Cost Of Living For a Family in Bamako 2024

Average monthly spending for families in Bamako

We consider a family to be a member of four members, two adults and two children. This is the most common type of family. From the figures below, it should be fairly easy to calculate the average spending for families of different sizes.

How much money does a family need in a month to survive in Bamako?

Families in Bamako spend around 550,000 XOF per month on average. Depending on the lifestyle, a family can survive with a monthly budget as low as 190,000 XOF or as high as 3.6M XOF. Location and income are very important factors and have a huge influence on expenditure and budget.

Family expenditure to income ratio in Bamako

Analysing the how affordable it is for families to live in Bamako

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

Families in Bamako spend around 99% of their monthly income. Some families spend as low as 91% of their income while some as high as 110%.

How do families spend their money in Bamako?

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

Housing and accomodation expenditure for families

Families in Bamako typically spend from 20% to 35% of their total monthly expenditure on housing with 25% being the average. The average monthly spend on housing is 180,000 XOF with expenditure ranging from 62,000 XOF to 1.1M XOF. This cost mainly goes for rent but it also includes other accommodation-related expenses.

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

Utility expenditure like electricity, water, and gas in Bamako ranges from 4% to 9% of total expenses with 6% being the average for most families. The average monthly cost of utilities is 28,000 XOF with 9,700 XOF and 180,000 XOF being the upper and lower limits for a family of four.

Transport, fuel, and commute expenditure for families

Fuel consumption and cost of transport depend heavily on whether a family resides near school and work, but roughly speaking a family would expect to spend from 19,000 XOF to 360,000 XOF in a month on commuting with 55,000 XOF being the norm for most families. This means that money spent on transport constitutes about 4% of total spending on average but can go as low as 2% or as high as 6%.

Food, groceries, and basic shopping expenditure for families

The average outlay on groceries and basic houshold items for a typical family in a month in Bamako is 99,000 XOF. The cost of groceries can range between 35,000 XOF to 650,000 XOF. Families spend on average about 22% on food and groceries with upper and lower bounds of 15% and 28% respectively.

Healthcare and medical services expenditure for families

Families in Bamako allocate 8% 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 12%. The range of medical expenses range from 17,000 XOF to 290,000 XOF with 55,000 XOF being the norm for most families.

Leisure and shopping expenditure for families

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 9,700 XOF to 180,000 XOF with 28,000 XOF being the average. Speaking of percentages, that equates to 1% to 6% of total expenses with an average of 2% for most families.

Education and schooling expenditure for families

Spending on education can vary drastically between different families. On average, education constitutes 13% of the monthly expenditure of families with 6% and 21% being the lower and upper bounds respectively. The average reported education cost is 77,000 XOF per month with 27,000 XOF being the minimum spent amount and 500,000 XOF being the maximum.

What percentage of families in Bamako are able to save money and how much can they save?

Percentage of families that reported their ability to save money

Almost 53% of surveyed families in Bamako said that they can save some money at the end of each month while 48% reported that they have to utilize their whole income to survive.

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

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for families

Interpretation and Analysis

Families that are able to save money can put anywhere from 8.7% to 29% of their monthly income to their savings, with 16% being the average for most families. The average monthly amount of money that families can put aside is 170,000 XOF with 58,000 XOF and 1.1M XOF being the minimum and maximum respectively.

Saving Challenges in Bamako

Reasons that make it difficult for families to save money

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

Around 4% of the families said that their salary is too low to accommodate a portion for savings while 7% said that the high cost of living leaves little room for savings. 12% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 12% of families blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 22% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 14% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for families in Bamako

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 Bamako

Income and cost of living compatibility

We asked families one simple question and recorded their answers.

Is it affordable or economical to live in Bamako?

Around 54% of surveyed families think that living in Bamako is affordable with proper budgeting while 46% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Bamako

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

Plenty of low-cost options60%

Few low-cost options40%

Based on the survey, 60% of the families living in Bamako have no problem finding low-cost alternatives to support a frugal lifestyle while 40% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Families

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 families of Bamako whether they have an emergency fund and the answers were as follows.

Yes53%

No47%

Based on the survey, 47% of the families living in Bamako said that they don't have an emergency fund while 53% said that they do.

Financial Literacy in Mali

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 Leteracy45%

We asked family guardians and parents in Bamako whether they acquired any adequate personal financial training in their lives. Approximately 55% 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 45% 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 families of Mali have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 49% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 51% said that they have everything under control.

Struggles with finance49%

Easily manages finances51%

Financial goals of families in Bamako

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

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

Debt, loans, and mortgages in Bamako

Percentage of families who are in debt

According to the survey, 32% of the families in Bamako 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 Bamako

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 35% of a family's monthly income in Bamako goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

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

Distribution by type of debt in Bamako

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

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 Bamako

Besides measuring the loan-to-income ratio, we asked families of Bamako 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 Bamako

Rent Cost in Bamako

Monthly Rent Prices

Studio apartment monthly rent cost

30,000 XOF

45,000 XOF

120,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$50

$74

$200

1-bedroom apartment monthly rent cost

45,000 XOF

72,000 XOF

180,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$74

$120

$300

2-bedroom apartment monthly rent cost

60,000 XOF

90,000 XOF

240,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$99

$150

$400

3-bedroom apartment monthly rent cost

72,000 XOF

120,000 XOF

330,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$120

$200

$540

Furnished apartment monthly rent cost

140,000 XOF

360,000 XOF

720,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$240

$590

$1,200

Townhouse monthly rent cost

120,000 XOF

180,000 XOF

510,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$200

$300

$850

House monthly rent cost

140,000 XOF

360,000 XOF

720,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$240

$590

$1,200

Villa monthly rent cost

180,000 XOF

450,000 XOF

720,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$300

$740

$1,200

The monthly rental cost of a studio apartment in Bamako ranges between 30,000 XOF and 120,000 XOF, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 45,000 XOF to 180,000 XOF. Two-bedroom rentals rate ranges between 60,000 XOF and 240,000 XOF per month. The monthly rental for a three-bedroom apartment ranges from 72,000 XOF to 330,000 XOF. The average rent of a townhouse in Bamako is around 180,000 XOF while house rental costs can be as high as 360,000 XOF per month. Finally, if you want to rent a villa, expect to pay anywhere from 180,000 XOF to 720,000 XOF per month.

Apartment and house prices in Bamako

Cost of buying a property

Studio apartment price

6M XOF

9M XOF

18M XOF

MINIMUM

AVERAGE

MAXIMUM

$9,900

$15,000

$30,000

1-bedroom apartment price

7.2M XOF

12M XOF

45M XOF

MINIMUM

AVERAGE

MAXIMUM

$12,000

$20,000

$74,000

2-bedroom apartment price

12M XOF

36M XOF

72M XOF

MINIMUM

AVERAGE

MAXIMUM

$20,000

$59,000

$120,000

3-bedroom apartment price

40M XOF

60M XOF

180M XOF

MINIMUM

AVERAGE

MAXIMUM

$66,000

$99,000

$300,000

Townhouse price

51M XOF

120M XOF

450M XOF

MINIMUM

AVERAGE

MAXIMUM

$85,000

$200,000

$740,000

House price

60M XOF

360M XOF

510M XOF

MINIMUM

AVERAGE

MAXIMUM

$99,000

$590,000

$850,000

Villa price

72M XOF

400M XOF

600M XOF

MINIMUM

AVERAGE

MAXIMUM

$120,000

$660,000

$990,000

The average price of a studio apartment in Bamako can range from 6M XOF to 18M XOF depending on location. One bedroom cost can be anywhere from 7.2M XOF to 45M XOF. A villa can cost you 400M XOF on average with prices ranging from 72M XOF to 600M XOF.

House / apartment prices to income ratio

Property prices in Bamako can be x95 to x209 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x95 multiples of the average monthly salary in Bamako.

Rent to income ratio

The average rent-to-income ratio in Bamako is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 21% to 42% 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 Bamako

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

Utility Bill Cost / Electricity + Water + Gas / Family

9,700 XOF

28,000 XOF

180,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$16

$46

$300

Internet and cable cost

1,600 XOF

3,300 XOF

4,300 XOF

MINIMUM

AVERAGE

MAXIMUM

$2.7

$5.4

$7.2

Mobile phone bill and charges

1,300 XOF

2,200 XOF

6,500 XOF

MINIMUM

AVERAGE

MAXIMUM

$2.2

$3.6

$11

The average monthly energy and water consumption of families is around 28,000 XOF. The cost of internet and WiFi ranges from 1,600 XOF to 4,300 XOF with 3,300 XOF being the average internet bill. Finally, the average monthly mobile charges is around 2,200 XOF but can range between 1,300 XOF and 6,500 XOF 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 Bamako is around 6.5%. This means that people pay 6.5% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.3% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Bamako

Prices and cost of goods and services in Bamako

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

Fast food combo meal price

330 XOF

650 XOF

1,100 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.54

$1.1

$1.8

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Bamako is approximatly 650 XOF with meal cost ranging from 330 XOF to 1,100 XOF. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

1,100 XOF

1,700 XOF

3,400 XOF

MINIMUM

AVERAGE

MAXIMUM

$1.9

$2.8

$5.7

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,100 XOF and 3,400 XOF with 1,700 XOF being the average price of a plate for one person at a regular restaurant in Bamako.

Fine dining meal for one price

2,300 XOF

3,400 XOF

14,000 XOF

MINIMUM

AVERAGE

MAXIMUM

$3.8

$5.7

$23

The price range of a meal at fine-dining restaurant is 2,300 XOF to 14,000 XOF with the average cost being 3,400 XOF for one person. This is what you would expect to pay a top-tier diner in Bamako.

Beverage prices, cappuccino, latte etc..

270 XOF

430 XOF

650 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.45

$0.72

$1.1

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Bamako is around 430 XOF. Price ranges between 270 XOF and 650 XOF depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

220 XOF

260 XOF

330 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.36

$0.43

$0.54

The average price of a large bottle of milk in Bamako is 260 XOF. The maximum what you would pay for milk is 330 XOF and the minimum being 220 XOF depending on the brand of milk and other properties.

12 eggs price

160 XOF

220 XOF

330 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.27

$0.36

$0.54

A dozen eggs costs around 220 XOF on average with 160 XOF and 330 XOF being the lower and upper limits respectively.

Fresh whole chicken price

370 XOF

480 XOF

680 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.61

$0.79

$1.1

The price range of a fresh whole chicken in Bamako is between 370 XOF and 680 XOF depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 480 XOF.

Pack of beef price

430 XOF

650 XOF

1,300 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.72

$1.1

$2.2

The price of a regular pack of beef or meat is around 650 XOF. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

180 XOF

240 XOF

340 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.29

$0.40

$0.56

A bag of rice in Bamako costs around 240 XOF on average with prices rangeing between 180 XOF and 340 XOF depending on the brand and quality.

Bag of tomatos price

65 XOF

87 XOF

160 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.11

$0.14

$0.27

A bag of tomatoes costs anywhere from 65 XOF to 160 XOF. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

120 XOF

150 XOF

250 XOF

MINIMUM

AVERAGE

MAXIMUM

$0.19

$0.25

$0.42

A bag of apples costs 150 XOF 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 Bamako is around 29%. This means that families spend 29% of their income on grocery and basic household items. The expenditure can range from 21% to 36% depending on salary and location.

Expenditure on food and grocery for families