Cost Of Living in Benin City 2024
Average monthly spending for singles, couples, students, and families in Benin City
Whether you're living in Benin City 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 Expenditure300,000 NGN
per month$20023,000 NGN $15
$2,000 3M NGN
Single210,000 NGN
per month$14070,000 NGN $45
$910 1.4M NGN
Couple350,000 NGN
per month$230120,000 NGN $76
$1,200 1.9M NGN
Family470,000 NGN
per month$300160,000 NGN $110
$1,700 2.6M NGN
Student140,000 NGN
per month$8754,000 NGN $35
$160 240,000 NGN
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 City is 210,000 NGN. Expenses can range from 70,000 NGN at the minimum level to 1.4M NGN at the highest end.
Couples
The average monthly spending of couples in Benin City is 350,000 NGN. Expenditure can range from 120,000 NGN to 1.9M NGN per month.
Families
The average cost of living for families in Benin City is 470,000 NGN per month. Families spend anywhere from 160,000 NGN to 2.6M NGN.
Students
The average monthly expenditure for students in Benin City is 140,000 NGN. Students spend from 54,000 NGN to 240,000 NGN 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 City
Dining, food, and beverages costs
Large bottle of water
Fast food combo meal | 330 NGN | 670 NGN | 1,100 NGN |
Restaurant meal for one | 1,100 NGN | 1,600 NGN | 3,200 NGN |
Fine dining meal for one | 2,100 NGN | 3,200 NGN | 13,000 NGN |
Soda or Soft Drink
Cappuccino or latte Grocery and market costs
Milk large bottle
Loaf of bread
12 eggs
Fresh whole chicken
Beef 1 kg or 1 lb | 450 NGN | 670 NGN | 1,300 NGN |
Rice 1 kg or 1 lb
Tomato 1 kg or 1 lb
Apples 1 kg or 1 lb Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank | 1,700 NGN | 2,200 NGN | 4,500 NGN |
Average car 1-day rental | 1,500 NGN | 2,000 NGN | 3,000 NGN |
Average car price | 840,000 NGN | 1.7M NGN | 2.2M NGN |
Bus ticket one way
Car Service | 2,000 NGN | 3,000 NGN | 6,000 NGN |
Utility cost (monthly)
Utility Bill - Individual | 4,200 NGN | 13,000 NGN | 84,000 NGN |
Utility Bill - Couple | 5,900 NGN | 18,000 NGN | 94,000 NGN |
Utility Bill - Family | 4,900 NGN | 14,000 NGN | 77,000 NGN |
Internet and cable | 1,700 NGN | 3,300 NGN | 4,500 NGN |
Mobile phone charges | 1,300 NGN | 2,200 NGN | 6,700 NGN |
Leisure and activities costs
Movie ticket | 840 NGN | 1,100 NGN | 1,700 NGN |
One month gym membership | 2,400 NGN | 3,000 NGN | 6,000 NGN |
Cloths and accessories costs
Pair of jeans or pants | 1,800 NGN | 2,500 NGN | 3,800 NGN |
Woman dress | 1,700 NGN | 2,300 NGN | 7,500 NGN |
Woman shoes | 1,600 NGN | 2,100 NGN | 5,000 NGN |
Men's shoes | 1,400 NGN | 1,700 NGN | 3,300 NGN |
Men suit | 1,500 NGN | 1,900 NGN | 10,000 NGN |
Regular t-shirt | 750 NGN | 1,000 NGN | 3,000 NGN |
Housing costs / monthly rent
Studio apartment | 25,000 NGN | 38,000 NGN | 100,000 NGN |
1-bedroom apartment | 38,000 NGN | 60,000 NGN | 150,000 NGN |
2-bedroom apartment | 50,000 NGN | 75,000 NGN | 200,000 NGN |
Housing costs / Buying
Studio apartment
1-bedroom apartment
2-bedroom apartment Furniture Costs
King Size Bed | 33,000 NGN | 42,000 NGN | 56,000 NGN |
Double Bed | 22,000 NGN | 33,000 NGN | 42,000 NGN |
Single Bed | 20,000 NGN | 26,000 NGN | 33,000 NGN |
Living Room | 37,000 NGN | 48,000 NGN | 170,000 NGN |
Dining Table | 17,000 NGN | 22,000 NGN | 42,000 NGN |
Sofa or Couch | 22,000 NGN | 30,000 NGN | 67,000 NGN |
Electronics and House Appliance Costs
TV Set | 22,000 NGN | 33,000 NGN | 67,000 NGN |
Fridge or Freezer | 20,000 NGN | 30,000 NGN | 42,000 NGN |
Washing Machine | 26,000 NGN | 37,000 NGN | 67,000 NGN |
Stove or Cooker | 24,000 NGN | 30,000 NGN | 42,000 NGN |
Mobile Phone | 28,000 NGN | 33,000 NGN | 48,000 NGN |
Laptop or Computer | 30,000 NGN | 37,000 NGN | 67,000 NGN |
Expenditure to Income Ratio in Benin City
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
78%
72% to 85%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 3% |
| 50% - 60% | 7% |
| 60% - 70% | 13% |
| 70% - 80% | 24% |
| 80% - 90% | 23% |
| 90% - 100% | 12% |
| 100% - 110% | 7% |
| 110% - 120% | 4% |
| 120% - 130% | 3% |
| 130% - 140% | 3% |
| > 140% | 2% |
Interpretation and Analysis
The average spending-to-salary ratio in Benin City is 78%
This means that on average, people spend around 78% of their income for living.
According to the distribution table, 13% 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
70%
Spending-Income-Ratio
65%
77%
Couple
74%
Spending-Income-Ratio
68%
81%
Family
82%
Spending-Income-Ratio
75%
89%
How do people spend their money in Benin City?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.
Housing Expenditure22%
22% of total expenses on average (11% to 30%)
| LOW | $4.5 7,000 NGN |
| AVERAGE | $59 91,000 NGN |
| HIGH | $590 910,000 NGN |
| Per Month |
People living in Benin City typically spend from 11% to 30% of their total monthly expenditure on housing with 22% being the average. The average spend on housing is 91,000 NGN with expenditure ranging from 7,000 NGN to 910,000 NGN. 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 | $0.76 1,200 NGN |
| AVERAGE | $9.8 15,000 NGN |
| HIGH | $98 150,000 NGN |
| Per Month |
Utility expenditure like electricity, water, and gas in Benin City ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 15,000 NGN with 1,200 NGN and 150,000 NGN being the upper and lower limits.
Transport, Fuel, Commute6%
6% of total expenses on average (2% to 10%)
| LOW | $1.5 2,300 NGN |
| AVERAGE | $20 30,000 NGN |
| HIGH | $200 300,000 NGN |
| 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 2,300 NGN to 300,000 NGN on commuting with 30,000 NGN 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 2% or as high as 10%.
Food and Groceries Cost29%
29% of total expenses on average (21% to 35%)
| LOW | $3.8 5,900 NGN |
| AVERAGE | $49 76,000 NGN |
| HIGH | $490 760,000 NGN |
| Per Month |
The average outlay on groceries in a month in Benin City is 76,000 NGN. The cost of groceries can range between 5,900 NGN to 760,000 NGN. 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 | $1.1 1,600 NGN |
| AVERAGE | $14 21,000 NGN |
| HIGH | $140 210,000 NGN |
| Per Month |
People in Benin City 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 1,600 NGN to 210,000 NGN with 21,000 NGN being the norm.
Leisure and Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $0.61 940 NGN |
| AVERAGE | $7.9 12,000 NGN |
| HIGH | $79 120,000 NGN |
| 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 940 NGN to 120,000 NGN with 12,000 NGN 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 | $0.91 1,400 NGN |
| AVERAGE | $12 18,000 NGN |
| HIGH | $120 180,000 NGN |
| 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 18,000 NGN per month with 1,400 NGN being the minimum spent amount and 180,000 NGN being the maximum.
Other Expenses15%
15% of total expenses on average (10% to 22%)
| LOW | $2 3,000 NGN |
| AVERAGE | $26 40,000 NGN |
| HIGH | $260 400,000 NGN |
| Per Month |
How much money can you save in Benin City 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 City manage to save money from their income every month?
Almost 43% of the surveyed people in Benin City said that they can save some money at the end of each month while 57% said that aren't saving anything.
Percentage of people saving money by population group in Benin City
| Group | Savers | Non Savers |
|---|
| Singles | 49% | 51% |
| Couples | 45% | 55% |
| Families | 40% | 60% |
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
6,700 NGN
$4.3 | 87,000 NGN
$56 | 870,000 NGN
$560 |
For most people, 7.1% to 25% of their monthly income is what they can allocate to their savings, with 13% being the average. The amount of money that people can save is approximately 87,000 NGN on average with savings ranging from 6,700 NGN to 870,000 NGN.
49% of surveyed singles reported some of their income going to savings while 45% of couples said the same. 40% of families confirmed their ability to save money.
How much money do people actually save in Benin City?
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
20,000 NGN
$13 | 60,000 NGN
$39 | 400,000 NGN
$260 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 34% |
| 10% - 20% | 27% |
| 20% - 30% | 17% |
| 30% - 40% | 11% |
| 40% - 50% | 8% |
| > 50% | 3% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 9.7% to 27% of their monthly income to savings, with 17% being the average for most singles. The average amount of money that singles are able to save is 60,000 NGN with 20,000 NGN and 400,000 NGN being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
33,000 NGN
$21 | 100,000 NGN
$64 | 530,000 NGN
$340 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 38% |
| 10% - 20% | 29% |
| 20% - 30% | 20% |
| 30% - 40% | 6% |
| 40% - 50% | 5% |
| > 50% | 2% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 8% to 26% of their monthly income, with 15% being the average for most couples. The average amount of money that couples can save is 100,000 NGN with 33,000 NGN and 530,000 NGN being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
47,000 NGN
$30 | 130,000 NGN
$86 | 730,000 NGN
$470 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 41% |
| 10% - 20% | 32% |
| 20% - 30% | 21% |
| 30% - 40% | 3% |
| 40% - 50% | 2% |
| > 50% | 1% |
Interpretation and Analysis
Families in Benin City can save anywhere between 7.1% to 23% of their monthly income, with 12% being the average for most families. The average amount of money that families can put aside is 130,000 NGN with 47,000 NGN and 730,000 NGN 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 City
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 City?
Around 37% of surveyed residents think that living in Benin City is affordable with proper budgeting while 63% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Benin City
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 options46%
Few low-cost options54%
Based on the survey, 46% of the people living in Benin City have no problem finding low-cost alternatives to support a frugal lifestyle while 54% 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 City whether they have an emergency fund and the answers were as follows.
Yes35%
No66%
Based on the survey, 66% of the people living in Benin City said that they don't have an emergency fund while 35% said that they do.
Financial Literacy in Nigeria
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 Leteracy37%
We asked residents of Nigeria whether they acquired any adequate personal financial training in their lives. Approximately 63% 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 37% 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 Nigeria have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 62% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 38% said that they have everything under control.
Struggles with finance62%
Easily manages finances38%
Financial goals of people in Benin City
In an attempt to understand the economic situation in Benin City, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.
| Financial Goal | % People |
|---|
| Emergency Fund | 9% |
| Debt Reduction | 48% |
| Retirement Savings | 12% |
| Education Funding | 6% |
| Homeownership | 19% |
| Investing | 5% |
| Travel or Lifestyle | 4% |
| Healthcare Expenses | 17% |
| Financial Independence | 3% |
Around 9% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 48% said their number one priority is to pay off high-interest debt or loans and improve credit. 12% 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. 5% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 4% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 17% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Benin City
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Benin City. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 4% |
| High Expenses | 7% |
| Debt and Loans | 10% |
| Lack of Budgeting Skills | 12% |
| Impulsive Spending | 13% |
| Financial Emergencies | 8% |
| Living the moment | 5% |
| Will do it later | 23% |
| Inflation | 15% |
| Social Pressure | 2% |
| Market Instability | 1% |
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. 10% 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. 13% blamed impulsive spending as the reason for saving inability. Around 8% 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. 23% 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. 15% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 2% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 1% blamed market instability and price fluctuations.
Typical saving choices for people in Benin City
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 13% |
| Gold | 15% |
| Savings Accounts | 16% |
| Retirement Accounts | 9% |
| Cash Savings | 24% |
| Real Estate | 8% |
| Investment | 4% |
| Stocks | 3% |
| Bonds | 4% |
| Mutual Funds | 1% |
| Certificates of Deposit | 2% |
Retirement, pension plans, and life after work in Benin City
What does the retirement lifestyle look like in Benin City and how much retirement savings are required?
Retirement age
The retirement age for most employees in Nigeria 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 Benin City:| Age | Amount |
|---|
| 25 | 780,000 NGN |
| 30 | 1.6M NGN |
| 35 | 2.7M NGN |
| 40 | 3.9M NGN |
| 45 | 5.9M NGN |
| 50 | 8.2M NGN |
| 55 | 9.8M NGN |
| 60 | 12M NGN |
| 65 | 14M NGN |
Retirement Income Distribution
We asked residents of Benin City about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 11% |
| Savings | 24% |
| Investments | 11% |
| Social Security | 6% |
| Annuities | 6% |
| Part-time Job | 18% |
| Real Estate | 19% |
| Dividends and Interest | 6% |
Retirement Monthly Expenses in Benin City 52,000 NGN
$34 | 160,000 NGN
$100 | 1M NGN
$670 |
Debt, loans, and mortgages in Benin City
Percentage of people who are in debt
According to the survey, 30% of the people in Benin City 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 City
Debt to income ratio
29%
22% to 36%
( 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 29% of the people's monthly income in Benin City goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 4% |
| 50% - 60% | 22% |
| 40% - 50% | 16% |
| 30% - 40% | 18% |
| 20% - 30% | 7% |
| 10% - 20% | 8% |
| 0% - 10% | 24% |
According to our data, 4% of the debtors in Benin City pay 60%+ of their income as debt settlement while 22% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 16% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 18% dedicated 30% to 40% of income for same. Things are looking brighter for 7% 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 City
| Debt | % People |
|---|
| Real Estate Mortgage | 5% |
| Auto Loan | 11% |
| Student Loan | 5% |
| Credit Card | 33% |
| Personal Loan | 47% |
5% of debtors in Benin City confirm that real estate mortgages constitutes the main part of their outstanding debt while 33% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 11% of people and personal loans rose at 47%. Lastly, student loans are the main source of debt for 5% of debtors in Benin City.
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 Benin City
Besides measuring the loan-to-income ratio, we asked residents of Benin City 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 | 47% |
| Once a year | 25% |
| Twice a year | 13% |
| Three times a year | 10% |
| Four times a year | 5% |
Housing costs, accommodation, and housing affordability in Benin City
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Benin City
Monthly Rent Prices
Studio apartment | 25,000 NGN | 38,000 NGN | 100,000 NGN |
1-bedroom apartment | 38,000 NGN | 60,000 NGN | 150,000 NGN |
2-bedroom apartment | 50,000 NGN | 75,000 NGN | 200,000 NGN |
3-bedroom apartment | 60,000 NGN | 100,000 NGN | 270,000 NGN |
Furnished apartment | 120,000 NGN | 300,000 NGN | 600,000 NGN |
Townhouse | 100,000 NGN | 150,000 NGN | 430,000 NGN |
House | 120,000 NGN | 300,000 NGN | 600,000 NGN |
Villa | 150,000 NGN | 380,000 NGN | 600,000 NGN |
The monthly rental cost of a studio apartment in Benin City ranges between 25,000 NGN and 100,000 NGN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 38,000 NGN to 150,000 NGN. Two-bedroom rentals rate ranges between 50,000 NGN and 200,000 NGN per month. The monthly rental for a three-bedroom apartment ranges from 60,000 NGN to 270,000 NGN. The average rent of a townhouse in Benin City is around 150,000 NGN while house rental costs can be as high as 300,000 NGN per month. Finally, if you want to rent a villa, expect to pay anywhere from 150,000 NGN to 600,000 NGN per month.
Apartment and house prices in Benin City
Cost of buying a property
Studio apartment
1-bedroom apartment
2-bedroom apartment
3-bedroom apartment
Townhouse | 43M NGN | 100M NGN | 380M NGN |
House | 50M NGN | 300M NGN | 430M NGN |
| $32,000 | $190,000 | $280,000 |
Villa | 60M NGN | 330M NGN | 500M NGN |
| $39,000 | $220,000 | $320,000 |
The average price of a studio apartment in Benin City can range from 5M NGN to 15M NGN depending on location. One bedroom cost can be anywhere from 6M NGN to 38M NGN. A villa can cost you 330M NGN on average with prices ranging from 60M NGN to 500M NGN.
If you're leasing or purchasing, housing costs in Benin City 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
| 26 | x70 monthly income | 166 |
Property prices in Benin City can be x70 to x166 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x70 multiples of the average monthly salary in Benin City.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Benin City is around 25%. This means that people pay 25% of their income for rent. Those figures can range from 16% to 34% 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
23% 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.
| 470 NGN | 6,100 NGN | 61,000 NGN |
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 Benin City
Housing28%
28% of total expenses on average (16% to 40%)
| LOW | $16 25,000 NGN |
| AVERAGE | $49 76,000 NGN |
| HIGH | $330 510,000 NGN |
| Per Month |
Utilities, Electricity, Water9%
9% of total expenses on average (5% to 14%)
| LOW | $2.7 4,200 NGN |
| AVERAGE | $8.2 13,000 NGN |
| HIGH | $54 84,000 NGN |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (2% to 10%)
| LOW | $3.6 5,600 NGN |
| AVERAGE | $11 17,000 NGN |
| HIGH | $73 110,000 NGN |
| Per Month |
Food and Groceries20%
20% of total expenses on average (14% to 25%)
| LOW | $7.3 11,000 NGN |
| AVERAGE | $22 34,000 NGN |
| HIGH | $150 220,000 NGN |
| Per Month |
Healthcare13%
13% of total expenses on average (7% to 17%)
| LOW | $4.1 6,300 NGN |
| AVERAGE | $12 19,000 NGN |
| HIGH | $82 130,000 NGN |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (1% to 5%)
| LOW | $2.3 3,500 NGN |
| AVERAGE | $6.8 11,000 NGN |
| HIGH | $45 70,000 NGN |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $0.91 1,400 NGN |
| AVERAGE | $2.7 4,200 NGN |
| HIGH | $18 28,000 NGN |
| Per Month |
Other Expenses23%
23% of total expenses on average (15% to 27%)
| LOW | $8.2 13,000 NGN |
| AVERAGE | $25 38,000 NGN |
| HIGH | $160 250,000 NGN |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Benin City
Housing25%
25% of total expenses on average (18% to 35%)
| LOW | $25 39,000 NGN |
| AVERAGE | $75 120,000 NGN |
| HIGH | $400 620,000 NGN |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (6% to 12%)
| LOW | $3.8 5,900 NGN |
| AVERAGE | $11 18,000 NGN |
| HIGH | $61 94,000 NGN |
| Per Month |
Transport, Fuel8%
8% of total expenses on average (2% to 13%)
| LOW | $9.1 14,000 NGN |
| AVERAGE | $27 42,000 NGN |
| HIGH | $150 220,000 NGN |
| Per Month |
Food and Groceries18%
18% of total expenses on average (13% to 23%)
| LOW | $11 16,000 NGN |
| AVERAGE | $32 49,000 NGN |
| HIGH | $170 260,000 NGN |
| Per Month |
Healthcare15%
15% of total expenses on average (9% to 19%)
| LOW | $8.3 13,000 NGN |
| AVERAGE | $25 39,000 NGN |
| HIGH | $130 210,000 NGN |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (0.00% to 6%)
| LOW | $4.5 7,000 NGN |
| AVERAGE | $14 21,000 NGN |
| HIGH | $73 110,000 NGN |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $1.5 2,300 NGN |
| AVERAGE | $4.5 7,000 NGN |
| HIGH | $24 37,000 NGN |
| Per Month |
Other Expenses22%
22% of total expenses on average (16% to 28%)
| LOW | $13 20,000 NGN |
| AVERAGE | $39 60,000 NGN |
| HIGH | $210 320,000 NGN |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Benin City
Housing24%
24% of total expenses on average (19% to 34%)
| LOW | $34 52,000 NGN |
| AVERAGE | $97 150,000 NGN |
| HIGH | $530 820,000 NGN |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (2% to 6%)
| LOW | $8.5 13,000 NGN |
| AVERAGE | $24 37,000 NGN |
| HIGH | $130 210,000 NGN |
| Per Month |
Food and Groceries22%
22% of total expenses on average (15% to 28%)
| LOW | $19 30,000 NGN |
| AVERAGE | $54 84,000 NGN |
| HIGH | $300 460,000 NGN |
| Per Month |
Healthcare12%
12% of total expenses on average (8% to 17%)
| LOW | $8.5 13,000 NGN |
| AVERAGE | $24 37,000 NGN |
| HIGH | $130 210,000 NGN |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (0.00% to 6%)
| LOW | $5.3 8,200 NGN |
| AVERAGE | $15 23,000 NGN |
| HIGH | $83 130,000 NGN |
| Per Month |
Education13%
13% of total expenses on average (6% to 21%)
| LOW | $15 23,000 NGN |
| AVERAGE | $42 66,000 NGN |
| HIGH | $230 360,000 NGN |
| Per Month |
Other Expenses17%
17% of total expenses on average (10% to 22%)
| LOW | $13 20,000 NGN |
| AVERAGE | $36 56,000 NGN |
| HIGH | $200 310,000 NGN |
| Per Month |
StudentCost of living and expenses break down for students living in Benin City
Housing16%
16% of total expenses on average (11% to 22%)
| LOW | $8.4 13,000 NGN |
| AVERAGE | $21 32,000 NGN |
| HIGH | $38 58,000 NGN |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $1.4 2,200 NGN |
| AVERAGE | $3.5 5,400 NGN |
| HIGH | $6.3 9,700 NGN |
| Per Month |
Transport, Fuel3%
3% of total expenses on average (3% to 9%)
| LOW | $2.4 3,800 NGN |
| AVERAGE | $6.1 9,500 NGN |
| HIGH | $11 17,000 NGN |
| Per Month |
Food and Groceries24%
24% of total expenses on average (18% to 28%)
| LOW | $7 11,000 NGN |
| AVERAGE | $17 27,000 NGN |
| HIGH | $31 49,000 NGN |
| Per Month |
Healthcare10%
10% of total expenses on average (7% to 13%)
| LOW | $2.1 3,200 NGN |
| AVERAGE | $5.2 8,100 NGN |
| HIGH | $9.4 15,000 NGN |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (1% to 6%)
| LOW | $1.7 2,700 NGN |
| AVERAGE | $4.4 6,800 NGN |
| HIGH | $7.9 12,000 NGN |
| Per Month |
Education18%
18% of total expenses on average (11% to 23%)
| LOW | $6.6 10,000 NGN |
| AVERAGE | $17 26,000 NGN |
| HIGH | $30 46,000 NGN |
| Per Month |
Other Expenses20%
20% of total expenses on average (14% to 26%)
| LOW | $5.2 8,100 NGN |
| AVERAGE | $13 20,000 NGN |
| HIGH | $24 37,000 NGN |
| Per Month |
