Cost Of Living in Banja Luka 2024
Average monthly spending for singles, couples, students, and families in Banja Luka
Whether you're living in Banja Luka 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 Expenditure2,300 BAM
per month$1,200170 BAM $96
$12,000 23,000 BAM
Single1,600 BAM
per month$860520 BAM $290
$5,800 10,000 BAM
Couple2,600 BAM
per month$1,400870 BAM $480
$7,700 14,000 BAM
Family3,500 BAM
per month$1,9001,200 BAM $670
$11,000 19,000 BAM
Student1,100 BAM
per month$580420 BAM $230
$1,100 1,900 BAM
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Banja Luka is 1,600 BAM. Expenses can range from 520 BAM at the minimum level to 10,000 BAM at the highest end.
Couples
The average monthly spending of couples in Banja Luka is 2,600 BAM. Expenditure can range from 870 BAM to 14,000 BAM per month.
Families
The average cost of living for families in Banja Luka is 3,500 BAM per month. Families spend anywhere from 1,200 BAM to 19,000 BAM.
Students
The average monthly expenditure for students in Banja Luka is 1,100 BAM. Students spend from 420 BAM to 1,900 BAM per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Prices and cost of goods and services in Banja Luka
Dining, food, and beverages costs
Large bottle of water | 0.26 BAM | 0.29 BAM | 0.34 BAM |
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Soda or Soft Drink | 0.31 BAM | 0.37 BAM | 0.44 BAM |
Cappuccino or latte Grocery and market costs
Milk large bottle
Loaf of bread | 0.27 BAM | 0.30 BAM | 0.35 BAM |
12 eggs
Fresh whole chicken
Beef 1 kg or 1 lb
Rice 1 kg or 1 lb
Tomato 1 kg or 1 lb | 0.44 BAM | 0.59 BAM | 1.1 BAM |
Apples 1 kg or 1 lb Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price | 5,500 BAM | 11,000 BAM | 15,000 BAM |
Bus ticket one way | 0.39 BAM | 0.59 BAM | 1.2 BAM |
Car Service Utility cost (monthly)
Utility Bill - Individual
Utility Bill - Couple
Utility Bill - Family
Internet and cable
Mobile phone charges Leisure and activities costs
Movie ticket
One month gym membership Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt Housing costs / monthly rent
Studio apartment
1-bedroom apartment | 290 BAM | 470 BAM | 1,200 BAM |
2-bedroom apartment | 390 BAM | 590 BAM | 1,600 BAM |
Housing costs / Buying
Studio apartment | 39,000 BAM | 59,000 BAM | 120,000 BAM |
1-bedroom apartment | 47,000 BAM | 78,000 BAM | 290,000 BAM |
2-bedroom apartment | 78,000 BAM | 230,000 BAM | 470,000 BAM |
| $43,000 | $130,000 | $260,000 |
Furniture Costs
King Size Bed
Double Bed
Single Bed
Living Room | 240 BAM | 310 BAM | 1,100 BAM |
Dining Table
Sofa or Couch Electronics and House Appliance Costs
TV Set
Fridge or Freezer
Washing Machine
Stove or Cooker
Mobile Phone
Laptop or Computer Expenditure to Income Ratio in Banja Luka
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
87%
79% to 95%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 4% |
| 50% - 60% | 9% |
| 60% - 70% | 15% |
| 70% - 80% | 25% |
| 80% - 90% | 20% |
| 90% - 100% | 11% |
| 100% - 110% | 6% |
| 110% - 120% | 4% |
| 120% - 130% | 3% |
| 130% - 140% | 2% |
| > 140% | 2% |
Interpretation and Analysis
The average spending-to-salary ratio in Banja Luka is 87%
This means that on average, people spend around 87% of their income for living.
According to the distribution table, 15% 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
79%
Spending-Income-Ratio
71%
86%
Couple
83%
Spending-Income-Ratio
75%
91%
Family
92%
Spending-Income-Ratio
83%
100%
How do people spend their money in Banja Luka?
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 Expenditure24%
24% of total expenses on average (13% to 32%)
| LOW | $29 52 BAM |
| AVERAGE | $370 680 BAM |
| HIGH | $3,700 6,800 BAM |
| Per Month |
People living in Banja Luka typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 680 BAM with expenditure ranging from 52 BAM to 6,800 BAM. 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, Water7%
7% of total expenses on average (4% to 11%)
| LOW | $4.8 8.7 BAM |
| AVERAGE | $62 110 BAM |
| HIGH | $620 1,100 BAM |
| Per Month |
Utility expenditure like electricity, water, and gas in Banja Luka ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 110 BAM with 8.7 BAM and 1,100 BAM being the upper and lower limits.
Transport, Fuel, Commute7%
7% of total expenses on average (3% to 11%)
| LOW | $9.6 17 BAM |
| AVERAGE | $120 230 BAM |
| HIGH | $1,200 2,300 BAM |
| 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 17 BAM to 2,300 BAM on commuting with 230 BAM 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%.
Food and Groceries Cost28%
28% of total expenses on average (20% to 34%)
| LOW | $24 43 BAM |
| AVERAGE | $310 560 BAM |
| HIGH | $3,100 5,600 BAM |
| Per Month |
The average outlay on groceries in a month in Banja Luka is 560 BAM. The cost of groceries can range between 43 BAM to 5,600 BAM. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.
Healthcare and Medical Services10%
10% of total expenses on average (5% to 13%)
| LOW | $6.7 12 BAM |
| AVERAGE | $87 160 BAM |
| HIGH | $870 1,600 BAM |
| Per Month |
People in Banja Luka 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 12 BAM to 1,600 BAM with 160 BAM being the norm.
Leisure and Shopping5%
5% of total expenses on average (2% to 9%)
| LOW | $3.8 6.9 BAM |
| AVERAGE | $50 90 BAM |
| HIGH | $500 900 BAM |
| 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 6.9 BAM to 900 BAM with 90 BAM being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.
Education and Schooling5%
5% of total expenses on average (3% to 11%)
| LOW | $5.8 10 BAM |
| AVERAGE | $75 140 BAM |
| HIGH | $750 1,400 BAM |
| 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 140 BAM per month with 10 BAM being the minimum spent amount and 1,400 BAM being the maximum.
Other Expenses14%
14% of total expenses on average (9% to 21%)
| LOW | $12 23 BAM |
| AVERAGE | $160 290 BAM |
| HIGH | $1,600 2,900 BAM |
| Per Month |
How much money can you save in Banja Luka 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 Banja Luka manage to save money from their income every month?
Almost 63% of the surveyed people in Banja Luka 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 Banja Luka
| Group | Savers | Non Savers |
|---|
| Singles | 66% | 34% |
| Couples | 61% | 39% |
| Families | 56% | 44% |
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
61 BAM
$34 | 790 BAM
$440 | 7,900 BAM
$4,400 |
For most people, 8.1% to 28% of their monthly income is what they can allocate to their savings, with 15% being the average. The amount of money that people can save is approximately 790 BAM on average with savings ranging from 61 BAM to 7,900 BAM.
66% of surveyed singles reported some of their income going to savings while 61% of couples said the same. 56% of families confirmed their ability to save money.
How much money do people actually save in Banja Luka?
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
180 BAM
$100 | 550 BAM
$300 | 3,700 BAM
$2,000 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 32% |
| 10% - 20% | 25% |
| 20% - 30% | 16% |
| 30% - 40% | 13% |
| 40% - 50% | 10% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 11% to 31% of their monthly income to savings, with 19% being the average for most singles. The average amount of money that singles are able to save is 550 BAM with 180 BAM and 3,700 BAM being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
300 BAM
$170 | 910 BAM
$510 | 4,900 BAM
$2,700 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 36% |
| 10% - 20% | 27% |
| 20% - 30% | 19% |
| 30% - 40% | 8% |
| 40% - 50% | 7% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 9.1% to 29% of their monthly income, with 17% being the average for most couples. The average amount of money that couples can save is 910 BAM with 300 BAM and 4,900 BAM being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
430 BAM
$240 | 1,200 BAM
$680 | 6,700 BAM
$3,700 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 39% |
| 10% - 20% | 30% |
| 20% - 30% | 20% |
| 30% - 40% | 5% |
| 40% - 50% | 4% |
| > 50% | 2% |
Interpretation and Analysis
Families in Banja Luka can save anywhere between 8.1% to 26% of their monthly income, with 14% being the average for most families. The average amount of money that families can put aside is 1,200 BAM with 430 BAM and 6,700 BAM being the minimum and maximum respectively.
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.
Affordable living in Banja Luka
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Banja Luka?
Around 65% of surveyed residents think that living in Banja Luka is affordable with proper budgeting while 35% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Banja Luka
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 options60%
Few low-cost options40%
Based on the survey, 60% of the people living in Banja Luka have no problem finding low-cost alternatives to support a frugal lifestyle while 40% 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 Banja Luka whether they have an emergency fund and the answers were as follows.
Yes63%
No37%
Based on the survey, 37% of the people living in Banja Luka said that they don't have an emergency fund while 63% said that they do.
Financial Literacy in Bosnia and Herzegovina
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 Leteracy59%
We asked residents of Bosnia and Herzegovina whether they acquired any adequate personal financial training in their lives. Approximately 41% 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 59% 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 Bosnia and Herzegovina have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 36% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 64% said that they have everything under control.
Struggles with finance36%
Easily manages finances64%
Financial goals of people in Banja Luka
In an attempt to understand the economic situation in Banja Luka, 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 | 8% |
| Debt Reduction | 42% |
| Retirement Savings | 10% |
| Education Funding | 7% |
| Homeownership | 18% |
| Investing | 7% |
| Travel or Lifestyle | 7% |
| Healthcare Expenses | 13% |
| Financial Independence | 5% |
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 42% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% 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 7% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 13% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Banja Luka
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Banja Luka. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 5% |
| High Expenses | 8% |
| Debt and Loans | 14% |
| Lack of Budgeting Skills | 11% |
| Impulsive Spending | 11% |
| Financial Emergencies | 7% |
| Living the moment | 6% |
| Will do it later | 20% |
| Inflation | 13% |
| Social Pressure | 3% |
| Market Instability | 2% |
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. 14% 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. 20% 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. 13% 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 societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Typical saving choices for people in Banja Luka
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 12% |
| Gold | 13% |
| Savings Accounts | 17% |
| Retirement Accounts | 10% |
| Cash Savings | 20% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 4% |
| Bonds | 5% |
| Mutual Funds | 2% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Banja Luka
What does the retirement lifestyle look like in Banja Luka and how much retirement savings are required?
Retirement age
The retirement age for most employees in Bosnia and Herzegovina 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 Banja Luka:| Age | Amount |
|---|
| 25 | 6,100 BAM |
| 30 | 12,000 BAM |
| 35 | 21,000 BAM |
| 40 | 30,000 BAM |
| 45 | 46,000 BAM |
| 50 | 64,000 BAM |
| 55 | 76,000 BAM |
| 60 | 94,000 BAM |
| 65 | 110,000 BAM |
Retirement Income Distribution
We asked residents of Banja Luka about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 12% |
| Savings | 23% |
| Investments | 12% |
| Social Security | 7% |
| Annuities | 7% |
| Part-time Job | 14% |
| Real Estate | 18% |
| Dividends and Interest | 7% |
Retirement Monthly Expenses in Banja Luka 380 BAM
$210 | 1,100 BAM
$630 | 7,600 BAM
$4,200 |
Debt, loans, and mortgages in Banja Luka
Percentage of people who are in debt
According to the survey, 27% of the people in Banja Luka have some kind of debt, loan, mortgage, or credit card payments while 73% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Banja Luka
Debt to income ratio
32%
22% 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 32% of the people's monthly income in Banja Luka goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 17% |
| 40% - 50% | 14% |
| 30% - 40% | 16% |
| 20% - 30% | 11% |
| 10% - 20% | 13% |
| 0% - 10% | 26% |
According to our data, 3% of the debtors in Banja Luka pay 60%+ of their income as debt settlement while 17% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 14% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 16% dedicated 30% to 40% of income for same. Things are looking brighter for 11% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Banja Luka
| Debt | % People |
|---|
| Real Estate Mortgage | 9% |
| Auto Loan | 16% |
| Student Loan | 4% |
| Credit Card | 29% |
| Personal Loan | 42% |
9% of debtors in Banja Luka confirm that real estate mortgages constitutes the main part of their outstanding debt while 29% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 16% of people and personal loans rose at 42%. Lastly, student loans are the main source of debt for 4% of debtors in Banja Luka.
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 Banja Luka
Besides measuring the loan-to-income ratio, we asked residents of Banja Luka 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 | 51% |
| Once a year | 24% |
| Twice a year | 12% |
| Three times a year | 9% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Banja Luka
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Banja Luka
Monthly Rent Prices
Studio apartment
1-bedroom apartment | 290 BAM | 470 BAM | 1,200 BAM |
2-bedroom apartment | 390 BAM | 590 BAM | 1,600 BAM |
3-bedroom apartment | 470 BAM | 780 BAM | 2,100 BAM |
Furnished apartment | 940 BAM | 2,300 BAM | 4,700 BAM |
Townhouse | 780 BAM | 1,200 BAM | 3,300 BAM |
House | 940 BAM | 2,300 BAM | 4,700 BAM |
Villa | 1,200 BAM | 2,900 BAM | 4,700 BAM |
The monthly rental cost of a studio apartment in Banja Luka ranges between 200 BAM and 780 BAM, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 290 BAM to 1,200 BAM. Two-bedroom rentals rate ranges between 390 BAM and 1,600 BAM per month. The monthly rental for a three-bedroom apartment ranges from 470 BAM to 2,100 BAM. The average rent of a townhouse in Banja Luka is around 1,200 BAM while house rental costs can be as high as 2,300 BAM per month. Finally, if you want to rent a villa, expect to pay anywhere from 1,200 BAM to 4,700 BAM per month.
Apartment and house prices in Banja Luka
Cost of buying a property
Studio apartment | 39,000 BAM | 59,000 BAM | 120,000 BAM |
1-bedroom apartment | 47,000 BAM | 78,000 BAM | 290,000 BAM |
2-bedroom apartment | 78,000 BAM | 230,000 BAM | 470,000 BAM |
| $43,000 | $130,000 | $260,000 |
3-bedroom apartment | 260,000 BAM | 390,000 BAM | 1.2M BAM |
| $140,000 | $220,000 | $650,000 |
Townhouse | 330,000 BAM | 780,000 BAM | 2.9M BAM |
House | 390,000 BAM | 2.3M BAM | 3.3M BAM |
Villa | 470,000 BAM | 2.6M BAM | 3.9M BAM |
The average price of a studio apartment in Banja Luka can range from 39,000 BAM to 120,000 BAM depending on location. One bedroom cost can be anywhere from 47,000 BAM to 290,000 BAM. A villa can cost you 2.6M BAM on average with prices ranging from 470,000 BAM to 3.9M BAM.
If you're leasing or purchasing, housing costs in Banja Luka 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
| 35 | x98 monthly income | 201 |
Property prices in Banja Luka can be x98 to x201 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x98 multiples of the average monthly salary in Banja Luka.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Banja Luka is around 31%. This means that people pay 31% 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
28% 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.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Banja Luka
Housing30%
30% of total expenses on average (18% to 42%)
| LOW | $100 190 BAM |
| AVERAGE | $310 560 BAM |
| HIGH | $2,100 3,700 BAM |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (4% to 13%)
| LOW | $17 31 BAM |
| AVERAGE | $52 94 BAM |
| HIGH | $350 620 BAM |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 11%)
| LOW | $23 42 BAM |
| AVERAGE | $69 120 BAM |
| HIGH | $460 830 BAM |
| Per Month |
Food and Groceries19%
19% of total expenses on average (13% to 24%)
| LOW | $46 83 BAM |
| AVERAGE | $140 250 BAM |
| HIGH | $920 1,700 BAM |
| Per Month |
Healthcare12%
12% of total expenses on average (6% to 16%)
| LOW | $26 47 BAM |
| AVERAGE | $78 140 BAM |
| HIGH | $520 940 BAM |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 6%)
| LOW | $14 26 BAM |
| AVERAGE | $43 78 BAM |
| HIGH | $290 520 BAM |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $5.8 10 BAM |
| AVERAGE | $17 31 BAM |
| HIGH | $120 210 BAM |
| Per Month |
Other Expenses22%
22% of total expenses on average (14% to 26%)
| LOW | $52 94 BAM |
| AVERAGE | $160 280 BAM |
| HIGH | $1,000 1,900 BAM |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Banja Luka
Housing27%
27% of total expenses on average (20% to 37%)
| LOW | $160 290 BAM |
| AVERAGE | $480 860 BAM |
| HIGH | $2,500 4,600 BAM |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $24 43 BAM |
| AVERAGE | $72 130 BAM |
| HIGH | $380 690 BAM |
| Per Month |
Transport, Fuel9%
9% of total expenses on average (3% to 14%)
| LOW | $58 100 BAM |
| AVERAGE | $170 310 BAM |
| HIGH | $920 1,700 BAM |
| Per Month |
Food and Groceries17%
17% of total expenses on average (12% to 22%)
| LOW | $67 120 BAM |
| AVERAGE | $200 360 BAM |
| HIGH | $1,100 1,900 BAM |
| Per Month |
Healthcare14%
14% of total expenses on average (8% to 18%)
| LOW | $53 95 BAM |
| AVERAGE | $160 290 BAM |
| HIGH | $850 1,500 BAM |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (1% to 7%)
| LOW | $29 52 BAM |
| AVERAGE | $86 160 BAM |
| HIGH | $460 830 BAM |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $9.6 17 BAM |
| AVERAGE | $29 52 BAM |
| HIGH | $150 280 BAM |
| Per Month |
Other Expenses21%
21% of total expenses on average (15% to 27%)
| LOW | $82 150 BAM |
| AVERAGE | $240 440 BAM |
| HIGH | $1,300 2,400 BAM |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Banja Luka
Housing26%
26% of total expenses on average (21% to 36%)
| LOW | $220 390 BAM |
| AVERAGE | $610 1,100 BAM |
| HIGH | $3,400 6,100 BAM |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 7%)
| LOW | $54 97 BAM |
| AVERAGE | $150 280 BAM |
| HIGH | $850 1,500 BAM |
| Per Month |
Food and Groceries21%
21% of total expenses on average (14% to 27%)
| LOW | $120 220 BAM |
| AVERAGE | $350 620 BAM |
| HIGH | $1,900 3,400 BAM |
| Per Month |
Healthcare11%
11% of total expenses on average (7% to 16%)
| LOW | $54 97 BAM |
| AVERAGE | $150 280 BAM |
| HIGH | $850 1,500 BAM |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (1% to 7%)
| LOW | $34 61 BAM |
| AVERAGE | $96 170 BAM |
| HIGH | $530 950 BAM |
| Per Month |
Education13%
13% of total expenses on average (6% to 21%)
| LOW | $94 170 BAM |
| AVERAGE | $270 480 BAM |
| HIGH | $1,500 2,700 BAM |
| Per Month |
Other Expenses16%
16% of total expenses on average (9% to 21%)
| LOW | $81 150 BAM |
| AVERAGE | $230 420 BAM |
| HIGH | $1,300 2,300 BAM |
| Per Month |
StudentCost of living and expenses break down for students living in Banja Luka
Housing18%
18% of total expenses on average (13% to 24%)
| LOW | $56 100 BAM |
| AVERAGE | $140 250 BAM |
| HIGH | $250 460 BAM |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $9.3 17 BAM |
| AVERAGE | $23 42 BAM |
| HIGH | $42 76 BAM |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $16 29 BAM |
| AVERAGE | $41 74 BAM |
| HIGH | $74 130 BAM |
| Per Month |
Food and Groceries23%
23% of total expenses on average (17% to 27%)
| LOW | $47 84 BAM |
| AVERAGE | $120 210 BAM |
| HIGH | $210 380 BAM |
| Per Month |
Healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $14 25 BAM |
| AVERAGE | $35 63 BAM |
| HIGH | $63 110 BAM |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $12 21 BAM |
| AVERAGE | $29 53 BAM |
| HIGH | $53 95 BAM |
| Per Month |
Education18%
18% of total expenses on average (11% to 23%)
| LOW | $44 80 BAM |
| AVERAGE | $110 200 BAM |
| HIGH | $200 360 BAM |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $35 63 BAM |
| AVERAGE | $88 160 BAM |
| HIGH | $160 280 BAM |
| Per Month |
