Cost Of Living in Cartagena 2024
Average monthly spending for singles, couples, students, and families in Cartagena
Whether you're living in Cartagena 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 Expenditure9.6M COP
per month$2,400740,000 COP $190
$24,000 96M COP
Single6.7M COP
per month$1,7002.2M COP $560
$11,000 44M COP
Couple11M COP
per month$2,8003.7M COP $940
$15,000 59M COP
Family15M COP
per month$3,7005.2M COP $1,300
$21,000 81M COP
Student4.5M COP
per month$1,1001.8M COP $450
$2,000 8.1M COP
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Cartagena is 6.7M COP. Expenses can range from 2.2M COP at the minimum level to 44M COP at the highest end.
Couples
The average monthly spending of couples in Cartagena is 11M COP. Expenditure can range from 3.7M COP to 59M COP per month.
Families
The average cost of living for families in Cartagena is 15M COP per month. Families spend anywhere from 5.2M COP to 81M COP.
Students
The average monthly expenditure for students in Cartagena is 4.5M COP. Students spend from 1.8M COP to 8.1M COP 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 Cartagena
Dining, food, and beverages costs
Large bottle of water | 1,100 COP | 1,200 COP | 1,400 COP |
Fast food combo meal | 9,300 COP | 19,000 COP | 31,000 COP |
Restaurant meal for one | 32,000 COP | 48,000 COP | 96,000 COP |
Fine dining meal for one | 64,000 COP | 96,000 COP | 390,000 COP |
Soda or Soft Drink | 1,300 COP | 1,600 COP | 1,900 COP |
Cappuccino or latte | 7,800 COP | 12,000 COP | 19,000 COP |
Grocery and market costs
Milk large bottle | 6,200 COP | 7,500 COP | 9,300 COP |
Loaf of bread | 1,100 COP | 1,300 COP | 1,500 COP |
12 eggs | 4,700 COP | 6,200 COP | 9,300 COP |
Fresh whole chicken | 11,000 COP | 14,000 COP | 19,000 COP |
Beef 1 kg or 1 lb | 12,000 COP | 19,000 COP | 37,000 COP |
Rice 1 kg or 1 lb | 5,000 COP | 6,800 COP | 9,700 COP |
Tomato 1 kg or 1 lb | 1,900 COP | 2,500 COP | 4,700 COP |
Apples 1 kg or 1 lb | 3,300 COP | 4,400 COP | 7,200 COP |
Commute, travel, and transportation costs
20 minutes taxi ride | 8,000 COP | 9,600 COP | 19,000 COP |
Average car full tank | 47,000 COP | 62,000 COP | 120,000 COP |
Average car 1-day rental | 50,000 COP | 66,000 COP | 99,000 COP |
Average car price
Bus ticket one way | 1,700 COP | 2,500 COP | 5,000 COP |
Car Service | 66,000 COP | 99,000 COP | 200,000 COP |
Utility cost (monthly)
Utility Bill - Individual | 130,000 COP | 400,000 COP | 2.7M COP |
Utility Bill - Couple | 180,000 COP | 550,000 COP | 3M COP |
Utility Bill - Family | 160,000 COP | 440,000 COP | 2.4M COP |
Internet and cable | 47,000 COP | 93,000 COP | 120,000 COP |
Mobile phone charges | 37,000 COP | 62,000 COP | 190,000 COP |
Leisure and activities costs
Movie ticket | 23,000 COP | 31,000 COP | 47,000 COP |
One month gym membership | 80,000 COP | 99,000 COP | 200,000 COP |
Cloths and accessories costs
Pair of jeans or pants | 59,000 COP | 83,000 COP | 120,000 COP |
Woman dress | 55,000 COP | 77,000 COP | 250,000 COP |
Woman shoes | 52,000 COP | 71,000 COP | 170,000 COP |
Men's shoes | 45,000 COP | 55,000 COP | 110,000 COP |
Men suit | 50,000 COP | 62,000 COP | 330,000 COP |
Regular t-shirt | 25,000 COP | 33,000 COP | 99,000 COP |
Housing costs / monthly rent
Studio apartment | 830,000 COP | 1.2M COP | 3.3M COP |
1-bedroom apartment
2-bedroom apartment | 1.7M COP | 2.5M COP | 6.6M COP |
Housing costs / Buying
Studio apartment | 170M COP | 250M COP | 500M COP |
1-bedroom apartment | 200M COP | 330M COP | 1,200M COP |
2-bedroom apartment | 330M COP | 990M COP | 2,000M COP |
| $84,000 | $250,000 | $500,000 |
Furniture Costs
King Size Bed | 930,000 COP | 1.2M COP | 1.6M COP |
Double Bed | 620,000 COP | 930,000 COP | 1.2M COP |
Single Bed | 550,000 COP | 720,000 COP | 930,000 COP |
Living Room
Dining Table | 470,000 COP | 620,000 COP | 1.2M COP |
Sofa or Couch | 620,000 COP | 850,000 COP | 1.9M COP |
Electronics and House Appliance Costs
TV Set | 620,000 COP | 930,000 COP | 1.9M COP |
Fridge or Freezer | 550,000 COP | 850,000 COP | 1.2M COP |
Washing Machine | 720,000 COP | 1M COP | 1.9M COP |
Stove or Cooker | 670,000 COP | 850,000 COP | 1.2M COP |
Mobile Phone | 780,000 COP | 930,000 COP | 1.3M COP |
Laptop or Computer | 850,000 COP | 1M COP | 1.9M COP |
Expenditure to Income Ratio in Cartagena
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
95%
87% to 110%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 5% |
| 50% - 60% | 10% |
| 60% - 70% | 17% |
| 70% - 80% | 26% |
| 80% - 90% | 18% |
| 90% - 100% | 10% |
| 100% - 110% | 5% |
| 110% - 120% | 3% |
| 120% - 130% | 2% |
| 130% - 140% | 2% |
| > 140% | 1% |
Interpretation and Analysis
The average spending-to-salary ratio in Cartagena is 95%
This means that on average, people spend around 95% of their income for living.
According to the distribution table, 17% 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
86%
Spending-Income-Ratio
79%
95%
Couple
90%
Spending-Income-Ratio
83%
100%
Family
100%
Spending-Income-Ratio
92%
110%
How do people spend their money in Cartagena?
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 Expenditure25%
25% of total expenses on average (14% to 33%)
| LOW | $56 220,000 COP |
| AVERAGE | $730 2.9M COP |
| HIGH | $7,300 29M COP |
| Per Month |
People living in Cartagena typically spend from 14% to 33% of their total monthly expenditure on housing with 25% being the average. The average spend on housing is 2.9M COP with expenditure ranging from 220,000 COP to 29M COP. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water7%
7% of total expenses on average (4% to 11%)
| LOW | $9.4 37,000 COP |
| AVERAGE | $120 480,000 COP |
| HIGH | $1,200 4.8M COP |
| Per Month |
Utility expenditure like electricity, water, and gas in Cartagena ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 480,000 COP with 37,000 COP and 4.8M COP being the upper and lower limits.
Transport, Fuel, Commute8%
8% of total expenses on average (4% to 12%)
| LOW | $19 74,000 COP |
| AVERAGE | $240 960,000 COP |
| HIGH | $2,400 9.6M COP |
| 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 74,000 COP to 9.6M COP on commuting with 960,000 COP being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.
Food and Groceries Cost27%
27% of total expenses on average (19% to 33%)
| LOW | $47 180,000 COP |
| AVERAGE | $610 2.4M COP |
| HIGH | $6,100 24M COP |
| Per Month |
The average outlay on groceries in a month in Cartagena is 2.4M COP. The cost of groceries can range between 180,000 COP to 24M COP. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.
Healthcare and Medical Services9%
9% of total expenses on average (4% to 12%)
| LOW | $13 52,000 COP |
| AVERAGE | $170 670,000 COP |
| HIGH | $1,700 6.7M COP |
| Per Month |
People in Cartagena allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 52,000 COP to 6.7M COP with 670,000 COP being the norm.
Leisure and Shopping5%
5% of total expenses on average (3% to 9%)
| LOW | $7.5 30,000 COP |
| AVERAGE | $97 380,000 COP |
| HIGH | $970 3.8M COP |
| 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 30,000 COP to 3.8M COP with 380,000 COP being the average. Speaking of percentages, that equates to 3% to 9% of total expenses with an average of 5% for most residents.
Education and Schooling6%
6% of total expenses on average (4% to 12%)
| LOW | $11 44,000 COP |
| AVERAGE | $150 580,000 COP |
| HIGH | $1,500 5.8M COP |
| 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 580,000 COP per month with 44,000 COP being the minimum spent amount and 5.8M COP being the maximum.
Other Expenses13%
13% of total expenses on average (8% to 20%)
| LOW | $24 96,000 COP |
| AVERAGE | $320 1.2M COP |
| HIGH | $3,200 12M COP |
| Per Month |
How much money can you save in Cartagena 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 Cartagena manage to save money from their income every month?
Almost 70% of the surveyed people in Cartagena said that they can save some money at the end of each month while 30% said that aren't saving anything.
Percentage of people saving money by population group in Cartagena
| Group | Savers | Non Savers |
|---|
| Singles | 71% | 29% |
| Couples | 65% | 35% |
| Families | 60% | 40% |
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
260,000 COP
$65 | 3.3M COP
$840 | 33M COP
$8,400 |
For most people, 8.8% to 31% of their monthly income is what they can allocate to their savings, with 16% being the average. The amount of money that people can save is approximately 3.3M COP on average with savings ranging from 260,000 COP to 33M COP.
71% of surveyed singles reported some of their income going to savings while 65% of couples said the same. 60% of families confirmed their ability to save money.
How much money do people actually save in Cartagena?
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
770,000 COP
$190 | 2.3M COP
$580 | 15M COP
$3,900 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 30% |
| 10% - 20% | 24% |
| 20% - 30% | 16% |
| 30% - 40% | 15% |
| 40% - 50% | 11% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 12% to 33% of their monthly income to savings, with 20% being the average for most singles. The average amount of money that singles are able to save is 2.3M COP with 770,000 COP and 15M COP being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
1.3M COP
$320 | 3.8M COP
$970 | 20M COP
$5,200 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 34% |
| 10% - 20% | 26% |
| 20% - 30% | 19% |
| 30% - 40% | 10% |
| 40% - 50% | 8% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 9.9% to 32% of their monthly income, with 18% being the average for most couples. The average amount of money that couples can save is 3.8M COP with 1.3M COP and 20M COP being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
1.8M COP
$450 | 5.1M COP
$1,300 | 28M COP
$7,100 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 37% |
| 10% - 20% | 29% |
| 20% - 30% | 20% |
| 30% - 40% | 7% |
| 40% - 50% | 5% |
| > 50% | 2% |
Interpretation and Analysis
Families in Cartagena can save anywhere between 8.8% to 29% of their monthly income, with 16% being the average for most families. The average amount of money that families can put aside is 5.1M COP with 1.8M COP and 28M COP 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 Cartagena
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Cartagena?
Around 70% of surveyed residents think that living in Cartagena 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 Cartagena
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 options65%
Few low-cost options35%
Based on the survey, 65% of the people living in Cartagena have no problem finding low-cost alternatives to support a frugal lifestyle while 35% 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 Cartagena whether they have an emergency fund and the answers were as follows.
Yes70%
No30%
Based on the survey, 30% of the people living in Cartagena said that they don't have an emergency fund while 70% said that they do.
Financial Literacy in Colombia
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 Leteracy58%
We asked residents of Colombia whether they acquired any adequate personal financial training in their lives. Approximately 42% 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 58% 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 Colombia have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 33% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 67% said that they have everything under control.
Struggles with finance33%
Easily manages finances67%
Financial goals of people in Cartagena
In an attempt to understand the economic situation in Cartagena, 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 | 7% |
| Debt Reduction | 37% |
| Retirement Savings | 9% |
| Education Funding | 8% |
| Homeownership | 17% |
| Investing | 8% |
| Travel or Lifestyle | 9% |
| Healthcare Expenses | 11% |
| Financial Independence | 7% |
Around 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 37% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 9% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 11% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Cartagena
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Cartagena. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 6% |
| High Expenses | 9% |
| Debt and Loans | 16% |
| Lack of Budgeting Skills | 11% |
| Impulsive Spending | 10% |
| Financial Emergencies | 6% |
| Living the moment | 6% |
| Will do it later | 19% |
| Inflation | 12% |
| Social Pressure | 3% |
| Market Instability | 3% |
Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 16% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 10% 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. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 19% 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. 12% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.
Typical saving choices for people in Cartagena
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 11% |
| Gold | 11% |
| Savings Accounts | 17% |
| Retirement Accounts | 11% |
| Cash Savings | 18% |
| Real Estate | 10% |
| Investment | 6% |
| Stocks | 5% |
| Bonds | 6% |
| Mutual Funds | 3% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Cartagena
What does the retirement lifestyle look like in Cartagena and how much retirement savings are required?
Retirement age
The retirement age for most employees in Colombia 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 Cartagena:| Age | Amount |
|---|
| 25 | 26M COP |
| 30 | 52M COP |
| 35 | 90M COP |
| 40 | 130M COP |
| 45 | 190M COP |
| 50 | 270M COP |
| 55 | 320M COP |
| 60 | 400M COP |
| 65 | 480M COP |
Retirement Income Distribution
We asked residents of Cartagena about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 13% |
| Savings | 22% |
| Investments | 13% |
| Social Security | 8% |
| Annuities | 8% |
| Part-time Job | 12% |
| Real Estate | 17% |
| Dividends and Interest | 8% |
Retirement Monthly Expenses in Cartagena 1.6M COP
$410 | 4.9M COP
$1,200 | 32M COP
$8,200 |
Debt, loans, and mortgages in Cartagena
Percentage of people who are in debt
According to the survey, 28% of the people in Cartagena have some kind of debt, loan, mortgage, or credit card payments while 72% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Cartagena
Debt to income ratio
34%
25% to 44%
( 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 34% of the people's monthly income in Cartagena goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 15% |
| 40% - 50% | 13% |
| 30% - 40% | 15% |
| 20% - 30% | 13% |
| 10% - 20% | 15% |
| 0% - 10% | 27% |
According to our data, 3% of the debtors in Cartagena pay 60%+ of their income as debt settlement while 15% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 13% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 15% dedicated 30% to 40% of income for same. Things are looking brighter for 13% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Cartagena
| Debt | % People |
|---|
| Real Estate Mortgage | 11% |
| Auto Loan | 19% |
| Student Loan | 3% |
| Credit Card | 27% |
| Personal Loan | 40% |
11% of debtors in Cartagena confirm that real estate mortgages constitutes the main part of their outstanding debt while 27% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 19% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 3% of debtors in Cartagena.
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 Cartagena
Besides measuring the loan-to-income ratio, we asked residents of Cartagena 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 | 53% |
| Once a year | 23% |
| Twice a year | 12% |
| Three times a year | 8% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Cartagena
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Cartagena
Monthly Rent Prices
Studio apartment | 830,000 COP | 1.2M COP | 3.3M COP |
1-bedroom apartment
2-bedroom apartment | 1.7M COP | 2.5M COP | 6.6M COP |
3-bedroom apartment
Furnished apartment
Townhouse
House
Villa The monthly rental cost of a studio apartment in Cartagena ranges between 830,000 COP and 3.3M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1.2M COP to 5M COP. Two-bedroom rentals rate ranges between 1.7M COP and 6.6M COP per month. The monthly rental for a three-bedroom apartment ranges from 2M COP to 9M COP. The average rent of a townhouse in Cartagena is around 5M COP while house rental costs can be as high as 9.9M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 5M COP to 20M COP per month.
Apartment and house prices in Cartagena
Cost of buying a property
Studio apartment | 170M COP | 250M COP | 500M COP |
1-bedroom apartment | 200M COP | 330M COP | 1,200M COP |
2-bedroom apartment | 330M COP | 990M COP | 2,000M COP |
| $84,000 | $250,000 | $500,000 |
3-bedroom apartment | 1,100M COP | 1,700M COP | 5,000M COP |
Townhouse | 1,400M COP | 3,300M COP | 12,000M COP |
House | 1,700M COP | 9,900M COP | 14,000M COP |
Villa | 2,000M COP | 11,000M COP | 17,000M COP |
The average price of a studio apartment in Cartagena can range from 170M COP to 500M COP depending on location. One bedroom cost can be anywhere from 200M COP to 1,200M COP. A villa can cost you 11,000M COP on average with prices ranging from 2,000M COP to 17,000M COP.
If you're leasing or purchasing, housing costs in Cartagena 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
| 36 | x104 monthly income | 218 |
Property prices in Cartagena can be x104 to x218 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x104 multiples of the average monthly salary in Cartagena.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Cartagena is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 21% 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
29% 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.
| 15,000 COP | 190,000 COP | 1.9M COP |
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 Cartagena
Housing31%
31% of total expenses on average (19% to 43%)
| LOW | $200 800,000 COP |
| AVERAGE | $610 2.4M COP |
| HIGH | $4,000 16M COP |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (4% to 13%)
| LOW | $34 130,000 COP |
| AVERAGE | $100 400,000 COP |
| HIGH | $670 2.7M COP |
| Per Month |
Transport, Fuel6%
6% of total expenses on average (4% to 12%)
| LOW | $45 180,000 COP |
| AVERAGE | $130 530,000 COP |
| HIGH | $900 3.5M COP |
| Per Month |
Food and Groceries18%
18% of total expenses on average (12% to 23%)
| LOW | $90 350,000 COP |
| AVERAGE | $270 1.1M COP |
| HIGH | $1,800 7.1M COP |
| Per Month |
Healthcare11%
11% of total expenses on average (5% to 15%)
| LOW | $51 200,000 COP |
| AVERAGE | $150 600,000 COP |
| HIGH | $1,000 4M COP |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (3% to 6%)
| LOW | $28 110,000 COP |
| AVERAGE | $84 330,000 COP |
| HIGH | $560 2.2M COP |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $11 44,000 COP |
| AVERAGE | $34 130,000 COP |
| HIGH | $220 890,000 COP |
| Per Month |
Other Expenses21%
21% of total expenses on average (13% to 25%)
| LOW | $100 400,000 COP |
| AVERAGE | $300 1.2M COP |
| HIGH | $2,000 8M COP |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Cartagena
Housing28%
28% of total expenses on average (21% to 38%)
| LOW | $310 1.2M COP |
| AVERAGE | $930 3.7M COP |
| HIGH | $4,900 20M COP |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $47 180,000 COP |
| AVERAGE | $140 550,000 COP |
| HIGH | $750 3M COP |
| Per Month |
Transport, Fuel10%
10% of total expenses on average (4% to 15%)
| LOW | $110 440,000 COP |
| AVERAGE | $340 1.3M COP |
| HIGH | $1,800 7.1M COP |
| Per Month |
Food and Groceries16%
16% of total expenses on average (11% to 21%)
| LOW | $130 520,000 COP |
| AVERAGE | $390 1.6M COP |
| HIGH | $2,100 8.3M COP |
| Per Month |
Healthcare13%
13% of total expenses on average (7% to 17%)
| LOW | $100 410,000 COP |
| AVERAGE | $310 1.2M COP |
| HIGH | $1,600 6.5M COP |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (2% to 7%)
| LOW | $56 220,000 COP |
| AVERAGE | $170 670,000 COP |
| HIGH | $900 3.5M COP |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $19 74,000 COP |
| AVERAGE | $56 220,000 COP |
| HIGH | $300 1.2M COP |
| Per Month |
Other Expenses20%
20% of total expenses on average (14% to 26%)
| LOW | $160 630,000 COP |
| AVERAGE | $480 1.9M COP |
| HIGH | $2,500 10M COP |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Cartagena
Housing27%
27% of total expenses on average (22% to 37%)
| LOW | $420 1.7M COP |
| AVERAGE | $1,200 4.7M COP |
| HIGH | $6,600 26M COP |
| Per Month |
Transport, Fuel6%
6% of total expenses on average (4% to 8%)
| LOW | $100 410,000 COP |
| AVERAGE | $300 1.2M COP |
| HIGH | $1,600 6.5M COP |
| Per Month |
Food and Groceries20%
20% of total expenses on average (13% to 26%)
| LOW | $240 930,000 COP |
| AVERAGE | $670 2.7M COP |
| HIGH | $3,700 15M COP |
| Per Month |
Healthcare10%
10% of total expenses on average (6% to 15%)
| LOW | $100 410,000 COP |
| AVERAGE | $300 1.2M COP |
| HIGH | $1,600 6.5M COP |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $66 260,000 COP |
| AVERAGE | $190 740,000 COP |
| HIGH | $1,000 4.1M COP |
| Per Month |
Education14%
14% of total expenses on average (7% to 22%)
| LOW | $180 720,000 COP |
| AVERAGE | $520 2.1M COP |
| HIGH | $2,900 11M COP |
| Per Month |
Other Expenses15%
15% of total expenses on average (8% to 20%)
| LOW | $160 620,000 COP |
| AVERAGE | $450 1.8M COP |
| HIGH | $2,500 9.8M COP |
| Per Month |
StudentCost of living and expenses break down for students living in Cartagena
Housing19%
19% of total expenses on average (14% to 25%)
| LOW | $110 430,000 COP |
| AVERAGE | $270 1.1M COP |
| HIGH | $490 1.9M COP |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $18 72,000 COP |
| AVERAGE | $45 180,000 COP |
| HIGH | $82 320,000 COP |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (5% to 11%)
| LOW | $32 130,000 COP |
| AVERAGE | $79 310,000 COP |
| HIGH | $140 560,000 COP |
| Per Month |
Food and Groceries22%
22% of total expenses on average (16% to 26%)
| LOW | $91 360,000 COP |
| AVERAGE | $230 900,000 COP |
| HIGH | $410 1.6M COP |
| Per Month |
Healthcare8%
8% of total expenses on average (5% to 11%)
| LOW | $27 110,000 COP |
| AVERAGE | $68 270,000 COP |
| HIGH | $120 480,000 COP |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $23 90,000 COP |
| AVERAGE | $57 220,000 COP |
| HIGH | $100 400,000 COP |
| Per Month |
Education19%
19% of total expenses on average (12% to 24%)
| LOW | $86 340,000 COP |
| AVERAGE | $220 850,000 COP |
| HIGH | $390 1.5M COP |
| Per Month |
Other Expenses18%
18% of total expenses on average (12% to 24%)
| LOW | $68 270,000 COP |
| AVERAGE | $170 670,000 COP |
| HIGH | $310 1.2M COP |
| Per Month |
