |
| Debt and Loans | 11% |
| Lack of Budgeting Skills | 12% |
| Impulsive Spending | 12% |
| Financial Emergencies | 7% |
| Living the moment | 5% |
| Will do it later | 22% |
| Inflation | 14% |
| Social Pressure | 2% |
| Market Instability | 2% |
Around 4% of the people said that their salary is too low to accommodate a portion for savings while 7% said that the high cost of living leaves little room for savings. 11% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 12% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 22% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 14% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 2% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Typical saving choices for people in Ankara
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 13% |
| Gold | 14% |
| Savings Accounts | 16% |
| Retirement Accounts | 9% |
| Cash Savings | 23% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 3% |
| Bonds | 4% |
| Mutual Funds | 2% |
| Certificates of Deposit | 2% |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Low-cost alternatives in Ankara
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options54%
Few low-cost options46%
Based on the survey, 54% of the people living in Ankara have no problem finding low-cost alternatives to support a frugal lifestyle while 46% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Affordable living in Ankara
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Ankara?
Around 46% of surveyed residents think that living in Ankara is affordable with proper budgeting while 54% reported that it is just too expensive and not affordable even with frugality and thriftness.
Prices and cost of goods and services in Ankara
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
| 360 TRY | 540 TRY | 2,200 TRY |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 130,000 TRY | 270,000 TRY | 360,000 TRY |
Bus ticket one way
Car Service
| 360 TRY | 540 TRY | 1,100 TRY |
Utility cost (monthly)
Utility Bill - Individual
| 320 TRY | 2,300 TRY | 25,000 TRY |
Utility Bill - Couple
| 340 TRY | 2,500 TRY | 28,000 TRY |
Utility Bill - Family
| 630 TRY | 3,200 TRY | 32,000 TRY |
Internet and cable
Mobile phone charges
| 210 TRY | 350 TRY | 1,100 TRY |
Leisure and activities costs
Movie ticket
One month gym membership
| 440 TRY | 550 TRY | 1,100 TRY |
Cloths and accessories costs
Pair of jeans or pants
Woman dress
| 310 TRY | 420 TRY | 1,400 TRY |
Woman shoes
Men's shoes
Men suit
| 270 TRY | 340 TRY | 1,800 TRY |
Regular t-shirt
Housing costs / monthly rent
Studio apartment
| 4,700 TRY | 7,000 TRY | 19,000 TRY |
1-bedroom apartment
| 7,000 TRY | 11,000 TRY | 28,000 TRY |
2-bedroom apartment
| 9,400 TRY | 14,000 TRY | 38,000 TRY |
Housing costs / Buying
Studio apartment
| 940,000 TRY | 1.4M TRY | 2.8M TRY |
1-bedroom apartment
| 1.1M TRY | 1.9M TRY | 7.1M TRY |
2-bedroom apartment
| 1.9M TRY | 5.6M TRY | 11M TRY |
| $59,000 | $180,000 | $350,000 |
Furniture Costs
King Size Bed
| 5,400 TRY | 6,800 TRY | 9,000 TRY |
Double Bed
| 3,600 TRY | 5,400 TRY | 6,800 TRY |
Single Bed
| 3,200 TRY | 4,200 TRY | 5,500 TRY |
Living Room
| 6,100 TRY | 7,900 TRY | 27,000 TRY |
Dining Table
| 2,700 TRY | 3,600 TRY | 6,800 TRY |
Sofa or Couch
| 3,600 TRY | 4,900 TRY | 11,000 TRY |
Electronics and House Appliance Costs
TV Set
| 3,600 TRY | 5,400 TRY | 11,000 TRY |
Fridge or Freezer
| 3,200 TRY | 5,000 TRY | 6,800 TRY |
Washing Machine
| 4,100 TRY | 6,000 TRY | 11,000 TRY |
Stove or Cooker
| 3,900 TRY | 4,900 TRY | 6,800 TRY |
Mobile Phone
| 4,500 TRY | 5,400 TRY | 7,800 TRY |
Laptop or Computer
| 5,000 TRY | 6,100 TRY | 11,000 TRY |
Financial Literacy in
Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.
Financial Leteracy41%
We asked residents of whether they acquired any adequate personal financial training in their lives. Approximately 59% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 41% said that they know about the general principles of personal finance from sources other than their own experience.
Difficulty in Budgeting and Financial Planning
We wanted to understand whether residents of have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 55% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 45% said that they have everything under control.
Struggles with finance55%
Easily manages finances45%
Financial goals of people in Ankara
In an attempt to understand the economic situation in Ankara, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.
| Financial Goal | % People |
|---|
| Emergency Fund | 9% |
| Debt Reduction | 46% |
| Retirement Savings | 11% |
| Education Funding | 6% |
| Homeownership | 19% |
| Investing | 6% |
| Travel or Lifestyle | 5% |
| Healthcare Expenses | 16% |
| Financial Independence | 3% |
Around 9% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 46% said their number one priority is to pay off high-interest debt or loans and improve credit. 11% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 6% reported that their priority is saving for the tuition fees and education costs of their children while 19% choose to buy a home or pay off existing mortgage before other things. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 5% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 16% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Debt, loans, and mortgages in Ankara
Percentage of people who are in debt
According to the survey, 31% of the people in Ankara have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Ankara
Debt to income ratio
31%
23% to 40%
( monthly debt payment / monthly income ) x 100
Interpretation
The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 31% of the people's monthly income in Ankara goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 4% |
| 50% - 60% | 21% |
| 40% - 50% | 16% |
| 30% - 40% | 18% |
| 20% - 30% | 8% |
| 10% - 20% | 9% |
| 0% - 10% | 25% |
According to our data, 4% of the debtors in Ankara pay 60%+ of their income as debt settlement while 21% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 16% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 18% dedicated 30% to 40% of income for same. Things are looking brighter for 8% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Ankara
| Debt | % People |
|---|
| Real Estate Mortgage | 6% |
| Auto Loan | 12% |
| Student Loan | 4% |
| Credit Card | 32% |
| Personal Loan | 46% |
6% of debtors in Ankara confirm that real estate mortgages constitutes the main part of their outstanding debt while 32% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 12% of people and personal loans rose at 46%. Lastly, student loans are the main source of debt for 4% of debtors in Ankara.
About credit score and debt managementManaging debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.
Good debt vs. Bad debt
Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.
Loan Affordability Index in Ankara
Besides measuring the loan-to-income ratio, we asked residents how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.
Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.
| Frequency | % People |
|---|
| Never | 48% |
| Once a year | 25% |
| Twice a year | 13% |
| Three times a year | 9% |
| Four times a year | 5% |
Emergency Funds
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents whether they have an emergency fund and the answers were as follows.
Yes44%
No56%
Based on the survey, 56% of the people living in Ankara said that they don't have an emergency fund while 44% said that they do.
Retirement, pension plans, and life after work in Ankara
What does the retirement lifestyle look like in Ankara and how much retirement savings are required?
Retirement age
The retirement age for most employees in is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Ankara:| Age | Amount |
|---|
| 25 | 110,000 TRY |
| 30 | 220,000 TRY |
| 35 | 380,000 TRY |
| 40 | 550,000 TRY |
| 45 | 810,000 TRY |
| 50 | 1.1M TRY |
| 55 | 1.4M TRY |
| 60 | 1.7M TRY |
| 65 | 2M TRY |
Retirement Income Distribution
We asked residents about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 11% |
| Savings | 24% |
| Investments | 11% |
| Social Security | 6% |
| Annuities | 6% |
| Part-time Job | 17% |
| Real Estate | 19% |
| Dividends and Interest | 6% |
Retirement Monthly Expenses in Ankara 3,200 TRY
$100 | 29,000 TRY
$920 | 320,000 TRY
$10,000 |
Housing costs, accommodation, and housing affordability in Ankara
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Ankara
Monthly Rent Prices
Studio apartment monthly rent cost
| 4,700 TRY | 7,000 TRY | 19,000 TRY |
1-bedroom apartment monthly rent cost
| 7,000 TRY | 11,000 TRY | 28,000 TRY |
2-bedroom apartment monthly rent cost
| 9,400 TRY | 14,000 TRY | 38,000 TRY |
3-bedroom apartment monthly rent cost
| 11,000 TRY | 19,000 TRY | 52,000 TRY |
Furnished apartment monthly rent cost
| 22,000 TRY | 56,000 TRY | 110,000 TRY |
Townhouse monthly rent cost
| 19,000 TRY | 28,000 TRY | 80,000 TRY |
House monthly rent cost
| 22,000 TRY | 56,000 TRY | 110,000 TRY |
Villa monthly rent cost
| 28,000 TRY | 70,000 TRY | 110,000 TRY |
The monthly rental cost of a studio apartment in Ankara ranges between 4,700 TRY and 19,000 TRY, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 7,000 TRY to 28,000 TRY. Two-bedroom rentals rate ranges between 9,400 TRY and 38,000 TRY per month. The monthly rental for a three-bedroom apartment ranges from 11,000 TRY to 52,000 TRY. The average rent of a townhouse in Ankara is around 28,000 TRY while house rental costs can be as high as 56,000 TRY per month. Finally, if you want to rent a villa, expect to pay anywhere from 28,000 TRY to 110,000 TRY per month.
Apartment and house prices in Ankara
Cost of buying a property
Studio apartment price
| 940,000 TRY | 1.4M TRY | 2.8M TRY |
1-bedroom apartment price
| 1.1M TRY | 1.9M TRY | 7.1M TRY |
2-bedroom apartment price
| 1.9M TRY | 5.6M TRY | 11M TRY |
| $59,000 | $180,000 | $350,000 |
3-bedroom apartment price
| 6.2M TRY | 9.4M TRY | 28M TRY |
| $200,000 | $300,000 | $890,000 |
Townhouse price
House price
Villa price
The average price of a studio apartment in Ankara can range from 940,000 TRY to 2.8M TRY depending on location. One bedroom cost can be anywhere from 1.1M TRY to 7.1M TRY. A villa can cost you 63M TRY on average with prices ranging from 11M TRY to 95M TRY.
If you're leasing or purchasing, housing costs in Ankara will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
| 34 | x97 monthly income | 208 |
Property prices in Ankara can be x97 to x208 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x97 multiples of the average monthly salary in Ankara.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Ankara is around 30%. This means that people pay 30% of their income for rent. Those figures can range from 20% to 41% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
27% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
| 87 TRY | 870 TRY | 13,000 TRY |
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Ankara is 39,000 TRY. Expenses can range from 5,500 TRY at the minimum level to 430,000 TRY at the highest end.
Couples
The average monthly spending of couples in Ankara is 57,000 TRY. Expenditure can range from 8,700 TRY to 520,000 TRY per month.
Families
The average cost of living for families in Ankara is 66,000 TRY per month. Families spend anywhere from 13,000 TRY to 660,000 TRY.
Students
The average monthly expenditure for students in Ankara is 29,000 TRY. Students spend from 4,300 TRY to 320,000 TRY per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Cost of living comparison by city
#1 Antalya
The average cost of living in Antalya is 30,000 TRY, which is 30% less than the country average. Antalya is ranked first in Turkey in terms of expendenture and cost of living.
#2 Izmir
The average cost of living in Izmir is 38,000 TRY, which is 12% less than the country average. Izmir is ranked second in Turkey in terms of expendenture and cost of living.
#3 Ankara
The average cost of living in Ankara is 43,000 TRY, which is same as the country average. Ankara is ranked third in Turkey in terms of expendenture and cost of living.
#4 Istanbul
The average cost of living in Istanbul is 55,000 TRY, which is 28% more than the country average. Istanbul is ranked fourth in Turkey in terms of expendenture and cost of living.
Published: January 20, 2024 Last Update: April 2, 2025
