Cost Of Living in Elbasan 2024
Average monthly spending for singles, couples, students, and families in Elbasan
Whether you're living in Elbasan 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 Expenditure300,000 ALL
per month$3,10023,000 ALL $240
$31,000 3M ALL
Single210,000 ALL
per month$2,20069,000 ALL $720
$14,000 1.4M ALL
Couple350,000 ALL
per month$3,600120,000 ALL $1,200
$19,000 1.8M ALL
Family460,000 ALL
per month$4,800160,000 ALL $1,700
$26,000 2.5M ALL
Student140,000 ALL
per month$1,40055,000 ALL $580
$2,600 250,000 ALL
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Elbasan is 210,000 ALL. Expenses can range from 69,000 ALL at the minimum level to 1.4M ALL at the highest end.
Couples
The average monthly spending of couples in Elbasan is 350,000 ALL. Expenditure can range from 120,000 ALL to 1.8M ALL per month.
Families
The average cost of living for families in Elbasan is 460,000 ALL per month. Families spend anywhere from 160,000 ALL to 2.5M ALL.
Students
The average monthly expenditure for students in Elbasan is 140,000 ALL. Students spend from 55,000 ALL to 250,000 ALL 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 Elbasan
Dining, food, and beverages costs
Large bottle of water
Fast food combo meal
Restaurant meal for one | 1,000 ALL | 1,500 ALL | 3,000 ALL |
Fine dining meal for one | 2,000 ALL | 3,000 ALL | 12,000 ALL |
Soda or Soft Drink
Cappuccino or latte Grocery and market costs
Milk large bottle
Loaf of bread
12 eggs
Fresh whole chicken
Beef 1 kg or 1 lb | 390 ALL | 590 ALL | 1,200 ALL |
Rice 1 kg or 1 lb
Tomato 1 kg or 1 lb
Apples 1 kg or 1 lb Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank | 1,500 ALL | 2,000 ALL | 3,900 ALL |
Average car 1-day rental | 1,500 ALL | 2,100 ALL | 3,100 ALL |
Average car price | 740,000 ALL | 1.5M ALL | 2M ALL |
Bus ticket one way
Car Service | 2,100 ALL | 3,100 ALL | 6,200 ALL |
Utility cost (monthly)
Utility Bill - Individual | 4,100 ALL | 12,000 ALL | 83,000 ALL |
Utility Bill - Couple | 5,800 ALL | 17,000 ALL | 92,000 ALL |
Utility Bill - Family | 4,800 ALL | 14,000 ALL | 76,000 ALL |
Internet and cable | 1,500 ALL | 3,000 ALL | 3,900 ALL |
Mobile phone charges | 1,200 ALL | 2,000 ALL | 5,900 ALL |
Leisure and activities costs
Movie ticket | 740 ALL | 990 ALL | 1,500 ALL |
One month gym membership | 2,500 ALL | 3,100 ALL | 6,200 ALL |
Cloths and accessories costs
Pair of jeans or pants | 1,800 ALL | 2,600 ALL | 3,800 ALL |
Woman dress | 1,700 ALL | 2,400 ALL | 7,700 ALL |
Woman shoes | 1,600 ALL | 2,200 ALL | 5,100 ALL |
Men's shoes | 1,400 ALL | 1,700 ALL | 3,400 ALL |
Men suit | 1,500 ALL | 1,900 ALL | 10,000 ALL |
Regular t-shirt | 770 ALL | 1,000 ALL | 3,100 ALL |
Housing costs / monthly rent
Studio apartment | 26,000 ALL | 38,000 ALL | 100,000 ALL |
1-bedroom apartment | 38,000 ALL | 62,000 ALL | 150,000 ALL |
2-bedroom apartment | 51,000 ALL | 77,000 ALL | 210,000 ALL |
Housing costs / Buying
Studio apartment | 5.1M ALL | 7.7M ALL | 15M ALL |
1-bedroom apartment | $64,000 | $110,000 | $400,000 |
2-bedroom apartment | $110,000 | $320,000 | $640,000 |
Furniture Costs
King Size Bed | 30,000 ALL | 37,000 ALL | 49,000 ALL |
Double Bed | 20,000 ALL | 30,000 ALL | 37,000 ALL |
Single Bed | 17,000 ALL | 23,000 ALL | 30,000 ALL |
Living Room | 33,000 ALL | 42,000 ALL | 150,000 ALL |
Dining Table | 15,000 ALL | 20,000 ALL | 37,000 ALL |
Sofa or Couch | 20,000 ALL | 27,000 ALL | 59,000 ALL |
Electronics and House Appliance Costs
TV Set | 20,000 ALL | 30,000 ALL | 59,000 ALL |
Fridge or Freezer | 17,000 ALL | 27,000 ALL | 37,000 ALL |
Washing Machine | 23,000 ALL | 33,000 ALL | 59,000 ALL |
Stove or Cooker | 21,000 ALL | 27,000 ALL | 37,000 ALL |
Mobile Phone | 25,000 ALL | 30,000 ALL | 42,000 ALL |
Laptop or Computer | 27,000 ALL | 33,000 ALL | 59,000 ALL |
Expenditure to Income Ratio in Elbasan
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
88%
82% to 97%
( 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 Elbasan is 88%
This means that on average, people spend around 88% 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
79%
Spending-Income-Ratio
74%
88%
Couple
84%
Spending-Income-Ratio
78%
93%
Family
93%
Spending-Income-Ratio
86%
100%
How do people spend their money in Elbasan?
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 | $72 6,900 ALL |
| AVERAGE | $940 90,000 ALL |
| HIGH | $9,400 900,000 ALL |
| Per Month |
People living in Elbasan typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 90,000 ALL with expenditure ranging from 6,900 ALL to 900,000 ALL. 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, Water7%
7% of total expenses on average (4% to 11%)
| LOW | $12 1,200 ALL |
| AVERAGE | $160 15,000 ALL |
| HIGH | $1,600 150,000 ALL |
| Per Month |
Utility expenditure like electricity, water, and gas in Elbasan ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 15,000 ALL with 1,200 ALL and 150,000 ALL being the upper and lower limits.
Transport, Fuel, Commute7%
7% of total expenses on average (3% to 11%)
| LOW | $24 2,300 ALL |
| AVERAGE | $310 30,000 ALL |
| HIGH | $3,100 300,000 ALL |
| 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 2,300 ALL to 300,000 ALL on commuting with 30,000 ALL 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 | $60 5,800 ALL |
| AVERAGE | $780 75,000 ALL |
| HIGH | $7,800 750,000 ALL |
| Per Month |
The average outlay on groceries in a month in Elbasan is 75,000 ALL. The cost of groceries can range between 5,800 ALL to 750,000 ALL. 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 | $17 1,600 ALL |
| AVERAGE | $220 21,000 ALL |
| HIGH | $2,200 210,000 ALL |
| Per Month |
People in Elbasan 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 1,600 ALL to 210,000 ALL with 21,000 ALL being the norm.
Leisure and Shopping5%
5% of total expenses on average (2% to 9%)
| LOW | $9.6 920 ALL |
| AVERAGE | $120 12,000 ALL |
| HIGH | $1,200 120,000 ALL |
| 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 920 ALL to 120,000 ALL with 12,000 ALL being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.
Education and Schooling5%
5% of total expenses on average (3% to 11%)
| LOW | $14 1,400 ALL |
| AVERAGE | $190 18,000 ALL |
| HIGH | $1,900 180,000 ALL |
| 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 18,000 ALL per month with 1,400 ALL being the minimum spent amount and 180,000 ALL being the maximum.
Other Expenses14%
14% of total expenses on average (9% to 21%)
| LOW | $31 3,000 ALL |
| AVERAGE | $410 39,000 ALL |
| HIGH | $4,100 390,000 ALL |
| Per Month |
How much money can you save in Elbasan 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 Elbasan manage to save money from their income every month?
Almost 64% of the surveyed people in Elbasan 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 Elbasan
| Group | Savers | Non Savers |
|---|
| Singles | 65% | 36% |
| Couples | 59% | 41% |
| Families | 54% | 46% |
Savings-to-Income Ratio
The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.
Saving to Income Ratio
Average Monthly Saved Amount
7,700 ALL
$80 | 100,000 ALL
$1,000 | 1M ALL
$10,000 |
For most people, 7.2% to 28% of their monthly income is what they can allocate to their savings, with 14% being the average. The amount of money that people can save is approximately 100,000 ALL on average with savings ranging from 7,700 ALL to 1M ALL.
65% of surveyed singles reported some of their income going to savings while 59% of couples said the same. 54% of families confirmed their ability to save money.
How much money do people actually save in Elbasan?
The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
23,000 ALL
$240 | 69,000 ALL
$720 | 460,000 ALL
$4,800 |
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 10% to 30% of their monthly income to savings, with 19% being the average for most singles. The average amount of money that singles are able to save is 69,000 ALL with 23,000 ALL and 460,000 ALL being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
39,000 ALL
$400 | 120,000 ALL
$1,200 | 620,000 ALL
$6,400 |
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 8.2% to 29% of their monthly income, with 16% being the average for most couples. The average amount of money that couples can save is 120,000 ALL with 39,000 ALL and 620,000 ALL being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
54,000 ALL
$560 | 150,000 ALL
$1,600 | 850,000 ALL
$8,800 |
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 Elbasan can save anywhere between 7.2% to 27% of their monthly income, with 13% being the average for most families. The average amount of money that families can put aside is 150,000 ALL with 54,000 ALL and 850,000 ALL 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 Elbasan
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Elbasan?
Around 62% of surveyed residents think that living in Elbasan is affordable with proper budgeting while 39% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Elbasan
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 options60%
Few low-cost options41%
Based on the survey, 60% of the people living in Elbasan have no problem finding low-cost alternatives to support a frugal lifestyle while 41% 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 Elbasan whether they have an emergency fund and the answers were as follows.
Yes62%
No39%
Based on the survey, 39% of the people living in Elbasan said that they don't have an emergency fund while 62% said that they do.
Financial Literacy in Albania
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 Leteracy55%
We asked residents of Albania whether they acquired any adequate personal financial training in their lives. Approximately 45% 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 55% 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 Albania have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 36% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 64% said that they have everything under control.
Struggles with finance36%
Easily manages finances64%
Financial goals of people in Elbasan
In an attempt to understand the economic situation in Elbasan, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.
| Financial Goal | % People |
|---|
| Emergency Fund | 8% |
| Debt Reduction | 42% |
| Retirement Savings | 10% |
| Education Funding | 7% |
| Homeownership | 18% |
| Investing | 7% |
| Travel or Lifestyle | 7% |
| Healthcare Expenses | 13% |
| Financial Independence | 5% |
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 13% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Elbasan
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Elbasan. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 5% |
| High Expenses | 8% |
| Debt and Loans | 14% |
| Lack of Budgeting Skills | 11% |
| Impulsive Spending | 11% |
| Financial Emergencies | 7% |
| Living the moment | 6% |
| Will do it later | 20% |
| Inflation | 13% |
| Social Pressure | 3% |
| Market Instability | 2% |
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. 14% 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. 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. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 20% 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 Elbasan
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 12% |
| Gold | 13% |
| Savings Accounts | 17% |
| Retirement Accounts | 10% |
| Cash Savings | 20% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 4% |
| Bonds | 5% |
| Mutual Funds | 2% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Elbasan
What does the retirement lifestyle look like in Elbasan and how much retirement savings are required?
Retirement age
The retirement age for most employees in Albania is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Elbasan:| Age | Amount |
|---|
| 25 | 800,000 ALL |
| 30 | 1.6M ALL |
| 35 | 2.8M ALL |
| 40 | 4M ALL |
| 45 | 6M ALL |
| 50 | 8.4M ALL |
| 55 | 10M ALL |
| 60 | 12M ALL |
| 65 | 15M ALL |
Retirement Income Distribution
We asked residents of Elbasan about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 12% |
| Savings | 23% |
| Investments | 12% |
| Social Security | 7% |
| Annuities | 7% |
| Part-time Job | 14% |
| Real Estate | 18% |
| Dividends and Interest | 7% |
Retirement Monthly Expenses in Elbasan 51,000 ALL
$530 | 150,000 ALL
$1,600 | 1M ALL
$11,000 |
Debt, loans, and mortgages in Elbasan
Percentage of people who are in debt
According to the survey, 27% of the people in Elbasan have some kind of debt, loan, mortgage, or credit card payments while 73% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Elbasan
Debt to income ratio
32%
24% to 41%
( 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 32% of the people's monthly income in Elbasan goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 17% |
| 40% - 50% | 14% |
| 30% - 40% | 16% |
| 20% - 30% | 11% |
| 10% - 20% | 13% |
| 0% - 10% | 26% |
According to our data, 3% of the debtors in Elbasan pay 60%+ of their income as debt settlement while 17% 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 11% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Elbasan
| Debt | % People |
|---|
| Real Estate Mortgage | 9% |
| Auto Loan | 16% |
| Student Loan | 4% |
| Credit Card | 29% |
| Personal Loan | 42% |
9% of debtors in Elbasan confirm that real estate mortgages constitutes the main part of their outstanding debt while 29% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 16% of people and personal loans rose at 42%. Lastly, student loans are the main source of debt for 4% of debtors in Elbasan.
About credit score and debt managementManaging debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.
Good debt vs. Bad debt
Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.
Loan Affordability Index in Elbasan
Besides measuring the loan-to-income ratio, we asked residents of Elbasan how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.
Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.
| Frequency | % People |
|---|
| Never | 51% |
| Once a year | 24% |
| Twice a year | 12% |
| Three times a year | 9% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Elbasan
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Elbasan
Monthly Rent Prices
Studio apartment | 26,000 ALL | 38,000 ALL | 100,000 ALL |
1-bedroom apartment | 38,000 ALL | 62,000 ALL | 150,000 ALL |
2-bedroom apartment | 51,000 ALL | 77,000 ALL | 210,000 ALL |
3-bedroom apartment | 62,000 ALL | 100,000 ALL | 280,000 ALL |
Furnished apartment | 120,000 ALL | 310,000 ALL | 620,000 ALL |
Townhouse | 100,000 ALL | 150,000 ALL | 440,000 ALL |
House | 120,000 ALL | 310,000 ALL | 620,000 ALL |
Villa | 150,000 ALL | 380,000 ALL | 620,000 ALL |
The monthly rental cost of a studio apartment in Elbasan ranges between 26,000 ALL and 100,000 ALL, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 38,000 ALL to 150,000 ALL. Two-bedroom rentals rate ranges between 51,000 ALL and 210,000 ALL per month. The monthly rental for a three-bedroom apartment ranges from 62,000 ALL to 280,000 ALL. The average rent of a townhouse in Elbasan is around 150,000 ALL while house rental costs can be as high as 310,000 ALL per month. Finally, if you want to rent a villa, expect to pay anywhere from 150,000 ALL to 620,000 ALL per month.
Apartment and house prices in Elbasan
Cost of buying a property
Studio apartment | 5.1M ALL | 7.7M ALL | 15M ALL |
1-bedroom apartment | $64,000 | $110,000 | $400,000 |
2-bedroom apartment | $110,000 | $320,000 | $640,000 |
3-bedroom apartment
Townhouse | 44M ALL | 100M ALL | 380M ALL |
House | 51M ALL | 310M ALL | 440M ALL |
Villa | 62M ALL | 340M ALL | 510M ALL |
The average price of a studio apartment in Elbasan can range from 5.1M ALL to 15M ALL depending on location. One bedroom cost can be anywhere from 6.2M ALL to 38M ALL. A villa can cost you 340M ALL on average with prices ranging from 62M ALL to 510M ALL.
If you're leasing or purchasing, housing costs in Elbasan 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
| 33 | x92 monthly income | 199 |
Property prices in Elbasan can be x92 to x199 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x92 multiples of the average monthly salary in Elbasan.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Elbasan is around 30%. This means that people pay 30% of their income for rent. Those figures can range from 20% to 40% 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
27% 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.
| 460 ALL | 6,000 ALL | 60,000 ALL |
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 Elbasan
Housing30%
30% of total expenses on average (18% to 42%)
| LOW | $260 25,000 ALL |
| AVERAGE | $780 75,000 ALL |
| HIGH | $5,200 500,000 ALL |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (4% to 13%)
| LOW | $43 4,100 ALL |
| AVERAGE | $130 12,000 ALL |
| HIGH | $870 83,000 ALL |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 11%)
| LOW | $58 5,500 ALL |
| AVERAGE | $170 17,000 ALL |
| HIGH | $1,200 110,000 ALL |
| Per Month |
Food and Groceries19%
19% of total expenses on average (13% to 24%)
| LOW | $120 11,000 ALL |
| AVERAGE | $350 33,000 ALL |
| HIGH | $2,300 220,000 ALL |
| Per Month |
Healthcare12%
12% of total expenses on average (6% to 16%)
| LOW | $65 6,200 ALL |
| AVERAGE | $190 19,000 ALL |
| HIGH | $1,300 120,000 ALL |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 6%)
| LOW | $36 3,500 ALL |
| AVERAGE | $110 10,000 ALL |
| HIGH | $720 69,000 ALL |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $14 1,400 ALL |
| AVERAGE | $43 4,100 ALL |
| HIGH | $290 28,000 ALL |
| Per Month |
Other Expenses22%
22% of total expenses on average (14% to 26%)
| LOW | $130 12,000 ALL |
| AVERAGE | $390 37,000 ALL |
| HIGH | $2,600 250,000 ALL |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Elbasan
Housing27%
27% of total expenses on average (20% to 37%)
| LOW | $400 38,000 ALL |
| AVERAGE | $1,200 110,000 ALL |
| HIGH | $6,300 610,000 ALL |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $60 5,800 ALL |
| AVERAGE | $180 17,000 ALL |
| HIGH | $960 92,000 ALL |
| Per Month |
Transport, Fuel9%
9% of total expenses on average (3% to 14%)
| LOW | $140 14,000 ALL |
| AVERAGE | $430 41,000 ALL |
| HIGH | $2,300 220,000 ALL |
| Per Month |
Food and Groceries17%
17% of total expenses on average (12% to 22%)
| LOW | $170 16,000 ALL |
| AVERAGE | $500 48,000 ALL |
| HIGH | $2,700 260,000 ALL |
| Per Month |
Healthcare14%
14% of total expenses on average (8% to 18%)
| LOW | $130 13,000 ALL |
| AVERAGE | $400 38,000 ALL |
| HIGH | $2,100 200,000 ALL |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (1% to 7%)
| LOW | $72 6,900 ALL |
| AVERAGE | $220 21,000 ALL |
| HIGH | $1,200 110,000 ALL |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $24 2,300 ALL |
| AVERAGE | $72 6,900 ALL |
| HIGH | $380 37,000 ALL |
| Per Month |
Other Expenses21%
21% of total expenses on average (15% to 27%)
| LOW | $200 20,000 ALL |
| AVERAGE | $610 59,000 ALL |
| HIGH | $3,300 310,000 ALL |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Elbasan
Housing26%
26% of total expenses on average (21% to 36%)
| LOW | $540 52,000 ALL |
| AVERAGE | $1,500 150,000 ALL |
| HIGH | $8,500 810,000 ALL |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 7%)
| LOW | $130 13,000 ALL |
| AVERAGE | $380 37,000 ALL |
| HIGH | $2,100 200,000 ALL |
| Per Month |
Food and Groceries21%
21% of total expenses on average (14% to 27%)
| LOW | $300 29,000 ALL |
| AVERAGE | $870 83,000 ALL |
| HIGH | $4,800 460,000 ALL |
| Per Month |
Healthcare11%
11% of total expenses on average (7% to 16%)
| LOW | $130 13,000 ALL |
| AVERAGE | $380 37,000 ALL |
| HIGH | $2,100 200,000 ALL |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (1% to 7%)
| LOW | $84 8,100 ALL |
| AVERAGE | $240 23,000 ALL |
| HIGH | $1,300 130,000 ALL |
| Per Month |
Education13%
13% of total expenses on average (6% to 21%)
| LOW | $240 23,000 ALL |
| AVERAGE | $670 65,000 ALL |
| HIGH | $3,700 350,000 ALL |
| Per Month |
Other Expenses16%
16% of total expenses on average (9% to 21%)
| LOW | $200 19,000 ALL |
| AVERAGE | $580 55,000 ALL |
| HIGH | $3,200 300,000 ALL |
| Per Month |
StudentCost of living and expenses break down for students living in Elbasan
Housing18%
18% of total expenses on average (13% to 24%)
| LOW | $140 13,000 ALL |
| AVERAGE | $350 33,000 ALL |
| HIGH | $620 60,000 ALL |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $23 2,200 ALL |
| AVERAGE | $58 5,500 ALL |
| HIGH | $100 10,000 ALL |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $40 3,900 ALL |
| AVERAGE | $100 9,700 ALL |
| HIGH | $180 17,000 ALL |
| Per Month |
Food and Groceries23%
23% of total expenses on average (17% to 27%)
| LOW | $120 11,000 ALL |
| AVERAGE | $290 28,000 ALL |
| HIGH | $520 50,000 ALL |
| Per Month |
Healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $35 3,300 ALL |
| AVERAGE | $87 8,300 ALL |
| HIGH | $160 15,000 ALL |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $29 2,800 ALL |
| AVERAGE | $72 6,900 ALL |
| HIGH | $130 12,000 ALL |
| Per Month |
Education18%
18% of total expenses on average (11% to 23%)
| LOW | $110 11,000 ALL |
| AVERAGE | $270 26,000 ALL |
| HIGH | $490 47,000 ALL |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $87 8,300 ALL |
| AVERAGE | $220 21,000 ALL |
| HIGH | $390 37,000 ALL |
| Per Month |
