Cost Of Living in Finland 2024
Average monthly spending for singles, couples, students, and families in Finland
Whether you're living in Finland or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure4,800 EUR
per month$5,200370 EUR $400
$52,000 48,000 EUR
Single3,300 EUR
per month$3,6001,100 EUR $1,200
$24,000 22,000 EUR
Couple5,500 EUR
per month$6,0001,800 EUR $2,000
$32,000 30,000 EUR
Family7,400 EUR
per month$8,0002,600 EUR $2,800
$44,000 41,000 EUR
Student2,400 EUR
per month$2,600950 EUR $1,000
$4,600 4,300 EUR
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Finland is 3,300 EUR. Expenses can range from 1,100 EUR at the minimum level to 22,000 EUR at the highest end.
Couples
The average monthly spending of couples in Finland is 5,500 EUR. Expenditure can range from 1,800 EUR to 30,000 EUR per month.
Families
The average cost of living for families in Finland is 7,400 EUR per month. Families spend anywhere from 2,600 EUR to 41,000 EUR.
Students
The average monthly expenditure for students in Finland is 2,400 EUR. Students spend from 950 EUR to 4,300 EUR per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Prices and cost of goods and services in Finland
Dining, food, and beverages costs
Large bottle of water | 0.62 EUR | 0.70 EUR | 0.81 EUR |
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Soda or Soft Drink | 0.75 EUR | 0.88 EUR | 1.1 EUR |
Cappuccino or latte Grocery and market costs
Milk large bottle
Loaf of bread | 0.63 EUR | 0.72 EUR | 0.83 EUR |
12 eggs
Fresh whole chicken
Beef 1 kg or 1 lb
Rice 1 kg or 1 lb
Tomato 1 kg or 1 lb
Apples 1 kg or 1 lb Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price | 13,000 EUR | 26,000 EUR | 35,000 EUR |
Bus ticket one way
Car Service Utility cost (monthly)
Utility Bill - Individual
Utility Bill - Couple
Utility Bill - Family
Internet and cable
Mobile phone charges Leisure and activities costs
Movie ticket
One month gym membership Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt Housing costs / monthly rent
Studio apartment | 440 EUR | 660 EUR | 1,800 EUR |
1-bedroom apartment | 660 EUR | 1,100 EUR | 2,600 EUR |
2-bedroom apartment | 880 EUR | 1,300 EUR | 3,500 EUR |
Housing costs / Buying
Studio apartment | 88,000 EUR | 130,000 EUR | 260,000 EUR |
| $95,000 | $140,000 | $280,000 |
1-bedroom apartment | 110,000 EUR | 180,000 EUR | 660,000 EUR |
| $110,000 | $190,000 | $710,000 |
2-bedroom apartment | 180,000 EUR | 530,000 EUR | 1.1M EUR |
Furniture Costs
King Size Bed
Double Bed
Single Bed
Living Room | 580 EUR | 750 EUR | 2,600 EUR |
Dining Table
Sofa or Couch | 350 EUR | 480 EUR | 1,100 EUR |
Electronics and House Appliance Costs
TV Set | 350 EUR | 530 EUR | 1,100 EUR |
Fridge or Freezer
Washing Machine | 400 EUR | 580 EUR | 1,100 EUR |
Stove or Cooker
Mobile Phone
Laptop or Computer | 480 EUR | 580 EUR | 1,100 EUR |
Expenditure to Income Ratio in Finland
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.
Spending to Income Ratio
83%
74% to 92%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 6% |
| 50% - 60% | 12% |
| 60% - 70% | 19% |
| 70% - 80% | 27% |
| 80% - 90% | 15% |
| 90% - 100% | 9% |
| 100% - 110% | 5% |
| 110% - 120% | 3% |
| 120% - 130% | 2% |
| 130% - 140% | 2% |
| > 140% | 1% |
Interpretation and Analysis
The average spending-to-salary ratio in Finland is 83%
This means that on average, people spend around 83% of their income for living.
According to the distribution table, 19% of the population spend approximately 60% to 70% of their income every month.
How can spending be more than income?
A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.
Individual
75%
Spending-Income-Ratio
67%
83%
Couple
79%
Spending-Income-Ratio
70%
87%
Family
87%
Spending-Income-Ratio
78%
97%
How do people spend their money in Finland?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
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 Expenditure27%
27% of total expenses on average (16% to 35%)
| LOW | $120 110 EUR |
| AVERAGE | $1,600 1,400 EUR |
| HIGH | $16,000 14,000 EUR |
| Per Month |
People living in Finland typically spend from 16% to 35% of their total monthly expenditure on housing with 27% being the average. The average spend on housing is 1,400 EUR with expenditure ranging from 110 EUR to 14,000 EUR. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water6%
6% of total expenses on average (3% to 10%)
| LOW | $20 18 EUR |
| AVERAGE | $260 240 EUR |
| HIGH | $2,600 2,400 EUR |
| Per Month |
Utility expenditure like electricity, water, and gas in Finland ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 240 EUR with 18 EUR and 2,400 EUR being the upper and lower limits.
Transport, Fuel, Commute9%
9% of total expenses on average (4% to 13%)
| LOW | $40 37 EUR |
| AVERAGE | $520 480 EUR |
| HIGH | $5,200 4,800 EUR |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 37 EUR to 4,800 EUR on commuting with 480 EUR being the norm for most people in one month. This means that money spent on transport constitutes about 9% of total spending on average but can go as low as 4% or as high as 13%.
Food and Groceries Cost26%
26% of total expenses on average (18% to 32%)
| LOW | $100 92 EUR |
| AVERAGE | $1,300 1,200 EUR |
| HIGH | $13,000 12,000 EUR |
| Per Month |
The average outlay on groceries in a month in Finland is 1,200 EUR. The cost of groceries can range between 92 EUR to 12,000 EUR. People spend on average about 26% on food and groceries with upper and lower bounds of 18% and 32% respectively.
Healthcare and Medical Services8%
8% of total expenses on average (3% to 11%)
| LOW | $28 26 EUR |
| AVERAGE | $360 340 EUR |
| HIGH | $3,600 3,400 EUR |
| Per Month |
People in Finland allocate 3% to 11% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 8%. The range of medical expenses range from 26 EUR to 3,400 EUR with 340 EUR being the norm.
Leisure and Shopping6%
6% of total expenses on average (3% to 10%)
| LOW | $16 15 EUR |
| AVERAGE | $210 190 EUR |
| HIGH | $2,100 1,900 EUR |
| 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 15 EUR to 1,900 EUR with 190 EUR being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.
Education and Schooling6%
6% of total expenses on average (4% to 12%)
| LOW | $24 22 EUR |
| AVERAGE | $310 290 EUR |
| HIGH | $3,100 2,900 EUR |
| Per Month |
Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 290 EUR per month with 22 EUR being the minimum spent amount and 2,900 EUR being the maximum.
Other Expenses12%
12% of total expenses on average (7% to 19%)
| LOW | $52 48 EUR |
| AVERAGE | $680 620 EUR |
| HIGH | $6,800 6,200 EUR |
| Per Month |
How much money can you save in Finland every month?
We asked thousands of people what percentage of their income can they save in a month. Below are the answers.
What percentage of people in Finland manage to save money from their income every month?
Almost 71% of the surveyed people in Finland said that they can save some money at the end of each month while 29% said that aren't saving anything.
Percentage of people saving money by population group in Finland
| Group | Savers | Non Savers |
|---|
| Singles | 74% | 26% |
| Couples | 69% | 31% |
| Families | 64% | 36% |
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.
Saving to Income Ratio
Average Monthly Saved Amount
160 EUR
$170 | 2,000 EUR
$2,200 | 20,000 EUR
$22,000 |
For most people, 10% to 30% of their monthly income is what they can allocate to their savings, with 18% being the average. The amount of money that people can save is approximately 2,000 EUR on average with savings ranging from 160 EUR to 20,000 EUR.
74% of surveyed singles reported some of their income going to savings while 69% of couples said the same. 64% of families confirmed their ability to save money.
How much money do people actually save in Finland?
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.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
470 EUR
$510 | 1,400 EUR
$1,500 | 9,300 EUR
$10,000 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 30% |
| 10% - 20% | 24% |
| 20% - 30% | 16% |
| 30% - 40% | 15% |
| 40% - 50% | 11% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 13% to 32% of their monthly income to savings, with 22% being the average for most singles. The average amount of money that singles are able to save is 1,400 EUR with 470 EUR and 9,300 EUR being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
780 EUR
$840 | 2,300 EUR
$2,500 | 12,000 EUR
$13,000 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 34% |
| 10% - 20% | 26% |
| 20% - 30% | 19% |
| 30% - 40% | 10% |
| 40% - 50% | 8% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 11% to 31% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 2,300 EUR with 780 EUR and 12,000 EUR being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
1,100 EUR
$1,200 | 3,100 EUR
$3,400 | 17,000 EUR
$19,000 |
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 in Finland can save anywhere between 10% to 28% of their monthly income, with 17% being the average for most families. The average amount of money that families can put aside is 3,100 EUR with 1,100 EUR and 17,000 EUR being the minimum and maximum respectively.
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 Finland
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Finland?
Around 82% of surveyed residents think that living in Finland is affordable with proper budgeting while 18% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Finland
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 residents how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options63%
Few low-cost options37%
Based on the survey, 63% of the people living in Finland have no problem finding low-cost alternatives to support a frugal lifestyle while 37% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds
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 residents of Finland whether they have an emergency fund and the answers were as follows.
Yes80%
No20%
Based on the survey, 20% of the people living in Finland said that they don't have an emergency fund while 80% said that they do.
Financial Literacy in Finland
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 Leteracy77%
We asked residents of Finland whether they acquired any adequate personal financial training in their lives. Approximately 23% 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 77% 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 residents of Finland have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 18% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 82% said that they have everything under control.
Struggles with finance18%
Easily manages finances82%
Financial goals of people in Finland
In an attempt to understand the economic situation in Finland, 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 | 6% |
| Debt Reduction | 31% |
| Retirement Savings | 7% |
| Education Funding | 9% |
| Homeownership | 16% |
| Investing | 9% |
| Travel or Lifestyle | 12% |
| Healthcare Expenses | 8% |
| Financial Independence | 9% |
Around 6% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 31% said their number one priority is to pay off high-interest debt or loans and improve credit. 7% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 9% reported that their priority is saving for the tuition fees and education costs of their children while 16% choose to buy a home or pay off existing mortgage before other things. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 12% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 8% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Finland
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Finland. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 7% |
| High Expenses | 10% |
| Debt and Loans | 19% |
| Lack of Budgeting Skills | 10% |
| Impulsive Spending | 9% |
| Financial Emergencies | 6% |
| Living the moment | 7% |
| Will do it later | 16% |
| Inflation | 10% |
| Social Pressure | 3% |
| Market Instability | 3% |
Around 7% of the people said that their salary is too low to accommodate a portion for savings while 10% said that the high cost of living leaves little room for savings. 19% of the residents said that they are burdened with debt and find it challenging to save money. 10% 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. 9% 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. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 16% 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. 10% 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 societal expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.
Typical saving choices for people in Finland
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 10% |
| Gold | 9% |
| Savings Accounts | 17% |
| Retirement Accounts | 12% |
| Cash Savings | 15% |
| Real Estate | 10% |
| Investment | 6% |
| Stocks | 6% |
| Bonds | 7% |
| Mutual Funds | 3% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Finland
What does the retirement lifestyle look like in Finland and how much retirement savings are required?
Retirement age
The retirement age for most employees in Finland is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Finland:| Age | Amount |
|---|
| 25 | 14,000 EUR |
| 30 | 27,000 EUR |
| 35 | 48,000 EUR |
| 40 | 68,000 EUR |
| 45 | 100,000 EUR |
| 50 | 140,000 EUR |
| 55 | 170,000 EUR |
| 60 | 210,000 EUR |
| 65 | 250,000 EUR |
Retirement Income Distribution
We asked residents of Finland about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 14% |
| Savings | 21% |
| Investments | 14% |
| Social Security | 9% |
| Annuities | 9% |
| Part-time Job | 9% |
| Real Estate | 16% |
| Dividends and Interest | 9% |
Retirement Monthly Expenses in Finland 790 EUR
$860 | 2,400 EUR
$2,600 | 16,000 EUR
$17,000 |
Debt, loans, and mortgages in Finland
Percentage of people who are in debt
According to the survey, 23% of the people in Finland 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 Finland
Debt to income ratio
28%
18% to 37%
( 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 28% of the people's monthly income in Finland goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 10% |
| 40% - 50% | 11% |
| 30% - 40% | 13% |
| 20% - 30% | 16% |
| 10% - 20% | 20% |
| 0% - 10% | 28% |
According to our data, 3% of the debtors in Finland pay 60%+ of their income as debt settlement while 10% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 11% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 13% dedicated 30% to 40% of income for same. Things are looking brighter for 16% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Finland
| Debt | % People |
|---|
| Real Estate Mortgage | 14% |
| Auto Loan | 24% |
| Student Loan | 3% |
| Credit Card | 24% |
| Personal Loan | 35% |
14% of debtors in Finland confirm that real estate mortgages constitutes the main part of their outstanding debt while 24% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 24% of people and personal loans rose at 35%. Lastly, student loans are the main source of debt for 3% of debtors in Finland.
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 Finland
Besides measuring the loan-to-income ratio, we asked residents of Finland 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 | 56% |
| Once a year | 22% |
| Twice a year | 11% |
| Three times a year | 8% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Finland
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Finland
Monthly Rent Prices
Studio apartment | 440 EUR | 660 EUR | 1,800 EUR |
1-bedroom apartment | 660 EUR | 1,100 EUR | 2,600 EUR |
2-bedroom apartment | 880 EUR | 1,300 EUR | 3,500 EUR |
3-bedroom apartment | 1,100 EUR | 1,800 EUR | 4,800 EUR |
Furnished apartment | 2,100 EUR | 5,300 EUR | 11,000 EUR |
Townhouse | 1,800 EUR | 2,600 EUR | 7,500 EUR |
House | 2,100 EUR | 5,300 EUR | 11,000 EUR |
Villa | 2,600 EUR | 6,600 EUR | 11,000 EUR |
The monthly rental cost of a studio apartment in Finland ranges between 440 EUR and 1,800 EUR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 660 EUR to 2,600 EUR. Two-bedroom rentals rate ranges between 880 EUR and 3,500 EUR per month. The monthly rental for a three-bedroom apartment ranges from 1,100 EUR to 4,800 EUR. The average rent of a townhouse in Finland is around 2,600 EUR while house rental costs can be as high as 5,300 EUR per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,600 EUR to 11,000 EUR per month.
Apartment and house prices in Finland
Cost of buying a property
Studio apartment | 88,000 EUR | 130,000 EUR | 260,000 EUR |
| $95,000 | $140,000 | $280,000 |
1-bedroom apartment | 110,000 EUR | 180,000 EUR | 660,000 EUR |
| $110,000 | $190,000 | $710,000 |
2-bedroom apartment | 180,000 EUR | 530,000 EUR | 1.1M EUR |
3-bedroom apartment | 580,000 EUR | 880,000 EUR | 2.6M EUR |
Townhouse | 750,000 EUR | 1.8M EUR | 6.6M EUR |
House | 880,000 EUR | 5.3M EUR | 7.5M EUR |
Villa | 1.1M EUR | 5.8M EUR | 8.8M EUR |
The average price of a studio apartment in Finland can range from 88,000 EUR to 260,000 EUR depending on location. One bedroom cost can be anywhere from 110,000 EUR to 660,000 EUR. A villa can cost you 5.8M EUR on average with prices ranging from 1.1M EUR to 8.8M EUR.
If you're leasing or purchasing, housing costs in Finland 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
| 42 | x124 monthly income | 215 |
Property prices in Finland can be x124 to x215 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x124 multiples of the average monthly salary in Finland.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Finland is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 22% 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
30% 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.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Finland
Housing33%
33% of total expenses on average (21% to 45%)
| LOW | $430 400 EUR |
| AVERAGE | $1,300 1,200 EUR |
| HIGH | $8,700 8,000 EUR |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (3% to 12%)
| LOW | $72 67 EUR |
| AVERAGE | $220 200 EUR |
| HIGH | $1,400 1,300 EUR |
| Per Month |
Transport, Fuel7%
7% of total expenses on average (5% to 13%)
| LOW | $96 89 EUR |
| AVERAGE | $290 270 EUR |
| HIGH | $1,900 1,800 EUR |
| Per Month |
Food and Groceries17%
17% of total expenses on average (11% to 22%)
| LOW | $190 180 EUR |
| AVERAGE | $580 530 EUR |
| HIGH | $3,800 3,500 EUR |
| Per Month |
Healthcare10%
10% of total expenses on average (4% to 14%)
| LOW | $110 100 EUR |
| AVERAGE | $320 300 EUR |
| HIGH | $2,200 2,000 EUR |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (3% to 7%)
| LOW | $60 55 EUR |
| AVERAGE | $180 170 EUR |
| HIGH | $1,200 1,100 EUR |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $24 22 EUR |
| AVERAGE | $72 67 EUR |
| HIGH | $480 440 EUR |
| Per Month |
Other Expenses20%
20% of total expenses on average (12% to 24%)
| LOW | $220 200 EUR |
| AVERAGE | $650 600 EUR |
| HIGH | $4,300 4,000 EUR |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Finland
Housing30%
30% of total expenses on average (23% to 40%)
| LOW | $660 610 EUR |
| AVERAGE | $2,000 1,800 EUR |
| HIGH | $11,000 9,800 EUR |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $100 92 EUR |
| AVERAGE | $300 280 EUR |
| HIGH | $1,600 1,500 EUR |
| Per Month |
Transport, Fuel11%
11% of total expenses on average (5% to 16%)
| LOW | $240 220 EUR |
| AVERAGE | $720 670 EUR |
| HIGH | $3,800 3,500 EUR |
| Per Month |
Food and Groceries15%
15% of total expenses on average (10% to 20%)
| LOW | $280 260 EUR |
| AVERAGE | $840 780 EUR |
| HIGH | $4,500 4,100 EUR |
| Per Month |
Healthcare12%
12% of total expenses on average (6% to 16%)
| LOW | $220 200 EUR |
| AVERAGE | $660 610 EUR |
| HIGH | $3,500 3,300 EUR |
| Per Month |
Leisure, Shopping5%
5% of total expenses on average (2% to 8%)
| LOW | $120 110 EUR |
| AVERAGE | $360 330 EUR |
| HIGH | $1,900 1,800 EUR |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $40 37 EUR |
| AVERAGE | $120 110 EUR |
| HIGH | $640 590 EUR |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $340 310 EUR |
| AVERAGE | $1,000 940 EUR |
| HIGH | $5,500 5,000 EUR |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Finland
Housing29%
29% of total expenses on average (24% to 39%)
| LOW | $900 830 EUR |
| AVERAGE | $2,600 2,400 EUR |
| HIGH | $14,000 13,000 EUR |
| Per Month |
Transport, Fuel7%
7% of total expenses on average (5% to 9%)
| LOW | $220 210 EUR |
| AVERAGE | $640 590 EUR |
| HIGH | $3,500 3,300 EUR |
| Per Month |
Food and Groceries19%
19% of total expenses on average (12% to 25%)
| LOW | $510 470 EUR |
| AVERAGE | $1,400 1,300 EUR |
| HIGH | $7,900 7,300 EUR |
| Per Month |
Healthcare9%
9% of total expenses on average (5% to 14%)
| LOW | $220 210 EUR |
| AVERAGE | $640 590 EUR |
| HIGH | $3,500 3,300 EUR |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $140 130 EUR |
| AVERAGE | $400 370 EUR |
| HIGH | $2,200 2,000 EUR |
| Per Month |
Education14%
14% of total expenses on average (7% to 22%)
| LOW | $390 360 EUR |
| AVERAGE | $1,100 1,000 EUR |
| HIGH | $6,200 5,700 EUR |
| Per Month |
Other Expenses14%
14% of total expenses on average (7% to 19%)
| LOW | $340 310 EUR |
| AVERAGE | $960 890 EUR |
| HIGH | $5,300 4,900 EUR |
| Per Month |
StudentCost of living and expenses break down for students living in Finland
Housing21%
21% of total expenses on average (16% to 27%)
| LOW | $250 230 EUR |
| AVERAGE | $610 570 EUR |
| HIGH | $1,100 1,000 EUR |
| Per Month |
Utilities, Electricity, Water5%
5% of total expenses on average (3% to 9%)
| LOW | $41 38 EUR |
| AVERAGE | $100 95 EUR |
| HIGH | $180 170 EUR |
| Per Month |
Transport, Fuel6%
6% of total expenses on average (5% to 12%)
| LOW | $72 66 EUR |
| AVERAGE | $180 170 EUR |
| HIGH | $320 300 EUR |
| Per Month |
Food and Groceries21%
21% of total expenses on average (15% to 25%)
| LOW | $200 190 EUR |
| AVERAGE | $510 470 EUR |
| HIGH | $920 850 EUR |
| Per Month |
Healthcare7%
7% of total expenses on average (4% to 10%)
| LOW | $61 57 EUR |
| AVERAGE | $150 140 EUR |
| HIGH | $280 260 EUR |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $51 47 EUR |
| AVERAGE | $130 120 EUR |
| HIGH | $230 210 EUR |
| Per Month |
Education19%
19% of total expenses on average (12% to 24%)
| LOW | $190 180 EUR |
| AVERAGE | $490 450 EUR |
| HIGH | $880 810 EUR |
| Per Month |
Other Expenses17%
17% of total expenses on average (11% to 23%)
| LOW | $150 140 EUR |
| AVERAGE | $380 350 EUR |
| HIGH | $690 640 EUR |
| Per Month |
