Cost Of Living For a Family in Liege 2024

Average monthly spending for families in Liege

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 Liege?

Families in Liege spend around 8,100 EUR per month on average. Depending on the lifestyle, a family can survive with a monthly budget as low as 2,800 EUR or as high as 53,000 EUR. Location and income are very important factors and have a huge influence on expenditure and budget.

Family expenditure to income ratio in Liege

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

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 Liege spend around 81% of their monthly income. Some families spend as low as 71% of their income while some as high as 91%.

How do families spend their money in Liege?

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

Housing and accomodation expenditure for families

Families in Liege typically spend from 23% to 38% of their total monthly expenditure on housing with 28% being the average. The average monthly spend on housing is 2,600 EUR with expenditure ranging from 910 EUR to 17,000 EUR. 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 Liege ranges from 3% to 8% of total expenses with 5% being the average for most families. The average monthly cost of utilities is 410 EUR with 140 EUR and 2,600 EUR 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 280 EUR to 5,300 EUR in a month on commuting with 810 EUR being the norm for most families. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 4% or as high as 8%.

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 Liege is 1,500 EUR. The cost of groceries can range between 510 EUR to 9,500 EUR. Families spend on average about 20% on food and groceries with upper and lower bounds of 13% and 26% respectively.

Healthcare and medical services expenditure for families

Families in Liege allocate 6% to 15% 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 10%. The range of medical expenses range from 260 EUR to 4,200 EUR with 810 EUR 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 140 EUR to 2,600 EUR with 410 EUR being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 3% for most families.

Education and schooling expenditure for families

Spending on education can vary drastically between different families. On average, education constitutes 14% of the monthly expenditure of families with 7% and 22% being the lower and upper bounds respectively. The average reported education cost is 1,100 EUR per month with 400 EUR being the minimum spent amount and 7,400 EUR being the maximum.

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

Percentage of families that reported their ability to save money

Almost 63% of surveyed families in Liege said that they can save some money at the end of each month while 37% 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 14% to 31% of their monthly income to their savings, with 21% being the average for most families. The average monthly amount of money that families can put aside is 3,500 EUR with 1,200 EUR and 23,000 EUR being the minimum and maximum respectively.

Saving Challenges in Liege

Reasons that make it difficult for families to save money

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

Around 6% of the families said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 17% 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. 10% of families blamed impulsive spending as the reason for saving inability. Around 6% 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. 18% 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. 11% 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, 3% blamed market instability and price fluctuations.

Typical saving choices for families in Liege

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 Liege

Income and cost of living compatibility

We asked families one simple question and recorded their answers.

Is it affordable or economical to live in Liege?

Around 80% of surveyed families think that living in Liege is affordable with proper budgeting while 20% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Liege

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 options61%

Few low-cost options39%

Based on the survey, 61% of the families living in Liege have no problem finding low-cost alternatives to support a frugal lifestyle while 39% 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 Liege whether they have an emergency fund and the answers were as follows.

Yes78%

No22%

Based on the survey, 22% of the families living in Liege said that they don't have an emergency fund while 78% said that they do.

Financial Literacy in Belgium

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 Leteracy78%

We asked family guardians and parents in Liege whether they acquired any adequate personal financial training in their lives. Approximately 22% 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 78% 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 Belgium have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 19% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 81% said that they have everything under control.

Struggles with finance19%

Easily manages finances81%

Financial goals of families in Liege

In an attempt to understand the economic situation in Liege, 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 7% of families said that their main goal is to establish an emergency fund to cover unexpected expenses while 34% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 10% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 10% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Debt, loans, and mortgages in Liege

Percentage of families who are in debt

According to the survey, 23% of the families in Liege have some kind of debt, loan, mortgage, or credit card payments while 77% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Liege

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 24% of a family's monthly income in Liege goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Liege pay 60%+ of their income as debt settlement while 13% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 12% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 14% dedicated 30% to 40% of income for same. Things are looking brighter for 14% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Liege

12% of debtors in Liege confirm that real estate mortgages constitutes the main part of their outstanding debt while 26% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 21% of people and personal loans rose at 38%. Lastly, student loans are the main source of debt for 3% of debtors in Liege.

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 Liege

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

Rent Cost in Liege

Monthly Rent Prices

Studio apartment monthly rent cost

480 EUR

720 EUR

1,900 EUR

MINIMUM

AVERAGE

MAXIMUM

$520

$780

$2,100

1-bedroom apartment monthly rent cost

720 EUR

1,200 EUR

2,900 EUR

MINIMUM

AVERAGE

MAXIMUM

$780

$1,300

$3,100

2-bedroom apartment monthly rent cost

970 EUR

1,400 EUR

3,900 EUR

MINIMUM

AVERAGE

MAXIMUM

$1,000

$1,600

$4,200

3-bedroom apartment monthly rent cost

1,200 EUR

1,900 EUR

5,300 EUR

MINIMUM

AVERAGE

MAXIMUM

$1,300

$2,100

$5,700

Furnished apartment monthly rent cost

2,300 EUR

5,800 EUR

12,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$2,500

$6,300

$13,000

Townhouse monthly rent cost

1,900 EUR

2,900 EUR

8,300 EUR

MINIMUM

AVERAGE

MAXIMUM

$2,100

$3,100

$9,000

House monthly rent cost

2,300 EUR

5,800 EUR

12,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$2,500

$6,300

$13,000

Villa monthly rent cost

2,900 EUR

7,200 EUR

12,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$3,100

$7,800

$13,000

The monthly rental cost of a studio apartment in Liege ranges between 480 EUR and 1,900 EUR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 720 EUR to 2,900 EUR. Two-bedroom rentals rate ranges between 970 EUR and 3,900 EUR per month. The monthly rental for a three-bedroom apartment ranges from 1,200 EUR to 5,300 EUR. The average rent of a townhouse in Liege is around 2,900 EUR while house rental costs can be as high as 5,800 EUR per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,900 EUR to 12,000 EUR per month.

Apartment and house prices in Liege

Cost of buying a property

Studio apartment price

97,000 EUR

140,000 EUR

290,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$100,000

$160,000

$310,000

1-bedroom apartment price

120,000 EUR

190,000 EUR

720,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$130,000

$210,000

$780,000

2-bedroom apartment price

190,000 EUR

580,000 EUR

1.2M EUR

MINIMUM

AVERAGE

MAXIMUM

$210,000

$630,000

$1.3M

3-bedroom apartment price

640,000 EUR

970,000 EUR

2.9M EUR

MINIMUM

AVERAGE

MAXIMUM

$700,000

$1M

$3.1M

Townhouse price

830,000 EUR

1.9M EUR

7.2M EUR

MINIMUM

AVERAGE

MAXIMUM

$900,000

$2.1M

$7.8M

House price

970,000 EUR

5.8M EUR

8.3M EUR

MINIMUM

AVERAGE

MAXIMUM

$1M

$6.3M

$9M

Villa price

1.2M EUR

6.4M EUR

9.7M EUR

MINIMUM

AVERAGE

MAXIMUM

$1.3M

$7M

$10M

The average price of a studio apartment in Liege can range from 97,000 EUR to 290,000 EUR depending on location. One bedroom cost can be anywhere from 120,000 EUR to 720,000 EUR. A villa can cost you 6.4M EUR on average with prices ranging from 1.2M EUR to 9.7M EUR.

House / apartment prices to income ratio

Property prices in Liege can be x142 to x220 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x142 multiples of the average monthly salary in Liege.

Rent to income ratio

The average rent-to-income ratio in Liege is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 24% to 43% 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 Liege

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

Utility Bill Cost / Electricity + Water + Gas / Family

140 EUR

410 EUR

2,600 EUR

MINIMUM

AVERAGE

MAXIMUM

$150

$440

$2,900

Internet and cable cost

29 EUR

57 EUR

76 EUR

MINIMUM

AVERAGE

MAXIMUM

$31

$62

$83

Mobile phone bill and charges

23 EUR

38 EUR

110 EUR

MINIMUM

AVERAGE

MAXIMUM

$25

$41

$120

The average monthly energy and water consumption of families is around 410 EUR. The cost of internet and WiFi ranges from 29 EUR to 76 EUR with 57 EUR being the average internet bill. Finally, the average monthly mobile charges is around 38 EUR but can range between 23 EUR and 110 EUR 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 Liege is around 3.9%. This means that people pay 3.9% of their income for energy, water, internet, and mobile charges. Those figures can range from 1% to 7.7% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Liege

Prices and cost of goods and services in Liege

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

Fast food combo meal price

5.7 EUR

11 EUR

19 EUR

MINIMUM

AVERAGE

MAXIMUM

$6.2

$12

$21

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Liege is approximatly 11 EUR with meal cost ranging from 5.7 EUR to 19 EUR. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

19 EUR

29 EUR

58 EUR

MINIMUM

AVERAGE

MAXIMUM

$21

$31

$62

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 19 EUR and 58 EUR with 29 EUR being the average price of a plate for one person at a regular restaurant in Liege.

Fine dining meal for one price

38 EUR

58 EUR

230 EUR

MINIMUM

AVERAGE

MAXIMUM

$42

$62

$250

The price range of a meal at fine-dining restaurant is 38 EUR to 230 EUR with the average cost being 58 EUR for one person. This is what you would expect to pay a top-tier diner in Liege.

Beverage prices, cappuccino, latte etc..

4.8 EUR

7.6 EUR

11 EUR

MINIMUM

AVERAGE

MAXIMUM

$5.2

$8.3

$12

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Liege is around 7.6 EUR. Price ranges between 4.8 EUR and 11 EUR depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

3.8 EUR

4.6 EUR

5.7 EUR

MINIMUM

AVERAGE

MAXIMUM

$4.1

$5

$6.2

The average price of a large bottle of milk in Liege is 4.6 EUR. The maximum what you would pay for milk is 5.7 EUR and the minimum being 3.8 EUR depending on the brand of milk and other properties.

12 eggs price

2.9 EUR

3.8 EUR

5.7 EUR

MINIMUM

AVERAGE

MAXIMUM

$3.1

$4.1

$6.2

A dozen eggs costs around 3.8 EUR on average with 2.9 EUR and 5.7 EUR being the lower and upper limits respectively.

Fresh whole chicken price

6.5 EUR

8.4 EUR

12 EUR

MINIMUM

AVERAGE

MAXIMUM

$7.1

$9.1

$13

The price range of a fresh whole chicken in Liege is between 6.5 EUR and 12 EUR depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 8.4 EUR.

Pack of beef price

7.6 EUR

11 EUR

23 EUR

MINIMUM

AVERAGE

MAXIMUM

$8.3

$12

$25

The price of a regular pack of beef or meat is around 11 EUR. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

3.1 EUR

4.2 EUR

6 EUR

MINIMUM

AVERAGE

MAXIMUM

$3.3

$4.6

$6.5

A bag of rice in Liege costs around 4.2 EUR on average with prices rangeing between 3.1 EUR and 6 EUR depending on the brand and quality.

Bag of tomatos price

1.1 EUR

1.5 EUR

2.9 EUR

MINIMUM

AVERAGE

MAXIMUM

$1.2

$1.7

$3.1

A bag of tomatoes costs anywhere from 1.1 EUR to 2.9 EUR. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2 EUR

2.7 EUR

4.4 EUR

MINIMUM

AVERAGE

MAXIMUM

$2.2

$2.9

$4.8

A bag of apples costs 2.7 EUR 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 Liege is around 23%. This means that families spend 23% of their income on grocery and basic household items. The expenditure can range from 15% to 29% depending on salary and location.

Expenditure on food and grocery for families