Cost Of Living For a Family in Izmir 2024

Average monthly spending for families in Izmir

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 Izmir?

Families in Izmir spend around 79,000 TRY per month on average. Depending on the lifestyle, a family can survive with a monthly budget as low as 28,000 TRY or as high as 510,000 TRY. Location and income are very important factors and have a huge influence on expenditure and budget.

Family expenditure to income ratio in Izmir

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

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 Izmir spend around 88% of their monthly income. Some families spend as low as 82% of their income while some as high as 97%.

How do families spend their money in Izmir?

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

Housing and accomodation expenditure for families

Families in Izmir 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 25,000 TRY with expenditure ranging from 8,900 TRY to 160,000 TRY. 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 Izmir ranges from 4% to 9% of total expenses with 6% being the average for most families. The average monthly cost of utilities is 4,000 TRY with 1,400 TRY and 26,000 TRY 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 2,800 TRY to 51,000 TRY in a month on commuting with 7,900 TRY 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 Izmir is 14,000 TRY. The cost of groceries can range between 5,000 TRY to 93,000 TRY. 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 Izmir 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 2,500 TRY to 41,000 TRY with 7,900 TRY 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 1,400 TRY to 26,000 TRY with 4,000 TRY 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 11,000 TRY per month with 3,900 TRY being the minimum spent amount and 72,000 TRY being the maximum.

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

Percentage of families that reported their ability to save money

Almost 46% of surveyed families in Izmir said that they can save some money at the end of each month while 54% 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 8.8% to 27% 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 23,000 TRY with 8,100 TRY and 150,000 TRY being the minimum and maximum respectively.

Saving Challenges in Izmir

Reasons that make it difficult for families to save money

We wanted to understand what is stopping families from maximizing their savings in Izmir. 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 2% 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 Izmir

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 Izmir

Income and cost of living compatibility

We asked families one simple question and recorded their answers.

Is it affordable or economical to live in Izmir?

Around 45% of surveyed families think that living in Izmir is affordable with proper budgeting while 55% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Izmir

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 options53%

Few low-cost options47%

Based on the survey, 53% of the families living in Izmir have no problem finding low-cost alternatives to support a frugal lifestyle while 47% 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 Izmir whether they have an emergency fund and the answers were as follows.

Yes43%

No57%

Based on the survey, 57% of the families living in Izmir said that they don't have an emergency fund while 43% said that they do.

Financial Literacy in Turkey

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 Leteracy41%

We asked family guardians and parents in Izmir whether they acquired any adequate personal financial training in their lives. Approximately 59% 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 41% 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 Turkey have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 55% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 45% said that they have everything under control.

Struggles with finance55%

Easily manages finances45%

Financial goals of families in Izmir

In an attempt to understand the economic situation in Izmir, 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 46% 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 5% 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 Izmir

Percentage of families who are in debt

According to the survey, 30% of the families in Izmir 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 Izmir

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 30% of a family's monthly income in Izmir goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 4% of the debtors in Izmir 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. 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 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 Izmir

7% of debtors in Izmir 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 12% of people and personal loans rose at 45%. Lastly, student loans are the main source of debt for 4% of debtors in Izmir.

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 Izmir

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

Rent Cost in Izmir

Monthly Rent Prices

Studio apartment monthly rent cost

4,300 TRY

6,400 TRY

17,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$130

$200

$540

1-bedroom apartment monthly rent cost

6,400 TRY

10,000 TRY

26,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$200

$320

$810

2-bedroom apartment monthly rent cost

8,500 TRY

13,000 TRY

34,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$270

$400

$1,100

3-bedroom apartment monthly rent cost

10,000 TRY

17,000 TRY

47,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$320

$540

$1,500

Furnished apartment monthly rent cost

20,000 TRY

51,000 TRY

100,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$650

$1,600

$3,200

Townhouse monthly rent cost

17,000 TRY

26,000 TRY

73,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$540

$810

$2,300

House monthly rent cost

20,000 TRY

51,000 TRY

100,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$650

$1,600

$3,200

Villa monthly rent cost

26,000 TRY

64,000 TRY

100,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$810

$2,000

$3,200

The monthly rental cost of a studio apartment in Izmir ranges between 4,300 TRY and 17,000 TRY, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 6,400 TRY to 26,000 TRY. Two-bedroom rentals rate ranges between 8,500 TRY and 34,000 TRY per month. The monthly rental for a three-bedroom apartment ranges from 10,000 TRY to 47,000 TRY. The average rent of a townhouse in Izmir is around 26,000 TRY while house rental costs can be as high as 51,000 TRY per month. Finally, if you want to rent a villa, expect to pay anywhere from 26,000 TRY to 100,000 TRY per month.

Apartment and house prices in Izmir

Cost of buying a property

Studio apartment price

850,000 TRY

1.3M TRY

2.6M TRY

MINIMUM

AVERAGE

MAXIMUM

$27,000

$40,000

$81,000

1-bedroom apartment price

1M TRY

1.7M TRY

6.4M TRY

MINIMUM

AVERAGE

MAXIMUM

$32,000

$54,000

$200,000

2-bedroom apartment price

1.7M TRY

5.1M TRY

10M TRY

MINIMUM

AVERAGE

MAXIMUM

$54,000

$160,000

$320,000

3-bedroom apartment price

5.7M TRY

8.5M TRY

26M TRY

MINIMUM

AVERAGE

MAXIMUM

$180,000

$270,000

$810,000

Townhouse price

7.3M TRY

17M TRY

64M TRY

MINIMUM

AVERAGE

MAXIMUM

$230,000

$540,000

$2M

House price

8.5M TRY

51M TRY

73M TRY

MINIMUM

AVERAGE

MAXIMUM

$270,000

$1.6M

$2.3M

Villa price

10M TRY

57M TRY

85M TRY

MINIMUM

AVERAGE

MAXIMUM

$320,000

$1.8M

$2.7M

The average price of a studio apartment in Izmir can range from 850,000 TRY to 2.6M TRY depending on location. One bedroom cost can be anywhere from 1M TRY to 6.4M TRY. A villa can cost you 57M TRY on average with prices ranging from 10M TRY to 85M TRY.

House / apartment prices to income ratio

Property prices in Izmir can be x89 to x190 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x89 multiples of the average monthly salary in Izmir.

Rent to income ratio

The average rent-to-income ratio in Izmir is around 28%. This means that people pay 28% of their income for rent. Those figures can range from 19% to 38% 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 Izmir

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

Utility Bill Cost / Electricity + Water + Gas / Family

1,400 TRY

4,000 TRY

26,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$44

$130

$810

Internet and cable cost

260 TRY

520 TRY

700 TRY

MINIMUM

AVERAGE

MAXIMUM

$8.3

$17

$22

Mobile phone bill and charges

210 TRY

350 TRY

1,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$6.6

$11

$33

The average monthly energy and water consumption of families is around 4,000 TRY. The cost of internet and WiFi ranges from 260 TRY to 700 TRY with 520 TRY being the average internet bill. Finally, the average monthly mobile charges is around 350 TRY but can range between 210 TRY and 1,000 TRY 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 Izmir is around 5.9%. This means that people pay 5.9% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.9% to 9.8% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Izmir

Prices and cost of goods and services in Izmir

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

Fast food combo meal price

52 TRY

100 TRY

170 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.7

$3.3

$5.5

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Izmir is approximatly 100 TRY with meal cost ranging from 52 TRY to 170 TRY. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

170 TRY

260 TRY

520 TRY

MINIMUM

AVERAGE

MAXIMUM

$5.4

$8.2

$16

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 170 TRY and 520 TRY with 260 TRY being the average price of a plate for one person at a regular restaurant in Izmir.

Fine dining meal for one price

340 TRY

520 TRY

2,100 TRY

MINIMUM

AVERAGE

MAXIMUM

$11

$16

$65

The price range of a meal at fine-dining restaurant is 340 TRY to 2,100 TRY with the average cost being 520 TRY for one person. This is what you would expect to pay a top-tier diner in Izmir.

Beverage prices, cappuccino, latte etc..

44 TRY

70 TRY

100 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.4

$2.2

$3.3

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Izmir is around 70 TRY. Price ranges between 44 TRY and 100 TRY depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

35 TRY

42 TRY

52 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.3

$1.7

The average price of a large bottle of milk in Izmir is 42 TRY. The maximum what you would pay for milk is 52 TRY and the minimum being 35 TRY depending on the brand of milk and other properties.

12 eggs price

26 TRY

35 TRY

52 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.83

$1.1

$1.7

A dozen eggs costs around 35 TRY on average with 26 TRY and 52 TRY being the lower and upper limits respectively.

Fresh whole chicken price

59 TRY

77 TRY

110 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.9

$2.4

$3.4

The price range of a fresh whole chicken in Izmir is between 59 TRY and 110 TRY depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 77 TRY.

Pack of beef price

70 TRY

100 TRY

210 TRY

MINIMUM

AVERAGE

MAXIMUM

$2.2

$3.3

$6.6

The price of a regular pack of beef or meat is around 100 TRY. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

28 TRY

38 TRY

54 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.89

$1.2

$1.7

A bag of rice in Izmir costs around 38 TRY on average with prices rangeing between 28 TRY and 54 TRY depending on the brand and quality.

Bag of tomatos price

10 TRY

14 TRY

26 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.33

$0.44

$0.83

A bag of tomatoes costs anywhere from 10 TRY to 26 TRY. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

19 TRY

24 TRY

40 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.59

$0.77

$1.3

A bag of apples costs 24 TRY 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 Izmir is around 26%. This means that families spend 26% of their income on grocery and basic household items. The expenditure can range from 19% to 32% depending on salary and location.

Expenditure on food and grocery for families