Cost Of Living in Cayman Islands 2024
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.
Average Monthly Expenditure3,000 KYD
per month$3,700230 KYD $280
$37,000 30,000 KYD
Single2,100 KYD
per month$2,500700 KYD $850
$17,000 14,000 KYD
Couple3,500 KYD
per month$4,2001,200 KYD $1,400
$23,000 19,000 KYD
Family4,600 KYD
per month$5,6001,600 KYD $2,000
$31,000 26,000 KYD
Student1,500 KYD
per month$1,800590 KYD $710
$3,200 2,600 KYD
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Cayman Islands is 2,100 KYD. Expenses can range from 700 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 26,000 KYD.
Students
The average monthly expenditure for students in Cayman Islands is 1,500 KYD. Students spend from 590 KYD to 2,600 KYD 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 Cayman Islands
Dining, food, and beverages costs
Large bottle of water | 0.38 KYD | 0.43 KYD | 0.50 KYD |
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Soda or Soft Drink | 0.47 KYD | 0.54 KYD | 0.65 KYD |
Cappuccino or latte Grocery and market costs
Milk large bottle
Loaf of bread | 0.39 KYD | 0.45 KYD | 0.52 KYD |
12 eggs
Fresh whole chicken
Beef 1 kg or 1 lb
Rice 1 kg or 1 lb
Tomato 1 kg or 1 lb | 0.65 KYD | 0.87 KYD | 1.6 KYD |
Apples 1 kg or 1 lb Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price | 8,100 KYD | 16,000 KYD | 22,000 KYD |
Bus ticket one way | 0.54 KYD | 0.81 KYD | 1.6 KYD |
Car Service Utility cost (monthly)
Utility Bill - Individual
Utility Bill - Couple
Utility Bill - Family
Internet and cable
Mobile phone charges Leisure and activities costs
Movie ticket
One month gym membership Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt Housing costs / monthly rent
Studio apartment | 270 KYD | 410 KYD | 1,100 KYD |
1-bedroom apartment | 410 KYD | 650 KYD | 1,600 KYD |
2-bedroom apartment | 540 KYD | 810 KYD | 2,200 KYD |
Housing costs / Buying
Studio apartment | 54,000 KYD | 81,000 KYD | 160,000 KYD |
1-bedroom apartment | 65,000 KYD | 110,000 KYD | 410,000 KYD |
| $79,000 | $130,000 | $490,000 |
2-bedroom apartment | 110,000 KYD | 330,000 KYD | 650,000 KYD |
| $130,000 | $400,000 | $790,000 |
Furniture Costs
King Size Bed
Double Bed
Single Bed
Living Room | 360 KYD | 460 KYD | 1,600 KYD |
Dining Table
Sofa or Couch Electronics and House Appliance Costs
TV Set
Fridge or Freezer
Washing Machine
Stove or Cooker
Mobile Phone
Laptop or Computer 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.
Spending to Income Ratio
81%
72% to 91%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 7% |
| 50% - 60% | 13% |
| 60% - 70% | 20% |
| 70% - 80% | 27% |
| 80% - 90% | 12% |
| 90% - 100% | 8% |
| 100% - 110% | 4% |
| 110% - 120% | 3% |
| 120% - 130% | 2% |
| 130% - 140% | 1% |
| > 140% | 1% |
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.
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
73%
Spending-Income-Ratio
65%
82%
Couple
77%
Spending-Income-Ratio
68%
87%
Family
85%
Spending-Income-Ratio
76%
96%
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.
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 Expenditure29%
29% of total expenses on average (18% to 37%)
| LOW | $85 70 KYD |
| AVERAGE | $1,100 910 KYD |
| HIGH | $11,000 9,100 KYD |
| Per Month |
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.
Utilities, Electricity, Water5%
5% of total expenses on average (2% to 9%)
| LOW | $14 12 KYD |
| AVERAGE | $180 150 KYD |
| HIGH | $1,800 1,500 KYD |
| Per Month |
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.
Transport, Fuel, Commute9%
9% of total expenses on average (5% to 13%)
| LOW | $28 23 KYD |
| AVERAGE | $370 300 KYD |
| HIGH | $3,700 3,000 KYD |
| 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 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%.
Food and Groceries Cost26%
26% of total expenses on average (18% to 32%)
| LOW | $71 58 KYD |
| AVERAGE | $920 750 KYD |
| HIGH | $9,200 7,500 KYD |
| Per Month |
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.
Healthcare and Medical Services8%
8% of total expenses on average (3% to 11%)
| LOW | $20 16 KYD |
| AVERAGE | $260 210 KYD |
| HIGH | $2,600 2,100 KYD |
| Per Month |
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.
Leisure and Shopping7%
7% of total expenses on average (3% to 11%)
| LOW | $11 9.3 KYD |
| AVERAGE | $150 120 KYD |
| HIGH | $1,500 1,200 KYD |
| 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 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.
Education and Schooling6%
6% of total expenses on average (4% to 12%)
| LOW | $17 14 KYD |
| AVERAGE | $220 180 KYD |
| HIGH | $2,200 1,800 KYD |
| 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 180 KYD per month with 14 KYD being the minimum spent amount and 1,800 KYD being the maximum.
Other Expenses11%
11% of total expenses on average (6% to 18%)
| LOW | $37 30 KYD |
| AVERAGE | $480 390 KYD |
| HIGH | $4,800 3,900 KYD |
| Per Month |
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
| Group | Savers | Non Savers |
|---|
| Singles | 72% | 28% |
| Couples | 67% | 33% |
| Families | 62% | 38% |
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
93 KYD
$110 | 1,200 KYD
$1,500 | 12,000 KYD
$15,000 |
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?
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
280 KYD
$340 | 840 KYD
$1,000 | 5,600 KYD
$6,800 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 26% |
| 10% - 20% | 21% |
| 20% - 30% | 15% |
| 30% - 40% | 19% |
| 40% - 50% | 14% |
| > 50% | 5% |
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 280 KYD and 5,600 KYD being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
470 KYD
$570 | 1,400 KYD
$1,700 | 7,500 KYD
$9,100 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 30% |
| 10% - 20% | 23% |
| 20% - 30% | 18% |
| 30% - 40% | 14% |
| 40% - 50% | 11% |
| > 50% | 4% |
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
650 KYD
$790 | 1,900 KYD
$2,300 | 10,000 KYD
$12,000 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 33% |
| 10% - 20% | 26% |
| 20% - 30% | 19% |
| 30% - 40% | 11% |
| 40% - 50% | 8% |
| > 50% | 3% |
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 10,000 KYD 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 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.
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 Cayman Islands 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.
Financial Literacy in Cayman Islands
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 Cayman Islands 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 Cayman Islands have problems or difficulties in managing their expenditures and savings so asked the 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%
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.
| Financial Goal | % People |
|---|
| Emergency Fund | 6% |
| Debt Reduction | 26% |
| Retirement Savings | 6% |
| Education Funding | 9% |
| Homeownership | 16% |
| Investing | 10% |
| Travel or Lifestyle | 14% |
| Healthcare Expenses | 6% |
| Financial Independence | 11% |
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.
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.
| Reason | % People |
|---|
| Low Income | 7% |
| High Expenses | 10% |
| Debt and Loans | 21% |
| Lack of Budgeting Skills | 9% |
| Impulsive Spending | 8% |
| Financial Emergencies | 5% |
| Living the moment | 8% |
| Will do it later | 14% |
| Inflation | 9% |
| Social Pressure | 4% |
| Market Instability | 4% |
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 societal expectations makes them overspend. Lastly, 4% blamed market instability and price fluctuations.
Typical saving choices for people in Cayman Islands
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 10% |
| Gold | 8% |
| Savings Accounts | 18% |
| Retirement Accounts | 12% |
| Cash Savings | 13% |
| Real Estate | 11% |
| Investment | 7% |
| Stocks | 7% |
| Bonds | 7% |
| Mutual Funds | 4% |
| Certificates of Deposit | 4% |
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 Cayman Islands 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 Cayman Islands:| Age | Amount |
|---|
| 25 | 8,500 KYD |
| 30 | 17,000 KYD |
| 35 | 30,000 KYD |
| 40 | 42,000 KYD |
| 45 | 63,000 KYD |
| 50 | 89,000 KYD |
| 55 | 110,000 KYD |
| 60 | 130,000 KYD |
| 65 | 160,000 KYD |
Retirement Income Distribution
We asked residents of Cayman Islands about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 14% |
| Savings | 21% |
| Investments | 14% |
| Social Security | 9% |
| Annuities | 9% |
| Part-time Job | 7% |
| Real Estate | 16% |
| Dividends and Interest | 9% |
Retirement Monthly Expenses in Cayman Islands 500 KYD
$610 | 1,500 KYD
$1,800 | 10,000 KYD
$12,000 |
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
Debt to income ratio
26%
16% to 36%
( monthly debt payment / monthly income ) x 100
Interpretation
The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 26% of the people's monthly income in Cayman Islands goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 2% |
| 50% - 60% | 7% |
| 40% - 50% | 9% |
| 30% - 40% | 11% |
| 20% - 30% | 18% |
| 10% - 20% | 23% |
| 0% - 10% | 29% |
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
| Debt | % People |
|---|
| Real Estate Mortgage | 16% |
| Auto Loan | 28% |
| Student Loan | 2% |
| Credit Card | 22% |
| Personal Loan | 32% |
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.
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 Cayman Islands
Besides measuring the loan-to-income ratio, we asked residents of Cayman Islands 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 | 58% |
| Once a year | 21% |
| Twice a year | 10% |
| Three times a year | 7% |
| Four times a year | 3% |
Housing costs, accommodation, and housing affordability in Cayman Islands
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Cayman Islands
Monthly Rent Prices
Studio apartment | 270 KYD | 410 KYD | 1,100 KYD |
1-bedroom apartment | 410 KYD | 650 KYD | 1,600 KYD |
2-bedroom apartment | 540 KYD | 810 KYD | 2,200 KYD |
3-bedroom apartment | 650 KYD | 1,100 KYD | 3,000 KYD |
Furnished apartment | 1,300 KYD | 3,300 KYD | 6,500 KYD |
Townhouse | 1,100 KYD | 1,600 KYD | 4,600 KYD |
House | 1,300 KYD | 3,300 KYD | 6,500 KYD |
Villa | 1,600 KYD | 4,100 KYD | 6,500 KYD |
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 | 54,000 KYD | 81,000 KYD | 160,000 KYD |
1-bedroom apartment | 65,000 KYD | 110,000 KYD | 410,000 KYD |
| $79,000 | $130,000 | $490,000 |
2-bedroom apartment | 110,000 KYD | 330,000 KYD | 650,000 KYD |
| $130,000 | $400,000 | $790,000 |
3-bedroom apartment | 360,000 KYD | 540,000 KYD | 1.6M KYD |
Townhouse | 460,000 KYD | 1.1M KYD | 4.1M KYD |
House | 540,000 KYD | 3.3M KYD | 4.6M KYD |
Villa | 650,000 KYD | 3.6M KYD | 5.4M KYD |
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.
If you're leasing or purchasing, housing costs in Cayman Islands 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
| 47 | x140 monthly income | 224 |
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
Rent to income ratio( monthly rental / monthly income ) x 100
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.
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
32% 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.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Cayman Islands
Housing35%
35% of total expenses on average (23% to 47%)
| LOW | $310 250 KYD |
| AVERAGE | $920 750 KYD |
| HIGH | $6,100 5,000 KYD |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (2% to 11%)
| LOW | $51 42 KYD |
| AVERAGE | $150 130 KYD |
| HIGH | $1,000 840 KYD |
| Per Month |
Transport, Fuel7%
7% of total expenses on average (5% to 13%)
| LOW | $68 56 KYD |
| AVERAGE | $200 170 KYD |
| HIGH | $1,400 1,100 KYD |
| Per Month |
Food and Groceries17%
17% of total expenses on average (11% to 22%)
| LOW | $140 110 KYD |
| AVERAGE | $410 330 KYD |
| HIGH | $2,700 2,200 KYD |
| Per Month |
Healthcare10%
10% of total expenses on average (4% to 14%)
| LOW | $76 63 KYD |
| AVERAGE | $230 190 KYD |
| HIGH | $1,500 1,300 KYD |
| Per Month |
Leisure, Shopping5%
5% of total expenses on average (4% to 8%)
| LOW | $42 35 KYD |
| AVERAGE | $130 100 KYD |
| HIGH | $850 700 KYD |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $17 14 KYD |
| AVERAGE | $51 42 KYD |
| HIGH | $340 280 KYD |
| Per Month |
Other Expenses19%
19% of total expenses on average (11% to 23%)
| LOW | $150 130 KYD |
| AVERAGE | $460 380 KYD |
| HIGH | $3,100 2,500 KYD |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Cayman Islands
Housing32%
32% of total expenses on average (25% to 42%)
| LOW | $470 380 KYD |
| AVERAGE | $1,400 1,100 KYD |
| HIGH | $7,500 6,100 KYD |
| Per Month |
Utilities, Electricity, Water5%
5% of total expenses on average (3% to 9%)
| LOW | $71 58 KYD |
| AVERAGE | $210 170 KYD |
| HIGH | $1,100 930 KYD |
| Per Month |
Transport, Fuel11%
11% of total expenses on average (5% to 16%)
| LOW | $170 140 KYD |
| AVERAGE | $510 420 KYD |
| HIGH | $2,700 2,200 KYD |
| Per Month |
Food and Groceries15%
15% of total expenses on average (10% to 20%)
| LOW | $200 160 KYD |
| AVERAGE | $590 490 KYD |
| HIGH | $3,200 2,600 KYD |
| Per Month |
Healthcare12%
12% of total expenses on average (6% to 16%)
| LOW | $160 130 KYD |
| AVERAGE | $470 380 KYD |
| HIGH | $2,500 2,000 KYD |
| Per Month |
Leisure, Shopping6%
6% of total expenses on average (3% to 9%)
| LOW | $85 70 KYD |
| AVERAGE | $250 210 KYD |
| HIGH | $1,400 1,100 KYD |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $28 23 KYD |
| AVERAGE | $85 70 KYD |
| HIGH | $450 370 KYD |
| Per Month |
Other Expenses18%
18% of total expenses on average (12% to 24%)
| LOW | $240 200 KYD |
| AVERAGE | $720 590 KYD |
| HIGH | $3,800 3,200 KYD |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Cayman Islands
Housing31%
31% of total expenses on average (26% to 41%)
| LOW | $630 520 KYD |
| AVERAGE | $1,800 1,500 KYD |
| HIGH | $9,900 8,200 KYD |
| Per Month |
Transport, Fuel7%
7% of total expenses on average (5% to 9%)
| LOW | $160 130 KYD |
| AVERAGE | $450 370 KYD |
| HIGH | $2,500 2,000 KYD |
| Per Month |
Food and Groceries19%
19% of total expenses on average (12% to 25%)
| LOW | $360 290 KYD |
| AVERAGE | $1,000 840 KYD |
| HIGH | $5,600 4,600 KYD |
| Per Month |
Healthcare9%
9% of total expenses on average (5% to 14%)
| LOW | $160 130 KYD |
| AVERAGE | $450 370 KYD |
| HIGH | $2,500 2,000 KYD |
| Per Month |
Leisure, Shopping5%
5% of total expenses on average (3% to 9%)
| LOW | $99 81 KYD |
| AVERAGE | $280 230 KYD |
| HIGH | $1,600 1,300 KYD |
| Per Month |
Education14%
14% of total expenses on average (7% to 22%)
| LOW | $280 230 KYD |
| AVERAGE | $790 650 KYD |
| HIGH | $4,400 3,600 KYD |
| Per Month |
Other Expenses13%
13% of total expenses on average (6% to 18%)
| LOW | $240 200 KYD |
| AVERAGE | $680 560 KYD |
| HIGH | $3,700 3,100 KYD |
| Per Month |
StudentCost of living and expenses break down for students living in Cayman Islands
Housing23%
23% of total expenses on average (18% to 29%)
| LOW | $170 140 KYD |
| AVERAGE | $430 350 KYD |
| HIGH | $770 630 KYD |
| Per Month |
Utilities, Electricity, Water4%
4% of total expenses on average (2% to 8%)
| LOW | $29 23 KYD |
| AVERAGE | $71 59 KYD |
| HIGH | $130 110 KYD |
| Per Month |
Transport, Fuel6%
6% of total expenses on average (6% to 12%)
| LOW | $50 41 KYD |
| AVERAGE | $120 100 KYD |
| HIGH | $220 180 KYD |
| Per Month |
Food and Groceries21%
21% of total expenses on average (15% to 25%)
| LOW | $140 120 KYD |
| AVERAGE | $360 290 KYD |
| HIGH | $640 530 KYD |
| Per Month |
Healthcare7%
7% of total expenses on average (4% to 10%)
| LOW | $43 35 KYD |
| AVERAGE | $110 88 KYD |
| HIGH | $190 160 KYD |
| Per Month |
Leisure, Shopping5%
5% of total expenses on average (3% to 9%)
| LOW | $36 29 KYD |
| AVERAGE | $89 73 KYD |
| HIGH | $160 130 KYD |
| Per Month |
Education19%
19% of total expenses on average (12% to 24%)
| LOW | $140 110 KYD |
| AVERAGE | $340 280 KYD |
| HIGH | $610 500 KYD |
| Per Month |
Other Expenses16%
16% of total expenses on average (10% to 22%)
| LOW | $110 88 KYD |
| AVERAGE | $270 220 KYD |
| HIGH | $480 400 KYD |
| Per Month |
