Cost Of Living in Cape Verde 2024
Average monthly spending for singles, couples, students, and families in Cape Verde
Whether you're living in Cape Verde 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 Expenditure190,000 CVE
per month$1,90015,000 CVE $150
$19,000 1.9M CVE
Single130,000 CVE
per month$1,30045,000 CVE $440
$8,800 890,000 CVE
Couple220,000 CVE
per month$2,20075,000 CVE $730
$12,000 1.2M CVE
Family300,000 CVE
per month$2,900100,000 CVE $1,000
$16,000 1.6M CVE
Student92,000 CVE
per month$91037,000 CVE $360
$1,600 170,000 CVE
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Cape Verde is 130,000 CVE. Expenses can range from 45,000 CVE at the minimum level to 890,000 CVE at the highest end.
Couples
The average monthly spending of couples in Cape Verde is 220,000 CVE. Expenditure can range from 75,000 CVE to 1.2M CVE per month.
Families
The average cost of living for families in Cape Verde is 300,000 CVE per month. Families spend anywhere from 100,000 CVE to 1.6M CVE.
Students
The average monthly expenditure for students in Cape Verde is 92,000 CVE. Students spend from 37,000 CVE to 170,000 CVE 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 Cape Verde
Dining, food, and beverages costs
Large bottle of water
Fast food combo meal
Restaurant meal for one | 680 CVE | 1,000 CVE | 2,000 CVE |
Fine dining meal for one | 1,400 CVE | 2,000 CVE | 8,200 CVE |
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
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 | 1,000 CVE | 1,400 CVE | 2,700 CVE |
Average car 1-day rental | 1,000 CVE | 1,400 CVE | 2,000 CVE |
Average car price | 510,000 CVE | 1M CVE | 1.4M CVE |
Bus ticket one way
Car Service | 1,400 CVE | 2,000 CVE | 4,100 CVE |
Utility cost (monthly)
Utility Bill - Individual | 2,700 CVE | 8,100 CVE | 54,000 CVE |
Utility Bill - Couple | 3,700 CVE | 11,000 CVE | 60,000 CVE |
Utility Bill - Family | 3,100 CVE | 8,900 CVE | 49,000 CVE |
Internet and cable | 1,000 CVE | 2,000 CVE | 2,700 CVE |
Mobile phone charges | 820 CVE | 1,400 CVE | 4,100 CVE |
Leisure and activities costs
Movie ticket | 510 CVE | 680 CVE | 1,000 CVE |
One month gym membership | 1,600 CVE | 2,000 CVE | 4,100 CVE |
Cloths and accessories costs
Pair of jeans or pants | 1,200 CVE | 1,700 CVE | 2,600 CVE |
Woman dress | 1,100 CVE | 1,600 CVE | 5,100 CVE |
Woman shoes | 1,100 CVE | 1,500 CVE | 3,400 CVE |
Men's shoes | 930 CVE | 1,100 CVE | 2,300 CVE |
Men suit | 1,000 CVE | 1,300 CVE | 6,800 CVE |
Regular t-shirt | 510 CVE | 680 CVE | 2,000 CVE |
Housing costs / monthly rent
Studio apartment | 17,000 CVE | 26,000 CVE | 68,000 CVE |
1-bedroom apartment | 26,000 CVE | 41,000 CVE | 100,000 CVE |
2-bedroom apartment | 34,000 CVE | 51,000 CVE | 140,000 CVE |
Housing costs / Buying
Studio apartment | 3.4M CVE | 5.1M CVE | 10M CVE |
1-bedroom apartment | 4.1M CVE | 6.8M CVE | 26M CVE |
2-bedroom apartment | $67,000 | $200,000 | $400,000 |
Furniture Costs
King Size Bed | 20,000 CVE | 26,000 CVE | 34,000 CVE |
Double Bed | 14,000 CVE | 20,000 CVE | 26,000 CVE |
Single Bed | 12,000 CVE | 16,000 CVE | 20,000 CVE |
Living Room | 23,000 CVE | 29,000 CVE | 100,000 CVE |
Dining Table | 10,000 CVE | 14,000 CVE | 26,000 CVE |
Sofa or Couch | 14,000 CVE | 19,000 CVE | 41,000 CVE |
Electronics and House Appliance Costs
TV Set | 14,000 CVE | 20,000 CVE | 41,000 CVE |
Fridge or Freezer | 12,000 CVE | 19,000 CVE | 26,000 CVE |
Washing Machine | 16,000 CVE | 23,000 CVE | 41,000 CVE |
Stove or Cooker | 15,000 CVE | 19,000 CVE | 26,000 CVE |
Mobile Phone | 17,000 CVE | 20,000 CVE | 29,000 CVE |
Laptop or Computer | 19,000 CVE | 23,000 CVE | 41,000 CVE |
Expenditure to Income Ratio in Cape Verde
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
83%
74% to 92%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 7% |
| 50% - 60% | 12% |
| 60% - 70% | 19% |
| 70% - 80% | 27% |
| 80% - 90% | 14% |
| 90% - 100% | 8% |
| 100% - 110% | 5% |
| 110% - 120% | 3% |
| 120% - 130% | 2% |
| 130% - 140% | 1% |
| > 140% | 1% |
Interpretation and Analysis
The average spending-to-salary ratio in Cape Verde is 83%
This means that on average, people spend around 83% of their income for living.
According to the distribution table, 19% 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
75%
Spending-Income-Ratio
67%
83%
Couple
79%
Spending-Income-Ratio
70%
87%
Family
87%
Spending-Income-Ratio
78%
97%
How do people spend their money in Cape Verde?
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 Expenditure28%
28% of total expenses on average (17% to 36%)
| LOW | $44 4,500 CVE |
| AVERAGE | $570 58,000 CVE |
| HIGH | $5,700 580,000 CVE |
| Per Month |
People living in Cape Verde typically spend from 17% to 36% of their total monthly expenditure on housing with 28% being the average. The average spend on housing is 58,000 CVE with expenditure ranging from 4,500 CVE to 580,000 CVE. 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, Water6%
6% of total expenses on average (3% to 10%)
| LOW | $7.3 750 CVE |
| AVERAGE | $95 9,700 CVE |
| HIGH | $950 97,000 CVE |
| Per Month |
Utility expenditure like electricity, water, and gas in Cape Verde ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 9,700 CVE with 750 CVE and 97,000 CVE being the upper and lower limits.
Transport, Fuel, Commute9%
9% of total expenses on average (4% to 13%)
| LOW | $15 1,500 CVE |
| AVERAGE | $190 19,000 CVE |
| HIGH | $1,900 190,000 CVE |
| 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 1,500 CVE to 190,000 CVE on commuting with 19,000 CVE being the norm for most people in one month. This means that money spent on transport constitutes about 9% of total spending on average but can go as low as 4% or as high as 13%.
Food and Groceries Cost26%
26% of total expenses on average (18% to 32%)
| LOW | $37 3,700 CVE |
| AVERAGE | $480 48,000 CVE |
| HIGH | $4,800 480,000 CVE |
| Per Month |
The average outlay on groceries in a month in Cape Verde is 48,000 CVE. The cost of groceries can range between 3,700 CVE to 480,000 CVE. People spend on average about 26% on food and groceries with upper and lower bounds of 18% and 32% respectively.
Healthcare and Medical Services8%
8% of total expenses on average (3% to 11%)
| LOW | $10 1,000 CVE |
| AVERAGE | $130 14,000 CVE |
| HIGH | $1,300 140,000 CVE |
| Per Month |
People in Cape Verde allocate 3% to 11% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 8%. The range of medical expenses range from 1,000 CVE to 140,000 CVE with 14,000 CVE being the norm.
Leisure and Shopping6%
6% of total expenses on average (3% to 10%)
| LOW | $5.9 600 CVE |
| AVERAGE | $76 7,800 CVE |
| HIGH | $760 78,000 CVE |
| 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 600 CVE to 78,000 CVE with 7,800 CVE being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.
Education and Schooling6%
6% of total expenses on average (4% to 12%)
| LOW | $8.8 890 CVE |
| AVERAGE | $110 12,000 CVE |
| HIGH | $1,100 120,000 CVE |
| 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 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 12,000 CVE per month with 890 CVE being the minimum spent amount and 120,000 CVE being the maximum.
Other Expenses11%
11% of total expenses on average (6% to 18%)
| LOW | $19 1,900 CVE |
| AVERAGE | $250 25,000 CVE |
| HIGH | $2,500 250,000 CVE |
| Per Month |
How much money can you save in Cape Verde 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 Cape Verde manage to save money from their income every month?
Almost 66% of the surveyed people in Cape Verde said that they can save some money at the end of each month while 34% said that aren't saving anything.
Percentage of people saving money by population group in Cape Verde
| Group | Savers | Non Savers |
|---|
| Singles | 68% | 32% |
| Couples | 63% | 37% |
| Families | 58% | 42% |
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
5,600 CVE
$55 | 73,000 CVE
$710 | 730,000 CVE
$7,100 |
For most people, 13% to 33% of their monthly income is what they can allocate to their savings, with 22% being the average. The amount of money that people can save is approximately 73,000 CVE on average with savings ranging from 5,600 CVE to 730,000 CVE.
68% of surveyed singles reported some of their income going to savings while 63% of couples said the same. 58% of families confirmed their ability to save money.
How much money do people actually save in Cape Verde?
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
17,000 CVE
$160 | 50,000 CVE
$490 | 330,000 CVE
$3,300 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 27% |
| 10% - 20% | 22% |
| 20% - 30% | 15% |
| 30% - 40% | 18% |
| 40% - 50% | 13% |
| > 50% | 5% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 16% to 35% of their monthly income to savings, with 26% being the average for most singles. The average amount of money that singles are able to save is 50,000 CVE with 17,000 CVE and 330,000 CVE being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
28,000 CVE
$270 | 84,000 CVE
$820 | 450,000 CVE
$4,400 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 31% |
| 10% - 20% | 24% |
| 20% - 30% | 18% |
| 30% - 40% | 13% |
| 40% - 50% | 10% |
| > 50% | 4% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 14% to 34% of their monthly income, with 24% being the average for most couples. The average amount of money that couples can save is 84,000 CVE with 28,000 CVE and 450,000 CVE being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
39,000 CVE
$380 | 110,000 CVE
$1,100 | 610,000 CVE
$6,000 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 34% |
| 10% - 20% | 27% |
| 20% - 30% | 19% |
| 30% - 40% | 10% |
| 40% - 50% | 7% |
| > 50% | 3% |
Interpretation and Analysis
Families in Cape Verde can save anywhere between 12% to 30% of their monthly income, with 20% being the average for most families. The average amount of money that families can put aside is 110,000 CVE with 39,000 CVE and 610,000 CVE 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 Cape Verde
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Cape Verde?
Around 70% of surveyed residents think that living in Cape Verde is affordable with proper budgeting while 30% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Cape Verde
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options61%
Few low-cost options39%
Based on the survey, 61% of the people living in Cape Verde have no problem finding low-cost alternatives to support a frugal lifestyle while 39% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Cape Verde whether they have an emergency fund and the answers were as follows.
Yes69%
No31%
Based on the survey, 31% of the people living in Cape Verde said that they don't have an emergency fund while 69% said that they do.
Financial Literacy in Cape Verde
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 Leteracy65%
We asked residents of Cape Verde whether they acquired any adequate personal financial training in their lives. Approximately 35% 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 65% 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 Cape Verde have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 28% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 72% said that they have everything under control.
Struggles with finance28%
Easily manages finances72%
Financial goals of people in Cape Verde
In an attempt to understand the economic situation in Cape Verde, 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 | 6% |
| Debt Reduction | 30% |
| Retirement Savings | 7% |
| Education Funding | 9% |
| Homeownership | 16% |
| Investing | 9% |
| Travel or Lifestyle | 12% |
| Healthcare Expenses | 8% |
| Financial Independence | 9% |
Around 6% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 30% said their number one priority is to pay off high-interest debt or loans and improve credit. 7% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 9% reported that their priority is saving for the tuition fees and education costs of their children while 16% choose to buy a home or pay off existing mortgage before other things. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 12% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 8% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Cape Verde
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Cape Verde. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 7% |
| High Expenses | 10% |
| Debt and Loans | 19% |
| Lack of Budgeting Skills | 10% |
| Impulsive Spending | 9% |
| Financial Emergencies | 6% |
| Living the moment | 7% |
| Will do it later | 16% |
| Inflation | 10% |
| Social Pressure | 4% |
| Market Instability | 3% |
Around 7% of the people said that their salary is too low to accommodate a portion for savings while 10% said that the high cost of living leaves little room for savings. 19% of the residents said that they are burdened with debt and find it challenging to save money. 10% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 9% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 16% 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. 10% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 4% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.
Typical saving choices for people in Cape Verde
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 10% |
| Gold | 9% |
| Savings Accounts | 18% |
| Retirement Accounts | 12% |
| Cash Savings | 15% |
| Real Estate | 10% |
| Investment | 6% |
| Stocks | 7% |
| Bonds | 7% |
| Mutual Funds | 3% |
| Certificates of Deposit | 4% |
Retirement, pension plans, and life after work in Cape Verde
What does the retirement lifestyle look like in Cape Verde and how much retirement savings are required?
Retirement age
The retirement age for most employees in Cape Verde 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 Cape Verde:| Age | Amount |
|---|
| 25 | 530,000 CVE |
| 30 | 1.1M CVE |
| 35 | 1.9M CVE |
| 40 | 2.7M CVE |
| 45 | 4M CVE |
| 50 | 5.6M CVE |
| 55 | 6.7M CVE |
| 60 | 8.3M CVE |
| 65 | 9.9M CVE |
Retirement Income Distribution
We asked residents of Cape Verde about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 14% |
| Savings | 21% |
| Investments | 14% |
| Social Security | 9% |
| Annuities | 9% |
| Part-time Job | 9% |
| Real Estate | 16% |
| Dividends and Interest | 9% |
Retirement Monthly Expenses in Cape Verde 32,000 CVE
$320 | 97,000 CVE
$960 | 650,000 CVE
$6,400 |
Debt, loans, and mortgages in Cape Verde
Percentage of people who are in debt
According to the survey, 25% of the people in Cape Verde have some kind of debt, loan, mortgage, or credit card payments while 75% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Cape Verde
Debt to income ratio
28%
18% to 37%
( 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 28% of the people's monthly income in Cape Verde goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 2% |
| 50% - 60% | 10% |
| 40% - 50% | 10% |
| 30% - 40% | 12% |
| 20% - 30% | 16% |
| 10% - 20% | 20% |
| 0% - 10% | 28% |
According to our data, 2% of the debtors in Cape Verde pay 60%+ of their income as debt settlement while 10% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 10% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 12% dedicated 30% to 40% of income for same. Things are looking brighter for 16% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Cape Verde
| Debt | % People |
|---|
| Real Estate Mortgage | 14% |
| Auto Loan | 25% |
| Student Loan | 3% |
| Credit Card | 24% |
| Personal Loan | 35% |
14% of debtors in Cape Verde confirm that real estate mortgages constitutes the main part of their outstanding debt while 24% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 25% of people and personal loans rose at 35%. Lastly, student loans are the main source of debt for 3% of debtors in Cape Verde.
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 Cape Verde
Besides measuring the loan-to-income ratio, we asked residents of Cape Verde 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 | 56% |
| Once a year | 21% |
| Twice a year | 11% |
| Three times a year | 8% |
| Four times a year | 3% |
Housing costs, accommodation, and housing affordability in Cape Verde
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Cape Verde
Monthly Rent Prices
Studio apartment | 17,000 CVE | 26,000 CVE | 68,000 CVE |
1-bedroom apartment | 26,000 CVE | 41,000 CVE | 100,000 CVE |
2-bedroom apartment | 34,000 CVE | 51,000 CVE | 140,000 CVE |
3-bedroom apartment | 41,000 CVE | 68,000 CVE | 190,000 CVE |
Furnished apartment | 82,000 CVE | 200,000 CVE | 410,000 CVE |
Townhouse | 68,000 CVE | 100,000 CVE | 290,000 CVE |
House | 82,000 CVE | 200,000 CVE | 410,000 CVE |
Villa | 100,000 CVE | 260,000 CVE | 410,000 CVE |
The monthly rental cost of a studio apartment in Cape Verde ranges between 17,000 CVE and 68,000 CVE, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 26,000 CVE to 100,000 CVE. Two-bedroom rentals rate ranges between 34,000 CVE and 140,000 CVE per month. The monthly rental for a three-bedroom apartment ranges from 41,000 CVE to 190,000 CVE. The average rent of a townhouse in Cape Verde is around 100,000 CVE while house rental costs can be as high as 200,000 CVE per month. Finally, if you want to rent a villa, expect to pay anywhere from 100,000 CVE to 410,000 CVE per month.
Apartment and house prices in Cape Verde
Cost of buying a property
Studio apartment | 3.4M CVE | 5.1M CVE | 10M CVE |
1-bedroom apartment | 4.1M CVE | 6.8M CVE | 26M CVE |
2-bedroom apartment | $67,000 | $200,000 | $400,000 |
3-bedroom apartment
Townhouse
House | 34M CVE | 200M CVE | 290M CVE |
Villa | 41M CVE | 230M CVE | 340M CVE |
The average price of a studio apartment in Cape Verde can range from 3.4M CVE to 10M CVE depending on location. One bedroom cost can be anywhere from 4.1M CVE to 26M CVE. A villa can cost you 230M CVE on average with prices ranging from 41M CVE to 340M CVE.
If you're leasing or purchasing, housing costs in Cape Verde 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
| 43 | x126 monthly income | 216 |
Property prices in Cape Verde can be x126 to x216 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x126 multiples of the average monthly salary in Cape Verde.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Cape Verde is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 23% to 43% 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
31% 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.
| 300 CVE | 3,900 CVE | 39,000 CVE |
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 Cape Verde
Housing34%
34% of total expenses on average (22% to 46%)
| LOW | $160 16,000 CVE |
| AVERAGE | $480 48,000 CVE |
| HIGH | $3,200 320,000 CVE |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (3% to 12%)
| LOW | $26 2,700 CVE |
| AVERAGE | $79 8,100 CVE |
| HIGH | $530 54,000 CVE |
| Per Month |
Transport, Fuel7%
7% of total expenses on average (5% to 13%)
| LOW | $35 3,600 CVE |
| AVERAGE | $110 11,000 CVE |
| HIGH | $700 72,000 CVE |
| Per Month |
Food and Groceries17%
17% of total expenses on average (11% to 22%)
| LOW | $70 7,200 CVE |
| AVERAGE | $210 21,000 CVE |
| HIGH | $1,400 140,000 CVE |
| Per Month |
Healthcare10%
10% of total expenses on average (4% to 14%)
| LOW | $40 4,000 CVE |
| AVERAGE | $120 12,000 CVE |
| HIGH | $790 81,000 CVE |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (3% to 7%)
| LOW | $22 2,200 CVE |
| AVERAGE | $66 6,700 CVE |
| HIGH | $440 45,000 CVE |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $8.8 890 CVE |
| AVERAGE | $26 2,700 CVE |
| HIGH | $180 18,000 CVE |
| Per Month |
Other Expenses19%
19% of total expenses on average (11% to 23%)
| LOW | $79 8,100 CVE |
| AVERAGE | $240 24,000 CVE |
| HIGH | $1,600 160,000 CVE |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Cape Verde
Housing31%
31% of total expenses on average (24% to 41%)
| LOW | $240 25,000 CVE |
| AVERAGE | $730 74,000 CVE |
| HIGH | $3,900 390,000 CVE |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $37 3,700 CVE |
| AVERAGE | $110 11,000 CVE |
| HIGH | $590 60,000 CVE |
| Per Month |
Transport, Fuel11%
11% of total expenses on average (5% to 16%)
| LOW | $88 8,900 CVE |
| AVERAGE | $260 27,000 CVE |
| HIGH | $1,400 140,000 CVE |
| Per Month |
Food and Groceries15%
15% of total expenses on average (10% to 20%)
| LOW | $100 10,000 CVE |
| AVERAGE | $310 31,000 CVE |
| HIGH | $1,600 170,000 CVE |
| Per Month |
Healthcare12%
12% of total expenses on average (6% to 16%)
| LOW | $81 8,200 CVE |
| AVERAGE | $240 25,000 CVE |
| HIGH | $1,300 130,000 CVE |
| Per Month |
Leisure, Shopping5%
5% of total expenses on average (2% to 8%)
| LOW | $44 4,500 CVE |
| AVERAGE | $130 13,000 CVE |
| HIGH | $700 72,000 CVE |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $15 1,500 CVE |
| AVERAGE | $44 4,500 CVE |
| HIGH | $230 24,000 CVE |
| Per Month |
Other Expenses18%
18% of total expenses on average (12% to 24%)
| LOW | $120 13,000 CVE |
| AVERAGE | $370 38,000 CVE |
| HIGH | $2,000 200,000 CVE |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Cape Verde
Housing30%
30% of total expenses on average (25% to 40%)
| LOW | $330 33,000 CVE |
| AVERAGE | $940 95,000 CVE |
| HIGH | $5,200 520,000 CVE |
| Per Month |
Transport, Fuel7%
7% of total expenses on average (5% to 9%)
| LOW | $82 8,400 CVE |
| AVERAGE | $230 24,000 CVE |
| HIGH | $1,300 130,000 CVE |
| Per Month |
Food and Groceries19%
19% of total expenses on average (12% to 25%)
| LOW | $180 19,000 CVE |
| AVERAGE | $530 54,000 CVE |
| HIGH | $2,900 300,000 CVE |
| Per Month |
Healthcare9%
9% of total expenses on average (5% to 14%)
| LOW | $82 8,400 CVE |
| AVERAGE | $230 24,000 CVE |
| HIGH | $1,300 130,000 CVE |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $51 5,200 CVE |
| AVERAGE | $150 15,000 CVE |
| HIGH | $810 82,000 CVE |
| Per Month |
Education14%
14% of total expenses on average (7% to 22%)
| LOW | $140 15,000 CVE |
| AVERAGE | $410 42,000 CVE |
| HIGH | $2,300 230,000 CVE |
| Per Month |
Other Expenses13%
13% of total expenses on average (6% to 18%)
| LOW | $120 13,000 CVE |
| AVERAGE | $350 36,000 CVE |
| HIGH | $1,900 200,000 CVE |
| Per Month |
StudentCost of living and expenses break down for students living in Cape Verde
Housing22%
22% of total expenses on average (17% to 28%)
| LOW | $87 8,900 CVE |
| AVERAGE | $220 22,000 CVE |
| HIGH | $390 40,000 CVE |
| Per Month |
Utilities, Electricity, Water5%
5% of total expenses on average (3% to 9%)
| LOW | $15 1,500 CVE |
| AVERAGE | $36 3,700 CVE |
| HIGH | $65 6,600 CVE |
| Per Month |
Transport, Fuel6%
6% of total expenses on average (5% to 12%)
| LOW | $25 2,600 CVE |
| AVERAGE | $64 6,500 CVE |
| HIGH | $110 12,000 CVE |
| Per Month |
Food and Groceries21%
21% of total expenses on average (15% to 25%)
| LOW | $73 7,400 CVE |
| AVERAGE | $180 18,000 CVE |
| HIGH | $330 33,000 CVE |
| Per Month |
Healthcare7%
7% of total expenses on average (4% to 10%)
| LOW | $22 2,200 CVE |
| AVERAGE | $54 5,500 CVE |
| HIGH | $98 10,000 CVE |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (3% to 8%)
| LOW | $18 1,800 CVE |
| AVERAGE | $45 4,600 CVE |
| HIGH | $82 8,300 CVE |
| Per Month |
Education19%
19% of total expenses on average (12% to 24%)
| LOW | $69 7,000 CVE |
| AVERAGE | $170 18,000 CVE |
| HIGH | $310 32,000 CVE |
| Per Month |
Other Expenses16%
16% of total expenses on average (10% to 22%)
| LOW | $54 5,500 CVE |
| AVERAGE | $140 14,000 CVE |
| HIGH | $240 25,000 CVE |
| Per Month |
