Cost Of Living in Gonder 2024

Average monthly spending for singles, couples, students, and families in Gonder

Whether you're living in Gonder 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 Expenditure

9,500 ETB

per month
$170

730 ETB   $13
$1,700   95,000 ETB

Single

6,600 ETB

per month
$120

2,200 ETB   $39
$770   44,000 ETB

Couple

11,000 ETB

per month
$190

3,600 ETB   $64
$1,000   58,000 ETB

Family

15,000 ETB

per month
$260

5,100 ETB   $90
$1,400   80,000 ETB

Student

4,200 ETB

per month
$74

1,700 ETB   $30
$130   7,600 ETB
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Gonder is 6,600 ETB. Expenses can range from 2,200 ETB at the minimum level to 44,000 ETB at the highest end.


Couples

The average monthly spending of couples in Gonder is 11,000 ETB. Expenditure can range from 3,600 ETB to 58,000 ETB per month.


Families

The average cost of living for families in Gonder is 15,000 ETB per month. Families spend anywhere from 5,100 ETB to 80,000 ETB.


Students

The average monthly expenditure for students in Gonder is 4,200 ETB. Students spend from 1,700 ETB to 7,600 ETB 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 Gonder


Dining, food, and beverages costs


Large bottle of water
1.1 ETB 1.2 ETB 1.4 ETB
MINIMUM AVERAGE MAXIMUM
$0.02 $0.02 $0.03
Fast food combo meal
9.2 ETB 18 ETB 31 ETB
MINIMUM AVERAGE MAXIMUM
$0.16 $0.33 $0.54
Restaurant meal for one
31 ETB 46 ETB 93 ETB
MINIMUM AVERAGE MAXIMUM
$0.55 $0.82 $1.6
Fine dining meal for one
62 ETB 93 ETB 370 ETB
MINIMUM AVERAGE MAXIMUM
$1.1 $1.6 $6.6
Soda or Soft Drink
1.3 ETB 1.5 ETB 1.8 ETB
MINIMUM AVERAGE MAXIMUM
$0.02 $0.03 $0.03
Cappuccino or latte
7.7 ETB 12 ETB 18 ETB
MINIMUM AVERAGE MAXIMUM
$0.14 $0.22 $0.33

Grocery and market costs


Milk large bottle
6.2 ETB 7.4 ETB 9.2 ETB
MINIMUM AVERAGE MAXIMUM
$0.11 $0.13 $0.16
Loaf of bread
1.1 ETB 1.3 ETB 1.5 ETB
MINIMUM AVERAGE MAXIMUM
$0.02 $0.02 $0.03
12 eggs
4.6 ETB 6.2 ETB 9.2 ETB
MINIMUM AVERAGE MAXIMUM
$0.08 $0.11 $0.16
Fresh whole chicken
11 ETB 14 ETB 19 ETB
MINIMUM AVERAGE MAXIMUM
$0.19 $0.24 $0.34
Beef 1 kg or 1 lb
12 ETB 18 ETB 37 ETB
MINIMUM AVERAGE MAXIMUM
$0.22 $0.33 $0.65
Rice 1 kg or 1 lb
5 ETB 6.8 ETB 9.6 ETB
MINIMUM AVERAGE MAXIMUM
$0.09 $0.12 $0.17
Tomato 1 kg or 1 lb
1.8 ETB 2.5 ETB 4.6 ETB
MINIMUM AVERAGE MAXIMUM
$0.03 $0.04 $0.08
Apples 1 kg or 1 lb
3.3 ETB 4.3 ETB 7.1 ETB
MINIMUM AVERAGE MAXIMUM
$0.06 $0.08 $0.13

Commute, travel, and transportation costs


20 minutes taxi ride
7.7 ETB 9.3 ETB 19 ETB
MINIMUM AVERAGE MAXIMUM
$0.14 $0.16 $0.33
Average car full tank
46 ETB 62 ETB 120 ETB
MINIMUM AVERAGE MAXIMUM
$0.82 $1.1 $2.2
Average car 1-day rental
47 ETB 62 ETB 93 ETB
MINIMUM AVERAGE MAXIMUM
$0.82 $1.1 $1.6
Average car price
23,000 ETB 46,000 ETB 62,000 ETB
MINIMUM AVERAGE MAXIMUM
$410 $820 $1,100
Bus ticket one way
1.6 ETB 2.3 ETB 4.7 ETB
MINIMUM AVERAGE MAXIMUM
$0.03 $0.04 $0.08
Car Service
62 ETB 93 ETB 190 ETB
MINIMUM AVERAGE MAXIMUM
$1.1 $1.6 $3.3

Utility cost (monthly)


Utility Bill - Individual
130 ETB 390 ETB 2,600 ETB
MINIMUM AVERAGE MAXIMUM
$2.3 $6.9 $46
Utility Bill - Couple
180 ETB 550 ETB 2,900 ETB
MINIMUM AVERAGE MAXIMUM
$3.2 $9.6 $51
Utility Bill - Family
150 ETB 440 ETB 2,400 ETB
MINIMUM AVERAGE MAXIMUM
$2.7 $7.7 $42
Internet and cable
46 ETB 92 ETB 120 ETB
MINIMUM AVERAGE MAXIMUM
$0.82 $1.6 $2.2
Mobile phone charges
37 ETB 62 ETB 180 ETB
MINIMUM AVERAGE MAXIMUM
$0.65 $1.1 $3.3

Leisure and activities costs


Movie ticket
23 ETB 31 ETB 46 ETB
MINIMUM AVERAGE MAXIMUM
$0.41 $0.54 $0.82
One month gym membership
75 ETB 93 ETB 190 ETB
MINIMUM AVERAGE MAXIMUM
$1.3 $1.6 $3.3

Cloths and accessories costs


Pair of jeans or pants
55 ETB 78 ETB 120 ETB
MINIMUM AVERAGE MAXIMUM
$0.97 $1.4 $2.1
Woman dress
52 ETB 72 ETB 230 ETB
MINIMUM AVERAGE MAXIMUM
$0.91 $1.3 $4.1
Woman shoes
49 ETB 67 ETB 160 ETB
MINIMUM AVERAGE MAXIMUM
$0.87 $1.2 $2.7
Men's shoes
42 ETB 52 ETB 100 ETB
MINIMUM AVERAGE MAXIMUM
$0.75 $0.91 $1.8
Men suit
47 ETB 58 ETB 310 ETB
MINIMUM AVERAGE MAXIMUM
$0.82 $1 $5.5
Regular t-shirt
23 ETB 31 ETB 93 ETB
MINIMUM AVERAGE MAXIMUM
$0.41 $0.55 $1.6

Housing costs / monthly rent


Studio apartment
780 ETB 1,200 ETB 3,100 ETB
MINIMUM AVERAGE MAXIMUM
$14 $21 $55
1-bedroom apartment
1,200 ETB 1,900 ETB 4,700 ETB
MINIMUM AVERAGE MAXIMUM
$21 $33 $82
2-bedroom apartment
1,600 ETB 2,300 ETB 6,200 ETB
MINIMUM AVERAGE MAXIMUM
$27 $41 $110

Housing costs / Buying


Studio apartment
160,000 ETB 230,000 ETB 470,000 ETB
MINIMUM AVERAGE MAXIMUM
$2,700 $4,100 $8,200
1-bedroom apartment
190,000 ETB 310,000 ETB 1.2M ETB
MINIMUM AVERAGE MAXIMUM
$3,300 $5,500 $21,000
2-bedroom apartment
310,000 ETB 930,000 ETB 1.9M ETB
MINIMUM AVERAGE MAXIMUM
$5,500 $16,000 $33,000

Furniture Costs


King Size Bed
920 ETB 1,200 ETB 1,500 ETB
MINIMUM AVERAGE MAXIMUM
$16 $20 $27
Double Bed
620 ETB 920 ETB 1,200 ETB
MINIMUM AVERAGE MAXIMUM
$11 $16 $20
Single Bed
540 ETB 710 ETB 920 ETB
MINIMUM AVERAGE MAXIMUM
$9.6 $13 $16
Living Room
1,000 ETB 1,300 ETB 4,600 ETB
MINIMUM AVERAGE MAXIMUM
$18 $23 $82
Dining Table
460 ETB 620 ETB 1,200 ETB
MINIMUM AVERAGE MAXIMUM
$8.2 $11 $20
Sofa or Couch
620 ETB 840 ETB 1,800 ETB
MINIMUM AVERAGE MAXIMUM
$11 $15 $33

Electronics and House Appliance Costs


TV Set
620 ETB 920 ETB 1,800 ETB
MINIMUM AVERAGE MAXIMUM
$11 $16 $33
Fridge or Freezer
540 ETB 840 ETB 1,200 ETB
MINIMUM AVERAGE MAXIMUM
$9.6 $15 $20
Washing Machine
710 ETB 1,000 ETB 1,800 ETB
MINIMUM AVERAGE MAXIMUM
$13 $18 $33
Stove or Cooker
660 ETB 840 ETB 1,200 ETB
MINIMUM AVERAGE MAXIMUM
$12 $15 $20
Mobile Phone
770 ETB 920 ETB 1,300 ETB
MINIMUM AVERAGE MAXIMUM
$14 $16 $23
Laptop or Computer
840 ETB 1,000 ETB 1,800 ETB
MINIMUM AVERAGE MAXIMUM
$15 $18 $33

Expenditure to Income Ratio in Gonder

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

91%

84% to 100%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%8%
60% - 70%14%
70% - 80%24%
80% - 90%21%
90% - 100%11%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Gonder is 91% This means that on average, people spend around 91% of their income for living. According to the distribution table, 14% 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
82%
Spending-Income-Ratio
75%
90%

Couple
86%
Spending-Income-Ratio
79%
95%

Family
96%
Spending-Income-Ratio
88%
110%

How do people spend their money in Gonder?

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 Expenditure23%

23% of total expenses on average (12% to 31%)

LOW$3.9   220 ETB
AVERAGE$50   2,800 ETB
HIGH$500   28,000 ETB
Per Month

People living in Gonder typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 2,800 ETB with expenditure ranging from 220 ETB to 28,000 ETB. 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, Water8%

8% of total expenses on average (5% to 12%)

LOW$0.64   36 ETB
AVERAGE$8.4   470 ETB
HIGH$84   4,700 ETB
Per Month

Utility expenditure like electricity, water, and gas in Gonder ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 470 ETB with 36 ETB and 4,700 ETB being the upper and lower limits.

Transport, Fuel, Commute6%

6% of total expenses on average (3% to 10%)

LOW$1.3   73 ETB
AVERAGE$17   950 ETB
HIGH$170   9,500 ETB
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 73 ETB to 9,500 ETB on commuting with 950 ETB being the norm for most people in one month. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 3% or as high as 10%.

Food and Groceries Cost29%

29% of total expenses on average (21% to 35%)

LOW$3.2   180 ETB
AVERAGE$42   2,400 ETB
HIGH$420   24,000 ETB
Per Month

The average outlay on groceries in a month in Gonder is 2,400 ETB. The cost of groceries can range between 180 ETB to 24,000 ETB. People spend on average about 29% on food and groceries with upper and lower bounds of 21% and 35% respectively.

Healthcare and Medical Services11%

11% of total expenses on average (6% to 14%)

LOW$0.90   51 ETB
AVERAGE$12   660 ETB
HIGH$120   6,600 ETB
Per Month

People in Gonder allocate 6% to 14% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 11%. The range of medical expenses range from 51 ETB to 6,600 ETB with 660 ETB being the norm.

Leisure and Shopping4%

4% of total expenses on average (2% to 8%)

LOW$0.51   29 ETB
AVERAGE$6.7   380 ETB
HIGH$67   3,800 ETB
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 29 ETB to 3,800 ETB with 380 ETB being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

Education and Schooling5%

5% of total expenses on average (3% to 11%)

LOW$0.77   44 ETB
AVERAGE$10   570 ETB
HIGH$100   5,700 ETB
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 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 570 ETB per month with 44 ETB being the minimum spent amount and 5,700 ETB being the maximum.

Other Expenses14%

14% of total expenses on average (9% to 21%)

LOW$1.7   95 ETB
AVERAGE$22   1,200 ETB
HIGH$220   12,000 ETB
Per Month

How much money can you save in Gonder 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 Gonder manage to save money from their income every month?


Saving Money
51%
Not Saving
49%

Almost 51% of the surveyed people in Gonder said that they can save some money at the end of each month while 49% said that aren't saving anything.


Percentage of people saving money by population group in Gonder

GroupSaversNon Savers
Singles58%42%
Couples52%48%
Families47%53%

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

9.4% 18% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

200 ETB
$3.6
2,700 ETB
$47
27,000 ETB
$470
MINIMUM AVERAGE MAXIMUM

For most people, 9.4% 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 2,700 ETB on average with savings ranging from 200 ETB to 27,000 ETB.

58% of surveyed singles reported some of their income going to savings while 52% of couples said the same. 47% of families confirmed their ability to save money.


How much money do people actually save in Gonder?

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

13% 22% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

610 ETB
$11
1,800 ETB
$32
12,000 ETB
$220
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%33%
10% - 20%26%
20% - 30%16%
30% - 40%12%
40% - 50%9%
> 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 1,800 ETB with 610 ETB and 12,000 ETB being the minimum and maximum respectively.


Couples

Saving to Income Ratio

11% 20% of income 31%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,000 ETB
$18
3,100 ETB
$54
16,000 ETB
$290
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%37%
10% - 20%28%
20% - 30%19%
30% - 40%7%
40% - 50%6%
> 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 3,100 ETB with 1,000 ETB and 16,000 ETB being the minimum and maximum respectively.


Families

Saving to Income Ratio

9.4% 17% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,400 ETB
$25
4,100 ETB
$72
23,000 ETB
$400
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%40%
10% - 20%31%
20% - 30%20%
30% - 40%4%
40% - 50%3%
> 50%2%

Interpretation and Analysis

Families in Gonder can save anywhere between 9.4% to 29% of their monthly income, with 17% being the average for most families. The average amount of money that families can put aside is 4,100 ETB with 1,400 ETB and 23,000 ETB 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 Gonder

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Gonder?


Yes
44%
No
56%

Around 44% of surveyed residents think that living in Gonder is affordable with proper budgeting while 56% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Gonder

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 options54%

Few low-cost options46%


Based on the survey, 54% of the people living in Gonder have no problem finding low-cost alternatives to support a frugal lifestyle while 46% 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 Gonder whether they have an emergency fund and the answers were as follows.

Yes41%

No59%


Based on the survey, 59% of the people living in Gonder said that they don't have an emergency fund while 41% said that they do.

Financial Literacy in Ethiopia

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy37%


We asked residents of Ethiopia whether they acquired any adequate personal financial training in their lives. Approximately 63% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 37% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Ethiopia have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 63% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 37% said that they have everything under control.

Struggles with finance63%

Easily manages finances37%

Financial goals of people in Gonder

In an attempt to understand the economic situation in Gonder, 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 Fund9%
Debt Reduction45%
Retirement Savings11%
Education Funding6%
Homeownership19%
Investing6%
Travel or Lifestyle6%
Healthcare Expenses15%
Financial Independence4%

Around 9% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 45% 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 6% 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.

Saving Challenges in Gonder

Reasons that make it difficult for people to save money

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


Reason% People
Low Income4%
High Expenses7%
Debt and Loans12%
Lack of Budgeting Skills12%
Impulsive Spending12%
Financial Emergencies7%
Living the moment5%
Will do it later22%
Inflation14%
Social Pressure3%
Market Instability2%

Around 4% of the people 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% 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 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Gonder

Where do people choose to put their savings?


Saving Type% People
Emergency Funds13%
Gold14%
Savings Accounts17%
Retirement Accounts9%
Cash Savings22%
Real Estate9%
Investment5%
Stocks4%
Bonds4%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Gonder

What does the retirement lifestyle look like in Gonder and how much retirement savings are required?

Retirement age

The retirement age for most employees in Ethiopia 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:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Gonder:
AgeAmount
2524,000 ETB
3049,000 ETB
3585,000 ETB
40120,000 ETB
45180,000 ETB
50250,000 ETB
55300,000 ETB
60380,000 ETB
65450,000 ETB

Retirement Income Distribution

We asked residents of Gonder about their retirement income sources and below are the results.

Source% People
Pensions11%
Savings24%
Investments11%
Social Security6%
Annuities6%
Part-time Job16%
Real Estate19%
Dividends and Interest6%

Retirement Monthly Expenses in Gonder

1,600 ETB
$29
4,900 ETB
$86
33,000 ETB
$570
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Gonder


Percentage of people who are in debt


In Debt
36%
Debt Free
65%

According to the survey, 36% of the people in Gonder have some kind of debt, loan, mortgage, or credit card payments while 65% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Gonder

Debt to income ratio

33%

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 33% of the people's monthly income in Gonder goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%19%
40% - 50%15%
30% - 40%17%
20% - 30%9%
10% - 20%11%
0% - 10%25%

According to our data, 3% of the debtors in Gonder pay 60%+ of their income as debt settlement while 19% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% 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 Gonder

Debt% People
Real Estate Mortgage7%
Auto Loan13%
Student Loan4%
Credit Card31%
Personal Loan44%

7% of debtors in Gonder 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 13% of people and personal loans rose at 44%. Lastly, student loans are the main source of debt for 4% of debtors in Gonder.


About credit score and debt management

Managing 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 Gonder

Besides measuring the loan-to-income ratio, we asked residents of Gonder 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
Never49%
Once a year24%
Twice a year13%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Gonder

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Gonder

Monthly Rent Prices

Studio apartment
780 ETB 1,200 ETB 3,100 ETB
MINIMUM AVERAGE MAXIMUM
$14 $21 $55
1-bedroom apartment
1,200 ETB 1,900 ETB 4,700 ETB
MINIMUM AVERAGE MAXIMUM
$21 $33 $82
2-bedroom apartment
1,600 ETB 2,300 ETB 6,200 ETB
MINIMUM AVERAGE MAXIMUM
$27 $41 $110
3-bedroom apartment
1,900 ETB 3,100 ETB 8,500 ETB
MINIMUM AVERAGE MAXIMUM
$33 $55 $150
Furnished apartment
3,700 ETB 9,300 ETB 19,000 ETB
MINIMUM AVERAGE MAXIMUM
$66 $160 $330
Townhouse
3,100 ETB 4,700 ETB 13,000 ETB
MINIMUM AVERAGE MAXIMUM
$55 $82 $240
House
3,700 ETB 9,300 ETB 19,000 ETB
MINIMUM AVERAGE MAXIMUM
$66 $160 $330
Villa
4,700 ETB 12,000 ETB 19,000 ETB
MINIMUM AVERAGE MAXIMUM
$82 $210 $330

The monthly rental cost of a studio apartment in Gonder ranges between 780 ETB and 3,100 ETB, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1,200 ETB to 4,700 ETB. Two-bedroom rentals rate ranges between 1,600 ETB and 6,200 ETB per month. The monthly rental for a three-bedroom apartment ranges from 1,900 ETB to 8,500 ETB. The average rent of a townhouse in Gonder is around 4,700 ETB while house rental costs can be as high as 9,300 ETB per month. Finally, if you want to rent a villa, expect to pay anywhere from 4,700 ETB to 19,000 ETB per month.



Apartment and house prices in Gonder

Cost of buying a property

Studio apartment
160,000 ETB 230,000 ETB 470,000 ETB
MINIMUM AVERAGE MAXIMUM
$2,700 $4,100 $8,200
1-bedroom apartment
190,000 ETB 310,000 ETB 1.2M ETB
MINIMUM AVERAGE MAXIMUM
$3,300 $5,500 $21,000
2-bedroom apartment
310,000 ETB 930,000 ETB 1.9M ETB
MINIMUM AVERAGE MAXIMUM
$5,500 $16,000 $33,000
3-bedroom apartment
1M ETB 1.6M ETB 4.7M ETB
MINIMUM AVERAGE MAXIMUM
$18,000 $27,000 $82,000
Townhouse
1.3M ETB 3.1M ETB 12M ETB
MINIMUM AVERAGE MAXIMUM
$24,000 $55,000 $210,000
House
1.6M ETB 9.3M ETB 13M ETB
MINIMUM AVERAGE MAXIMUM
$27,000 $160,000 $240,000
Villa
1.9M ETB 10M ETB 16M ETB
MINIMUM AVERAGE MAXIMUM
$33,000 $180,000 $270,000

The average price of a studio apartment in Gonder can range from 160,000 ETB to 470,000 ETB depending on location. One bedroom cost can be anywhere from 190,000 ETB to 1.2M ETB. A villa can cost you 10M ETB on average with prices ranging from 1.9M ETB to 16M ETB.


If you're leasing or purchasing, housing costs in Gonder 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


32 x89 monthly income 200
MINIMUM AVERAGE MAXIMUM

Property prices in Gonder can be x89 to x200 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 Gonder.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


20% 30% of income 41%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Gonder is around 30%. This means that people pay 30% of their income for rent. Those figures can range from 20% to 41% 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
28%

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.


FROM
2%
AVERAGE
3%
TO
4%

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 ETB 190 ETB 1,900 ETB
MINIMUM AVERAGE MAXIMUM

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.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Gonder

Housing29%

29% of total expenses on average (17% to 41%)

LOW$14   790 ETB
AVERAGE$42   2,400 ETB
HIGH$280   16,000 ETB
Per Month

Utilities, Electricity, Water9%

9% of total expenses on average (5% to 14%)

LOW$2.3   130 ETB
AVERAGE$6.9   390 ETB
HIGH$46   2,600 ETB
Per Month

Transport, Fuel4%

4% of total expenses on average (2% to 10%)

LOW$3.1   170 ETB
AVERAGE$9.3   520 ETB
HIGH$62   3,500 ETB
Per Month

Food and Groceries20%

20% of total expenses on average (14% to 25%)

LOW$6.2   350 ETB
AVERAGE$19   1,000 ETB
HIGH$120   7,000 ETB
Per Month

Healthcare13%

13% of total expenses on average (7% to 17%)

LOW$3.5   200 ETB
AVERAGE$10   590 ETB
HIGH$69   3,900 ETB
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 5%)

LOW$1.9   110 ETB
AVERAGE$5.8   330 ETB
HIGH$39   2,200 ETB
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$0.77   44 ETB
AVERAGE$2.3   130 ETB
HIGH$15   870 ETB
Per Month

Other Expenses22%

22% of total expenses on average (14% to 26%)

LOW$6.9   390 ETB
AVERAGE$21   1,200 ETB
HIGH$140   7,900 ETB
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Gonder

Housing26%

26% of total expenses on average (19% to 36%)

LOW$21   1,200 ETB
AVERAGE$64   3,600 ETB
HIGH$340   19,000 ETB
Per Month

Utilities, Electricity, Water8%

8% of total expenses on average (6% to 12%)

LOW$3.2   180 ETB
AVERAGE$9.6   550 ETB
HIGH$51   2,900 ETB
Per Month

Transport, Fuel8%

8% of total expenses on average (2% to 13%)

LOW$7.7   440 ETB
AVERAGE$23   1,300 ETB
HIGH$120   7,000 ETB
Per Month

Food and Groceries18%

18% of total expenses on average (13% to 23%)

LOW$9   510 ETB
AVERAGE$27   1,500 ETB
HIGH$140   8,200 ETB
Per Month

Healthcare15%

15% of total expenses on average (9% to 19%)

LOW$7.1   400 ETB
AVERAGE$21   1,200 ETB
HIGH$110   6,400 ETB
Per Month

Leisure, Shopping3%

3% of total expenses on average (1% to 6%)

LOW$3.9   220 ETB
AVERAGE$12   660 ETB
HIGH$62   3,500 ETB
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$1.3   73 ETB
AVERAGE$3.9   220 ETB
HIGH$21   1,200 ETB
Per Month

Other Expenses21%

21% of total expenses on average (15% to 27%)

LOW$11   620 ETB
AVERAGE$33   1,900 ETB
HIGH$170   9,900 ETB
Per Month


Family
Average monthly expenses and break out of spending for families living in Gonder

Housing25%

25% of total expenses on average (20% to 35%)

LOW$29   1,600 ETB
AVERAGE$82   4,700 ETB
HIGH$450   26,000 ETB
Per Month

Transport, Fuel4%

4% of total expenses on average (2% to 6%)

LOW$7.2   410 ETB
AVERAGE$21   1,200 ETB
HIGH$110   6,400 ETB
Per Month

Food and Groceries22%

22% of total expenses on average (15% to 28%)

LOW$16   920 ETB
AVERAGE$46   2,600 ETB
HIGH$250   14,000 ETB
Per Month

Healthcare12%

12% of total expenses on average (8% to 17%)

LOW$7.2   410 ETB
AVERAGE$21   1,200 ETB
HIGH$110   6,400 ETB
Per Month

Leisure, Shopping2%

2% of total expenses on average (1% to 6%)

LOW$4.5   260 ETB
AVERAGE$13   730 ETB
HIGH$71   4,000 ETB
Per Month

Education13%

13% of total expenses on average (6% to 21%)

LOW$13   710 ETB
AVERAGE$36   2,000 ETB
HIGH$200   11,000 ETB
Per Month

Other Expenses16%

16% of total expenses on average (9% to 21%)

LOW$11   610 ETB
AVERAGE$31   1,700 ETB
HIGH$170   9,600 ETB
Per Month


Student
Cost of living and expenses break down for students living in Gonder

Housing17%

17% of total expenses on average (12% to 23%)

LOW$7.1   400 ETB
AVERAGE$18   1,000 ETB
HIGH$32   1,800 ETB
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (5% to 11%)

LOW$1.2   67 ETB
AVERAGE$3   170 ETB
HIGH$5.3   300 ETB
Per Month

Transport, Fuel3%

3% of total expenses on average (4% to 9%)

LOW$2.1   120 ETB
AVERAGE$5.2   290 ETB
HIGH$9.3   530 ETB
Per Month

Food and Groceries24%

24% of total expenses on average (18% to 28%)

LOW$5.9   340 ETB
AVERAGE$15   840 ETB
HIGH$27   1,500 ETB
Per Month

Healthcare10%

10% of total expenses on average (7% to 13%)

LOW$1.8   100 ETB
AVERAGE$4.4   250 ETB
HIGH$8   450 ETB
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 6%)

LOW$1.5   84 ETB
AVERAGE$3.7   210 ETB
HIGH$6.7   380 ETB
Per Month

Education18%

18% of total expenses on average (11% to 23%)

LOW$5.6   320 ETB
AVERAGE$14   800 ETB
HIGH$25   1,400 ETB
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$4.4   250 ETB
AVERAGE$11   630 ETB
HIGH$20   1,100 ETB
Per Month
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