Cost Of Living in Benin 2024

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

Whether you're living in Benin 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

340,000 XOF

per month
$560

26,000 XOF   $43
$5,600   3.4M XOF

Single

240,000 XOF

per month
$390

78,000 XOF   $130
$2,600   1.6M XOF

Couple

390,000 XOF

per month
$650

130,000 XOF   $220
$3,500   2.1M XOF

Family

520,000 XOF

per month
$870

180,000 XOF   $300
$4,800   2.9M XOF

Student

150,000 XOF

per month
$250

61,000 XOF   $100
$460   280,000 XOF
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Benin is 240,000 XOF. Expenses can range from 78,000 XOF at the minimum level to 1.6M XOF at the highest end.


Couples

The average monthly spending of couples in Benin is 390,000 XOF. Expenditure can range from 130,000 XOF to 2.1M XOF per month.


Families

The average cost of living for families in Benin is 520,000 XOF per month. Families spend anywhere from 180,000 XOF to 2.9M XOF.


Students

The average monthly expenditure for students in Benin is 150,000 XOF. Students spend from 61,000 XOF to 280,000 XOF 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 Benin


Dining, food, and beverages costs


Large bottle of water
40 XOF 46 XOF 53 XOF
MINIMUM AVERAGE MAXIMUM
$0.07 $0.08 $0.09
Fast food combo meal
340 XOF 680 XOF 1,100 XOF
MINIMUM AVERAGE MAXIMUM
$0.56 $1.1 $1.9
Restaurant meal for one
1,100 XOF 1,700 XOF 3,400 XOF
MINIMUM AVERAGE MAXIMUM
$1.9 $2.8 $5.6
Fine dining meal for one
2,300 XOF 3,400 XOF 14,000 XOF
MINIMUM AVERAGE MAXIMUM
$3.8 $5.6 $23
Soda or Soft Drink
49 XOF 57 XOF 68 XOF
MINIMUM AVERAGE MAXIMUM
$0.08 $0.09 $0.11
Cappuccino or latte
280 XOF 460 XOF 680 XOF
MINIMUM AVERAGE MAXIMUM
$0.47 $0.75 $1.1

Grocery and market costs


Milk large bottle
230 XOF 270 XOF 340 XOF
MINIMUM AVERAGE MAXIMUM
$0.38 $0.45 $0.56
Loaf of bread
41 XOF 47 XOF 54 XOF
MINIMUM AVERAGE MAXIMUM
$0.07 $0.08 $0.09
12 eggs
170 XOF 230 XOF 340 XOF
MINIMUM AVERAGE MAXIMUM
$0.28 $0.38 $0.56
Fresh whole chicken
390 XOF 500 XOF 710 XOF
MINIMUM AVERAGE MAXIMUM
$0.64 $0.83 $1.2
Beef 1 kg or 1 lb
460 XOF 680 XOF 1,400 XOF
MINIMUM AVERAGE MAXIMUM
$0.75 $1.1 $2.3
Rice 1 kg or 1 lb
180 XOF 250 XOF 360 XOF
MINIMUM AVERAGE MAXIMUM
$0.30 $0.42 $0.59
Tomato 1 kg or 1 lb
68 XOF 91 XOF 170 XOF
MINIMUM AVERAGE MAXIMUM
$0.11 $0.15 $0.28
Apples 1 kg or 1 lb
120 XOF 160 XOF 260 XOF
MINIMUM AVERAGE MAXIMUM
$0.20 $0.26 $0.43

Commute, travel, and transportation costs


20 minutes taxi ride
280 XOF 340 XOF 680 XOF
MINIMUM AVERAGE MAXIMUM
$0.47 $0.56 $1.1
Average car full tank
1,700 XOF 2,300 XOF 4,600 XOF
MINIMUM AVERAGE MAXIMUM
$2.8 $3.8 $7.5
Average car 1-day rental
1,700 XOF 2,300 XOF 3,400 XOF
MINIMUM AVERAGE MAXIMUM
$2.8 $3.8 $5.6
Average car price
850,000 XOF 1.7M XOF 2.3M XOF
MINIMUM AVERAGE MAXIMUM
$1,400 $2,800 $3,800
Bus ticket one way
57 XOF 85 XOF 170 XOF
MINIMUM AVERAGE MAXIMUM
$0.09 $0.14 $0.28
Car Service
2,300 XOF 3,400 XOF 6,800 XOF
MINIMUM AVERAGE MAXIMUM
$3.8 $5.6 $11

Utility cost (monthly)


Utility Bill - Individual
4,700 XOF 14,000 XOF 94,000 XOF
MINIMUM AVERAGE MAXIMUM
$7.8 $23 $160
Utility Bill - Couple
6,500 XOF 20,000 XOF 100,000 XOF
MINIMUM AVERAGE MAXIMUM
$11 $32 $170
Utility Bill - Family
5,500 XOF 16,000 XOF 86,000 XOF
MINIMUM AVERAGE MAXIMUM
$9.1 $26 $140
Internet and cable
1,700 XOF 3,400 XOF 4,600 XOF
MINIMUM AVERAGE MAXIMUM
$2.8 $5.6 $7.5
Mobile phone charges
1,400 XOF 2,300 XOF 6,800 XOF
MINIMUM AVERAGE MAXIMUM
$2.3 $3.8 $11

Leisure and activities costs


Movie ticket
850 XOF 1,100 XOF 1,700 XOF
MINIMUM AVERAGE MAXIMUM
$1.4 $1.9 $2.8
One month gym membership
2,700 XOF 3,400 XOF 6,800 XOF
MINIMUM AVERAGE MAXIMUM
$4.5 $5.6 $11

Cloths and accessories costs


Pair of jeans or pants
2,000 XOF 2,800 XOF 4,300 XOF
MINIMUM AVERAGE MAXIMUM
$3.3 $4.7 $7.1
Woman dress
1,900 XOF 2,600 XOF 8,500 XOF
MINIMUM AVERAGE MAXIMUM
$3.1 $4.3 $14
Woman shoes
1,800 XOF 2,400 XOF 5,700 XOF
MINIMUM AVERAGE MAXIMUM
$3 $4 $9.4
Men's shoes
1,600 XOF 1,900 XOF 3,800 XOF
MINIMUM AVERAGE MAXIMUM
$2.6 $3.1 $6.3
Men suit
1,700 XOF 2,100 XOF 11,000 XOF
MINIMUM AVERAGE MAXIMUM
$2.8 $3.5 $19
Regular t-shirt
850 XOF 1,100 XOF 3,400 XOF
MINIMUM AVERAGE MAXIMUM
$1.4 $1.9 $5.6

Housing costs / monthly rent


Studio apartment
28,000 XOF 43,000 XOF 110,000 XOF
MINIMUM AVERAGE MAXIMUM
$47 $71 $190
1-bedroom apartment
43,000 XOF 68,000 XOF 170,000 XOF
MINIMUM AVERAGE MAXIMUM
$71 $110 $280
2-bedroom apartment
57,000 XOF 85,000 XOF 230,000 XOF
MINIMUM AVERAGE MAXIMUM
$94 $140 $380

Housing costs / Buying


Studio apartment
5.7M XOF 8.5M XOF 17M XOF
MINIMUM AVERAGE MAXIMUM
$9,400 $14,000 $28,000
1-bedroom apartment
6.8M XOF 11M XOF 43M XOF
MINIMUM AVERAGE MAXIMUM
$11,000 $19,000 $71,000
2-bedroom apartment
11M XOF 34M XOF 68M XOF
MINIMUM AVERAGE MAXIMUM
$19,000 $56,000 $110,000

Furniture Costs


King Size Bed
34,000 XOF 43,000 XOF 57,000 XOF
MINIMUM AVERAGE MAXIMUM
$56 $71 $94
Double Bed
23,000 XOF 34,000 XOF 43,000 XOF
MINIMUM AVERAGE MAXIMUM
$38 $56 $71
Single Bed
20,000 XOF 26,000 XOF 34,000 XOF
MINIMUM AVERAGE MAXIMUM
$33 $43 $56
Living Room
38,000 XOF 49,000 XOF 170,000 XOF
MINIMUM AVERAGE MAXIMUM
$63 $81 $280
Dining Table
17,000 XOF 23,000 XOF 43,000 XOF
MINIMUM AVERAGE MAXIMUM
$28 $38 $71
Sofa or Couch
23,000 XOF 31,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$38 $51 $110

Electronics and House Appliance Costs


TV Set
23,000 XOF 34,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$38 $56 $110
Fridge or Freezer
20,000 XOF 31,000 XOF 43,000 XOF
MINIMUM AVERAGE MAXIMUM
$33 $51 $71
Washing Machine
26,000 XOF 38,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$43 $63 $110
Stove or Cooker
24,000 XOF 31,000 XOF 43,000 XOF
MINIMUM AVERAGE MAXIMUM
$40 $51 $71
Mobile Phone
28,000 XOF 34,000 XOF 49,000 XOF
MINIMUM AVERAGE MAXIMUM
$47 $56 $81
Laptop or Computer
31,000 XOF 38,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$51 $63 $110

Expenditure to Income Ratio in Benin

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

88%

82% to 96%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%8%
60% - 70%14%
70% - 80%24%
80% - 90%21%
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 Benin is 88% This means that on average, people spend around 88% 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
79%
Spending-Income-Ratio
74%
86%

Couple
84%
Spending-Income-Ratio
78%
91%

Family
92%
Spending-Income-Ratio
86%
100%

How do people spend their money in Benin?

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 Expenditure23%

23% of total expenses on average (12% to 31%)

LOW$13   7,800 XOF
AVERAGE$170   100,000 XOF
HIGH$1,700   1M XOF
Per Month

People living in Benin typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 100,000 XOF with expenditure ranging from 7,800 XOF to 1M XOF. 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, Water8%

8% of total expenses on average (5% to 12%)

LOW$2.2   1,300 XOF
AVERAGE$28   17,000 XOF
HIGH$280   170,000 XOF
Per Month

Utility expenditure like electricity, water, and gas in Benin ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 17,000 XOF with 1,300 XOF and 170,000 XOF being the upper and lower limits.

Transport, Fuel, Commute6%

6% of total expenses on average (3% to 10%)

LOW$4.3   2,600 XOF
AVERAGE$56   34,000 XOF
HIGH$560   340,000 XOF
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 2,600 XOF to 340,000 XOF on commuting with 34,000 XOF 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$11   6,500 XOF
AVERAGE$140   85,000 XOF
HIGH$1,400   850,000 XOF
Per Month

The average outlay on groceries in a month in Benin is 85,000 XOF. The cost of groceries can range between 6,500 XOF to 850,000 XOF. 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$3   1,800 XOF
AVERAGE$39   24,000 XOF
HIGH$390   240,000 XOF
Per Month

People in Benin 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 1,800 XOF to 240,000 XOF with 24,000 XOF being the norm.

Leisure and Shopping4%

4% of total expenses on average (2% to 8%)

LOW$1.7   1,000 XOF
AVERAGE$22   14,000 XOF
HIGH$220   140,000 XOF
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 1,000 XOF to 140,000 XOF with 14,000 XOF 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$2.6   1,600 XOF
AVERAGE$34   20,000 XOF
HIGH$340   200,000 XOF
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 20,000 XOF per month with 1,600 XOF being the minimum spent amount and 200,000 XOF being the maximum.

Other Expenses14%

14% of total expenses on average (9% to 21%)

LOW$5.6   3,400 XOF
AVERAGE$73   44,000 XOF
HIGH$730   440,000 XOF
Per Month

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


Saving Money
56%
Not Saving
44%

Almost 56% of the surveyed people in Benin said that they can save some money at the end of each month while 44% said that aren't saving anything.


Percentage of people saving money by population group in Benin

GroupSaversNon Savers
Singles59%41%
Couples54%46%
Families49%51%

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

6% 12% of income 26%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

8,000 XOF
$13
100,000 XOF
$170
1M XOF
$1,700
MINIMUM AVERAGE MAXIMUM

For most people, 6% to 26% of their monthly income is what they can allocate to their savings, with 12% being the average. The amount of money that people can save is approximately 100,000 XOF on average with savings ranging from 8,000 XOF to 1M XOF.

59% of surveyed singles reported some of their income going to savings while 54% of couples said the same. 49% of families confirmed their ability to save money.


How much money do people actually save in Benin?

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

9% 16% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

24,000 XOF
$40
72,000 XOF
$120
480,000 XOF
$790
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%35%
10% - 20%27%
20% - 30%17%
30% - 40%10%
40% - 50%8%
> 50%3%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 9% to 28% of their monthly income to savings, with 16% being the average for most singles. The average amount of money that singles are able to save is 72,000 XOF with 24,000 XOF and 480,000 XOF being the minimum and maximum respectively.


Couples

Saving to Income Ratio

7% 14% of income 27%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

40,000 XOF
$66
120,000 XOF
$200
640,000 XOF
$1,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%39%
10% - 20%29%
20% - 30%20%
30% - 40%5%
40% - 50%5%
> 50%2%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 7% to 27% of their monthly income, with 14% being the average for most couples. The average amount of money that couples can save is 120,000 XOF with 40,000 XOF and 640,000 XOF being the minimum and maximum respectively.


Families

Saving to Income Ratio

6% 12% of income 25%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

56,000 XOF
$92
160,000 XOF
$260
880,000 XOF
$1,500
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%42%
10% - 20%32%
20% - 30%21%
30% - 40%2%
40% - 50%2%
> 50%1%

Interpretation and Analysis

Families in Benin can save anywhere between 6% to 25% of their monthly income, with 12% being the average for most families. The average amount of money that families can put aside is 160,000 XOF with 56,000 XOF and 880,000 XOF 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 Benin

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Benin?


Yes
50%
No
50%

Around 50% of surveyed residents think that living in Benin is affordable with proper budgeting while 50% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Benin

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 options55%

Few low-cost options45%


Based on the survey, 55% of the people living in Benin have no problem finding low-cost alternatives to support a frugal lifestyle while 45% 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 Benin whether they have an emergency fund and the answers were as follows.

Yes49%

No51%


Based on the survey, 51% of the people living in Benin said that they don't have an emergency fund while 49% said that they do.

Financial Literacy in Benin

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 Leteracy45%


We asked residents of Benin whether they acquired any adequate personal financial training in their lives. Approximately 55% 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 45% 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 Benin have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 49% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 51% said that they have everything under control.

Struggles with finance49%

Easily manages finances51%

Financial goals of people in Benin

In an attempt to understand the economic situation in Benin, 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 Fund9%
Debt Reduction45%
Retirement Savings11%
Education Funding6%
Homeownership19%
Investing6%
Travel or Lifestyle5%
Healthcare Expenses15%
Financial Independence4%

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 45% 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 15% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Benin

Reasons that make it difficult for people to save money

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


Reason% People
Low Income4%
High Expenses7%
Debt and Loans12%
Lack of Budgeting Skills12%
Impulsive Spending12%
Financial Emergencies7%
Living the moment5%
Will do it later22%
Inflation14%
Social Pressure3%
Market Instability2%

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. 12% 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 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 Benin

Where do people choose to put their savings?


Saving Type% People
Emergency Funds13%
Gold14%
Savings Accounts17%
Retirement Accounts9%
Cash Savings22%
Real Estate9%
Investment5%
Stocks4%
Bonds4%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Benin

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

Retirement age

The retirement age for most employees in Benin 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:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Benin:
AgeAmount
25890,000 XOF
301.8M XOF
353.1M XOF
404.4M XOF
456.7M XOF
509.3M XOF
5511M XOF
6014M XOF
6516M XOF

Retirement Income Distribution

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

Source% People
Pensions11%
Savings24%
Investments11%
Social Security6%
Annuities6%
Part-time Job16%
Real Estate19%
Dividends and Interest6%

Retirement Monthly Expenses in Benin

58,000 XOF
$96
170,000 XOF
$290
1.2M XOF
$1,900
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Benin


Percentage of people who are in debt


In Debt
30%
Debt Free
70%

According to the survey, 30% of the people in Benin have some kind of debt, loan, mortgage, or credit card payments while 70% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Benin

Debt to income ratio

33%

25% to 41%

( 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 33% of the people's monthly income in Benin goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%20%
40% - 50%15%
30% - 40%17%
20% - 30%9%
10% - 20%10%
0% - 10%25%

According to our data, 3% of the debtors in Benin pay 60%+ of their income as debt settlement while 20% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 9% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Benin

Debt% People
Real Estate Mortgage7%
Auto Loan13%
Student Loan4%
Credit Card31%
Personal Loan45%

7% of debtors in Benin confirm that real estate mortgages constitutes the main part of their outstanding debt while 31% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 13% of people and personal loans rose at 45%. Lastly, student loans are the main source of debt for 4% of debtors in Benin.


About credit score and debt management

Managing 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 Benin

Besides measuring the loan-to-income ratio, we asked residents of Benin 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
Never49%
Once a year24%
Twice a year13%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Benin

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Benin

Monthly Rent Prices

Studio apartment
28,000 XOF 43,000 XOF 110,000 XOF
MINIMUM AVERAGE MAXIMUM
$47 $71 $190
1-bedroom apartment
43,000 XOF 68,000 XOF 170,000 XOF
MINIMUM AVERAGE MAXIMUM
$71 $110 $280
2-bedroom apartment
57,000 XOF 85,000 XOF 230,000 XOF
MINIMUM AVERAGE MAXIMUM
$94 $140 $380
3-bedroom apartment
68,000 XOF 110,000 XOF 310,000 XOF
MINIMUM AVERAGE MAXIMUM
$110 $190 $510
Furnished apartment
140,000 XOF 340,000 XOF 680,000 XOF
MINIMUM AVERAGE MAXIMUM
$230 $560 $1,100
Townhouse
110,000 XOF 170,000 XOF 490,000 XOF
MINIMUM AVERAGE MAXIMUM
$190 $280 $810
House
140,000 XOF 340,000 XOF 680,000 XOF
MINIMUM AVERAGE MAXIMUM
$230 $560 $1,100
Villa
170,000 XOF 430,000 XOF 680,000 XOF
MINIMUM AVERAGE MAXIMUM
$280 $710 $1,100

The monthly rental cost of a studio apartment in Benin ranges between 28,000 XOF and 110,000 XOF, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 43,000 XOF to 170,000 XOF. Two-bedroom rentals rate ranges between 57,000 XOF and 230,000 XOF per month. The monthly rental for a three-bedroom apartment ranges from 68,000 XOF to 310,000 XOF. The average rent of a townhouse in Benin is around 170,000 XOF while house rental costs can be as high as 340,000 XOF per month. Finally, if you want to rent a villa, expect to pay anywhere from 170,000 XOF to 680,000 XOF per month.



Apartment and house prices in Benin

Cost of buying a property

Studio apartment
5.7M XOF 8.5M XOF 17M XOF
MINIMUM AVERAGE MAXIMUM
$9,400 $14,000 $28,000
1-bedroom apartment
6.8M XOF 11M XOF 43M XOF
MINIMUM AVERAGE MAXIMUM
$11,000 $19,000 $71,000
2-bedroom apartment
11M XOF 34M XOF 68M XOF
MINIMUM AVERAGE MAXIMUM
$19,000 $56,000 $110,000
3-bedroom apartment
38M XOF 57M XOF 170M XOF
MINIMUM AVERAGE MAXIMUM
$63,000 $94,000 $280,000
Townhouse
49M XOF 110M XOF 430M XOF
MINIMUM AVERAGE MAXIMUM
$81,000 $190,000 $710,000
House
57M XOF 340M XOF 490M XOF
MINIMUM AVERAGE MAXIMUM
$94,000 $560,000 $810,000
Villa
68M XOF 380M XOF 570M XOF
MINIMUM AVERAGE MAXIMUM
$110,000 $630,000 $940,000

The average price of a studio apartment in Benin can range from 5.7M XOF to 17M XOF depending on location. One bedroom cost can be anywhere from 6.8M XOF to 43M XOF. A villa can cost you 380M XOF on average with prices ranging from 68M XOF to 570M XOF.


If you're leasing or purchasing, housing costs in Benin 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


28 x76 monthly income 186
MINIMUM AVERAGE MAXIMUM

Property prices in Benin can be x76 to x186 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x76 multiples of the average monthly salary in Benin.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


18% 28% of income 38%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Benin is around 28%. This means that people pay 28% of their income for rent. Those figures can range from 18% to 38% 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
26%

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.


FROM
1.8%
AVERAGE
2.8%
TO
3.8%

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.


520 XOF 6,800 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM

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.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Benin

Housing29%

29% of total expenses on average (17% to 41%)

LOW$47   28,000 XOF
AVERAGE$140   85,000 XOF
HIGH$930   560,000 XOF
Per Month

Utilities, Electricity, Water9%

9% of total expenses on average (5% to 14%)

LOW$7.8   4,700 XOF
AVERAGE$23   14,000 XOF
HIGH$160   94,000 XOF
Per Month

Transport, Fuel4%

4% of total expenses on average (2% to 10%)

LOW$10   6,300 XOF
AVERAGE$31   19,000 XOF
HIGH$210   130,000 XOF
Per Month

Food and Groceries20%

20% of total expenses on average (14% to 25%)

LOW$21   13,000 XOF
AVERAGE$62   38,000 XOF
HIGH$420   250,000 XOF
Per Month

Healthcare13%

13% of total expenses on average (7% to 17%)

LOW$12   7,100 XOF
AVERAGE$35   21,000 XOF
HIGH$230   140,000 XOF
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 5%)

LOW$6.5   3,900 XOF
AVERAGE$19   12,000 XOF
HIGH$130   78,000 XOF
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$2.6   1,600 XOF
AVERAGE$7.8   4,700 XOF
HIGH$52   31,000 XOF
Per Month

Other Expenses22%

22% of total expenses on average (14% to 26%)

LOW$23   14,000 XOF
AVERAGE$70   42,000 XOF
HIGH$470   280,000 XOF
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Benin

Housing26%

26% of total expenses on average (19% to 36%)

LOW$71   43,000 XOF
AVERAGE$210   130,000 XOF
HIGH$1,100   690,000 XOF
Per Month

Utilities, Electricity, Water8%

8% of total expenses on average (6% to 12%)

LOW$11   6,500 XOF
AVERAGE$32   20,000 XOF
HIGH$170   100,000 XOF
Per Month

Transport, Fuel8%

8% of total expenses on average (2% to 13%)

LOW$26   16,000 XOF
AVERAGE$78   47,000 XOF
HIGH$420   250,000 XOF
Per Month

Food and Groceries18%

18% of total expenses on average (13% to 23%)

LOW$30   18,000 XOF
AVERAGE$91   55,000 XOF
HIGH$480   290,000 XOF
Per Month

Healthcare15%

15% of total expenses on average (9% to 19%)

LOW$24   14,000 XOF
AVERAGE$71   43,000 XOF
HIGH$380   230,000 XOF
Per Month

Leisure, Shopping3%

3% of total expenses on average (1% to 6%)

LOW$13   7,800 XOF
AVERAGE$39   24,000 XOF
HIGH$210   130,000 XOF
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$4.3   2,600 XOF
AVERAGE$13   7,800 XOF
HIGH$69   42,000 XOF
Per Month

Other Expenses21%

21% of total expenses on average (15% to 27%)

LOW$37   22,000 XOF
AVERAGE$110   67,000 XOF
HIGH$590   360,000 XOF
Per Month


Family
Average monthly expenses and break out of spending for families living in Benin

Housing25%

25% of total expenses on average (20% to 35%)

LOW$97   59,000 XOF
AVERAGE$280   170,000 XOF
HIGH$1,500   920,000 XOF
Per Month

Transport, Fuel4%

4% of total expenses on average (2% to 6%)

LOW$24   15,000 XOF
AVERAGE$69   42,000 XOF
HIGH$380   230,000 XOF
Per Month

Food and Groceries22%

22% of total expenses on average (15% to 28%)

LOW$55   33,000 XOF
AVERAGE$160   94,000 XOF
HIGH$860   520,000 XOF
Per Month

Healthcare12%

12% of total expenses on average (8% to 17%)

LOW$24   15,000 XOF
AVERAGE$69   42,000 XOF
HIGH$380   230,000 XOF
Per Month

Leisure, Shopping2%

2% of total expenses on average (1% to 6%)

LOW$15   9,200 XOF
AVERAGE$43   26,000 XOF
HIGH$240   140,000 XOF
Per Month

Education13%

13% of total expenses on average (6% to 21%)

LOW$42   26,000 XOF
AVERAGE$120   73,000 XOF
HIGH$670   400,000 XOF
Per Month

Other Expenses16%

16% of total expenses on average (9% to 21%)

LOW$36   22,000 XOF
AVERAGE$100   63,000 XOF
HIGH$570   350,000 XOF
Per Month


Student
Cost of living and expenses break down for students living in Benin

Housing17%

17% of total expenses on average (12% to 23%)

LOW$24   15,000 XOF
AVERAGE$61   37,000 XOF
HIGH$110   66,000 XOF
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (5% to 11%)

LOW$4.1   2,500 XOF
AVERAGE$10   6,100 XOF
HIGH$18   11,000 XOF
Per Month

Transport, Fuel3%

3% of total expenses on average (4% to 9%)

LOW$7.1   4,300 XOF
AVERAGE$18   11,000 XOF
HIGH$32   19,000 XOF
Per Month

Food and Groceries24%

24% of total expenses on average (18% to 28%)

LOW$20   12,000 XOF
AVERAGE$51   31,000 XOF
HIGH$91   55,000 XOF
Per Month

Healthcare10%

10% of total expenses on average (7% to 13%)

LOW$6.1   3,700 XOF
AVERAGE$15   9,200 XOF
HIGH$27   17,000 XOF
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 6%)

LOW$5.1   3,100 XOF
AVERAGE$13   7,700 XOF
HIGH$23   14,000 XOF
Per Month

Education18%

18% of total expenses on average (11% to 23%)

LOW$19   12,000 XOF
AVERAGE$48   29,000 XOF
HIGH$87   53,000 XOF
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$15   9,200 XOF
AVERAGE$38   23,000 XOF
HIGH$69   41,000 XOF
Per Month
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