Cost Of Living in Asgabat 2024

Average monthly spending for singles, couples, students, and families in Asgabat

Whether you're living in Asgabat 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.

Singles

The average monthly expense for a single person living in Asgabat is 3,800 TMT. Expenses can range from 540 TMT at the minimum level to 25,000 TMT at the highest end.

Couples

The average monthly spending of couples in Asgabat is 6,300 TMT. Expenditure can range from 2,100 TMT to 34,000 TMT per month.

Families

The average cost of living for families in Asgabat is 8,400 TMT per month. Families spend anywhere from 3,000 TMT to 55,000 TMT.

Students

The average monthly expenditure for students in Asgabat is 2,800 TMT. Students spend from 420 TMT to 18,000 TMT per month.

Expenditure to Income Ratio in Asgabat

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.

Expense to income distribution levels

Interpretation and Analysis

The average spending-to-salary ratio in Asgabat is 92% This means that on average, people spend around 92% of their income for living. According to the distribution table, 16% of the population spend approximately 60% to 70% of their income every month.

Individual
83%
Spending-Income-Ratio

---

75%

92%

Couple
87%
Spending-Income-Ratio

---

79%

97%

Family
97%
Spending-Income-Ratio

---

87%

110%

How do people spend their money in Asgabat?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

People living in Asgabat typically spend from 14% to 33% of their total monthly expenditure on housing with 25% being the average. The average spend on housing is 1,600 TMT with expenditure ranging from 130 TMT to 16,000 TMT. 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.

Utility expenditure like electricity, water, and gas in Asgabat ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 270 TMT with 21 TMT and 2,700 TMT being the upper and lower limits.

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 42 TMT to 5,500 TMT on commuting with 550 TMT being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

The average outlay on groceries in a month in Asgabat is 1,400 TMT. The cost of groceries can range between 110 TMT to 14,000 TMT. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

People in Asgabat allocate 5% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 10%. The range of medical expenses range from 30 TMT to 3,800 TMT with 380 TMT being the norm.

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 17 TMT to 2,200 TMT with 220 TMT being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.

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 330 TMT per month with 25 TMT being the minimum spent amount and 3,300 TMT being the maximum.

How much money can you save in Asgabat 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 Asgabat manage to save money from their income every month?

Almost 64% of the surveyed people in Asgabat said that they can save some money at the end of each month while 37% said that aren't saving anything.

Percentage of people saving money by population group in Asgabat

Saving to Income Ratio

Average Monthly Saved Amount

For most people, 12% to 34% of their monthly income is what they can allocate to their savings, with 21% being the average. The amount of money that people can save is approximately 2,000 TMT on average with savings ranging from 150 TMT to 20,000 TMT.

73% of surveyed singles reported some of their income going to savings while 67% of couples said the same. 62% of families confirmed their ability to save money.

How much money do people actually save in Asgabat?

Singles

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for singles

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 15% to 36% of their monthly income to savings, with 25% being the average for most singles. The average amount of money that singles are able to save is 1,400 TMT with 150 TMT and 9,100 TMT being the minimum and maximum respectively.

Couples

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for couples

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 13% to 35% of their monthly income, with 23% being the average for most couples. The average amount of money that couples can save is 2,300 TMT with 760 TMT and 12,000 TMT being the minimum and maximum respectively.

Families

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for families

Interpretation and Analysis

Families in Asgabat can save anywhere between 11% to 32% of their monthly income, with 20% being the average for most families. The average amount of money that families can put aside is 3,000 TMT with 1,100 TMT and 20,000 TMT being the minimum and maximum respectively.

Saving Challenges in Asgabat

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Asgabat. Listed below are the answers given by the survey participants.

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 15% of the residents said that they are burdened with debt and find it challenging to save money. 11% 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. 11% 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. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 19% 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. 12% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% 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 Asgabat

Where do people choose to put their savings?

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

Affordable living in Asgabat

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Asgabat?

Around 69% of surveyed residents think that living in Asgabat is affordable with proper budgeting while 31% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Asgabat

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 options61%

Few low-cost options39%

Based on the survey, 61% of the people living in Asgabat have no problem finding low-cost alternatives to support a frugal lifestyle while 39% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

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 of Asgabat whether they have an emergency fund and the answers were as follows.

Yes65%

No35%

Based on the survey, 35% of the people living in Asgabat said that they don't have an emergency fund while 65% said that they do.

Financial Literacy in Turkmenistan

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 Leteracy58%

We asked residents of Turkmenistan whether they acquired any adequate personal financial training in their lives. Approximately 42% 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 58% 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 Turkmenistan have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 44% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 56% said that they have everything under control.

Struggles with finance44%

Easily manages finances56%

Financial goals of people in Asgabat

In an attempt to understand the economic situation in Asgabat, 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.

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 38% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 8% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 12% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Asgabat

What does the retirement lifestyle look like in Asgabat and how much retirement savings are required?

Retirement age

The retirement age for most employees in Turkmenistan 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.

Retirement Income Distribution

We asked residents of Asgabat about their retirement income sources and below are the results.

Retirement Monthly Expenses in Asgabat

Debt, loans, and mortgages in Asgabat

Percentage of people who are in debt

According to the survey, 35% of the people in Asgabat have some kind of debt, loan, mortgage, or credit card payments while 65% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Asgabat

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 32% of the people's monthly income in Asgabat goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Asgabat pay 60%+ of their income as debt settlement while 15% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 13% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 15% dedicated 30% to 40% of income for same. Things are looking brighter for 12% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Asgabat

10% of debtors in Asgabat confirm that real estate mortgages constitutes the main part of their outstanding debt while 28% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 18% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 4% of debtors in Asgabat.

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 Asgabat

Besides measuring the loan-to-income ratio, we asked residents of Asgabat 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.

Housing costs, accommodation, and housing affordability in Asgabat

Rent Cost in Asgabat

Monthly Rent Prices

Studio apartment monthly rent cost

480 TMT

720 TMT

1,900 TMT

MINIMUM

AVERAGE

MAXIMUM

$140

$210

$550

1-bedroom apartment monthly rent cost

720 TMT

1,100 TMT

2,900 TMT

MINIMUM

AVERAGE

MAXIMUM

$210

$330

$820

2-bedroom apartment monthly rent cost

960 TMT

1,400 TMT

3,800 TMT

MINIMUM

AVERAGE

MAXIMUM

$270

$410

$1,100

3-bedroom apartment monthly rent cost

1,100 TMT

1,900 TMT

5,200 TMT

MINIMUM

AVERAGE

MAXIMUM

$330

$550

$1,500

Furnished apartment monthly rent cost

2,300 TMT

5,700 TMT

11,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$660

$1,600

$3,300

Townhouse monthly rent cost

1,900 TMT

2,900 TMT

8,200 TMT

MINIMUM

AVERAGE

MAXIMUM

$550

$820

$2,300

House monthly rent cost

2,300 TMT

5,700 TMT

11,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$660

$1,600

$3,300

Villa monthly rent cost

2,900 TMT

7,200 TMT

11,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$820

$2,100

$3,300

The monthly rental cost of a studio apartment in Asgabat ranges between 480 TMT and 1,900 TMT, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 720 TMT to 2,900 TMT. Two-bedroom rentals rate ranges between 960 TMT and 3,800 TMT per month. The monthly rental for a three-bedroom apartment ranges from 1,100 TMT to 5,200 TMT. The average rent of a townhouse in Asgabat is around 2,900 TMT while house rental costs can be as high as 5,700 TMT per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,900 TMT to 11,000 TMT per month.

Apartment and house prices in Asgabat

Cost of buying a property

Studio apartment price

96,000 TMT

140,000 TMT

290,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$27,000

$41,000

$82,000

1-bedroom apartment price

110,000 TMT

190,000 TMT

720,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$33,000

$55,000

$210,000

2-bedroom apartment price

190,000 TMT

570,000 TMT

1.1M TMT

MINIMUM

AVERAGE

MAXIMUM

$55,000

$160,000

$330,000

3-bedroom apartment price

640,000 TMT

960,000 TMT

2.9M TMT

MINIMUM

AVERAGE

MAXIMUM

$180,000

$270,000

$820,000

Townhouse price

820,000 TMT

1.9M TMT

7.2M TMT

MINIMUM

AVERAGE

MAXIMUM

$230,000

$550,000

$2.1M

House price

960,000 TMT

5.7M TMT

8.2M TMT

MINIMUM

AVERAGE

MAXIMUM

$270,000

$1.6M

$2.3M

Villa price

1.1M TMT

6.4M TMT

9.6M TMT

MINIMUM

AVERAGE

MAXIMUM

$330,000

$1.8M

$2.7M

The average price of a studio apartment in Asgabat can range from 96,000 TMT to 290,000 TMT depending on location. One bedroom cost can be anywhere from 110,000 TMT to 720,000 TMT. A villa can cost you 6.4M TMT on average with prices ranging from 1.1M TMT to 9.6M TMT.

House / apartment prices to income ratio

Property prices in Asgabat can be x124 to x228 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x124 multiples of the average monthly salary in Asgabat.

Rent to income ratio

The average rent-to-income ratio in Asgabat is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 23% to 45% depending on the salary, location, and type of property.

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.

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.

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.

Monthly costs and expenses of energy and basic utilities in Asgabat

Energy, electricity, water, gas, internet, and mobile cost in Asgabat

Utility Bill Cost / Electricity + Water + Gas / Individual

32 TMT

230 TMT

1,500 TMT

MINIMUM

AVERAGE

MAXIMUM

$9.2

$65

$440

Utility Bill Cost / Electricity + Water + Gas / Couple

84 TMT

290 TMT

1,900 TMT

MINIMUM

AVERAGE

MAXIMUM

$24

$82

$530

Utility Bill Cost / Electricity + Water + Gas / Family

150 TMT

420 TMT

2,700 TMT

MINIMUM

AVERAGE

MAXIMUM

$42

$120

$790

Internet and cable cost

26 TMT

52 TMT

70 TMT

MINIMUM

AVERAGE

MAXIMUM

$7.5

$15

$20

Mobile phone bill and charges

21 TMT

35 TMT

100 TMT

MINIMUM

AVERAGE

MAXIMUM

$6

$10

$30

The average monthly expenditure for individuals on electricty, water, and gas in Asgabat ranges between 32 TMT and 1,500 TMT with average being 230 TMT, meanwhile the expenditure of couples is slightly higher at 290 TMT with 84 TMT and 1,900 TMT 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 420 TMT. The cost of internet and WiFi is unchanged among the three groups and ranges from 26 TMT to 70 TMT with 52 TMT being the average internet bill. Finally, the average monthly mobile charges is around 35 TMT but can range between 21 TMT and 100 TMT depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Asgabat is around 5.5%. This means that people pay 5.5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.2% to 9.9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Asgabat

Prices and cost of goods and services in Asgabat

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

5.2 TMT

10 TMT

17 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.5

$3

$5

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Asgabat is approximatly 10 TMT with meal cost ranging from 5.2 TMT to 17 TMT. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

18 TMT

27 TMT

55 TMT

MINIMUM

AVERAGE

MAXIMUM

$5.2

$7.8

$16

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 18 TMT and 55 TMT with 27 TMT being the average price of a plate for one person at a regular restaurant in Asgabat.

Fine dining meal for one price

37 TMT

55 TMT

220 TMT

MINIMUM

AVERAGE

MAXIMUM

$10

$16

$63

The price range of a meal at fine-dining restaurant is 37 TMT to 220 TMT with the average cost being 55 TMT for one person. This is what you would expect to pay a top-tier diner in Asgabat.

Beverage prices, cappuccino, latte etc..

4.3 TMT

7 TMT

10 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.2

$2

$3

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Asgabat is around 7 TMT. Price ranges between 4.3 TMT and 10 TMT depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

3.5 TMT

4.2 TMT

5.2 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.00

$1.2

$1.5

The average price of a large bottle of milk in Asgabat is 4.2 TMT. The maximum what you would pay for milk is 5.2 TMT and the minimum being 3.5 TMT depending on the brand of milk and other properties.

12 eggs price

2.6 TMT

3.5 TMT

5.2 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.75

$1.00

$1.5

A dozen eggs costs around 3.5 TMT on average with 2.6 TMT and 5.2 TMT being the lower and upper limits respectively.

Fresh whole chicken price

5.9 TMT

7.7 TMT

11 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2.2

$3.1

The price range of a fresh whole chicken in Asgabat is between 5.9 TMT and 11 TMT depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 7.7 TMT.

Pack of beef price

7 TMT

10 TMT

21 TMT

MINIMUM

AVERAGE

MAXIMUM

$2

$3

$6

The price of a regular pack of beef or meat is around 10 TMT. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

2.8 TMT

3.8 TMT

5.4 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.80

$1.1

$1.6

A bag of rice in Asgabat costs around 3.8 TMT on average with prices rangeing between 2.8 TMT and 5.4 TMT depending on the brand and quality.

Bag of tomatos price

1 TMT

1.4 TMT

2.6 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.30

$0.40

$0.75

A bag of tomatoes costs anywhere from 1 TMT to 2.6 TMT. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

1.9 TMT

2.4 TMT

4 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.53

$0.70

$1.1

A bag of apples costs 2.4 TMT on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Asgabat is around 29%. This means that people spend 29% of their income on grocery and basic household items. The expenditure can range from 20% to 35% depending on salary and location.

Expenditure on food and grocery for every population group

A single person living alone spends approximately 610 TMT per month on grocery and food with expenditure fluctuating between 86 TMT and 4,100 TMT depending on location and the type of person. The average cost of food and groceries for a couple is around 890 TMT per month. That number can be get as low as 300 TMT or a high as 4,700 TMT. Families' spending on grocery ranges from 530 TMT to 9,900 TMT with the location, income, and size of the family being the most determinite factors.

SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Asgabat

CoupleAverage monthly living expenditure breaks and spending patterns for couples in Asgabat

FamilyAverage monthly expenses and break out of spending for families living in Asgabat

StudentCost of living and expenses break down for students living in Asgabat