Cost Of Living For a Family in Benin City 2025
Average monthly spending for families in Benin City
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.
Average Monthly Expenditure
Currency: NGN
How much money does a family need in a month to survive in Benin City?
Families in Benin City spend around 470,000 NGN per month on average. Depending on the lifestyle, a family can survive with a monthly budget as low as 160,000 NGN or as high as 3M NGN. Location and income are very important factors and have a huge influence on expenditure and budget.
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.
What percentage of families in Benin City are able to save money and how much can they save?
Percentage of families that reported their ability to save money
Almost 40% of surveyed families in Benin City said that they can save some money at the end of each month while 60% reported that they have to utilize their whole income to survive.
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.
How much money do families manage to add to their savings?
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.
Saving to Income Ratio
Average Monthly Saved Amount
47,000 NGN
$30 | 130,000 NGN
$86 | 870,000 NGN
$560 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 41% |
| 10% - 20% | 32% |
| 20% - 30% | 21% |
| 30% - 40% | 3% |
| 40% - 50% | 2% |
| > 50% | 1% |
Interpretation and Analysis
Families that are able to save money can put anywhere from 7.1% to 23% of their monthly income to their savings, with 12% being the average for most families. The average monthly amount of money that families can put aside is 130,000 NGN with 47,000 NGN and 870,000 NGN being the minimum and maximum respectively.
How do families spend their money in Benin City?
We asked thousands of families about their spending habits and expenditure break down.
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 and accomodation expenditure for families
Accomodation Cost24%
24% of total expenses on average (19% to 34%)
| LOW | $34 52,000 NGN |
| AVERAGE | $97 150,000 NGN |
| HIGH | $630 970,000 NGN |
| Per Month |
Families in Benin City typically spend from 19% to 34% of their total monthly expenditure on housing with 24% being the average. The average monthly spend on housing is 150,000 NGN with expenditure ranging from 52,000 NGN to 970,000 NGN. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for families
Cost of utilities6%
6% of total expenses on average (4% to 9%)
| LOW | $5.3 8,200 NGN |
| AVERAGE | $15 23,000 NGN |
| HIGH | $98 150,000 NGN |
| Per Month |
Utility expenditure like electricity, water, and gas in Benin City ranges from 4% to 9% of total expenses with 6% being the average for most families. The average monthly cost of utilities is 23,000 NGN with 8,200 NGN and 150,000 NGN being the upper and lower limits for a family of four.
Transport, fuel, and commute expenditure for families
Cost of transport and fuel4%
4% of total expenses on average (2% to 6%)
| LOW | $11 16,000 NGN |
| AVERAGE | $30 47,000 NGN |
| HIGH | $200 300,000 NGN |
| Per Month |
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 16,000 NGN to 300,000 NGN in a month on commuting with 47,000 NGN 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
Food and Groceries Cost22%
22% of total expenses on average (15% to 28%)
| LOW | $19 30,000 NGN |
| AVERAGE | $54 84,000 NGN |
| HIGH | $350 550,000 NGN |
| Per Month |
The average outlay on groceries and basic houshold items for a typical family in a month in Benin City is 84,000 NGN. The cost of groceries can range between 30,000 NGN to 550,000 NGN. 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
Cost of healthcare12%
12% of total expenses on average (8% to 17%)
| LOW | $9.5 15,000 NGN |
| AVERAGE | $30 47,000 NGN |
| HIGH | $160 240,000 NGN |
| Per Month |
Families in Benin City 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 15,000 NGN to 240,000 NGN with 47,000 NGN being the norm for most families.
Leisure and shopping expenditure for families
Cost of leisure and shopping2%
2% of total expenses on average (0.00% to 6%)
| LOW | $5.3 8,200 NGN |
| AVERAGE | $15 23,000 NGN |
| HIGH | $98 150,000 NGN |
| 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 8,200 NGN to 150,000 NGN with 23,000 NGN being the average. Speaking of percentages, that equates to 0.00% to 6% of total expenses with an average of 2% for most families.
Education and schooling expenditure for families
Cost of education and schooling13%
13% of total expenses on average (6% to 21%)
| LOW | $15 23,000 NGN |
| AVERAGE | $42 66,000 NGN |
| HIGH | $280 430,000 NGN |
| Per Month |
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 66,000 NGN per month with 23,000 NGN being the minimum spent amount and 430,000 NGN being the maximum.
Other Expenses17%
17% of total expenses on average (10% to 22%)
| LOW | $8.5 13,000 NGN |
| AVERAGE | $24 37,000 NGN |
| HIGH | $160 240,000 NGN |
| Per Month |
Prices and cost of goods and services in Benin City
Dining, food, and beverages costs
Fast food combo meal
| 330 NGN | 670 NGN | 1,100 NGN |
Restaurant meal for one
| 1,100 NGN | 1,600 NGN | 3,200 NGN |
Fine dining meal for one
| 2,100 NGN | 3,200 NGN | 13,000 NGN |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
| 450 NGN | 670 NGN | 1,300 NGN |
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
| 1,700 NGN | 2,200 NGN | 4,500 NGN |
Average car 1-day rental
| 1,500 NGN | 2,000 NGN | 3,000 NGN |
Average car price
| 840,000 NGN | 1.7M NGN | 2.2M NGN |
Bus ticket one way
Car Service
| 2,000 NGN | 3,000 NGN | 6,000 NGN |
Utility cost (monthly)
Utility Bill - Family
| 8,200 NGN | 23,000 NGN | 150,000 NGN |
Internet and cable
| 1,700 NGN | 3,300 NGN | 4,500 NGN |
Mobile phone charges
| 1,300 NGN | 2,200 NGN | 6,700 NGN |
Leisure and activities costs
Movie ticket
| 840 NGN | 1,100 NGN | 1,700 NGN |
One month gym membership
| 2,400 NGN | 3,000 NGN | 6,000 NGN |
Cloths and accessories costs
Pair of jeans or pants
| 1,800 NGN | 2,500 NGN | 3,800 NGN |
Woman dress
| 1,700 NGN | 2,300 NGN | 7,500 NGN |
Woman shoes
| 1,600 NGN | 2,100 NGN | 5,000 NGN |
Men's shoes
| 1,400 NGN | 1,700 NGN | 3,300 NGN |
Men suit
| 1,500 NGN | 1,900 NGN | 10,000 NGN |
Regular t-shirt
| 750 NGN | 1,000 NGN | 3,000 NGN |
Housing costs / monthly rent
Studio apartment
| 25,000 NGN | 38,000 NGN | 100,000 NGN |
1-bedroom apartment
| 38,000 NGN | 60,000 NGN | 150,000 NGN |
2-bedroom apartment
| 50,000 NGN | 75,000 NGN | 200,000 NGN |
Housing costs / Buying
Studio apartment
1-bedroom apartment
2-bedroom apartment
Furniture Costs
King Size Bed
| 33,000 NGN | 42,000 NGN | 56,000 NGN |
Double Bed
| 22,000 NGN | 33,000 NGN | 42,000 NGN |
Single Bed
| 20,000 NGN | 26,000 NGN | 33,000 NGN |
Living Room
| 37,000 NGN | 48,000 NGN | 170,000 NGN |
Dining Table
| 17,000 NGN | 22,000 NGN | 42,000 NGN |
Sofa or Couch
| 22,000 NGN | 30,000 NGN | 67,000 NGN |
Electronics and House Appliance Costs
TV Set
| 22,000 NGN | 33,000 NGN | 67,000 NGN |
Fridge or Freezer
| 20,000 NGN | 30,000 NGN | 42,000 NGN |
Washing Machine
| 26,000 NGN | 37,000 NGN | 67,000 NGN |
Stove or Cooker
| 24,000 NGN | 30,000 NGN | 42,000 NGN |
Mobile Phone
| 28,000 NGN | 33,000 NGN | 48,000 NGN |
Laptop or Computer
| 30,000 NGN | 37,000 NGN | 67,000 NGN |
Family expenditure to income ratio in Benin City
Analysing the how affordable it is for families to live in Benin City
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%.
Spending to Income Ratio
82%
75% to 89%
( expenditure / income ) x 100
Families in Benin City spend around 82% of their monthly income.
Some families spend as low as 75% of their income while some as high as 89%.
Typical saving choices for families in Benin City
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 13% |
| Gold | 15% |
| Savings Accounts | 16% |
| Retirement Accounts | 9% |
| Cash Savings | 24% |
| Real Estate | 8% |
| Investment | 4% |
| Stocks | 3% |
| Bonds | 4% |
| Mutual Funds | 1% |
| Certificates of Deposit | 2% |
Saving Challenges in Benin City
Reasons that make it difficult for families to save money
We wanted to understand what is stopping families from maximizing their savings in Benin City. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 4% |
| High Expenses | 7% |
| Debt and Loans | 10% |
| Lack of Budgeting Skills | 12% |
| Impulsive Spending | 13% |
| Financial Emergencies | 8% |
| Living the moment | 5% |
| Will do it later | 23% |
| Inflation | 15% |
| Social Pressure | 2% |
| Market Instability | 1% |
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. 10% 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. 13% of families blamed impulsive spending as the reason for saving inability. Around 8% 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. 23% 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. 15% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 2% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 1% blamed market instability and price fluctuations.
Affordable living in Benin City
Income and cost of living compatibility
We asked families one simple question and recorded their answers.
Is it affordable or economical to live in Benin City?
Around 37% of surveyed families think that living in Benin City is affordable with proper budgeting while 63% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Benin City
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 options46%
Few low-cost options54%
Based on the survey, 46% of the families living in Benin City have no problem finding low-cost alternatives to support a frugal lifestyle while 54% 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 whether they have an emergency fund and the answers were as follows.
Yes35%
No66%
Based on the survey, 66% of the families living in Benin City said that they don't have an emergency fund while 35% said that they do.
Financial Literacy in
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 Leteracy37%
We asked family guardians and parents in Benin City whether they acquired any adequate personal financial training in their lives. Approximately 63% 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 37% 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 have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 62% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 38% said that they have everything under control.
Struggles with finance62%
Easily manages finances38%
Debt, loans, and mortgages in Benin City
Percentage of families who are in debt
According to the survey, 30% of the families in Benin City have some kind of debt, loan, mortgage, or credit card payments while 70% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Benin City
Debt to income ratio
29%
22% to 36%
( 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 29% of a family's monthly income in Benin City goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 4% |
| 50% - 60% | 22% |
| 40% - 50% | 16% |
| 30% - 40% | 18% |
| 20% - 30% | 7% |
| 10% - 20% | 8% |
| 0% - 10% | 24% |
According to our data, 4% of the debtors in Benin City pay 60%+ of their income as debt settlement while 22% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 16% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 18% dedicated 30% to 40% of income for same. Things are looking brighter for 7% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Benin City
| Debt | % People |
|---|
| Real Estate Mortgage | 5% |
| Auto Loan | 11% |
| Student Loan | 5% |
| Credit Card | 33% |
| Personal Loan | 47% |
5% of debtors in Benin City confirm that real estate mortgages constitutes the main part of their outstanding debt while 33% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 11% of people and personal loans rose at 47%. Lastly, student loans are the main source of debt for 5% of debtors in Benin City.
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 Benin City
Besides measuring the loan-to-income ratio, we asked families 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 | 47% |
| Once a year | 25% |
| Twice a year | 13% |
| Three times a year | 10% |
| Four times a year | 5% |
Financial goals of families in Benin City
In an attempt to understand the economic situation in Benin City, 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 | 9% |
| Debt Reduction | 48% |
| Retirement Savings | 12% |
| Education Funding | 6% |
| Homeownership | 19% |
| Investing | 5% |
| Travel or Lifestyle | 4% |
| Healthcare Expenses | 17% |
| Financial Independence | 3% |
Around 9% of families said that their main goal is to establish an emergency fund to cover unexpected expenses while 48% said their number one priority is to pay off high-interest debt or loans and improve credit. 12% 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. 5% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 4% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 17% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Monthly costs and expenses of energy and basic utilities in Benin City
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Benin City
Utility Bill Cost / Electricity + Water + Gas / Family
| 8,200 NGN | 23,000 NGN | 150,000 NGN |
Internet and cable cost
| 1,700 NGN | 3,300 NGN | 4,500 NGN |
Mobile phone bill and charges
| 1,300 NGN | 2,200 NGN | 6,700 NGN |
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 energy and water consumption of families is around 23,000 NGN. The cost of internet and WiFi ranges from 1,700 NGN to 4,500 NGN with 3,300 NGN being the average internet bill. Finally, the average monthly mobile charges is around 2,200 NGN but can range between 1,300 NGN and 6,700 NGN 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 Benin City is around 6.2%. This means that people pay 6.2% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.5% to 9.7% depending on salary and location.
Housing costs, accommodation, and housing affordability in Benin City
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Benin City
Monthly Rent Prices
Studio apartment monthly rent cost
| 25,000 NGN | 38,000 NGN | 100,000 NGN |
1-bedroom apartment monthly rent cost
| 38,000 NGN | 60,000 NGN | 150,000 NGN |
2-bedroom apartment monthly rent cost
| 50,000 NGN | 75,000 NGN | 200,000 NGN |
3-bedroom apartment monthly rent cost
| 60,000 NGN | 100,000 NGN | 270,000 NGN |
Furnished apartment monthly rent cost
| 120,000 NGN | 300,000 NGN | 600,000 NGN |
Townhouse monthly rent cost
| 100,000 NGN | 150,000 NGN | 430,000 NGN |
House monthly rent cost
| 120,000 NGN | 300,000 NGN | 600,000 NGN |
Villa monthly rent cost
| 150,000 NGN | 380,000 NGN | 600,000 NGN |
The monthly rental cost of a studio apartment in Benin City ranges between 25,000 NGN and 100,000 NGN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 38,000 NGN to 150,000 NGN. Two-bedroom rentals rate ranges between 50,000 NGN and 200,000 NGN per month. The monthly rental for a three-bedroom apartment ranges from 60,000 NGN to 270,000 NGN. The average rent of a townhouse in Benin City is around 150,000 NGN while house rental costs can be as high as 300,000 NGN per month. Finally, if you want to rent a villa, expect to pay anywhere from 150,000 NGN to 600,000 NGN per month.
Apartment and house prices in Benin City
Cost of buying a property
Studio apartment price
1-bedroom apartment price
2-bedroom apartment price
3-bedroom apartment price
Townhouse price
| 43M NGN | 100M NGN | 380M NGN |
House price
| 50M NGN | 300M NGN | 430M NGN |
| $32,000 | $190,000 | $280,000 |
Villa price
| 60M NGN | 330M NGN | 500M NGN |
| $39,000 | $220,000 | $320,000 |
The average price of a studio apartment in Benin City can range from 5M NGN to 15M NGN depending on location. One bedroom cost can be anywhere from 6M NGN to 38M NGN. A villa can cost you 330M NGN on average with prices ranging from 60M NGN to 500M NGN.
If you're leasing or purchasing, housing costs in Benin City 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
| 26 | x70 monthly income | 166 |
Property prices in Benin City can be x70 to x166 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x70 multiples of the average monthly salary in Benin City.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Benin City is around 25%. This means that people pay 25% of their income for rent. Those figures can range from 16% to 34% 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
23% 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.
| 470 NGN | 6,100 NGN | 61,000 NGN |
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.
Food Prices, Dining Expenses, and Grocery Costs in Benin City
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Benin City
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
| 330 NGN | 670 NGN | 1,100 NGN |
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Benin City is approximatly 670 NGN with meal cost ranging from 330 NGN to 1,100 NGN. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
| 1,100 NGN | 1,600 NGN | 3,200 NGN |
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,100 NGN and 3,200 NGN with 1,600 NGN being the average price of a plate for one person at a regular restaurant in Benin City.
Fine dining meal for one price
| 2,100 NGN | 3,200 NGN | 13,000 NGN |
The price range of a meal at fine-dining restaurant is 2,100 NGN to 13,000 NGN with the average cost being 3,200 NGN for one person. This is what you would expect to pay a top-tier diner in Benin City.
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 Benin City is around 450 NGN. Price ranges between 280 NGN and 670 NGN 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 Benin City is 270 NGN. The maximum what you would pay for milk is 330 NGN and the minimum being 220 NGN depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 220 NGN on average with 170 NGN and 330 NGN being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Benin City is between 380 NGN and 700 NGN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 490 NGN.
Pack of beef price
| 450 NGN | 670 NGN | 1,300 NGN |
The price of a regular pack of beef or meat is around 670 NGN. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Benin City costs around 250 NGN on average with prices rangeing between 180 NGN and 350 NGN depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 67 NGN to 170 NGN. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 160 NGN 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 Benin City is around 25%. This means that families spend 25% of their income on grocery and basic household items. The expenditure can range from 18% to 30% depending on salary and location.
Expenditure on food and grocery for families
Families' spending on grocery ranges from 30,000 NGN to 550,000 NGN with the location, income, and size of the family being the most determinite factors.
