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.

Singles

The average monthly expense for a single person living in Cape Verde is 130,000 CVE. Expenses can range from 19,000 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 1.9M CVE.

Students

The average monthly expenditure for students in Cape Verde is 97,000 CVE. Students spend from 15,000 CVE to 650,000 CVE per month.

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.

Expense to income distribution levels

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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

Saving to Income Ratio

Average Monthly Saved Amount

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?

Singles

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for singles

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 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 5,600 CVE and 330,000 CVE being the minimum and maximum respectively.

Couples

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for couples

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 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

Savings to income distribution levels for families

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 730,000 CVE being the minimum and maximum respectively.

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.

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 social 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?

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

• 50% for needs and financial obligations

  This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

• 30% for wants and discretionary spending

  This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

• 20% for savings and emergency fund

  This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

Affordable living in 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 we asked 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.

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.

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.

Retirement Income Distribution

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

Retirement Monthly Expenses in Cape Verde

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

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 levels

Monthly debt settlement payment as percentage of monthly income

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

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.

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.

Housing costs, accommodation, and housing affordability in Cape Verde

Rent Cost in Cape Verde

Monthly Rent Prices

Studio apartment monthly rent cost

17,000 CVE

26,000 CVE

68,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$170

$250

$670

1-bedroom apartment monthly rent cost

26,000 CVE

41,000 CVE

100,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$250

$400

$1,000

2-bedroom apartment monthly rent cost

34,000 CVE

51,000 CVE

140,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$340

$500

$1,300

3-bedroom apartment monthly rent cost

41,000 CVE

68,000 CVE

190,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$400

$670

$1,800

Furnished apartment monthly rent cost

82,000 CVE

200,000 CVE

410,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$810

$2,000

$4,000

Townhouse monthly rent cost

68,000 CVE

100,000 CVE

290,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$670

$1,000

$2,900

House monthly rent cost

82,000 CVE

200,000 CVE

410,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$810

$2,000

$4,000

Villa monthly rent cost

100,000 CVE

260,000 CVE

410,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$1,000

$2,500

$4,000

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 price

3.4M CVE

5.1M CVE

10M CVE

MINIMUM

AVERAGE

MAXIMUM

$34,000

$50,000

$100,000

1-bedroom apartment price

4.1M CVE

6.8M CVE

26M CVE

MINIMUM

AVERAGE

MAXIMUM

$40,000

$67,000

$250,000

2-bedroom apartment price

6.8M CVE

20M CVE

41M CVE

MINIMUM

AVERAGE

MAXIMUM

$67,000

$200,000

$400,000

3-bedroom apartment price

23M CVE

34M CVE

100M CVE

MINIMUM

AVERAGE

MAXIMUM

$220,000

$340,000

$1M

Townhouse price

29M CVE

68M CVE

260M CVE

MINIMUM

AVERAGE

MAXIMUM

$290,000

$670,000

$2.5M

House price

34M CVE

200M CVE

290M CVE

MINIMUM

AVERAGE

MAXIMUM

$340,000

$2M

$2.9M

Villa price

41M CVE

230M CVE

340M CVE

MINIMUM

AVERAGE

MAXIMUM

$400,000

$2.2M

$3.4M

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.

House / apartment prices to income ratio

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

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.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Cape Verde

Energy, electricity, water, gas, internet, and mobile cost in Cape Verde

Utility Bill Cost / Electricity + Water + Gas / Individual

1,100 CVE

8,100 CVE

54,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$11

$79

$530

Utility Bill Cost / Electricity + Water + Gas / Couple

3,000 CVE

10,000 CVE

66,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$29

$99

$650

Utility Bill Cost / Electricity + Water + Gas / Family

5,200 CVE

15,000 CVE

97,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$51

$150

$950

Internet and cable cost

1,000 CVE

2,000 CVE

2,700 CVE

MINIMUM

AVERAGE

MAXIMUM

$10

$20

$27

Mobile phone bill and charges

820 CVE

1,400 CVE

4,100 CVE

MINIMUM

AVERAGE

MAXIMUM

$8.1

$13

$40

The average monthly expenditure for individuals on electricty, water, and gas in Cape Verde ranges between 1,100 CVE and 54,000 CVE with average being 8,100 CVE, meanwhile the expenditure of couples is slightly higher at 10,000 CVE with 3,000 CVE and 66,000 CVE being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 15,000 CVE. The cost of internet and WiFi is unchanged among the three groups and ranges from 1,000 CVE to 2,700 CVE with 2,000 CVE being the average internet bill. Finally, the average monthly mobile charges is around 1,400 CVE but can range between 820 CVE and 4,100 CVE depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Cape Verde is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Cape Verde

Prices and cost of goods and services in Cape Verde

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

Fast food combo meal price

200 CVE

410 CVE

680 CVE

MINIMUM

AVERAGE

MAXIMUM

$2

$4

$6.7

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Cape Verde is approximatly 410 CVE with meal cost ranging from 200 CVE to 680 CVE. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

680 CVE

1,000 CVE

2,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$6.7

$10

$20

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 680 CVE and 2,000 CVE with 1,000 CVE being the average price of a plate for one person at a regular restaurant in Cape Verde.

Fine dining meal for one price

1,400 CVE

2,000 CVE

8,200 CVE

MINIMUM

AVERAGE

MAXIMUM

$13

$20

$81

The price range of a meal at fine-dining restaurant is 1,400 CVE to 8,200 CVE with the average cost being 2,000 CVE for one person. This is what you would expect to pay a top-tier diner in Cape Verde.

Beverage prices, cappuccino, latte etc..

170 CVE

270 CVE

410 CVE

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2.7

$4

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Cape Verde is around 270 CVE. Price ranges between 170 CVE and 410 CVE depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

140 CVE

160 CVE

200 CVE

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.6

$2

The average price of a large bottle of milk in Cape Verde is 160 CVE. The maximum what you would pay for milk is 200 CVE and the minimum being 140 CVE depending on the brand of milk and other properties.

12 eggs price

100 CVE

140 CVE

200 CVE

MINIMUM

AVERAGE

MAXIMUM

$1

$1.3

$2

A dozen eggs costs around 140 CVE on average with 100 CVE and 200 CVE being the lower and upper limits respectively.

Fresh whole chicken price

230 CVE

300 CVE

430 CVE

MINIMUM

AVERAGE

MAXIMUM

$2.3

$3

$4.2

The price range of a fresh whole chicken in Cape Verde is between 230 CVE and 430 CVE depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 300 CVE.

Pack of beef price

270 CVE

410 CVE

820 CVE

MINIMUM

AVERAGE

MAXIMUM

$2.7

$4

$8.1

The price of a regular pack of beef or meat is around 410 CVE. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

110 CVE

150 CVE

210 CVE

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.5

$2.1

A bag of rice in Cape Verde costs around 150 CVE on average with prices rangeing between 110 CVE and 210 CVE depending on the brand and quality.

Bag of tomatos price

41 CVE

55 CVE

100 CVE

MINIMUM

AVERAGE

MAXIMUM

$0.40

$0.54

$1

A bag of tomatoes costs anywhere from 41 CVE to 100 CVE. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

73 CVE

96 CVE

160 CVE

MINIMUM

AVERAGE

MAXIMUM

$0.72

$0.94

$1.6

A bag of apples costs 96 CVE on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Cape Verde is around 25%. This means that people spend 25% of their income on grocery and basic household items. The expenditure can range from 17% to 31% depending on salary and location.

Expenditure on food and grocery for every population group

A single person living alone spends approximately 21,000 CVE per month on grocery and food with expenditure fluctuating between 3,000 CVE and 140,000 CVE depending on location and the type of person. The average cost of food and groceries for a couple is around 31,000 CVE per month. That number can be get as low as 10,000 CVE or a high as 170,000 CVE. Families' spending on grocery ranges from 19,000 CVE to 350,000 CVE with the location, income, and size of the family being the most determinite factors.

SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Cape Verde

CoupleAverage monthly living expenditure breaks and spending patterns for couples in Cape Verde

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

StudentCost of living and expenses break down for students living in Cape Verde