Cost Of Living in Cayman Islands 2025

Average monthly spending for singles, couples, students, and families in Cayman Islands

Whether you're living in Cayman Islands 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.

SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Cayman Islands

FamilyAverage monthly expenses and break out of spending for families living in Cayman Islands

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 whether they have an emergency fund and the answers were as follows.

Yes78%

No22%

Based on the survey, 22% of the people living in Cayman Islands said that they don't have an emergency fund while 78% said that they do.

Debt, loans, and mortgages in Cayman Islands

Percentage of people who are in debt

According to the survey, 21% of the people in Cayman Islands have some kind of debt, loan, mortgage, or credit card payments while 79% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Cayman Islands

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 26% of the people's monthly income in Cayman Islands goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 2% of the debtors in Cayman Islands pay 60%+ of their income as debt settlement while 7% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 9% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 11% dedicated 30% to 40% of income for same. Things are looking brighter for 18% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Cayman Islands

16% of debtors in Cayman Islands confirm that real estate mortgages constitutes the main part of their outstanding debt while 22% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 28% of people and personal loans rose at 32%. Lastly, student loans are the main source of debt for 2% of debtors in Cayman Islands.

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 Cayman Islands

Besides measuring the loan-to-income ratio, we asked residents 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 Cayman Islands

Rent Cost in Cayman Islands

Monthly Rent Prices

Studio apartment monthly rent cost

270 KYD

410 KYD

1,100 KYD

MINIMUM

AVERAGE

MAXIMUM

$330

$490

$1,300

1-bedroom apartment monthly rent cost

410 KYD

650 KYD

1,600 KYD

MINIMUM

AVERAGE

MAXIMUM

$490

$790

$2,000

2-bedroom apartment monthly rent cost

540 KYD

810 KYD

2,200 KYD

MINIMUM

AVERAGE

MAXIMUM

$660

$990

$2,600

3-bedroom apartment monthly rent cost

650 KYD

1,100 KYD

3,000 KYD

MINIMUM

AVERAGE

MAXIMUM

$790

$1,300

$3,600

Furnished apartment monthly rent cost

1,300 KYD

3,300 KYD

6,500 KYD

MINIMUM

AVERAGE

MAXIMUM

$1,600

$4,000

$7,900

Townhouse monthly rent cost

1,100 KYD

1,600 KYD

4,600 KYD

MINIMUM

AVERAGE

MAXIMUM

$1,300

$2,000

$5,700

House monthly rent cost

1,300 KYD

3,300 KYD

6,500 KYD

MINIMUM

AVERAGE

MAXIMUM

$1,600

$4,000

$7,900

Villa monthly rent cost

1,600 KYD

4,100 KYD

6,500 KYD

MINIMUM

AVERAGE

MAXIMUM

$2,000

$4,900

$7,900

The monthly rental cost of a studio apartment in Cayman Islands ranges between 270 KYD and 1,100 KYD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 410 KYD to 1,600 KYD. Two-bedroom rentals rate ranges between 540 KYD and 2,200 KYD per month. The monthly rental for a three-bedroom apartment ranges from 650 KYD to 3,000 KYD. The average rent of a townhouse in Cayman Islands is around 1,600 KYD while house rental costs can be as high as 3,300 KYD per month. Finally, if you want to rent a villa, expect to pay anywhere from 1,600 KYD to 6,500 KYD per month.

Apartment and house prices in Cayman Islands

Cost of buying a property

Studio apartment price

54,000 KYD

81,000 KYD

160,000 KYD

MINIMUM

AVERAGE

MAXIMUM

$66,000

$99,000

$200,000

1-bedroom apartment price

65,000 KYD

110,000 KYD

410,000 KYD

MINIMUM

AVERAGE

MAXIMUM

$79,000

$130,000

$490,000

2-bedroom apartment price

110,000 KYD

330,000 KYD

650,000 KYD

MINIMUM

AVERAGE

MAXIMUM

$130,000

$400,000

$790,000

3-bedroom apartment price

360,000 KYD

540,000 KYD

1.6M KYD

MINIMUM

AVERAGE

MAXIMUM

$440,000

$660,000

$2M

Townhouse price

460,000 KYD

1.1M KYD

4.1M KYD

MINIMUM

AVERAGE

MAXIMUM

$570,000

$1.3M

$4.9M

House price

540,000 KYD

3.3M KYD

4.6M KYD

MINIMUM

AVERAGE

MAXIMUM

$660,000

$4M

$5.7M

Villa price

650,000 KYD

3.6M KYD

5.4M KYD

MINIMUM

AVERAGE

MAXIMUM

$790,000

$4.4M

$6.6M

The average price of a studio apartment in Cayman Islands can range from 54,000 KYD to 160,000 KYD depending on location. One bedroom cost can be anywhere from 65,000 KYD to 410,000 KYD. A villa can cost you 3.6M KYD on average with prices ranging from 650,000 KYD to 5.4M KYD.

House / apartment prices to income ratio

Property prices in Cayman Islands can be x140 to x224 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x140 multiples of the average monthly salary in Cayman Islands.

Rent to income ratio

The average rent-to-income ratio in Cayman Islands is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 24% to 44% 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.

StudentCost of living and expenses break down for students living in Cayman Islands

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

Singles

The average monthly expense for a single person living in Cayman Islands is 2,100 KYD. Expenses can range from 300 KYD at the minimum level to 14,000 KYD at the highest end.

Couples

The average monthly spending of couples in Cayman Islands is 3,500 KYD. Expenditure can range from 1,200 KYD to 19,000 KYD per month.

Families

The average cost of living for families in Cayman Islands is 4,600 KYD per month. Families spend anywhere from 1,600 KYD to 30,000 KYD.

Students

The average monthly expenditure for students in Cayman Islands is 1,500 KYD. Students spend from 230 KYD to 10,000 KYD per month.

Affordable living in Cayman Islands

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Cayman Islands?

Around 78% of surveyed residents think that living in Cayman Islands is affordable with proper budgeting while 22% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Cayman Islands

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 options63%

Few low-cost options37%

Based on the survey, 63% of the people living in Cayman Islands have no problem finding low-cost alternatives to support a frugal lifestyle while 37% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Financial goals of people in Cayman Islands

In an attempt to understand the economic situation in Cayman Islands, 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 26% said their number one priority is to pay off high-interest debt or loans and improve credit. 6% 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. 10% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 14% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 6% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Typical saving choices for people in Cayman Islands

Where do people choose to put their savings?

Retirement, pension plans, and life after work in Cayman Islands

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

Retirement age

The retirement age for most employees in 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 about their retirement income sources and below are the results.

Retirement Monthly Expenses in Cayman Islands

Saving Challenges in Cayman Islands

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Cayman Islands. 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. 21% of the residents said that they are burdened with debt and find it challenging to save money. 9% 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. 8% blamed impulsive spending as the reason for saving inability. Around 5% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 8% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 14% 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. 9% 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, 4% blamed market instability and price fluctuations.

How do people spend their money in Cayman Islands?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

People living in Cayman Islands typically spend from 18% to 37% of their total monthly expenditure on housing with 29% being the average. The average spend on housing is 910 KYD with expenditure ranging from 70 KYD to 9,100 KYD. 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 Cayman Islands ranges from 2% to 9% of total expenses with 5% being the average. The average monthly cost of utilities is 150 KYD with 12 KYD and 1,500 KYD 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 23 KYD to 3,000 KYD on commuting with 300 KYD 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 5% or as high as 13%.

The average outlay on groceries in a month in Cayman Islands is 750 KYD. The cost of groceries can range between 58 KYD to 7,500 KYD. People spend on average about 26% on food and groceries with upper and lower bounds of 18% and 32% respectively.

People in Cayman Islands 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 16 KYD to 2,100 KYD with 210 KYD 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 9.3 KYD to 1,200 KYD with 120 KYD being the average. Speaking of percentages, that equates to 3% to 11% of total expenses with an average of 7% 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 180 KYD per month with 14 KYD being the minimum spent amount and 1,800 KYD being the maximum.

Expenditure to Income Ratio in Cayman Islands

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 Cayman Islands is 81% This means that on average, people spend around 81% of their income for living. According to the distribution table, 20% of the population spend approximately 60% to 70% of their income every month.

Individual
73%
Spending-Income-Ratio

---

65%

82%

Couple
77%
Spending-Income-Ratio

---

68%

87%

Family
85%
Spending-Income-Ratio

---

76%

96%

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

Almost 72% of the surveyed people in Cayman Islands said that they can save some money at the end of each month while 28% said that aren't saving anything.

Percentage of people saving money by population group in Cayman Islands

Saving to Income Ratio

Average Monthly Saved Amount

For most people, 14% to 34% of their monthly income is what they can allocate to their savings, with 24% being the average. The amount of money that people can save is approximately 1,200 KYD on average with savings ranging from 93 KYD to 12,000 KYD.

72% of surveyed singles reported some of their income going to savings while 67% of couples said the same. 62% of families confirmed their ability to save money.

How much money do people actually save in Cayman Islands?

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 17% to 36% of their monthly income to savings, with 28% being the average for most singles. The average amount of money that singles are able to save is 840 KYD with 93 KYD and 5,600 KYD 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 15% to 35% of their monthly income, with 26% being the average for most couples. The average amount of money that couples can save is 1,400 KYD with 470 KYD and 7,500 KYD 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 Cayman Islands can save anywhere between 13% to 31% of their monthly income, with 22% being the average for most families. The average amount of money that families can put aside is 1,900 KYD with 650 KYD and 12,000 KYD being the minimum and maximum respectively.

Monthly costs and expenses of energy and basic utilities in Cayman Islands

Energy, electricity, water, gas, internet, and mobile cost in Cayman Islands

Utility Bill Cost / Electricity + Water + Gas / Individual

18 KYD

130 KYD

840 KYD

MINIMUM

AVERAGE

MAXIMUM

$22

$150

$1,000

Utility Bill Cost / Electricity + Water + Gas / Couple

46 KYD

160 KYD

1,000 KYD

MINIMUM

AVERAGE

MAXIMUM

$56

$190

$1,200

Utility Bill Cost / Electricity + Water + Gas / Family

81 KYD

230 KYD

1,500 KYD

MINIMUM

AVERAGE

MAXIMUM

$99

$280

$1,800

Internet and cable cost

16 KYD

33 KYD

43 KYD

MINIMUM

AVERAGE

MAXIMUM

$20

$40

$53

Mobile phone bill and charges

13 KYD

22 KYD

65 KYD

MINIMUM

AVERAGE

MAXIMUM

$16

$26

$79

The average monthly expenditure for individuals on electricty, water, and gas in Cayman Islands ranges between 18 KYD and 840 KYD with average being 130 KYD, meanwhile the expenditure of couples is slightly higher at 160 KYD with 46 KYD and 1,000 KYD 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 230 KYD. The cost of internet and WiFi is unchanged among the three groups and ranges from 16 KYD to 43 KYD with 33 KYD being the average internet bill. Finally, the average monthly mobile charges is around 22 KYD but can range between 13 KYD and 65 KYD 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 Cayman Islands is around 4%. This means that people pay 4% of their income for energy, water, internet, and mobile charges. Those figures can range from 1% to 8% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Cayman Islands

Prices and cost of goods and services in Cayman Islands

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

Fast food combo meal price

3.3 KYD

6.5 KYD

11 KYD

MINIMUM

AVERAGE

MAXIMUM

$4

$7.9

$13

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Cayman Islands is approximatly 6.5 KYD with meal cost ranging from 3.3 KYD to 11 KYD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

11 KYD

16 KYD

33 KYD

MINIMUM

AVERAGE

MAXIMUM

$13

$20

$40

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 11 KYD and 33 KYD with 16 KYD being the average price of a plate for one person at a regular restaurant in Cayman Islands.

Fine dining meal for one price

22 KYD

33 KYD

130 KYD

MINIMUM

AVERAGE

MAXIMUM

$26

$40

$160

The price range of a meal at fine-dining restaurant is 22 KYD to 130 KYD with the average cost being 33 KYD for one person. This is what you would expect to pay a top-tier diner in Cayman Islands.

Beverage prices, cappuccino, latte etc..

2.7 KYD

4.3 KYD

6.5 KYD

MINIMUM

AVERAGE

MAXIMUM

$3.3

$5.3

$7.9

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Cayman Islands is around 4.3 KYD. Price ranges between 2.7 KYD and 6.5 KYD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

2.2 KYD

2.6 KYD

3.3 KYD

MINIMUM

AVERAGE

MAXIMUM

$2.6

$3.2

$4

The average price of a large bottle of milk in Cayman Islands is 2.6 KYD. The maximum what you would pay for milk is 3.3 KYD and the minimum being 2.2 KYD depending on the brand of milk and other properties.

12 eggs price

1.6 KYD

2.2 KYD

3.3 KYD

MINIMUM

AVERAGE

MAXIMUM

$2

$2.6

$4

A dozen eggs costs around 2.2 KYD on average with 1.6 KYD and 3.3 KYD being the lower and upper limits respectively.

Fresh whole chicken price

3.7 KYD

4.8 KYD

6.8 KYD

MINIMUM

AVERAGE

MAXIMUM

$4.5

$5.8

$8.2

The price range of a fresh whole chicken in Cayman Islands is between 3.7 KYD and 6.8 KYD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 4.8 KYD.

Pack of beef price

4.3 KYD

6.5 KYD

13 KYD

MINIMUM

AVERAGE

MAXIMUM

$5.3

$7.9

$16

The price of a regular pack of beef or meat is around 6.5 KYD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

1.8 KYD

2.4 KYD

3.4 KYD

MINIMUM

AVERAGE

MAXIMUM

$2.1

$2.9

$4.1

A bag of rice in Cayman Islands costs around 2.4 KYD on average with prices rangeing between 1.8 KYD and 3.4 KYD depending on the brand and quality.

Bag of tomatos price

0.65 KYD

0.87 KYD

1.6 KYD

MINIMUM

AVERAGE

MAXIMUM

$0.79

$1.1

$2

A bag of tomatoes costs anywhere from 0.65 KYD to 1.6 KYD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

1.2 KYD

1.5 KYD

2.5 KYD

MINIMUM

AVERAGE

MAXIMUM

$1.4

$1.9

$3

A bag of apples costs 1.5 KYD 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 Cayman Islands 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 330 KYD per month on grocery and food with expenditure fluctuating between 48 KYD and 2,200 KYD depending on location and the type of person. The average cost of food and groceries for a couple is around 490 KYD per month. That number can be get as low as 160 KYD or a high as 2,600 KYD. Families' spending on grocery ranges from 290 KYD to 5,400 KYD with the location, income, and size of the family being the most determinite factors.

CoupleAverage monthly living expenditure breaks and spending patterns for couples in Cayman Islands

Financial Literacy in

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 Leteracy73%

We asked residents of whether they acquired any adequate personal financial training in their lives. Approximately 27% 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 73% 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 have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 17% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 83% said that they have everything under control.

Struggles with finance17%

Easily manages finances83%