Cost Of Living For a Family in Soledad 2024
Average monthly spending for families in Soledad
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: COP
How much money does a family need in a month to survive in Soledad?
Families in Soledad spend around 15M COP per month on average. Depending on the lifestyle, a family can survive with a monthly budget as low as 5.1M COP or as high as 94M COP. Location and income are very important factors and have a huge influence on expenditure and budget.
Prices and cost of goods and services in Soledad
Dining, food, and beverages costs
Fast food combo meal
| 9,300 COP | 19,000 COP | 31,000 COP |
Restaurant meal for one
| 32,000 COP | 48,000 COP | 95,000 COP |
Fine dining meal for one
| 64,000 COP | 95,000 COP | 380,000 COP |
Cappuccino or latte
| 7,800 COP | 12,000 COP | 19,000 COP |
Grocery and market costs
Milk large bottle
| 6,200 COP | 7,500 COP | 9,300 COP |
12 eggs
| 4,700 COP | 6,200 COP | 9,300 COP |
Fresh whole chicken
| 11,000 COP | 14,000 COP | 19,000 COP |
Pack of beef
| 12,000 COP | 19,000 COP | 37,000 COP |
Medium bag of rice
| 5,000 COP | 6,800 COP | 9,700 COP |
Bag of tomatos
| 1,900 COP | 2,500 COP | 4,700 COP |
Bag of apples
| 3,300 COP | 4,400 COP | 7,200 COP |
Commute, travel, and transportation costs
20 minutes taxi ride
| 8,000 COP | 9,500 COP | 19,000 COP |
Average car full tank
| 47,000 COP | 62,000 COP | 120,000 COP |
Average car 1-day rental
| 49,000 COP | 65,000 COP | 98,000 COP |
Average car price
Bus ticket one way
| 1,600 COP | 2,400 COP | 4,900 COP |
Car Service
| 65,000 COP | 98,000 COP | 200,000 COP |
Utility cost (monthly)
Utility Bill - Family
| 250,000 COP | 730,000 COP | 4.7M COP |
Internet and cable
| 47,000 COP | 93,000 COP | 120,000 COP |
Mobile phone charges
| 37,000 COP | 62,000 COP | 190,000 COP |
Leisure and activities costs
Movie ticket
| 23,000 COP | 31,000 COP | 47,000 COP |
One month gym membership
| 78,000 COP | 98,000 COP | 200,000 COP |
Cloths and accessories costs
Pair of jeans or pants
| 57,000 COP | 81,000 COP | 120,000 COP |
Woman dress
| 54,000 COP | 75,000 COP | 240,000 COP |
Woman shoes
| 51,000 COP | 70,000 COP | 160,000 COP |
Men's shoes
| 44,000 COP | 54,000 COP | 110,000 COP |
Men suit
| 49,000 COP | 61,000 COP | 330,000 COP |
Regular t-shirt
| 24,000 COP | 33,000 COP | 98,000 COP |
Housing costs / monthly rent
Studio apartment
| 810,000 COP | 1.2M COP | 3.3M COP |
1-bedroom apartment
2-bedroom apartment
| 1.6M COP | 2.4M COP | 6.5M COP |
Housing costs / Buying
Studio apartment
| 160M COP | 240M COP | 490M COP |
1-bedroom apartment
| 200M COP | 330M COP | 1,200M COP |
2-bedroom apartment
| 330M COP | 980M COP | 2,000M COP |
| $83,000 | $250,000 | $500,000 |
Furniture Costs
King Size Bed
| 930,000 COP | 1.2M COP | 1.6M COP |
Double Bed
| 620,000 COP | 930,000 COP | 1.2M COP |
Single Bed
| 550,000 COP | 720,000 COP | 930,000 COP |
Living Room
Dining Table
| 470,000 COP | 620,000 COP | 1.2M COP |
Sofa or Couch
| 620,000 COP | 850,000 COP | 1.9M COP |
Electronics and House Appliance Costs
TV Set
| 620,000 COP | 930,000 COP | 1.9M COP |
Fridge or Freezer
| 550,000 COP | 850,000 COP | 1.2M COP |
Washing Machine
| 720,000 COP | 1M COP | 1.9M COP |
Stove or Cooker
| 670,000 COP | 850,000 COP | 1.2M COP |
Mobile Phone
| 780,000 COP | 930,000 COP | 1.3M COP |
Laptop or Computer
| 850,000 COP | 1M COP | 1.9M COP |
Family expenditure to income ratio in Soledad
Analysing the how affordable it is for families to live in Soledad
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
98%
90% to 110%
( expenditure / income ) x 100
Families in Soledad spend around 98% of their monthly income.
Some families spend as low as 90% of their income while some as high as 110%.
How do families spend their money in Soledad?
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 Cost27%
27% of total expenses on average (22% to 37%)
| LOW | $410 1.6M COP |
| AVERAGE | $1,200 4.6M COP |
| HIGH | $7,700 30M COP |
| Per Month |
Families in Soledad typically spend from 22% to 37% of their total monthly expenditure on housing with 27% being the average. The average monthly spend on housing is 4.6M COP with expenditure ranging from 1.6M COP to 30M COP. 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 utilities5%
5% of total expenses on average (3% to 8%)
| LOW | $64 250,000 COP |
| AVERAGE | $180 730,000 COP |
| HIGH | $1,200 4.7M COP |
| Per Month |
Utility expenditure like electricity, water, and gas in Soledad ranges from 3% to 8% of total expenses with 5% being the average for most families. The average monthly cost of utilities is 730,000 COP with 250,000 COP and 4.7M COP being the upper and lower limits for a family of four.
Transport, fuel, and commute expenditure for families
Cost of transport and fuel6%
6% of total expenses on average (4% to 8%)
| LOW | $130 510,000 COP |
| AVERAGE | $370 1.5M COP |
| HIGH | $2,400 9.4M COP |
| 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 510,000 COP to 9.4M COP in a month on commuting with 1.5M COP 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
Food and Groceries Cost20%
20% of total expenses on average (13% to 26%)
| LOW | $230 910,000 COP |
| AVERAGE | $660 2.6M COP |
| HIGH | $4,300 17M COP |
| Per Month |
The average outlay on groceries and basic houshold items for a typical family in a month in Soledad is 2.6M COP. The cost of groceries can range between 910,000 COP to 17M COP. 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
Cost of healthcare10%
10% of total expenses on average (6% to 15%)
| LOW | $120 460,000 COP |
| AVERAGE | $370 1.5M COP |
| HIGH | $1,900 7.5M COP |
| Per Month |
Families in Soledad 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 460,000 COP to 7.5M COP with 1.5M COP being the norm for most families.
Leisure and shopping expenditure for families
Cost of leisure and shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $64 250,000 COP |
| AVERAGE | $180 730,000 COP |
| HIGH | $1,200 4.7M COP |
| 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 250,000 COP to 4.7M COP with 730,000 COP 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
Cost of education and schooling14%
14% of total expenses on average (7% to 22%)
| LOW | $180 710,000 COP |
| AVERAGE | $520 2M COP |
| HIGH | $3,300 13M COP |
| Per Month |
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 2M COP per month with 710,000 COP being the minimum spent amount and 13M COP being the maximum.
Other Expenses15%
15% of total expenses on average (8% to 20%)
| LOW | $100 410,000 COP |
| AVERAGE | $290 1.2M COP |
| HIGH | $1,900 7.5M COP |
| Per Month |
What percentage of families in Soledad are able to save money and how much can they save?
Percentage of families that reported their ability to save money
Almost 59% of surveyed families in Soledad said that they can save some money at the end of each month while 42% 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
1.8M COP
$450 | 5M COP
$1,300 | 33M COP
$8,300 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 37% |
| 10% - 20% | 29% |
| 20% - 30% | 20% |
| 30% - 40% | 7% |
| 40% - 50% | 5% |
| > 50% | 2% |
Interpretation and Analysis
Families that are able to save money can put anywhere from 8.7% to 28% of their monthly income to their savings, with 15% being the average for most families. The average monthly amount of money that families can put aside is 5M COP with 1.8M COP and 33M COP being the minimum and maximum respectively.
Saving Challenges in Soledad
Reasons that make it difficult for families to save money
We wanted to understand what is stopping families from maximizing their savings in Soledad. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 6% |
| High Expenses | 9% |
| Debt and Loans | 16% |
| Lack of Budgeting Skills | 11% |
| Impulsive Spending | 10% |
| Financial Emergencies | 6% |
| Living the moment | 6% |
| Will do it later | 19% |
| Inflation | 12% |
| Social Pressure | 3% |
| Market Instability | 3% |
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. 16% 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. 19% 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. 12% 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 Soledad
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 11% |
| Gold | 11% |
| Savings Accounts | 17% |
| Retirement Accounts | 11% |
| Cash Savings | 18% |
| Real Estate | 10% |
| Investment | 6% |
| Stocks | 5% |
| Bonds | 6% |
| Mutual Funds | 3% |
| Certificates of Deposit | 3% |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Soledad
Income and cost of living compatibility
We asked families one simple question and recorded their answers.
Is it affordable or economical to live in Soledad?
Around 68% of surveyed families think that living in Soledad is affordable with proper budgeting while 32% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Soledad
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 options64%
Few low-cost options36%
Based on the survey, 64% of the families living in Soledad have no problem finding low-cost alternatives to support a frugal lifestyle while 36% 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 Soledad whether they have an emergency fund and the answers were as follows.
Yes68%
No32%
Based on the survey, 32% of the families living in Soledad said that they don't have an emergency fund while 68% said that they do.
Financial Literacy in Colombia
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 Leteracy58%
We asked family guardians and parents in Soledad whether they acquired any adequate personal financial training in their lives. Approximately 42% 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 58% 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 Colombia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 33% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 67% said that they have everything under control.
Struggles with finance33%
Easily manages finances67%
Financial goals of families in Soledad
In an attempt to understand the economic situation in Soledad, 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 | 7% |
| Debt Reduction | 37% |
| Retirement Savings | 9% |
| Education Funding | 8% |
| Homeownership | 17% |
| Investing | 8% |
| Travel or Lifestyle | 9% |
| Healthcare Expenses | 11% |
| Financial Independence | 7% |
Around 7% of families said that their main goal is to establish an emergency fund to cover unexpected expenses while 37% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% 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 9% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 11% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Debt, loans, and mortgages in Soledad
Percentage of families who are in debt
According to the survey, 27% of the families in Soledad have some kind of debt, loan, mortgage, or credit card payments while 73% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Soledad
Debt to income ratio
34%
25% to 43%
( 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 34% of a family's monthly income in Soledad goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 15% |
| 40% - 50% | 13% |
| 30% - 40% | 15% |
| 20% - 30% | 13% |
| 10% - 20% | 15% |
| 0% - 10% | 27% |
According to our data, 3% of the debtors in Soledad pay 60%+ of their income as debt settlement while 15% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 13% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 15% dedicated 30% to 40% of income for same. Things are looking brighter for 13% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Soledad
| Debt | % People |
|---|
| Real Estate Mortgage | 11% |
| Auto Loan | 19% |
| Student Loan | 3% |
| Credit Card | 27% |
| Personal Loan | 40% |
11% of debtors in Soledad confirm that real estate mortgages constitutes the main part of their outstanding debt while 27% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 19% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 3% of debtors in Soledad.
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 Soledad
Besides measuring the loan-to-income ratio, we asked families of Soledad 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 | 53% |
| Once a year | 23% |
| Twice a year | 12% |
| Three times a year | 8% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Soledad
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Soledad
Monthly Rent Prices
Studio apartment monthly rent cost
| 810,000 COP | 1.2M COP | 3.3M COP |
1-bedroom apartment monthly rent cost
2-bedroom apartment monthly rent cost
| 1.6M COP | 2.4M COP | 6.5M COP |
3-bedroom apartment monthly rent cost
Furnished apartment monthly rent cost
| 3.9M COP | 9.8M COP | 20M COP |
Townhouse monthly rent cost
| 3.3M COP | 4.9M COP | 14M COP |
House monthly rent cost
| 3.9M COP | 9.8M COP | 20M COP |
Villa monthly rent cost
The monthly rental cost of a studio apartment in Soledad ranges between 810,000 COP and 3.3M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1.2M COP to 4.9M COP. Two-bedroom rentals rate ranges between 1.6M COP and 6.5M COP per month. The monthly rental for a three-bedroom apartment ranges from 2M COP to 8.9M COP. The average rent of a townhouse in Soledad is around 4.9M COP while house rental costs can be as high as 9.8M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 4.9M COP to 20M COP per month.
Apartment and house prices in Soledad
Cost of buying a property
Studio apartment price
| 160M COP | 240M COP | 490M COP |
1-bedroom apartment price
| 200M COP | 330M COP | 1,200M COP |
2-bedroom apartment price
| 330M COP | 980M COP | 2,000M COP |
| $83,000 | $250,000 | $500,000 |
3-bedroom apartment price
| 1,100M COP | 1,600M COP | 4,900M COP |
Townhouse price
| 1,400M COP | 3,300M COP | 12,000M COP |
House price
| 1,600M COP | 9,800M COP | 14,000M COP |
Villa price
| 2,000M COP | 11,000M COP | 16,000M COP |
The average price of a studio apartment in Soledad can range from 160M COP to 490M COP depending on location. One bedroom cost can be anywhere from 200M COP to 1,200M COP. A villa can cost you 11,000M COP on average with prices ranging from 2,000M COP to 16,000M COP.
If you're leasing or purchasing, housing costs in Soledad 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
| 36 | x102 monthly income | 214 |
Property prices in Soledad can be x102 to x214 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x102 multiples of the average monthly salary in Soledad.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Soledad 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.
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
29% 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.
| 15,000 COP | 190,000 COP | 1.9M COP |
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 Soledad
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Soledad
Utility Bill Cost / Electricity + Water + Gas / Family
| 250,000 COP | 730,000 COP | 4.7M COP |
Internet and cable cost
| 47,000 COP | 93,000 COP | 120,000 COP |
Mobile phone bill and charges
| 37,000 COP | 62,000 COP | 190,000 COP |
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 730,000 COP. The cost of internet and WiFi ranges from 47,000 COP to 120,000 COP with 93,000 COP being the average internet bill. Finally, the average monthly mobile charges is around 62,000 COP but can range between 37,000 COP and 190,000 COP 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 Soledad 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 Soledad
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Soledad
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
| 9,300 COP | 19,000 COP | 31,000 COP |
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Soledad is approximatly 19,000 COP with meal cost ranging from 9,300 COP to 31,000 COP. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
| 32,000 COP | 48,000 COP | 95,000 COP |
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 32,000 COP and 95,000 COP with 48,000 COP being the average price of a plate for one person at a regular restaurant in Soledad.
Fine dining meal for one price
| 64,000 COP | 95,000 COP | 380,000 COP |
The price range of a meal at fine-dining restaurant is 64,000 COP to 380,000 COP with the average cost being 95,000 COP for one person. This is what you would expect to pay a top-tier diner in Soledad.
Beverage prices, cappuccino, latte etc..
| 7,800 COP | 12,000 COP | 19,000 COP |
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Soledad is around 12,000 COP. Price ranges between 7,800 COP and 19,000 COP depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
| 6,200 COP | 7,500 COP | 9,300 COP |
The average price of a large bottle of milk in Soledad is 7,500 COP. The maximum what you would pay for milk is 9,300 COP and the minimum being 6,200 COP depending on the brand of milk and other properties.
12 eggs price
| 4,700 COP | 6,200 COP | 9,300 COP |
A dozen eggs costs around 6,200 COP on average with 4,700 COP and 9,300 COP being the lower and upper limits respectively.
Fresh whole chicken price
| 11,000 COP | 14,000 COP | 19,000 COP |
The price range of a fresh whole chicken in Soledad is between 11,000 COP and 19,000 COP depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 14,000 COP.
Pack of beef price
| 12,000 COP | 19,000 COP | 37,000 COP |
The price of a regular pack of beef or meat is around 19,000 COP. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
| 5,000 COP | 6,800 COP | 9,700 COP |
A bag of rice in Soledad costs around 6,800 COP on average with prices rangeing between 5,000 COP and 9,700 COP depending on the brand and quality.
Bag of tomatos price
| 1,900 COP | 2,500 COP | 4,700 COP |
A bag of tomatoes costs anywhere from 1,900 COP to 4,700 COP. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
| 3,300 COP | 4,400 COP | 7,200 COP |
A bag of apples costs 4,400 COP 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 Soledad 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
Families' spending on grocery ranges from 910,000 COP to 17M COP with the location, income, and size of the family being the most determinite factors.
