Cost Of Living For a Couple in Bihar 2024

Average monthly spending for couples in Bihar

How much money does a couple need in a month to survive in Bihar?

Couples in Bihar spend around 89,000 INR per month on average. Depending on the lifestyle, a couple can survive with a monthly budget as low as 30,000 INR or as high as 470,000 INR. Location and income are very important factors and have a huge influence on expenditure and budget.

Couple expenditure to income ratio in Bihar

Analysing the how affordable it is for couples to live in Bihar

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. Couples usually spend a larger chunk of their income than other population groups. A typical and healthy expenditure percentage for a couple of four ranges between 70% to 80%.

Couples in Bihar spend around 93% of their monthly income. Some couples spend as low as 85% of their income while some as high as 100%.

How do couples spend their money in Bihar?

We asked thousands of couples about their spending habits and expenditure break down.

Housing and accomodation expenditure for couples

Couples in Bihar typically spend from 19% to 36% of their total monthly expenditure on housing with 26% being the average. The average monthly spend on housing is 30,000 INR with expenditure ranging from 10,000 INR to 160,000 INR. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for couples

Utility expenditure like electricity, water, and gas in Bihar ranges from 6% to 12% of total expenses with 8% being the average for most couples. The average monthly cost of utilities is 4,000 INR with 1,200 INR and 26,000 INR being the upper and lower limits for a couple of four.

Transport, fuel, and commute expenditure for couples

Fuel consumption and cost of transport depend heavily on whether a couple resides near school and work, but roughly speaking a couple would expect to spend from 3,600 INR to 57,000 INR in a month on commuting with 11,000 INR being the norm for most couples. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 2% or as high as 13%.

Food, groceries, and basic shopping expenditure for couples

The average outlay on groceries and basic houshold items for a typical couple in a month in Bihar is 12,000 INR. The cost of groceries can range between 4,100 INR to 66,000 INR. Couples spend on average about 18% on food and groceries with upper and lower bounds of 13% and 23% respectively.

Healthcare and medical services expenditure for couples

Couples in Bihar allocate 9% to 19% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 15%. The range of medical expenses range from 3,300 INR to 52,000 INR with 9,800 INR being the norm for most couples.

Leisure and shopping expenditure for couples

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 1,800 INR to 28,000 INR with 5,300 INR being the average. Speaking of percentages, that equates to 1% to 6% of total expenses with an average of 3% for most couples.

Education and schooling expenditure for couples

Spending on education can vary drastically between different couples. On average, education constitutes 1% of the monthly expenditure of couples with 0.00% and 3% being the lower and upper bounds respectively. The average reported education cost is 1,800 INR per month with 590 INR being the minimum spent amount and 9,500 INR being the maximum.

What percentage of couples in Bihar are able to save money and how much can they save?

Percentage of couples that reported their ability to save money

Almost 59% of surveyed couples in Bihar said that they can save some money at the end of each month while 41% reported that they have to utilize their whole income to survive.

How much money do couples manage to add to their savings?

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for couples

Interpretation and Analysis

Couples that are able to save money can put anywhere from 13% to 35% of their monthly income to their savings, with 23% being the average for most couples. The average monthly amount of money that couples can put aside is 26,000 INR with 8,700 INR and 140,000 INR being the minimum and maximum respectively.

Saving Challenges in Bihar

Reasons that make it difficult for couples to save money

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

Around 4% of the couples said that their salary is too low to accommodate a portion for savings while 7% said that the high cost of living leaves little room for savings. 12% 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. 12% of couples 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. 22% 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. 14% 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 social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for couples in Bihar

Where do people choose to put their savings?

A typical and healthy budgeting structure

The 50/30/20 rule

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

• 50% for needs and financial obligations

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

• 30% for wants and discretionary spending

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

• 20% for savings and emergency fund

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

About financial planning, money management, and household budgeting

Affordable living in Bihar

Income and cost of living compatibility

We asked couples one simple question and recorded their answers.

Is it affordable or economical to live in Bihar?

Around 56% of surveyed couples think that living in Bihar is affordable with proper budgeting while 44% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Bihar

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 couples how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options64%

Few low-cost options36%

Based on the survey, 64% of the couples living in Bihar have no problem finding low-cost alternatives to support a frugal lifestyle while 36% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Couples

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

Yes56%

No44%

Based on the survey, 44% of the couples living in Bihar said that they don't have an emergency fund while 56% said that they do.

Financial Literacy in India

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 Leteracy44%

We asked couple guardians and parents in Bihar whether they acquired any adequate personal financial training in their lives. Approximately 56% 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 44% 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 couples of India have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 46% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 54% said that they have everything under control.

Struggles with finance46%

Easily manages finances54%

Financial goals of couples in Bihar

In an attempt to understand the economic situation in Bihar, 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 9% of couples said that their main goal is to establish an emergency fund to cover unexpected expenses while 45% said their number one priority is to pay off high-interest debt or loans and improve credit. 11% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 6% reported that their priority is saving for the tuition fees and education costs of their children while 19% choose to buy a home or pay off existing mortgage before other things. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 5% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 15% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Debt, loans, and mortgages in Bihar

Percentage of couples who are in debt

According to the survey, 31% of the couples in Bihar have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Bihar

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 35% of a couple's monthly income in Bihar goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Bihar pay 60%+ of their income as debt settlement while 20% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 9% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Bihar

7% of debtors in Bihar confirm that real estate mortgages constitutes the main part of their outstanding debt while 31% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 13% of people and personal loans rose at 45%. Lastly, student loans are the main source of debt for 4% of debtors in Bihar.

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 Bihar

Besides measuring the loan-to-income ratio, we asked couples of Bihar 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 Bihar

Rent Cost in Bihar

Monthly Rent Prices

Studio apartment monthly rent cost

6,400 INR

9,600 INR

26,000 INR

MINIMUM

AVERAGE

MAXIMUM

$77

$120

$310

1-bedroom apartment monthly rent cost

9,600 INR

15,000 INR

38,000 INR

MINIMUM

AVERAGE

MAXIMUM

$120

$180

$460

2-bedroom apartment monthly rent cost

13,000 INR

19,000 INR

51,000 INR

MINIMUM

AVERAGE

MAXIMUM

$150

$230

$620

3-bedroom apartment monthly rent cost

15,000 INR

26,000 INR

70,000 INR

MINIMUM

AVERAGE

MAXIMUM

$180

$310

$840

Furnished apartment monthly rent cost

31,000 INR

77,000 INR

150,000 INR

MINIMUM

AVERAGE

MAXIMUM

$370

$920

$1,800

Townhouse monthly rent cost

26,000 INR

38,000 INR

110,000 INR

MINIMUM

AVERAGE

MAXIMUM

$310

$460

$1,300

House monthly rent cost

31,000 INR

77,000 INR

150,000 INR

MINIMUM

AVERAGE

MAXIMUM

$370

$920

$1,800

Villa monthly rent cost

38,000 INR

96,000 INR

150,000 INR

MINIMUM

AVERAGE

MAXIMUM

$460

$1,200

$1,800

The monthly rental cost of a studio apartment in Bihar ranges between 6,400 INR and 26,000 INR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 9,600 INR to 38,000 INR. Two-bedroom rentals rate ranges between 13,000 INR and 51,000 INR per month. The monthly rental for a three-bedroom apartment ranges from 15,000 INR to 70,000 INR. The average rent of a townhouse in Bihar is around 38,000 INR while house rental costs can be as high as 77,000 INR per month. Finally, if you want to rent a villa, expect to pay anywhere from 38,000 INR to 150,000 INR per month.

Apartment and house prices in Bihar

Cost of buying a property

Studio apartment price

1.3M INR

1.9M INR

3.8M INR

MINIMUM

AVERAGE

MAXIMUM

$15,000

$23,000

$46,000

1-bedroom apartment price

1.5M INR

2.6M INR

9.6M INR

MINIMUM

AVERAGE

MAXIMUM

$18,000

$31,000

$120,000

2-bedroom apartment price

2.6M INR

7.7M INR

15M INR

MINIMUM

AVERAGE

MAXIMUM

$31,000

$92,000

$180,000

3-bedroom apartment price

8.5M INR

13M INR

38M INR

MINIMUM

AVERAGE

MAXIMUM

$100,000

$150,000

$460,000

Townhouse price

11M INR

26M INR

96M INR

MINIMUM

AVERAGE

MAXIMUM

$130,000

$310,000

$1.2M

House price

13M INR

77M INR

110M INR

MINIMUM

AVERAGE

MAXIMUM

$150,000

$920,000

$1.3M

Villa price

15M INR

85M INR

130M INR

MINIMUM

AVERAGE

MAXIMUM

$180,000

$1M

$1.5M

The average price of a studio apartment in Bihar can range from 1.3M INR to 3.8M INR depending on location. One bedroom cost can be anywhere from 1.5M INR to 9.6M INR. A villa can cost you 85M INR on average with prices ranging from 15M INR to 130M INR.

House / apartment prices to income ratio

Property prices in Bihar can be x107 to x224 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x107 multiples of the average monthly salary in Bihar.

Rent to income ratio

The average rent-to-income ratio in Bihar is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 22% 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.

Monthly costs and expenses of energy and basic utilities in Bihar

Energy, electricity, water, gas, internet, and mobile cost in Bihar

Utility Bill Cost / Electricity + Water + Gas / Couple

1,200 INR

4,000 INR

26,000 INR

MINIMUM

AVERAGE

MAXIMUM

$14

$48

$310

Internet and cable cost

330 INR

660 INR

890 INR

MINIMUM

AVERAGE

MAXIMUM

$4

$8

$11

Mobile phone bill and charges

270 INR

440 INR

1,300 INR

MINIMUM

AVERAGE

MAXIMUM

$3.2

$5.3

$16

The average monthly energy and water consumption of couples is around 4,000 INR. The cost of internet and WiFi ranges from 330 INR to 890 INR with 660 INR being the average internet bill. Finally, the average monthly mobile charges is around 440 INR but can range between 270 INR and 1,300 INR 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 Bihar is around 6.8%. This means that people pay 6.8% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.4% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Bihar

Prices and cost of goods and services in Bihar

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

Fast food combo meal price

66 INR

130 INR

220 INR

MINIMUM

AVERAGE

MAXIMUM

$0.80

$1.6

$2.7

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Bihar is approximatly 130 INR with meal cost ranging from 66 INR to 220 INR. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

240 INR

360 INR

720 INR

MINIMUM

AVERAGE

MAXIMUM

$2.9

$4.3

$8.6

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 240 INR and 720 INR with 360 INR being the average price of a plate for one person at a regular restaurant in Bihar.

Fine dining meal for one price

480 INR

720 INR

2,900 INR

MINIMUM

AVERAGE

MAXIMUM

$5.8

$8.6

$35

The price range of a meal at fine-dining restaurant is 480 INR to 2,900 INR with the average cost being 720 INR for one person. This is what you would expect to pay a top-tier diner in Bihar.

Beverage prices, cappuccino, latte etc..

55 INR

89 INR

130 INR

MINIMUM

AVERAGE

MAXIMUM

$0.67

$1.1

$1.6

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Bihar is around 89 INR. Price ranges between 55 INR and 130 INR depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

44 INR

53 INR

66 INR

MINIMUM

AVERAGE

MAXIMUM

$0.53

$0.64

$0.80

The average price of a large bottle of milk in Bihar is 53 INR. The maximum what you would pay for milk is 66 INR and the minimum being 44 INR depending on the brand of milk and other properties.

12 eggs price

33 INR

44 INR

66 INR

MINIMUM

AVERAGE

MAXIMUM

$0.40

$0.53

$0.80

A dozen eggs costs around 44 INR on average with 33 INR and 66 INR being the lower and upper limits respectively.

Fresh whole chicken price

76 INR

98 INR

140 INR

MINIMUM

AVERAGE

MAXIMUM

$0.91

$1.2

$1.7

The price range of a fresh whole chicken in Bihar is between 76 INR and 140 INR depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 98 INR.

Pack of beef price

89 INR

130 INR

270 INR

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.6

$3.2

The price of a regular pack of beef or meat is around 130 INR. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

36 INR

49 INR

69 INR

MINIMUM

AVERAGE

MAXIMUM

$0.43

$0.59

$0.84

A bag of rice in Bihar costs around 49 INR on average with prices rangeing between 36 INR and 69 INR depending on the brand and quality.

Bag of tomatos price

13 INR

18 INR

33 INR

MINIMUM

AVERAGE

MAXIMUM

$0.16

$0.21

$0.40

A bag of tomatoes costs anywhere from 13 INR to 33 INR. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

24 INR

31 INR

51 INR

MINIMUM

AVERAGE

MAXIMUM

$0.29

$0.37

$0.62

A bag of apples costs 31 INR 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 Bihar is around 31%. This means that couples spend 31% of their income on grocery and basic household items. The expenditure can range from 22% to 38% depending on salary and location.

Expenditure on food and grocery for couples