Cost Of Living For a Couple in Cartagena 2024

Average monthly spending for couples in Cartagena

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

Couples in Cartagena spend around 11M COP per month on average. Depending on the lifestyle, a couple can survive with a monthly budget as low as 3.7M COP or as high as 59M COP. Location and income are very important factors and have a huge influence on expenditure and budget.

Couple expenditure to income ratio in Cartagena

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

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in. 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 Cartagena spend around 90% of their monthly income. Some couples spend as low as 83% of their income while some as high as 100%.

How do couples spend their money in Cartagena?

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

Housing and accomodation expenditure for couples

Couples in Cartagena typically spend from 21% to 38% of their total monthly expenditure on housing with 28% being the average. The average monthly spend on housing is 3.8M COP with expenditure ranging from 1.3M COP to 20M COP. 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 Cartagena ranges from 5% to 11% of total expenses with 7% being the average for most couples. The average monthly cost of utilities is 500,000 COP with 150,000 COP and 3.3M COP 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 440,000 COP to 7.1M COP in a month on commuting with 1.3M COP being the norm for most couples. This means that money spent on transport constitutes about 10% of total spending on average but can go as low as 4% or as high as 15%.

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 Cartagena is 1.6M COP. The cost of groceries can range between 520,000 COP to 8.3M COP. Couples spend on average about 16% on food and groceries with upper and lower bounds of 11% and 21% respectively.

Healthcare and medical services expenditure for couples

Couples in Cartagena allocate 7% to 17% 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 13%. The range of medical expenses range from 410,000 COP to 6.5M COP with 1.2M COP 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 220,000 COP to 3.5M COP with 670,000 COP being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 4% for most couples.

Education and schooling expenditure for couples

Spending on education can vary drastically between different couples. On average, education constitutes 2% of the monthly expenditure of couples with 1% and 4% being the lower and upper bounds respectively. The average reported education cost is 220,000 COP per month with 74,000 COP being the minimum spent amount and 1.2M COP being the maximum.

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

Percentage of couples that reported their ability to save money

Almost 65% of surveyed couples in Cartagena said that they can save some money at the end of each month while 35% 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 9.9% to 32% of their monthly income to their savings, with 18% being the average for most couples. The average monthly amount of money that couples can put aside is 3.8M COP with 1.3M COP and 20M COP being the minimum and maximum respectively.

Saving Challenges in Cartagena

Reasons that make it difficult for couples to save money

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

Around 6% of the couples said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 16% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 10% of couples blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 19% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 12% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.

Typical saving choices for couples in Cartagena

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 Cartagena

Income and cost of living compatibility

We asked couples one simple question and recorded their answers.

Is it affordable or economical to live in Cartagena?

Around 70% of surveyed couples think that living in Cartagena is affordable with proper budgeting while 30% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Cartagena

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked couples how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options65%

Few low-cost options35%

Based on the survey, 65% of the couples living in Cartagena have no problem finding low-cost alternatives to support a frugal lifestyle while 35% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

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

Yes70%

No30%

Based on the survey, 30% of the couples living in Cartagena said that they don't have an emergency fund while 70% said that they do.

Financial Literacy in Colombia

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy58%

We asked couple guardians and parents in Cartagena whether they acquired any adequate personal financial training in their lives. Approximately 42% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 58% said that they know about the general principles of personal finance from sources other than their own experience.

Difficulty in Budgeting and Financial Planning

We wanted to understand whether couples of Colombia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 33% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 67% said that they have everything under control.

Struggles with finance33%

Easily manages finances67%

Financial goals of couples in Cartagena

In an attempt to understand the economic situation in Cartagena, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.

Around 7% of couples said that their main goal is to establish an emergency fund to cover unexpected expenses while 37% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 9% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 11% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Debt, loans, and mortgages in Cartagena

Percentage of couples who are in debt

According to the survey, 28% of the couples in Cartagena have some kind of debt, loan, mortgage, or credit card payments while 72% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Cartagena

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 a couple's monthly income in Cartagena goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Cartagena pay 60%+ of their income as debt settlement while 15% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 13% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 15% dedicated 30% to 40% of income for same. Things are looking brighter for 13% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Cartagena

11% of debtors in Cartagena confirm that real estate mortgages constitutes the main part of their outstanding debt while 27% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 19% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 3% of debtors in Cartagena.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.

Loan Affordability Index in Cartagena

Besides measuring the loan-to-income ratio, we asked couples of Cartagena how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Housing costs, accommodation, and housing affordability in Cartagena

Rent Cost in Cartagena

Monthly Rent Prices

Studio apartment monthly rent cost

830,000 COP

1.2M COP

3.3M COP

MINIMUM

AVERAGE

MAXIMUM

$210

$320

$840

1-bedroom apartment monthly rent cost

1.2M COP

2M COP

5M COP

MINIMUM

AVERAGE

MAXIMUM

$320

$500

$1,300

2-bedroom apartment monthly rent cost

1.7M COP

2.5M COP

6.6M COP

MINIMUM

AVERAGE

MAXIMUM

$420

$630

$1,700

3-bedroom apartment monthly rent cost

2M COP

3.3M COP

9M COP

MINIMUM

AVERAGE

MAXIMUM

$500

$840

$2,300

Furnished apartment monthly rent cost

4M COP

9.9M COP

20M COP

MINIMUM

AVERAGE

MAXIMUM

$1,000

$2,500

$5,000

Townhouse monthly rent cost

3.3M COP

5M COP

14M COP

MINIMUM

AVERAGE

MAXIMUM

$840

$1,300

$3,600

House monthly rent cost

4M COP

9.9M COP

20M COP

MINIMUM

AVERAGE

MAXIMUM

$1,000

$2,500

$5,000

Villa monthly rent cost

5M COP

12M COP

20M COP

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,200

$5,000

The monthly rental cost of a studio apartment in Cartagena ranges between 830,000 COP and 3.3M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1.2M COP to 5M COP. Two-bedroom rentals rate ranges between 1.7M COP and 6.6M COP per month. The monthly rental for a three-bedroom apartment ranges from 2M COP to 9M COP. The average rent of a townhouse in Cartagena is around 5M COP while house rental costs can be as high as 9.9M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 5M COP to 20M COP per month.

Apartment and house prices in Cartagena

Cost of buying a property

Studio apartment price

170M COP

250M COP

500M COP

MINIMUM

AVERAGE

MAXIMUM

$42,000

$63,000

$130,000

1-bedroom apartment price

200M COP

330M COP

1,200M COP

MINIMUM

AVERAGE

MAXIMUM

$50,000

$84,000

$320,000

2-bedroom apartment price

330M COP

990M COP

2,000M COP

MINIMUM

AVERAGE

MAXIMUM

$84,000

$250,000

$500,000

3-bedroom apartment price

1,100M COP

1,700M COP

5,000M COP

MINIMUM

AVERAGE

MAXIMUM

$280,000

$420,000

$1.3M

Townhouse price

1,400M COP

3,300M COP

12,000M COP

MINIMUM

AVERAGE

MAXIMUM

$360,000

$840,000

$3.2M

House price

1,700M COP

9,900M COP

14,000M COP

MINIMUM

AVERAGE

MAXIMUM

$420,000

$2.5M

$3.6M

Villa price

2,000M COP

11,000M COP

17,000M COP

MINIMUM

AVERAGE

MAXIMUM

$500,000

$2.8M

$4.2M

The average price of a studio apartment in Cartagena can range from 170M COP to 500M COP depending on location. One bedroom cost can be anywhere from 200M COP to 1,200M COP. A villa can cost you 11,000M COP on average with prices ranging from 2,000M COP to 17,000M COP.

House / apartment prices to income ratio

Property prices in Cartagena can be x104 to x218 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x104 multiples of the average monthly salary in Cartagena.

Rent to income ratio

The average rent-to-income ratio in Cartagena is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 21% to 43% depending on the salary, location, and type of property.

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 Cartagena

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

Utility Bill Cost / Electricity + Water + Gas / Couple

150,000 COP

500,000 COP

3.3M COP

MINIMUM

AVERAGE

MAXIMUM

$37

$130

$820

Internet and cable cost

47,000 COP

93,000 COP

120,000 COP

MINIMUM

AVERAGE

MAXIMUM

$12

$24

$31

Mobile phone bill and charges

37,000 COP

62,000 COP

190,000 COP

MINIMUM

AVERAGE

MAXIMUM

$9.4

$16

$47

The average monthly energy and water consumption of couples is around 500,000 COP. The cost of internet and WiFi ranges from 47,000 COP to 120,000 COP with 93,000 COP being the average internet bill. Finally, the average monthly mobile charges is around 62,000 COP but can range between 37,000 COP and 190,000 COP 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 Cartagena is around 6.6%. This means that people pay 6.6% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.3% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Cartagena

Prices and cost of goods and services in Cartagena

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

Fast food combo meal price

9,300 COP

19,000 COP

31,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.4

$4.7

$7.9

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Cartagena is approximatly 19,000 COP with meal cost ranging from 9,300 COP to 31,000 COP. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

32,000 COP

48,000 COP

96,000 COP

MINIMUM

AVERAGE

MAXIMUM

$8.1

$12

$24

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 32,000 COP and 96,000 COP with 48,000 COP being the average price of a plate for one person at a regular restaurant in Cartagena.

Fine dining meal for one price

64,000 COP

96,000 COP

390,000 COP

MINIMUM

AVERAGE

MAXIMUM

$16

$24

$98

The price range of a meal at fine-dining restaurant is 64,000 COP to 390,000 COP with the average cost being 96,000 COP for one person. This is what you would expect to pay a top-tier diner in Cartagena.

Beverage prices, cappuccino, latte etc..

7,800 COP

12,000 COP

19,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2

$3.1

$4.7

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Cartagena is around 12,000 COP. Price ranges between 7,800 COP and 19,000 COP depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

6,200 COP

7,500 COP

9,300 COP

MINIMUM

AVERAGE

MAXIMUM

$1.6

$1.9

$2.4

The average price of a large bottle of milk in Cartagena is 7,500 COP. The maximum what you would pay for milk is 9,300 COP and the minimum being 6,200 COP depending on the brand of milk and other properties.

12 eggs price

4,700 COP

6,200 COP

9,300 COP

MINIMUM

AVERAGE

MAXIMUM

$1.2

$1.6

$2.4

A dozen eggs costs around 6,200 COP on average with 4,700 COP and 9,300 COP being the lower and upper limits respectively.

Fresh whole chicken price

11,000 COP

14,000 COP

19,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.7

$3.5

$4.9

The price range of a fresh whole chicken in Cartagena is between 11,000 COP and 19,000 COP depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 14,000 COP.

Pack of beef price

12,000 COP

19,000 COP

37,000 COP

MINIMUM

AVERAGE

MAXIMUM

$3.1

$4.7

$9.4

The price of a regular pack of beef or meat is around 19,000 COP. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

5,000 COP

6,800 COP

9,700 COP

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.7

$2.5

A bag of rice in Cartagena costs around 6,800 COP on average with prices rangeing between 5,000 COP and 9,700 COP depending on the brand and quality.

Bag of tomatos price

1,900 COP

2,500 COP

4,700 COP

MINIMUM

AVERAGE

MAXIMUM

$0.47

$0.63

$1.2

A bag of tomatoes costs anywhere from 1,900 COP to 4,700 COP. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

3,300 COP

4,400 COP

7,200 COP

MINIMUM

AVERAGE

MAXIMUM

$0.84

$1.1

$1.8

A bag of apples costs 4,400 COP 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 Cartagena is around 30%. This means that couples spend 30% of their income on grocery and basic household items. The expenditure can range from 21% to 37% depending on salary and location.

Expenditure on food and grocery for couples