Cost Of Living in Bahamas 2025

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

Whether you're living in Bahamas 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 Bahamas is 1,600 BSD. Expenses can range from 230 BSD at the minimum level to 11,000 BSD at the highest end.

Couples

The average monthly spending of couples in Bahamas is 2,700 BSD. Expenditure can range from 900 BSD to 14,000 BSD per month.

Families

The average cost of living for families in Bahamas is 3,600 BSD per month. Families spend anywhere from 1,300 BSD to 23,000 BSD.

Students

The average monthly expenditure for students in Bahamas is 1,200 BSD. Students spend from 180 BSD to 7,800 BSD per month.

Expenditure to Income Ratio in Bahamas

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 Bahamas is 83% This means that on average, people spend around 83% of their income for living. According to the distribution table, 18% of the population spend approximately 60% to 70% of their income every month.

Individual
75%
Spending-Income-Ratio

---

68%

84%

Couple
79%
Spending-Income-Ratio

---

71%

88%

Family
87%
Spending-Income-Ratio

---

79%

98%

How do people spend their money in Bahamas?

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

People living in Bahamas typically spend from 16% to 35% of their total monthly expenditure on housing with 27% being the average. The average spend on housing is 700 BSD with expenditure ranging from 54 BSD to 7,000 BSD. 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 Bahamas ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 120 BSD with 9 BSD and 1,200 BSD 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 18 BSD to 2,300 BSD on commuting with 230 BSD being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.

The average outlay on groceries in a month in Bahamas is 590 BSD. The cost of groceries can range between 45 BSD to 5,900 BSD. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

People in Bahamas allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 13 BSD to 1,600 BSD with 160 BSD 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 7.2 BSD to 940 BSD with 94 BSD being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% 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 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 140 BSD per month with 11 BSD being the minimum spent amount and 1,400 BSD being the maximum.

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

Almost 64% of the surveyed people in Bahamas said that they can save some money at the end of each month while 36% said that aren't saving anything.

Percentage of people saving money by population group in Bahamas

Saving to Income Ratio

Average Monthly Saved Amount

For most people, 11% 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 900 BSD on average with savings ranging from 69 BSD to 9,000 BSD.

70% of surveyed singles reported some of their income going to savings while 65% of couples said the same. 60% of families confirmed their ability to save money.

How much money do people actually save in Bahamas?

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 14% 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 620 BSD with 69 BSD and 4,200 BSD 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 12% to 32% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 1,000 BSD with 350 BSD and 5,600 BSD 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 Bahamas can save anywhere between 10% to 28% of their monthly income, with 17% being the average for most families. The average amount of money that families can put aside is 1,400 BSD with 490 BSD and 9,000 BSD being the minimum and maximum respectively.

Saving Challenges in Bahamas

Reasons that make it difficult for people to save money

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

Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 18% of the residents said that they are burdened with debt and find it challenging to save money. 10% 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. 9% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% 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. 11% 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, 3% blamed market instability and price fluctuations.

Typical saving choices for people in Bahamas

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 Bahamas

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Bahamas?

Around 71% of surveyed residents think that living in Bahamas is affordable with proper budgeting while 29% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Bahamas

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 options59%

Few low-cost options41%

Based on the survey, 59% of the people living in Bahamas have no problem finding low-cost alternatives to support a frugal lifestyle while 41% 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 Bahamas whether they have an emergency fund and the answers were as follows.

Yes68%

No32%

Based on the survey, 32% of the people living in Bahamas said that they don't have an emergency fund while 68% said that they do.

Financial Literacy in Bahamas

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 Leteracy66%

We asked residents of Bahamas whether they acquired any adequate personal financial training in their lives. Approximately 34% 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 66% 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 Bahamas have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 32% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 68% said that they have everything under control.

Struggles with finance32%

Easily manages finances68%

Financial goals of people in Bahamas

In an attempt to understand the economic situation in Bahamas, 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 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 33% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 11% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 9% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Bahamas

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

Retirement age

The retirement age for most employees in Bahamas 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 Bahamas about their retirement income sources and below are the results.

Retirement Monthly Expenses in Bahamas

Debt, loans, and mortgages in Bahamas

Percentage of people who are in debt

According to the survey, 28% of the people in Bahamas have some kind of debt, loan, mortgage, or credit card payments while 72% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Bahamas

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 28% of the people's monthly income in Bahamas goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Bahamas pay 60%+ of their income as debt settlement while 11% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 11% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 13% dedicated 30% to 40% of income for same. Things are looking brighter for 15% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Bahamas

13% of debtors in Bahamas confirm that real estate mortgages constitutes the main part of their outstanding debt while 25% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 23% of people and personal loans rose at 36%. Lastly, student loans are the main source of debt for 3% of debtors in Bahamas.

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 Bahamas

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

Rent Cost in Bahamas

Monthly Rent Prices

Studio apartment monthly rent cost

210 BSD

310 BSD

830 BSD

MINIMUM

AVERAGE

MAXIMUM

$210

$310

$830

1-bedroom apartment monthly rent cost

310 BSD

500 BSD

1,300 BSD

MINIMUM

AVERAGE

MAXIMUM

$310

$500

$1,300

2-bedroom apartment monthly rent cost

420 BSD

630 BSD

1,700 BSD

MINIMUM

AVERAGE

MAXIMUM

$420

$630

$1,700

3-bedroom apartment monthly rent cost

500 BSD

830 BSD

2,300 BSD

MINIMUM

AVERAGE

MAXIMUM

$500

$830

$2,300

Furnished apartment monthly rent cost

1,000 BSD

2,500 BSD

5,000 BSD

MINIMUM

AVERAGE

MAXIMUM

$1,000

$2,500

$5,000

Townhouse monthly rent cost

830 BSD

1,300 BSD

3,600 BSD

MINIMUM

AVERAGE

MAXIMUM

$830

$1,300

$3,600

House monthly rent cost

1,000 BSD

2,500 BSD

5,000 BSD

MINIMUM

AVERAGE

MAXIMUM

$1,000

$2,500

$5,000

Villa monthly rent cost

1,300 BSD

3,100 BSD

5,000 BSD

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,100

$5,000

The monthly rental cost of a studio apartment in Bahamas ranges between 210 BSD and 830 BSD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 310 BSD to 1,300 BSD. Two-bedroom rentals rate ranges between 420 BSD and 1,700 BSD per month. The monthly rental for a three-bedroom apartment ranges from 500 BSD to 2,300 BSD. The average rent of a townhouse in Bahamas is around 1,300 BSD while house rental costs can be as high as 2,500 BSD per month. Finally, if you want to rent a villa, expect to pay anywhere from 1,300 BSD to 5,000 BSD per month.

Apartment and house prices in Bahamas

Cost of buying a property

Studio apartment price

42,000 BSD

63,000 BSD

130,000 BSD

MINIMUM

AVERAGE

MAXIMUM

$42,000

$63,000

$130,000

1-bedroom apartment price

50,000 BSD

83,000 BSD

310,000 BSD

MINIMUM

AVERAGE

MAXIMUM

$50,000

$83,000

$310,000

2-bedroom apartment price

83,000 BSD

250,000 BSD

500,000 BSD

MINIMUM

AVERAGE

MAXIMUM

$83,000

$250,000

$500,000

3-bedroom apartment price

280,000 BSD

420,000 BSD

1.3M BSD

MINIMUM

AVERAGE

MAXIMUM

$280,000

$420,000

$1.3M

Townhouse price

360,000 BSD

830,000 BSD

3.1M BSD

MINIMUM

AVERAGE

MAXIMUM

$360,000

$830,000

$3.1M

House price

420,000 BSD

2.5M BSD

3.6M BSD

MINIMUM

AVERAGE

MAXIMUM

$420,000

$2.5M

$3.6M

Villa price

500,000 BSD

2.8M BSD

4.2M BSD

MINIMUM

AVERAGE

MAXIMUM

$500,000

$2.8M

$4.2M

The average price of a studio apartment in Bahamas can range from 42,000 BSD to 130,000 BSD depending on location. One bedroom cost can be anywhere from 50,000 BSD to 310,000 BSD. A villa can cost you 2.8M BSD on average with prices ranging from 500,000 BSD to 4.2M BSD.

House / apartment prices to income ratio

Property prices in Bahamas can be x118 to x211 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x118 multiples of the average monthly salary in Bahamas.

Rent to income ratio

The average rent-to-income ratio in Bahamas is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 22% to 42% 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 Bahamas

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

Utility Bill Cost / Electricity + Water + Gas / Individual

14 BSD

98 BSD

650 BSD

MINIMUM

AVERAGE

MAXIMUM

$14

$98

$650

Utility Bill Cost / Electricity + Water + Gas / Couple

36 BSD

120 BSD

790 BSD

MINIMUM

AVERAGE

MAXIMUM

$36

$120

$790

Utility Bill Cost / Electricity + Water + Gas / Family

63 BSD

180 BSD

1,200 BSD

MINIMUM

AVERAGE

MAXIMUM

$63

$180

$1,200

Internet and cable cost

13 BSD

25 BSD

33 BSD

MINIMUM

AVERAGE

MAXIMUM

$13

$25

$33

Mobile phone bill and charges

10 BSD

17 BSD

50 BSD

MINIMUM

AVERAGE

MAXIMUM

$10

$17

$50

The average monthly expenditure for individuals on electricty, water, and gas in Bahamas ranges between 14 BSD and 650 BSD with average being 98 BSD, meanwhile the expenditure of couples is slightly higher at 120 BSD with 36 BSD and 790 BSD 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 180 BSD. The cost of internet and WiFi is unchanged among the three groups and ranges from 13 BSD to 33 BSD with 25 BSD being the average internet bill. Finally, the average monthly mobile charges is around 17 BSD but can range between 10 BSD and 50 BSD 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 Bahamas is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Bahamas

Prices and cost of goods and services in Bahamas

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

Fast food combo meal price

2.5 BSD

5 BSD

8.3 BSD

MINIMUM

AVERAGE

MAXIMUM

$2.5

$5

$8.3

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Bahamas is approximatly 5 BSD with meal cost ranging from 2.5 BSD to 8.3 BSD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

8.3 BSD

13 BSD

25 BSD

MINIMUM

AVERAGE

MAXIMUM

$8.3

$13

$25

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 8.3 BSD and 25 BSD with 13 BSD being the average price of a plate for one person at a regular restaurant in Bahamas.

Fine dining meal for one price

17 BSD

25 BSD

100 BSD

MINIMUM

AVERAGE

MAXIMUM

$17

$25

$100

The price range of a meal at fine-dining restaurant is 17 BSD to 100 BSD with the average cost being 25 BSD for one person. This is what you would expect to pay a top-tier diner in Bahamas.

Beverage prices, cappuccino, latte etc..

2.1 BSD

3.3 BSD

5 BSD

MINIMUM

AVERAGE

MAXIMUM

$2.1

$3.3

$5

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Bahamas is around 3.3 BSD. Price ranges between 2.1 BSD and 5 BSD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

1.7 BSD

2 BSD

2.5 BSD

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2

$2.5

The average price of a large bottle of milk in Bahamas is 2 BSD. The maximum what you would pay for milk is 2.5 BSD and the minimum being 1.7 BSD depending on the brand of milk and other properties.

12 eggs price

1.3 BSD

1.7 BSD

2.5 BSD

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.7

$2.5

A dozen eggs costs around 1.7 BSD on average with 1.3 BSD and 2.5 BSD being the lower and upper limits respectively.

Fresh whole chicken price

2.8 BSD

3.7 BSD

5.2 BSD

MINIMUM

AVERAGE

MAXIMUM

$2.8

$3.7

$5.2

The price range of a fresh whole chicken in Bahamas is between 2.8 BSD and 5.2 BSD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 3.7 BSD.

Pack of beef price

3.3 BSD

5 BSD

10 BSD

MINIMUM

AVERAGE

MAXIMUM

$3.3

$5

$10

The price of a regular pack of beef or meat is around 5 BSD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

1.3 BSD

1.8 BSD

2.6 BSD

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.8

$2.6

A bag of rice in Bahamas costs around 1.8 BSD on average with prices rangeing between 1.3 BSD and 2.6 BSD depending on the brand and quality.

Bag of tomatos price

0.50 BSD

0.67 BSD

1.3 BSD

MINIMUM

AVERAGE

MAXIMUM

$0.50

$0.67

$1.3

A bag of tomatoes costs anywhere from 0.50 BSD to 1.3 BSD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

0.89 BSD

1.2 BSD

1.9 BSD

MINIMUM

AVERAGE

MAXIMUM

$0.89

$1.2

$1.9

A bag of apples costs 1.2 BSD 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 Bahamas is around 26%. This means that people spend 26% of their income on grocery and basic household items. The expenditure can range from 18% to 32% depending on salary and location.

Expenditure on food and grocery for every population group

A single person living alone spends approximately 260 BSD per month on grocery and food with expenditure fluctuating between 37 BSD and 1,700 BSD depending on location and the type of person. The average cost of food and groceries for a couple is around 380 BSD per month. That number can be get as low as 130 BSD or a high as 2,000 BSD. Families' spending on grocery ranges from 230 BSD to 4,200 BSD 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 Bahamas

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

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

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