Cost Of Living in Equatorial Guinea 2024
Average monthly spending for singles, couples, students, and families in Equatorial Guinea
Whether you're living in Equatorial Guinea or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure
Currency: XAF
Monthly Expenditure ▶ Single
Currency: XAF
Monthly Expenditure ▶ Couple
Currency: XAF
Monthly Expenditure ▶ Family
Currency: XAF
Monthly Expenditure ▶ Student
Currency: XAF
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Equatorial Guinea is 330,000 XAF. Expenses can range from 46,000 XAF at the minimum level to 2.2M XAF at the highest end.
Couples
The average monthly spending of couples in Equatorial Guinea is 550,000 XAF. Expenditure can range from 180,000 XAF to 2.9M XAF per month.
Families
The average cost of living for families in Equatorial Guinea is 730,000 XAF per month. Families spend anywhere from 250,000 XAF to 4.7M XAF.
Students
The average monthly expenditure for students in Equatorial Guinea is 240,000 XAF. Students spend from 36,000 XAF to 1.6M XAF 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 Equatorial Guinea
Dining, food, and beverages costs
Fast food combo meal
| 480 XAF | 960 XAF | 1,600 XAF |
Restaurant meal for one
| 1,600 XAF | 2,400 XAF | 4,800 XAF |
Fine dining meal for one
| 3,200 XAF | 4,800 XAF | 19,000 XAF |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
| 550 XAF | 710 XAF | 1,000 XAF |
Pack of beef
| 640 XAF | 960 XAF | 1,900 XAF |
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
| 2,400 XAF | 3,200 XAF | 6,400 XAF |
Average car 1-day rental
| 2,400 XAF | 3,200 XAF | 4,800 XAF |
Average car price
| 1.2M XAF | 2.4M XAF | 3.2M XAF |
Bus ticket one way
Car Service
| 3,200 XAF | 4,800 XAF | 9,600 XAF |
Utility cost (monthly)
Utility Bill - Individual
| 2,800 XAF | 20,000 XAF | 130,000 XAF |
Utility Bill - Couple
| 7,300 XAF | 25,000 XAF | 160,000 XAF |
Utility Bill - Family
| 13,000 XAF | 36,000 XAF | 240,000 XAF |
Internet and cable
| 2,400 XAF | 4,800 XAF | 6,400 XAF |
Mobile phone charges
| 1,900 XAF | 3,200 XAF | 9,600 XAF |
Leisure and activities costs
Movie ticket
| 1,200 XAF | 1,600 XAF | 2,400 XAF |
One month gym membership
| 3,800 XAF | 4,800 XAF | 9,600 XAF |
Cloths and accessories costs
Pair of jeans or pants
| 2,800 XAF | 4,000 XAF | 6,000 XAF |
Woman dress
| 2,700 XAF | 3,700 XAF | 12,000 XAF |
Woman shoes
| 2,500 XAF | 3,400 XAF | 8,000 XAF |
Men's shoes
| 2,200 XAF | 2,700 XAF | 5,300 XAF |
Men suit
| 2,400 XAF | 3,000 XAF | 16,000 XAF |
Regular t-shirt
| 1,200 XAF | 1,600 XAF | 4,800 XAF |
Housing costs / monthly rent
Studio apartment
| 40,000 XAF | 60,000 XAF | 160,000 XAF |
1-bedroom apartment
| 60,000 XAF | 96,000 XAF | 240,000 XAF |
2-bedroom apartment
| 80,000 XAF | 120,000 XAF | 320,000 XAF |
Housing costs / Buying
Studio apartment
1-bedroom apartment
2-bedroom apartment
Furniture Costs
King Size Bed
| 48,000 XAF | 60,000 XAF | 80,000 XAF |
Double Bed
| 32,000 XAF | 48,000 XAF | 60,000 XAF |
Single Bed
| 28,000 XAF | 37,000 XAF | 48,000 XAF |
Living Room
| 53,000 XAF | 69,000 XAF | 240,000 XAF |
Dining Table
| 24,000 XAF | 32,000 XAF | 60,000 XAF |
Sofa or Couch
| 32,000 XAF | 44,000 XAF | 96,000 XAF |
Electronics and House Appliance Costs
TV Set
| 32,000 XAF | 48,000 XAF | 96,000 XAF |
Fridge or Freezer
| 28,000 XAF | 44,000 XAF | 60,000 XAF |
Washing Machine
| 37,000 XAF | 53,000 XAF | 96,000 XAF |
Stove or Cooker
| 34,000 XAF | 44,000 XAF | 60,000 XAF |
Mobile Phone
| 40,000 XAF | 48,000 XAF | 69,000 XAF |
Laptop or Computer
| 44,000 XAF | 53,000 XAF | 96,000 XAF |
Expenditure to Income Ratio in Equatorial Guinea
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
86%
79% to 95%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 4% |
| 50% - 60% | 9% |
| 60% - 70% | 16% |
| 70% - 80% | 25% |
| 80% - 90% | 19% |
| 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 Equatorial Guinea is 86%
This means that on average, people spend around 86% of their income for living.
According to the distribution table, 16% 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
77%
Spending-Income-Ratio
71%
86%
Couple
82%
Spending-Income-Ratio
75%
90%
Family
90%
Spending-Income-Ratio
83%
100%
How do people spend their money in Equatorial Guinea?
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 | $18 11,000 XAF |
| AVERAGE | $230 140,000 XAF |
| HIGH | $2,300 1.4M XAF |
| Per Month |
People living in Equatorial Guinea typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 140,000 XAF with expenditure ranging from 11,000 XAF to 1.4M XAF. 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, Water, Internet, Mobile7%
7% of total expenses on average (4% to 11%)
| LOW | $3 1,800 XAF |
| AVERAGE | $39 24,000 XAF |
| HIGH | $390 240,000 XAF |
| Per Month |
Utility expenditure like electricity, water, and gas in Equatorial Guinea ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 24,000 XAF with 1,800 XAF and 240,000 XAF being the upper and lower limits.
Transport, Fuel, Commute7%
7% of total expenses on average (3% to 11%)
| LOW | $6 3,600 XAF |
| AVERAGE | $78 47,000 XAF |
| HIGH | $780 470,000 XAF |
| 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 3,600 XAF to 470,000 XAF on commuting with 47,000 XAF 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 | $15 9,100 XAF |
| AVERAGE | $200 120,000 XAF |
| HIGH | $2,000 1.2M XAF |
| Per Month |
The average outlay on groceries in a month in Equatorial Guinea is 120,000 XAF. The cost of groceries can range between 9,100 XAF to 1.2M XAF. 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 | $4.2 2,500 XAF |
| AVERAGE | $55 33,000 XAF |
| HIGH | $550 330,000 XAF |
| Per Month |
People in Equatorial Guinea 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 2,500 XAF to 330,000 XAF with 33,000 XAF being the norm.
Leisure and Shopping5%
5% of total expenses on average (2% to 9%)
| LOW | $2.4 1,500 XAF |
| AVERAGE | $31 19,000 XAF |
| HIGH | $310 190,000 XAF |
| 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 1,500 XAF to 190,000 XAF with 19,000 XAF 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 | $3.6 2,200 XAF |
| AVERAGE | $47 28,000 XAF |
| HIGH | $470 280,000 XAF |
| 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 28,000 XAF per month with 2,200 XAF being the minimum spent amount and 280,000 XAF being the maximum.
Other Expenses14%
14% of total expenses on average (9% to 21%)
| LOW | $7.8 4,700 XAF |
| AVERAGE | $100 61,000 XAF |
| HIGH | $1,000 610,000 XAF |
| Per Month |
How much money can you save in Equatorial Guinea 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 Equatorial Guinea manage to save money from their income every month?
Almost 55% of the surveyed people in Equatorial Guinea said that they can save some money at the end of each month while 45% said that aren't saving anything.
Percentage of people saving money by population group in Equatorial Guinea
| Group | Savers | Non Savers |
|---|
| Singles | 61% | 39% |
| Couples | 56% | 44% |
| Families | 51% | 49% |
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
12,000 XAF
$19 | 150,000 XAF
$250 | 1.5M XAF
$2,500 |
For most people, 8% to 28% of their monthly income is what they can allocate to their savings, with 15% being the average. The amount of money that people can save is approximately 150,000 XAF on average with savings ranging from 12,000 XAF to 1.5M XAF.
61% of surveyed singles reported some of their income going to savings while 56% of couples said the same. 51% of families confirmed their ability to save money.
How much money do people actually save in Equatorial Guinea?
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
12,000 XAF
$19 | 100,000 XAF
$170 | 700,000 XAF
$1,200 |
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 11% 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 100,000 XAF with 12,000 XAF and 700,000 XAF being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
58,000 XAF
$96 | 170,000 XAF
$290 | 930,000 XAF
$1,500 |
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 9% to 29% of their monthly income, with 17% being the average for most couples. The average amount of money that couples can save is 170,000 XAF with 58,000 XAF and 930,000 XAF being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
81,000 XAF
$130 | 230,000 XAF
$380 | 1.5M XAF
$2,500 |
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 Equatorial Guinea can save anywhere between 8% to 27% of their monthly income, with 14% being the average for most families. The average amount of money that families can put aside is 230,000 XAF with 81,000 XAF and 1.5M XAF being the minimum and maximum respectively.
Saving Challenges in Equatorial Guinea
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Equatorial Guinea. 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 social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Typical saving choices for people in Equatorial Guinea
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 12% |
| Gold | 12% |
| 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% |
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 Equatorial Guinea
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Equatorial Guinea?
Around 53% of surveyed residents think that living in Equatorial Guinea is affordable with proper budgeting while 47% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Equatorial Guinea
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 options55%
Few low-cost options45%
Based on the survey, 55% of the people living in Equatorial Guinea have no problem finding low-cost alternatives to support a frugal lifestyle while 45% 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 Equatorial Guinea whether they have an emergency fund and the answers were as follows.
Yes50%
No50%
Based on the survey, 50% of the people living in Equatorial Guinea said that they don't have an emergency fund while 50% said that they do.
Financial Literacy in Equatorial Guinea
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 Leteracy48%
We asked residents of Equatorial Guinea whether they acquired any adequate personal financial training in their lives. Approximately 52% 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 48% 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 Equatorial Guinea have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 50% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 50% said that they have everything under control.
Struggles with finance50%
Easily manages finances50%
Financial goals of people in Equatorial Guinea
In an attempt to understand the economic situation in Equatorial Guinea, 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 | 41% |
| 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 41% 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.
Retirement, pension plans, and life after work in Equatorial Guinea
What does the retirement lifestyle look like in Equatorial Guinea and how much retirement savings are required?
Retirement age
The retirement age for most employees in Equatorial Guinea 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 Equatorial Guinea:| Age | Amount |
|---|
| 25 | 1.2M XAF |
| 30 | 2.5M XAF |
| 35 | 4.4M XAF |
| 40 | 6.2M XAF |
| 45 | 9.4M XAF |
| 50 | 13M XAF |
| 55 | 16M XAF |
| 60 | 19M XAF |
| 65 | 23M XAF |
Retirement Income Distribution
We asked residents of Equatorial Guinea 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 Equatorial Guinea 27,000 XAF
$44 | 240,000 XAF
$400 | 1.6M XAF
$2,700 |
Debt, loans, and mortgages in Equatorial Guinea
Percentage of people who are in debt
According to the survey, 31% of the people in Equatorial Guinea 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 Equatorial Guinea
Debt to income ratio
31%
23% to 40%
( 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 31% of the people's monthly income in Equatorial Guinea 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 Equatorial Guinea 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 Equatorial Guinea
| Debt | % People |
|---|
| Real Estate Mortgage | 9% |
| Auto Loan | 16% |
| Student Loan | 4% |
| Credit Card | 29% |
| Personal Loan | 42% |
9% of debtors in Equatorial Guinea 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 Equatorial Guinea.
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 Equatorial Guinea
Besides measuring the loan-to-income ratio, we asked residents of Equatorial Guinea 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 Equatorial Guinea
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Equatorial Guinea
Monthly Rent Prices
Studio apartment monthly rent cost
| 40,000 XAF | 60,000 XAF | 160,000 XAF |
1-bedroom apartment monthly rent cost
| 60,000 XAF | 96,000 XAF | 240,000 XAF |
2-bedroom apartment monthly rent cost
| 80,000 XAF | 120,000 XAF | 320,000 XAF |
3-bedroom apartment monthly rent cost
| 96,000 XAF | 160,000 XAF | 440,000 XAF |
Furnished apartment monthly rent cost
| 190,000 XAF | 480,000 XAF | 960,000 XAF |
Townhouse monthly rent cost
| 160,000 XAF | 240,000 XAF | 690,000 XAF |
House monthly rent cost
| 190,000 XAF | 480,000 XAF | 960,000 XAF |
Villa monthly rent cost
| 240,000 XAF | 600,000 XAF | 960,000 XAF |
The monthly rental cost of a studio apartment in Equatorial Guinea ranges between 40,000 XAF and 160,000 XAF, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 60,000 XAF to 240,000 XAF. Two-bedroom rentals rate ranges between 80,000 XAF and 320,000 XAF per month. The monthly rental for a three-bedroom apartment ranges from 96,000 XAF to 440,000 XAF. The average rent of a townhouse in Equatorial Guinea is around 240,000 XAF while house rental costs can be as high as 480,000 XAF per month. Finally, if you want to rent a villa, expect to pay anywhere from 240,000 XAF to 960,000 XAF per month.
Apartment and house prices in Equatorial Guinea
Cost of buying a property
Studio apartment price
1-bedroom apartment price
2-bedroom apartment price
3-bedroom apartment price
| $88,000 | $130,000 | $400,000 |
Townhouse price
| 69M XAF | 160M XAF | 600M XAF |
| $110,000 | $260,000 | $990,000 |
House price
| 80M XAF | 480M XAF | 690M XAF |
Villa price
| 96M XAF | 530M XAF | 800M XAF |
The average price of a studio apartment in Equatorial Guinea can range from 8M XAF to 24M XAF depending on location. One bedroom cost can be anywhere from 9.6M XAF to 60M XAF. A villa can cost you 530M XAF on average with prices ranging from 96M XAF to 800M XAF.
If you're leasing or purchasing, housing costs in Equatorial Guinea 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
| 32 | x90 monthly income | 194 |
Property prices in Equatorial Guinea can be x90 to x194 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x90 multiples of the average monthly salary in Equatorial Guinea.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Equatorial Guinea is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 19% to 39% 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.
| 730 XAF | 9,500 XAF | 95,000 XAF |
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 Equatorial Guinea
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Equatorial Guinea
Utility Bill Cost / Electricity + Water + Gas / Individual
| 2,800 XAF | 20,000 XAF | 130,000 XAF |
Utility Bill Cost / Electricity + Water + Gas / Couple
| 7,300 XAF | 25,000 XAF | 160,000 XAF |
Utility Bill Cost / Electricity + Water + Gas / Family
| 13,000 XAF | 36,000 XAF | 240,000 XAF |
Internet and cable cost
| 2,400 XAF | 4,800 XAF | 6,400 XAF |
Mobile phone bill and charges
| 1,900 XAF | 3,200 XAF | 9,600 XAF |
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly expenditure for individuals on electricty, water, and gas in Equatorial Guinea ranges between 2,800 XAF and 130,000 XAF with average being 20,000 XAF, meanwhile the expenditure of couples is slightly higher at 25,000 XAF with 7,300 XAF and 160,000 XAF being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 36,000 XAF. The cost of internet and WiFi is unchanged among the three groups and ranges from 2,400 XAF to 6,400 XAF with 4,800 XAF being the average internet bill. Finally, the average monthly mobile charges is around 3,200 XAF but can range between 1,900 XAF and 9,600 XAF depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Equatorial Guinea is around 6%. This means that people pay 6% of their income for energy, water, internet, and mobile charges. Those figures can range from 3% to 10% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Equatorial Guinea
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Equatorial Guinea
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
| 480 XAF | 960 XAF | 1,600 XAF |
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Equatorial Guinea is approximatly 960 XAF with meal cost ranging from 480 XAF to 1,600 XAF. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
| 1,600 XAF | 2,400 XAF | 4,800 XAF |
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,600 XAF and 4,800 XAF with 2,400 XAF being the average price of a plate for one person at a regular restaurant in Equatorial Guinea.
Fine dining meal for one price
| 3,200 XAF | 4,800 XAF | 19,000 XAF |
The price range of a meal at fine-dining restaurant is 3,200 XAF to 19,000 XAF with the average cost being 4,800 XAF for one person. This is what you would expect to pay a top-tier diner in Equatorial Guinea.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Equatorial Guinea is around 640 XAF. Price ranges between 400 XAF and 960 XAF depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Equatorial Guinea is 380 XAF. The maximum what you would pay for milk is 480 XAF and the minimum being 320 XAF depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 320 XAF on average with 240 XAF and 480 XAF being the lower and upper limits respectively.
Fresh whole chicken price
| 550 XAF | 710 XAF | 1,000 XAF |
The price range of a fresh whole chicken in Equatorial Guinea is between 550 XAF and 1,000 XAF depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 710 XAF.
Pack of beef price
| 640 XAF | 960 XAF | 1,900 XAF |
The price of a regular pack of beef or meat is around 960 XAF. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Equatorial Guinea costs around 350 XAF on average with prices rangeing between 260 XAF and 500 XAF depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 96 XAF to 240 XAF. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 220 XAF on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Equatorial Guinea is around 27%. This means that people spend 27% of their income on grocery and basic household items. The expenditure can range from 19% to 33% depending on salary and location.
Expenditure on food and grocery for every population group
A single person living alone spends approximately 52,000 XAF per month on grocery and food with expenditure fluctuating between 7,400 XAF and 350,000 XAF depending on location and the type of person. The average cost of food and groceries for a couple is around 76,000 XAF per month. That number can be get as low as 25,000 XAF or a high as 410,000 XAF. Families' spending on grocery ranges from 46,000 XAF to 850,000 XAF with the location, income, and size of the family being the most determinite factors.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Equatorial Guinea
Housing cost for a single person30%
30% of total expenses on average (18% to 42%)
| LOW | $27 17,000 XAF |
| AVERAGE | $190 120,000 XAF |
| HIGH | $1,300 790,000 XAF |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile8%
8% of total expenses on average (4% to 13%)
| LOW | $4.6 2,800 XAF |
| AVERAGE | $32 20,000 XAF |
| HIGH | $220 130,000 XAF |
| Per Month |
Transport and Fuel Cost5%
5% of total expenses on average (3% to 11%)
| LOW | $6.1 3,700 XAF |
| AVERAGE | $43 26,000 XAF |
| HIGH | $290 170,000 XAF |
| Per Month |
Food and Groceries Cost19%
19% of total expenses on average (13% to 24%)
| LOW | $12 7,400 XAF |
| AVERAGE | $87 52,000 XAF |
| HIGH | $580 350,000 XAF |
| Per Month |
Healthcare Cost12%
12% of total expenses on average (6% to 16%)
| LOW | $6.8 4,100 XAF |
| AVERAGE | $49 29,000 XAF |
| HIGH | $320 200,000 XAF |
| Per Month |
Leisure and Shopping Expenditure3%
3% of total expenses on average (2% to 6%)
| LOW | $3.8 2,300 XAF |
| AVERAGE | $27 16,000 XAF |
| HIGH | $180 110,000 XAF |
| Per Month |
Education Cost1%
1% of total expenses on average (0.00% to 3%)
| LOW | $1.5 920 XAF |
| AVERAGE | $11 6,500 XAF |
| HIGH | $72 44,000 XAF |
| Per Month |
Other Expenses22%
22% of total expenses on average (14% to 26%)
| LOW | $14 8,300 XAF |
| AVERAGE | $97 59,000 XAF |
| HIGH | $650 390,000 XAF |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Equatorial Guinea
Housing cost for a couple27%
27% of total expenses on average (20% to 37%)
| LOW | $100 62,000 XAF |
| AVERAGE | $310 190,000 XAF |
| HIGH | $1,600 990,000 XAF |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile7%
7% of total expenses on average (5% to 11%)
| LOW | $12 7,300 XAF |
| AVERAGE | $41 25,000 XAF |
| HIGH | $260 160,000 XAF |
| Per Month |
Transport and Fuel Cost9%
9% of total expenses on average (3% to 14%)
| LOW | $36 22,000 XAF |
| AVERAGE | $110 65,000 XAF |
| HIGH | $580 350,000 XAF |
| Per Month |
Food and Groceries Cost17%
17% of total expenses on average (12% to 22%)
| LOW | $42 25,000 XAF |
| AVERAGE | $130 76,000 XAF |
| HIGH | $670 410,000 XAF |
| Per Month |
Healthcare Cost14%
14% of total expenses on average (8% to 18%)
| LOW | $33 20,000 XAF |
| AVERAGE | $99 60,000 XAF |
| HIGH | $530 320,000 XAF |
| Per Month |
Leisure and Shopping Cost4%
4% of total expenses on average (1% to 7%)
| LOW | $18 11,000 XAF |
| AVERAGE | $54 33,000 XAF |
| HIGH | $290 170,000 XAF |
| Per Month |
Education Cost1%
1% of total expenses on average (0.00% to 3%)
| LOW | $6 3,600 XAF |
| AVERAGE | $18 11,000 XAF |
| HIGH | $96 58,000 XAF |
| Per Month |
Other Expenses21%
21% of total expenses on average (15% to 27%)
| LOW | $51 31,000 XAF |
| AVERAGE | $150 93,000 XAF |
| HIGH | $820 490,000 XAF |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Equatorial Guinea
Housing cost for a family26%
26% of total expenses on average (21% to 36%)
| LOW | $130 81,000 XAF |
| AVERAGE | $380 230,000 XAF |
| HIGH | $2,500 1.5M XAF |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile5%
5% of total expenses on average (3% to 8%)
| LOW | $21 13,000 XAF |
| AVERAGE | $60 36,000 XAF |
| HIGH | $390 240,000 XAF |
| Per Month |
Transport and Fuel Expenses5%
5% of total expenses on average (3% to 7%)
| LOW | $42 25,000 XAF |
| AVERAGE | $120 73,000 XAF |
| HIGH | $780 470,000 XAF |
| Per Month |
Food and Groceries Cost21%
21% of total expenses on average (14% to 27%)
| LOW | $76 46,000 XAF |
| AVERAGE | $220 130,000 XAF |
| HIGH | $1,400 850,000 XAF |
| Per Month |
Healthcare Expenses11%
11% of total expenses on average (7% to 16%)
| LOW | $38 23,000 XAF |
| AVERAGE | $120 73,000 XAF |
| HIGH | $630 380,000 XAF |
| Per Month |
Leisure and Shopping Cost3%
3% of total expenses on average (1% to 7%)
| LOW | $21 13,000 XAF |
| AVERAGE | $60 36,000 XAF |
| HIGH | $390 240,000 XAF |
| Per Month |
Education Cost13%
13% of total expenses on average (6% to 21%)
| LOW | $59 36,000 XAF |
| AVERAGE | $170 100,000 XAF |
| HIGH | $1,100 660,000 XAF |
| Per Month |
Other Expenses16%
16% of total expenses on average (9% to 21%)
| LOW | $34 20,000 XAF |
| AVERAGE | $96 58,000 XAF |
| HIGH | $630 380,000 XAF |
| Per Month |
StudentCost of living and expenses break down for students living in Equatorial Guinea
Housing costs for Student18%
18% of total expenses on average (13% to 24%)
| LOW | $14 8,700 XAF |
| AVERAGE | $96 58,000 XAF |
| HIGH | $640 390,000 XAF |
| Per Month |
Utilities, Electricity, Water, Internet, and Mobile Expenses6%
6% of total expenses on average (4% to 10%)
| LOW | $2.4 1,500 XAF |
| AVERAGE | $16 9,600 XAF |
| HIGH | $110 64,000 XAF |
| Per Month |
Transport and Fuel Cost4%
4% of total expenses on average (4% to 10%)
| LOW | $4.2 2,500 XAF |
| AVERAGE | $28 17,000 XAF |
| HIGH | $190 110,000 XAF |
| Per Month |
Food and Groceries Expenditure23%
23% of total expenses on average (17% to 27%)
| LOW | $12 7,300 XAF |
| AVERAGE | $80 48,000 XAF |
| HIGH | $530 320,000 XAF |
| Per Month |
Healthcare Cost9%
9% of total expenses on average (6% to 12%)
| LOW | $3.6 2,200 XAF |
| AVERAGE | $24 14,000 XAF |
| HIGH | $160 96,000 XAF |
| Per Month |
Leisure and Shopping Cost3%
3% of total expenses on average (2% to 7%)
| LOW | $3 1,800 XAF |
| AVERAGE | $20 12,000 XAF |
| HIGH | $130 80,000 XAF |
| Per Month |
Education Cost18%
18% of total expenses on average (11% to 23%)
| LOW | $11 6,900 XAF |
| AVERAGE | $76 46,000 XAF |
| HIGH | $500 310,000 XAF |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $9 5,500 XAF |
| AVERAGE | $60 36,000 XAF |
| HIGH | $400 240,000 XAF |
| Per Month |
