Cost Of Living in Cebu 2024

Average monthly spending for singles, couples, students, and families in Cebu

Whether you're living in Cebu 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 Expenditure

82,000 PHP

per month
$1,500

6,300 PHP   $110
$15,000   820,000 PHP

Single

57,000 PHP

per month
$1,000

19,000 PHP   $340
$6,800   380,000 PHP

Couple

95,000 PHP

per month
$1,700

32,000 PHP   $570
$9,100   510,000 PHP

Family

130,000 PHP

per month
$2,300

44,000 PHP   $790
$12,000   700,000 PHP

Student

38,000 PHP

per month
$670

15,000 PHP   $270
$1,200   68,000 PHP
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Cebu is 57,000 PHP. Expenses can range from 19,000 PHP at the minimum level to 380,000 PHP at the highest end.


Couples

The average monthly spending of couples in Cebu is 95,000 PHP. Expenditure can range from 32,000 PHP to 510,000 PHP per month.


Families

The average cost of living for families in Cebu is 130,000 PHP per month. Families spend anywhere from 44,000 PHP to 700,000 PHP.


Students

The average monthly expenditure for students in Cebu is 38,000 PHP. Students spend from 15,000 PHP to 68,000 PHP 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 Cebu


Dining, food, and beverages costs


Large bottle of water
8.8 PHP 10 PHP 11 PHP
MINIMUM AVERAGE MAXIMUM
$0.16 $0.18 $0.21
Fast food combo meal
75 PHP 150 PHP 250 PHP
MINIMUM AVERAGE MAXIMUM
$1.3 $2.7 $4.4
Restaurant meal for one
260 PHP 400 PHP 790 PHP
MINIMUM AVERAGE MAXIMUM
$4.7 $7.1 $14
Fine dining meal for one
530 PHP 790 PHP 3,200 PHP
MINIMUM AVERAGE MAXIMUM
$9.4 $14 $57
Soda or Soft Drink
11 PHP 12 PHP 15 PHP
MINIMUM AVERAGE MAXIMUM
$0.19 $0.22 $0.27
Cappuccino or latte
62 PHP 100 PHP 150 PHP
MINIMUM AVERAGE MAXIMUM
$1.1 $1.8 $2.7

Grocery and market costs


Milk large bottle
50 PHP 60 PHP 75 PHP
MINIMUM AVERAGE MAXIMUM
$0.89 $1.1 $1.3
Loaf of bread
9 PHP 10 PHP 12 PHP
MINIMUM AVERAGE MAXIMUM
$0.16 $0.18 $0.21
12 eggs
37 PHP 50 PHP 75 PHP
MINIMUM AVERAGE MAXIMUM
$0.67 $0.89 $1.3
Fresh whole chicken
85 PHP 110 PHP 160 PHP
MINIMUM AVERAGE MAXIMUM
$1.5 $2 $2.8
Beef 1 kg or 1 lb
100 PHP 150 PHP 300 PHP
MINIMUM AVERAGE MAXIMUM
$1.8 $2.7 $5.3
Rice 1 kg or 1 lb
40 PHP 55 PHP 78 PHP
MINIMUM AVERAGE MAXIMUM
$0.72 $0.98 $1.4
Tomato 1 kg or 1 lb
15 PHP 20 PHP 37 PHP
MINIMUM AVERAGE MAXIMUM
$0.27 $0.36 $0.67
Apples 1 kg or 1 lb
27 PHP 35 PHP 57 PHP
MINIMUM AVERAGE MAXIMUM
$0.48 $0.62 $1

Commute, travel, and transportation costs


20 minutes taxi ride
66 PHP 79 PHP 160 PHP
MINIMUM AVERAGE MAXIMUM
$1.2 $1.4 $2.8
Average car full tank
370 PHP 500 PHP 1,000 PHP
MINIMUM AVERAGE MAXIMUM
$6.7 $8.9 $18
Average car 1-day rental
420 PHP 560 PHP 840 PHP
MINIMUM AVERAGE MAXIMUM
$7.5 $10 $15
Average car price
190,000 PHP 370,000 PHP 500,000 PHP
MINIMUM AVERAGE MAXIMUM
$3,300 $6,700 $8,900
Bus ticket one way
14 PHP 21 PHP 42 PHP
MINIMUM AVERAGE MAXIMUM
$0.25 $0.37 $0.75
Car Service
560 PHP 840 PHP 1,700 PHP
MINIMUM AVERAGE MAXIMUM
$10 $15 $30

Utility cost (monthly)


Utility Bill - Individual
1,100 PHP 3,400 PHP 23,000 PHP
MINIMUM AVERAGE MAXIMUM
$20 $61 $410
Utility Bill - Couple
1,600 PHP 4,800 PHP 25,000 PHP
MINIMUM AVERAGE MAXIMUM
$28 $85 $450
Utility Bill - Family
1,300 PHP 3,800 PHP 21,000 PHP
MINIMUM AVERAGE MAXIMUM
$24 $68 $370
Internet and cable
370 PHP 750 PHP 1,000 PHP
MINIMUM AVERAGE MAXIMUM
$6.7 $13 $18
Mobile phone charges
300 PHP 500 PHP 1,500 PHP
MINIMUM AVERAGE MAXIMUM
$5.3 $8.9 $27

Leisure and activities costs


Movie ticket
190 PHP 250 PHP 370 PHP
MINIMUM AVERAGE MAXIMUM
$3.3 $4.4 $6.7
One month gym membership
670 PHP 840 PHP 1,700 PHP
MINIMUM AVERAGE MAXIMUM
$12 $15 $30

Cloths and accessories costs


Pair of jeans or pants
490 PHP 700 PHP 1,000 PHP
MINIMUM AVERAGE MAXIMUM
$8.8 $12 $19
Woman dress
460 PHP 640 PHP 2,100 PHP
MINIMUM AVERAGE MAXIMUM
$8.3 $11 $37
Woman shoes
440 PHP 600 PHP 1,400 PHP
MINIMUM AVERAGE MAXIMUM
$7.9 $11 $25
Men's shoes
380 PHP 460 PHP 930 PHP
MINIMUM AVERAGE MAXIMUM
$6.8 $8.3 $17
Men suit
420 PHP 520 PHP 2,800 PHP
MINIMUM AVERAGE MAXIMUM
$7.5 $9.3 $50
Regular t-shirt
210 PHP 280 PHP 840 PHP
MINIMUM AVERAGE MAXIMUM
$3.7 $5 $15

Housing costs / monthly rent


Studio apartment
7,000 PHP 10,000 PHP 28,000 PHP
MINIMUM AVERAGE MAXIMUM
$120 $190 $500
1-bedroom apartment
10,000 PHP 17,000 PHP 42,000 PHP
MINIMUM AVERAGE MAXIMUM
$190 $300 $750
2-bedroom apartment
14,000 PHP 21,000 PHP 56,000 PHP
MINIMUM AVERAGE MAXIMUM
$250 $370 $1,000

Housing costs / Buying


Studio apartment
1.4M PHP 2.1M PHP 4.2M PHP
MINIMUM AVERAGE MAXIMUM
$25,000 $37,000 $75,000
1-bedroom apartment
1.7M PHP 2.8M PHP 10M PHP
MINIMUM AVERAGE MAXIMUM
$30,000 $50,000 $190,000
2-bedroom apartment
2.8M PHP 8.4M PHP 17M PHP
MINIMUM AVERAGE MAXIMUM
$50,000 $150,000 $300,000

Furniture Costs


King Size Bed
7,500 PHP 9,300 PHP 12,000 PHP
MINIMUM AVERAGE MAXIMUM
$130 $170 $220
Double Bed
5,000 PHP 7,500 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$89 $130 $170
Single Bed
4,400 PHP 5,700 PHP 7,500 PHP
MINIMUM AVERAGE MAXIMUM
$78 $100 $130
Living Room
8,300 PHP 11,000 PHP 37,000 PHP
MINIMUM AVERAGE MAXIMUM
$150 $190 $670
Dining Table
3,700 PHP 5,000 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$67 $89 $170
Sofa or Couch
5,000 PHP 6,800 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$89 $120 $270

Electronics and House Appliance Costs


TV Set
5,000 PHP 7,500 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$89 $130 $270
Fridge or Freezer
4,400 PHP 6,800 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$78 $120 $170
Washing Machine
5,700 PHP 8,300 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$100 $150 $270
Stove or Cooker
5,300 PHP 6,800 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$95 $120 $170
Mobile Phone
6,200 PHP 7,500 PHP 11,000 PHP
MINIMUM AVERAGE MAXIMUM
$110 $130 $190
Laptop or Computer
6,800 PHP 8,300 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$120 $150 $270

Expenditure to Income Ratio in Cebu

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 100%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%9%
60% - 70%15%
70% - 80%25%
80% - 90%20%
90% - 100%11%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Cebu is 95% This means that on average, people spend around 95% of their income for living. According to the distribution table, 15% 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
85%
Spending-Income-Ratio
78%
94%

Couple
90%
Spending-Income-Ratio
83%
100%

Family
100%
Spending-Income-Ratio
91%
110%

How do people spend their money in Cebu?

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 Expenditure24%

24% of total expenses on average (13% to 32%)

LOW$34   1,900 PHP
AVERAGE$440   25,000 PHP
HIGH$4,400   250,000 PHP
Per Month

People living in Cebu typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 25,000 PHP with expenditure ranging from 1,900 PHP to 250,000 PHP. 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, Water8%

8% of total expenses on average (5% to 12%)

LOW$5.7   320 PHP
AVERAGE$74   4,100 PHP
HIGH$740   41,000 PHP
Per Month

Utility expenditure like electricity, water, and gas in Cebu ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 4,100 PHP with 320 PHP and 41,000 PHP being the upper and lower limits.

Transport, Fuel, Commute7%

7% of total expenses on average (3% to 11%)

LOW$11   630 PHP
AVERAGE$150   8,200 PHP
HIGH$1,500   82,000 PHP
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 630 PHP to 82,000 PHP on commuting with 8,200 PHP being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

Food and Groceries Cost28%

28% of total expenses on average (20% to 34%)

LOW$28   1,600 PHP
AVERAGE$370   21,000 PHP
HIGH$3,700   210,000 PHP
Per Month

The average outlay on groceries in a month in Cebu is 21,000 PHP. The cost of groceries can range between 1,600 PHP to 210,000 PHP. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

Healthcare and Medical Services10%

10% of total expenses on average (5% to 13%)

LOW$7.9   440 PHP
AVERAGE$100   5,800 PHP
HIGH$1,000   58,000 PHP
Per Month

People in Cebu allocate 5% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 10%. The range of medical expenses range from 440 PHP to 58,000 PHP with 5,800 PHP being the norm.

Leisure and Shopping4%

4% of total expenses on average (2% to 8%)

LOW$4.5   250 PHP
AVERAGE$59   3,300 PHP
HIGH$590   33,000 PHP
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 250 PHP to 33,000 PHP with 3,300 PHP being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

Education and Schooling5%

5% of total expenses on average (3% to 11%)

LOW$6.8   380 PHP
AVERAGE$88   4,900 PHP
HIGH$880   49,000 PHP
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 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 4,900 PHP per month with 380 PHP being the minimum spent amount and 49,000 PHP being the maximum.

Other Expenses14%

14% of total expenses on average (9% to 21%)

LOW$15   820 PHP
AVERAGE$190   11,000 PHP
HIGH$1,900   110,000 PHP
Per Month

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


Saving Money
64%
Not Saving
36%

Almost 64% of the surveyed people in Cebu said that they can save some money at the end of each month while 36% said that aren't saving anything.

Percentage of people saving money by population group in Cebu

GroupSaversNon Savers
Singles68%32%
Couples63%37%
Families57%43%

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

12% 21% of income 35%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

2,000 PHP
$36		 26,000 PHP
$470		 260,000 PHP
$4,700
MINIMUM AVERAGE MAXIMUM

For most people, 12% to 35% of their monthly income is what they can allocate to their savings, with 21% being the average. The amount of money that people can save is approximately 26,000 PHP on average with savings ranging from 2,000 PHP to 260,000 PHP.

68% of surveyed singles reported some of their income going to savings while 63% of couples said the same. 57% of families confirmed their ability to save money.

How much money do people actually save in Cebu?

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

16% 26% of income 37%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

6,100 PHP
$110		 18,000 PHP
$330		 120,000 PHP
$2,200
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%32%
10% - 20%25%
20% - 30%16%
30% - 40%13%
40% - 50%10%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 16% to 37% of their monthly income to savings, with 26% being the average for most singles. The average amount of money that singles are able to save is 18,000 PHP with 6,100 PHP and 120,000 PHP being the minimum and maximum respectively.

Couples

Saving to Income Ratio

13% 23% of income 36%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

10,000 PHP
$180		 30,000 PHP
$540		 160,000 PHP
$2,900
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%36%
10% - 20%27%
20% - 30%19%
30% - 40%8%
40% - 50%7%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 13% to 36% of their monthly income, with 23% being the average for most couples. The average amount of money that couples can save is 30,000 PHP with 10,000 PHP and 160,000 PHP being the minimum and maximum respectively.

Families

Saving to Income Ratio

11% 20% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

14,000 PHP
$250		 41,000 PHP
$720		 220,000 PHP
$4,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%39%
10% - 20%30%
20% - 30%20%
30% - 40%5%
40% - 50%4%
> 50%2%

Interpretation and Analysis

Families in Cebu can save anywhere between 11% to 32% of their monthly income, with 20% being the average for most families. The average amount of money that families can put aside is 41,000 PHP with 14,000 PHP and 220,000 PHP 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 Cebu

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Cebu?


Yes
60%
No
40%

Around 60% of surveyed residents think that living in Cebu is affordable with proper budgeting while 40% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Cebu

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 options62%

Few low-cost options38%


Based on the survey, 62% of the people living in Cebu have no problem finding low-cost alternatives to support a frugal lifestyle while 38% 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 Cebu whether they have an emergency fund and the answers were as follows.

Yes58%

No42%


Based on the survey, 42% of the people living in Cebu said that they don't have an emergency fund while 58% said that they do.

Financial Literacy in Philippines

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 Leteracy49%


We asked residents of Philippines whether they acquired any adequate personal financial training in their lives. Approximately 51% 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 49% 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 Philippines have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 47% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 53% said that they have everything under control.

Struggles with finance47%

Easily manages finances53%

Financial goals of people in Cebu

In an attempt to understand the economic situation in Cebu, 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 Fund8%
Debt Reduction42%
Retirement Savings10%
Education Funding7%
Homeownership18%
Investing7%
Travel or Lifestyle7%
Healthcare Expenses14%
Financial Independence5%

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 42% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 7% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 14% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Cebu

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Cebu. Listed below are the answers given by the survey participants.


Reason% People
Low Income5%
High Expenses8%
Debt and Loans13%
Lack of Budgeting Skills12%
Impulsive Spending11%
Financial Emergencies7%
Living the moment5%
Will do it later21%
Inflation13%
Social Pressure3%
Market Instability2%

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 13% of the residents said that they are burdened with debt and find it challenging to save money. 12% 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. 11% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 21% 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. 13% 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, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Cebu

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold13%
Savings Accounts17%
Retirement Accounts10%
Cash Savings21%
Real Estate9%
Investment5%
Stocks4%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Cebu

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

Retirement age

The retirement age for most employees in Philippines 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:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Cebu:
AgeAmount
25220,000 PHP
30430,000 PHP
35760,000 PHP
401.1M PHP
451.6M PHP
502.3M PHP
552.7M PHP
603.4M PHP
654M PHP

Retirement Income Distribution

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

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job15%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Cebu

14,000 PHP
$250		 42,000 PHP
$750		 280,000 PHP
$5,000
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Cebu


Percentage of people who are in debt


In Debt
34%
Debt Free
67%

According to the survey, 34% of the people in Cebu have some kind of debt, loan, mortgage, or credit card payments while 67% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Cebu

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 Cebu goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%18%
40% - 50%14%
30% - 40%16%
20% - 30%10%
10% - 20%12%
0% - 10%26%

According to our data, 3% of the debtors in Cebu pay 60%+ of their income as debt settlement while 18% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 14% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 16% dedicated 30% to 40% of income for same. Things are looking brighter for 10% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Cebu

Debt% People
Real Estate Mortgage8%
Auto Loan15%
Student Loan4%
Credit Card30%
Personal Loan43%

8% of debtors in Cebu confirm that real estate mortgages constitutes the main part of their outstanding debt while 30% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 15% of people and personal loans rose at 43%. Lastly, student loans are the main source of debt for 4% of debtors in Cebu.


About credit score and debt management

Managing 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 Cebu

Besides measuring the loan-to-income ratio, we asked residents of Cebu 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
Never50%
Once a year24%
Twice a year13%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Cebu

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Cebu

Monthly Rent Prices

Studio apartment
7,000 PHP 10,000 PHP 28,000 PHP
MINIMUM AVERAGE MAXIMUM
$120 $190 $500
1-bedroom apartment
10,000 PHP 17,000 PHP 42,000 PHP
MINIMUM AVERAGE MAXIMUM
$190 $300 $750
2-bedroom apartment
14,000 PHP 21,000 PHP 56,000 PHP
MINIMUM AVERAGE MAXIMUM
$250 $370 $1,000
3-bedroom apartment
17,000 PHP 28,000 PHP 76,000 PHP
MINIMUM AVERAGE MAXIMUM
$300 $500 $1,400
Furnished apartment
33,000 PHP 84,000 PHP 170,000 PHP
MINIMUM AVERAGE MAXIMUM
$600 $1,500 $3,000
Townhouse
28,000 PHP 42,000 PHP 120,000 PHP
MINIMUM AVERAGE MAXIMUM
$500 $750 $2,100
House
33,000 PHP 84,000 PHP 170,000 PHP
MINIMUM AVERAGE MAXIMUM
$600 $1,500 $3,000
Villa
42,000 PHP 100,000 PHP 170,000 PHP
MINIMUM AVERAGE MAXIMUM
$750 $1,900 $3,000

The monthly rental cost of a studio apartment in Cebu ranges between 7,000 PHP and 28,000 PHP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 10,000 PHP to 42,000 PHP. Two-bedroom rentals rate ranges between 14,000 PHP and 56,000 PHP per month. The monthly rental for a three-bedroom apartment ranges from 17,000 PHP to 76,000 PHP. The average rent of a townhouse in Cebu is around 42,000 PHP while house rental costs can be as high as 84,000 PHP per month. Finally, if you want to rent a villa, expect to pay anywhere from 42,000 PHP to 170,000 PHP per month.



Apartment and house prices in Cebu

Cost of buying a property

Studio apartment
1.4M PHP 2.1M PHP 4.2M PHP
MINIMUM AVERAGE MAXIMUM
$25,000 $37,000 $75,000
1-bedroom apartment
1.7M PHP 2.8M PHP 10M PHP
MINIMUM AVERAGE MAXIMUM
$30,000 $50,000 $190,000
2-bedroom apartment
2.8M PHP 8.4M PHP 17M PHP
MINIMUM AVERAGE MAXIMUM
$50,000 $150,000 $300,000
3-bedroom apartment
9.3M PHP 14M PHP 42M PHP
MINIMUM AVERAGE MAXIMUM
$170,000 $250,000 $750,000
Townhouse
12M PHP 28M PHP 100M PHP
MINIMUM AVERAGE MAXIMUM
$210,000 $500,000 $1.9M
House
14M PHP 84M PHP 120M PHP
MINIMUM AVERAGE MAXIMUM
$250,000 $1.5M $2.1M
Villa
17M PHP 93M PHP 140M PHP
MINIMUM AVERAGE MAXIMUM
$300,000 $1.7M $2.5M

The average price of a studio apartment in Cebu can range from 1.4M PHP to 4.2M PHP depending on location. One bedroom cost can be anywhere from 1.7M PHP to 10M PHP. A villa can cost you 93M PHP on average with prices ranging from 17M PHP to 140M PHP.


If you're leasing or purchasing, housing costs in Cebu 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


40 x115 monthly income 225
MINIMUM AVERAGE MAXIMUM

Property prices in Cebu can be x115 to x225 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x115 multiples of the average monthly salary in Cebu.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


22% 34% of income 45%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Cebu is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 22% to 45% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

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

Housing Affordability Index
31%

Property Taxes

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


FROM
2%
AVERAGE
3%
TO
4%

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.


130 PHP 1,600 PHP 16,000 PHP
MINIMUM AVERAGE MAXIMUM

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 Cebu

Housing30%

30% of total expenses on average (18% to 42%)

LOW$120   6,800 PHP
AVERAGE$370   21,000 PHP
HIGH$2,400   140,000 PHP
Per Month

Utilities, Electricity, Water9%

9% of total expenses on average (5% to 14%)

LOW$20   1,100 PHP
AVERAGE$61   3,400 PHP
HIGH$410   23,000 PHP
Per Month

Transport, Fuel5%

5% of total expenses on average (3% to 11%)

LOW$27   1,500 PHP
AVERAGE$81   4,600 PHP
HIGH$540   30,000 PHP
Per Month

Food and Groceries19%

19% of total expenses on average (13% to 24%)

LOW$54   3,000 PHP
AVERAGE$160   9,100 PHP
HIGH$1,100   61,000 PHP
Per Month

Healthcare12%

12% of total expenses on average (6% to 16%)

LOW$31   1,700 PHP
AVERAGE$92   5,100 PHP
HIGH$610   34,000 PHP
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 5%)

LOW$17   950 PHP
AVERAGE$51   2,900 PHP
HIGH$340   19,000 PHP
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$6.8   380 PHP
AVERAGE$20   1,100 PHP
HIGH$140   7,600 PHP
Per Month

Other Expenses22%

22% of total expenses on average (14% to 26%)

LOW$61   3,400 PHP
AVERAGE$180   10,000 PHP
HIGH$1,200   68,000 PHP
Per Month


CoupleAverage monthly living expenditure breaks and spending patterns for couples in Cebu

Housing27%

27% of total expenses on average (20% to 37%)

LOW$190   10,000 PHP
AVERAGE$560   31,000 PHP
HIGH$3,000   170,000 PHP
Per Month

Utilities, Electricity, Water8%

8% of total expenses on average (6% to 12%)

LOW$28   1,600 PHP
AVERAGE$85   4,800 PHP
HIGH$450   25,000 PHP
Per Month

Transport, Fuel9%

9% of total expenses on average (3% to 14%)

LOW$68   3,800 PHP
AVERAGE$200   11,000 PHP
HIGH$1,100   61,000 PHP
Per Month

Food and Groceries17%

17% of total expenses on average (12% to 22%)

LOW$79   4,400 PHP
AVERAGE$240   13,000 PHP
HIGH$1,300   71,000 PHP
Per Month

Healthcare14%

14% of total expenses on average (8% to 18%)

LOW$62   3,500 PHP
AVERAGE$190   10,000 PHP
HIGH$1,000   56,000 PHP
Per Month

Leisure, Shopping3%

3% of total expenses on average (1% to 6%)

LOW$34   1,900 PHP
AVERAGE$100   5,700 PHP
HIGH$540   30,000 PHP
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$11   630 PHP
AVERAGE$34   1,900 PHP
HIGH$180   10,000 PHP
Per Month

Other Expenses21%

21% of total expenses on average (15% to 27%)

LOW$96   5,400 PHP
AVERAGE$290   16,000 PHP
HIGH$1,500   86,000 PHP
Per Month


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

Housing26%

26% of total expenses on average (21% to 36%)

LOW$250   14,000 PHP
AVERAGE$720   41,000 PHP
HIGH$4,000   220,000 PHP
Per Month

Transport, Fuel5%

5% of total expenses on average (3% to 7%)

LOW$63   3,500 PHP
AVERAGE$180   10,000 PHP
HIGH$1,000   56,000 PHP
Per Month

Food and Groceries21%

21% of total expenses on average (14% to 27%)

LOW$140   8,000 PHP
AVERAGE$410   23,000 PHP
HIGH$2,200   130,000 PHP
Per Month

Healthcare11%

11% of total expenses on average (7% to 16%)

LOW$63   3,500 PHP
AVERAGE$180   10,000 PHP
HIGH$1,000   56,000 PHP
Per Month

Leisure, Shopping2%

2% of total expenses on average (1% to 6%)

LOW$40   2,200 PHP
AVERAGE$110   6,300 PHP
HIGH$620   35,000 PHP
Per Month

Education13%

13% of total expenses on average (6% to 21%)

LOW$110   6,200 PHP
AVERAGE$320   18,000 PHP
HIGH$1,700   98,000 PHP
Per Month

Other Expenses16%

16% of total expenses on average (9% to 21%)

LOW$95   5,300 PHP
AVERAGE$270   15,000 PHP
HIGH$1,500   84,000 PHP
Per Month


StudentCost of living and expenses break down for students living in Cebu

Housing18%

18% of total expenses on average (13% to 24%)

LOW$65   3,600 PHP
AVERAGE$160   9,000 PHP
HIGH$290   16,000 PHP
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (5% to 11%)

LOW$11   600 PHP
AVERAGE$27   1,500 PHP
HIGH$48   2,700 PHP
Per Month

Transport, Fuel4%

4% of total expenses on average (4% to 10%)

LOW$19   1,100 PHP
AVERAGE$47   2,600 PHP
HIGH$85   4,700 PHP
Per Month

Food and Groceries23%

23% of total expenses on average (17% to 27%)

LOW$54   3,000 PHP
AVERAGE$130   7,500 PHP
HIGH$240   14,000 PHP
Per Month

Healthcare9%

9% of total expenses on average (6% to 12%)

LOW$16   900 PHP
AVERAGE$40   2,300 PHP
HIGH$73   4,100 PHP
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 6%)

LOW$13   750 PHP
AVERAGE$34   1,900 PHP
HIGH$60   3,400 PHP
Per Month

Education18%

18% of total expenses on average (11% to 23%)

LOW$51   2,900 PHP
AVERAGE$130   7,100 PHP
HIGH$230   13,000 PHP
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$40   2,300 PHP
AVERAGE$100   5,600 PHP
HIGH$180   10,000 PHP
Per Month
Philippines»Cebu
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