Cost Of Living For a Couple in Turkmenistan 2024

Average monthly spending for couples in Turkmenistan

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

Couples in Turkmenistan spend around 5,800 TMT per month on average. Depending on the lifestyle, a couple can survive with a monthly budget as low as 1,900 TMT or as high as 31,000 TMT. Location and income are very important factors and have a huge influence on expenditure and budget.

Couple expenditure to income ratio in Turkmenistan

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

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 Turkmenistan spend around 80% of their monthly income. Some couples spend as low as 72% of their income while some as high as 88%.

How do couples spend their money in Turkmenistan?

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

Housing and accomodation expenditure for couples

Couples in Turkmenistan typically spend from 22% to 39% of their total monthly expenditure on housing with 29% being the average. The average monthly spend on housing is 2,000 TMT with expenditure ranging from 660 TMT to 10,000 TMT. 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 Turkmenistan ranges from 4% to 10% of total expenses with 6% being the average for most couples. The average monthly cost of utilities is 260 TMT with 77 TMT and 1,700 TMT 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 230 TMT to 3,700 TMT in a month on commuting with 690 TMT 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 Turkmenistan is 810 TMT. The cost of groceries can range between 270 TMT to 4,300 TMT. 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 Turkmenistan 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 210 TMT to 3,400 TMT with 640 TMT 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 120 TMT to 1,900 TMT with 350 TMT being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 5% 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 120 TMT per month with 39 TMT being the minimum spent amount and 620 TMT being the maximum.

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

Percentage of couples that reported their ability to save money

Almost 61% of surveyed couples in Turkmenistan said that they can save some money at the end of each month while 39% 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 12% to 32% of their monthly income to their savings, with 21% being the average for most couples. The average monthly amount of money that couples can put aside is 2,100 TMT with 690 TMT and 11,000 TMT being the minimum and maximum respectively.

Saving Challenges in Turkmenistan

Reasons that make it difficult for couples to save money

We wanted to understand what is stopping couples from maximizing their savings in Turkmenistan. 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. 17% of the residents said that they are burdened with debt and find it challenging to save money. 10% 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. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% 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. 11% 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 Turkmenistan

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 Turkmenistan

Income and cost of living compatibility

We asked couples one simple question and recorded their answers.

Is it affordable or economical to live in Turkmenistan?

Around 63% of surveyed couples think that living in Turkmenistan is affordable with proper budgeting while 37% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Turkmenistan

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 options56%

Few low-cost options44%

Based on the survey, 56% of the couples living in Turkmenistan have no problem finding low-cost alternatives to support a frugal lifestyle while 44% 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 Turkmenistan whether they have an emergency fund and the answers were as follows.

Yes59%

No41%

Based on the survey, 41% of the couples living in Turkmenistan said that they don't have an emergency fund while 59% said that they do.

Financial Literacy in Turkmenistan

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 Turkmenistan 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 Turkmenistan have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 44% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 56% said that they have everything under control.

Struggles with finance44%

Easily manages finances56%

Financial goals of couples in Turkmenistan

In an attempt to understand the economic situation in Turkmenistan, 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 34% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% 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 10% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 10% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Debt, loans, and mortgages in Turkmenistan

Percentage of couples who are in debt

According to the survey, 32% of the couples in Turkmenistan have some kind of debt, loan, mortgage, or credit card payments while 68% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Turkmenistan

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 29% of a couple's monthly income in Turkmenistan goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Turkmenistan pay 60%+ of their income as debt settlement while 12% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 12% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 14% dedicated 30% to 40% of income for same. Things are looking brighter for 14% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Turkmenistan

12% of debtors in Turkmenistan confirm that real estate mortgages constitutes the main part of their outstanding debt while 26% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 21% of people and personal loans rose at 37%. Lastly, student loans are the main source of debt for 3% of debtors in Turkmenistan.

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 Turkmenistan

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

Rent Cost in Turkmenistan

Monthly Rent Prices

Studio apartment monthly rent cost

440 TMT

660 TMT

1,700 TMT

MINIMUM

AVERAGE

MAXIMUM

$130

$190

$500

1-bedroom apartment monthly rent cost

660 TMT

1,000 TMT

2,600 TMT

MINIMUM

AVERAGE

MAXIMUM

$190

$300

$750

2-bedroom apartment monthly rent cost

870 TMT

1,300 TMT

3,500 TMT

MINIMUM

AVERAGE

MAXIMUM

$250

$380

$1,000

3-bedroom apartment monthly rent cost

1,000 TMT

1,700 TMT

4,800 TMT

MINIMUM

AVERAGE

MAXIMUM

$300

$500

$1,400

Furnished apartment monthly rent cost

2,100 TMT

5,200 TMT

10,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$600

$1,500

$3,000

Townhouse monthly rent cost

1,700 TMT

2,600 TMT

7,500 TMT

MINIMUM

AVERAGE

MAXIMUM

$500

$750

$2,100

House monthly rent cost

2,100 TMT

5,200 TMT

10,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$600

$1,500

$3,000

Villa monthly rent cost

2,600 TMT

6,600 TMT

10,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$750

$1,900

$3,000

The monthly rental cost of a studio apartment in Turkmenistan ranges between 440 TMT and 1,700 TMT, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 660 TMT to 2,600 TMT. Two-bedroom rentals rate ranges between 870 TMT and 3,500 TMT per month. The monthly rental for a three-bedroom apartment ranges from 1,000 TMT to 4,800 TMT. The average rent of a townhouse in Turkmenistan is around 2,600 TMT while house rental costs can be as high as 5,200 TMT per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,600 TMT to 10,000 TMT per month.

Apartment and house prices in Turkmenistan

Cost of buying a property

Studio apartment price

87,000 TMT

130,000 TMT

260,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$25,000

$38,000

$75,000

1-bedroom apartment price

100,000 TMT

170,000 TMT

660,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$30,000

$50,000

$190,000

2-bedroom apartment price

170,000 TMT

520,000 TMT

1M TMT

MINIMUM

AVERAGE

MAXIMUM

$50,000

$150,000

$300,000

3-bedroom apartment price

580,000 TMT

870,000 TMT

2.6M TMT

MINIMUM

AVERAGE

MAXIMUM

$170,000

$250,000

$750,000

Townhouse price

750,000 TMT

1.7M TMT

6.6M TMT

MINIMUM

AVERAGE

MAXIMUM

$210,000

$500,000

$1.9M

House price

870,000 TMT

5.2M TMT

7.5M TMT

MINIMUM

AVERAGE

MAXIMUM

$250,000

$1.5M

$2.1M

Villa price

1M TMT

5.8M TMT

8.7M TMT

MINIMUM

AVERAGE

MAXIMUM

$300,000

$1.7M

$2.5M

The average price of a studio apartment in Turkmenistan can range from 87,000 TMT to 260,000 TMT depending on location. One bedroom cost can be anywhere from 100,000 TMT to 660,000 TMT. A villa can cost you 5.8M TMT on average with prices ranging from 1M TMT to 8.7M TMT.

House / apartment prices to income ratio

Property prices in Turkmenistan can be x113 to x208 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x113 multiples of the average monthly salary in Turkmenistan.

Rent to income ratio

The average rent-to-income ratio in Turkmenistan is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 21% to 41% 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 Turkmenistan

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

Utility Bill Cost / Electricity + Water + Gas / Couple

77 TMT

260 TMT

1,700 TMT

MINIMUM

AVERAGE

MAXIMUM

$22

$74

$490

Internet and cable cost

26 TMT

52 TMT

70 TMT

MINIMUM

AVERAGE

MAXIMUM

$7.5

$15

$20

Mobile phone bill and charges

21 TMT

35 TMT

100 TMT

MINIMUM

AVERAGE

MAXIMUM

$6

$10

$30

The average monthly energy and water consumption of couples is around 260 TMT. The cost of internet and WiFi ranges from 26 TMT to 70 TMT with 52 TMT being the average internet bill. Finally, the average monthly mobile charges is around 35 TMT but can range between 21 TMT and 100 TMT 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 Turkmenistan is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Turkmenistan

Prices and cost of goods and services in Turkmenistan

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

Fast food combo meal price

5.2 TMT

10 TMT

17 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.5

$3

$5

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Turkmenistan is approximatly 10 TMT with meal cost ranging from 5.2 TMT to 17 TMT. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

17 TMT

26 TMT

52 TMT

MINIMUM

AVERAGE

MAXIMUM

$5

$7.5

$15

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 17 TMT and 52 TMT with 26 TMT being the average price of a plate for one person at a regular restaurant in Turkmenistan.

Fine dining meal for one price

35 TMT

52 TMT

210 TMT

MINIMUM

AVERAGE

MAXIMUM

$10

$15

$60

The price range of a meal at fine-dining restaurant is 35 TMT to 210 TMT with the average cost being 52 TMT for one person. This is what you would expect to pay a top-tier diner in Turkmenistan.

Beverage prices, cappuccino, latte etc..

4.4 TMT

7 TMT

10 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.3

$2

$3

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Turkmenistan is around 7 TMT. Price ranges between 4.4 TMT and 10 TMT depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

3.5 TMT

4.2 TMT

5.2 TMT

MINIMUM

AVERAGE

MAXIMUM

$1

$1.2

$1.5

The average price of a large bottle of milk in Turkmenistan is 4.2 TMT. The maximum what you would pay for milk is 5.2 TMT and the minimum being 3.5 TMT depending on the brand of milk and other properties.

12 eggs price

2.6 TMT

3.5 TMT

5.2 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.75

$1

$1.5

A dozen eggs costs around 3.5 TMT on average with 2.6 TMT and 5.2 TMT being the lower and upper limits respectively.

Fresh whole chicken price

6 TMT

7.7 TMT

11 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2.2

$3.1

The price range of a fresh whole chicken in Turkmenistan is between 6 TMT and 11 TMT depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 7.7 TMT.

Pack of beef price

7 TMT

10 TMT

21 TMT

MINIMUM

AVERAGE

MAXIMUM

$2

$3

$6

The price of a regular pack of beef or meat is around 10 TMT. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

2.8 TMT

3.9 TMT

5.5 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.81

$1.1

$1.6

A bag of rice in Turkmenistan costs around 3.9 TMT on average with prices rangeing between 2.8 TMT and 5.5 TMT depending on the brand and quality.

Bag of tomatos price

1 TMT

1.4 TMT

2.6 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.30

$0.40

$0.75

A bag of tomatoes costs anywhere from 1 TMT to 2.6 TMT. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

1.9 TMT

2.5 TMT

4 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.54

$0.70

$1.2

A bag of apples costs 2.5 TMT 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 Turkmenistan is around 26%. This means that couples spend 26% of their income on grocery and basic household items. The expenditure can range from 18% to 32% depending on salary and location.

Expenditure on food and grocery for couples