Cost Of Living in Guangdong 2024

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

Whether you're living in Guangdong 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

16,000 CNY

per month
$2,300

1,300 CNY   $170
$23,000   160,000 CNY

Single

11,000 CNY

per month
$1,600

3,800 CNY   $520
$10,000   76,000 CNY

Couple

19,000 CNY

per month
$2,600

6,300 CNY   $870
$14,000   100,000 CNY

Family

25,000 CNY

per month
$3,500

8,800 CNY   $1,200
$19,000   140,000 CNY

Student

7,700 CNY

per month
$1,100

3,100 CNY   $430
$1,900   14,000 CNY
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Guangdong is 11,000 CNY. Expenses can range from 3,800 CNY at the minimum level to 76,000 CNY at the highest end.


Couples

The average monthly spending of couples in Guangdong is 19,000 CNY. Expenditure can range from 6,300 CNY to 100,000 CNY per month.


Families

The average cost of living for families in Guangdong is 25,000 CNY per month. Families spend anywhere from 8,800 CNY to 140,000 CNY.


Students

The average monthly expenditure for students in Guangdong is 7,700 CNY. Students spend from 3,100 CNY to 14,000 CNY 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 Guangdong


Dining, food, and beverages costs


Large bottle of water
1.7 CNY 2 CNY 2.3 CNY
MINIMUM AVERAGE MAXIMUM
$0.24 $0.27 $0.32
Fast food combo meal
15 CNY 30 CNY 49 CNY
MINIMUM AVERAGE MAXIMUM
$2.1 $4.1 $6.8
Restaurant meal for one
53 CNY 80 CNY 160 CNY
MINIMUM AVERAGE MAXIMUM
$7.4 $11 $22
Fine dining meal for one
110 CNY 160 CNY 640 CNY
MINIMUM AVERAGE MAXIMUM
$15 $22 $88
Soda or Soft Drink
2.1 CNY 2.5 CNY 3 CNY
MINIMUM AVERAGE MAXIMUM
$0.29 $0.34 $0.41
Cappuccino or latte
12 CNY 20 CNY 30 CNY
MINIMUM AVERAGE MAXIMUM
$1.7 $2.7 $4.1

Grocery and market costs


Milk large bottle
9.9 CNY 12 CNY 15 CNY
MINIMUM AVERAGE MAXIMUM
$1.4 $1.6 $2.1
Loaf of bread
1.8 CNY 2 CNY 2.3 CNY
MINIMUM AVERAGE MAXIMUM
$0.25 $0.28 $0.33
12 eggs
7.4 CNY 9.9 CNY 15 CNY
MINIMUM AVERAGE MAXIMUM
$1 $1.4 $2.1
Fresh whole chicken
17 CNY 22 CNY 31 CNY
MINIMUM AVERAGE MAXIMUM
$2.3 $3 $4.3
Beef 1 kg or 1 lb
20 CNY 30 CNY 59 CNY
MINIMUM AVERAGE MAXIMUM
$2.7 $4.1 $8.2
Rice 1 kg or 1 lb
7.9 CNY 11 CNY 15 CNY
MINIMUM AVERAGE MAXIMUM
$1.1 $1.5 $2.1
Tomato 1 kg or 1 lb
3 CNY 3.9 CNY 7.4 CNY
MINIMUM AVERAGE MAXIMUM
$0.41 $0.55 $1
Apples 1 kg or 1 lb
5.3 CNY 6.9 CNY 11 CNY
MINIMUM AVERAGE MAXIMUM
$0.73 $0.96 $1.6

Commute, travel, and transportation costs


20 minutes taxi ride
13 CNY 16 CNY 32 CNY
MINIMUM AVERAGE MAXIMUM
$1.8 $2.2 $4.4
Average car full tank
74 CNY 99 CNY 200 CNY
MINIMUM AVERAGE MAXIMUM
$10 $14 $27
Average car 1-day rental
85 CNY 110 CNY 170 CNY
MINIMUM AVERAGE MAXIMUM
$12 $16 $24
Average car price
37,000 CNY 74,000 CNY 99,000 CNY
MINIMUM AVERAGE MAXIMUM
$5,100 $10,000 $14,000
Bus ticket one way
2.8 CNY 4.3 CNY 8.5 CNY
MINIMUM AVERAGE MAXIMUM
$0.39 $0.59 $1.2
Car Service
110 CNY 170 CNY 340 CNY
MINIMUM AVERAGE MAXIMUM
$16 $24 $47

Utility cost (monthly)


Utility Bill - Individual
230 CNY 680 CNY 4,500 CNY
MINIMUM AVERAGE MAXIMUM
$31 $94 $630
Utility Bill - Couple
310 CNY 940 CNY 5,000 CNY
MINIMUM AVERAGE MAXIMUM
$44 $130 $700
Utility Bill - Family
260 CNY 760 CNY 4,200 CNY
MINIMUM AVERAGE MAXIMUM
$37 $100 $580
Internet and cable
74 CNY 150 CNY 200 CNY
MINIMUM AVERAGE MAXIMUM
$10 $21 $27
Mobile phone charges
59 CNY 99 CNY 300 CNY
MINIMUM AVERAGE MAXIMUM
$8.2 $14 $41

Leisure and activities costs


Movie ticket
37 CNY 49 CNY 74 CNY
MINIMUM AVERAGE MAXIMUM
$5.1 $6.8 $10
One month gym membership
140 CNY 170 CNY 340 CNY
MINIMUM AVERAGE MAXIMUM
$19 $24 $47

Cloths and accessories costs


Pair of jeans or pants
100 CNY 140 CNY 210 CNY
MINIMUM AVERAGE MAXIMUM
$14 $20 $30
Woman dress
95 CNY 130 CNY 430 CNY
MINIMUM AVERAGE MAXIMUM
$13 $18 $59
Woman shoes
90 CNY 120 CNY 280 CNY
MINIMUM AVERAGE MAXIMUM
$12 $17 $39
Men's shoes
77 CNY 95 CNY 190 CNY
MINIMUM AVERAGE MAXIMUM
$11 $13 $26
Men suit
85 CNY 110 CNY 570 CNY
MINIMUM AVERAGE MAXIMUM
$12 $15 $79
Regular t-shirt
43 CNY 57 CNY 170 CNY
MINIMUM AVERAGE MAXIMUM
$5.9 $7.9 $24

Housing costs / monthly rent


Studio apartment
1,400 CNY 2,100 CNY 5,700 CNY
MINIMUM AVERAGE MAXIMUM
$200 $300 $790
1-bedroom apartment
2,100 CNY 3,400 CNY 8,500 CNY
MINIMUM AVERAGE MAXIMUM
$300 $470 $1,200
2-bedroom apartment
2,800 CNY 4,300 CNY 11,000 CNY
MINIMUM AVERAGE MAXIMUM
$390 $590 $1,600

Housing costs / Buying


Studio apartment
280,000 CNY 430,000 CNY 850,000 CNY
MINIMUM AVERAGE MAXIMUM
$39,000 $59,000 $120,000
1-bedroom apartment
340,000 CNY 570,000 CNY 2.1M CNY
MINIMUM AVERAGE MAXIMUM
$47,000 $79,000 $300,000
2-bedroom apartment
570,000 CNY 1.7M CNY 3.4M CNY
MINIMUM AVERAGE MAXIMUM
$79,000 $240,000 $470,000

Furniture Costs


King Size Bed
1,500 CNY 1,800 CNY 2,500 CNY
MINIMUM AVERAGE MAXIMUM
$210 $260 $340
Double Bed
990 CNY 1,500 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$140 $210 $260
Single Bed
870 CNY 1,100 CNY 1,500 CNY
MINIMUM AVERAGE MAXIMUM
$120 $160 $210
Living Room
1,600 CNY 2,100 CNY 7,400 CNY
MINIMUM AVERAGE MAXIMUM
$230 $290 $1,000
Dining Table
740 CNY 990 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$100 $140 $260
Sofa or Couch
990 CNY 1,300 CNY 3,000 CNY
MINIMUM AVERAGE MAXIMUM
$140 $190 $410

Electronics and House Appliance Costs


TV Set
990 CNY 1,500 CNY 3,000 CNY
MINIMUM AVERAGE MAXIMUM
$140 $210 $410
Fridge or Freezer
870 CNY 1,300 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$120 $190 $260
Washing Machine
1,100 CNY 1,600 CNY 3,000 CNY
MINIMUM AVERAGE MAXIMUM
$160 $230 $410
Stove or Cooker
1,100 CNY 1,300 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$150 $190 $260
Mobile Phone
1,200 CNY 1,500 CNY 2,100 CNY
MINIMUM AVERAGE MAXIMUM
$170 $210 $290
Laptop or Computer
1,300 CNY 1,600 CNY 3,000 CNY
MINIMUM AVERAGE MAXIMUM
$190 $230 $410

Expenditure to Income Ratio in Guangdong

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

97%

87% to 110%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%5%
50% - 60%10%
60% - 70%16%
70% - 80%25%
80% - 90%19%
90% - 100%10%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Guangdong is 97% This means that on average, people spend around 97% of their income for living. According to the distribution table, 16% 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
87%
Spending-Income-Ratio
79%
96%

Couple
92%
Spending-Income-Ratio
83%
100%

Family
100%
Spending-Income-Ratio
92%
110%

How do people spend their money in Guangdong?

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 Expenditure25%

25% of total expenses on average (14% to 33%)

LOW$52   380 CNY
AVERAGE$680   4,900 CNY
HIGH$6,800   49,000 CNY
Per Month

People living in Guangdong typically spend from 14% to 33% of their total monthly expenditure on housing with 25% being the average. The average spend on housing is 4,900 CNY with expenditure ranging from 380 CNY to 49,000 CNY. 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, Water7%

7% of total expenses on average (4% to 11%)

LOW$8.7   63 CNY
AVERAGE$110   820 CNY
HIGH$1,100   8,200 CNY
Per Month

Utility expenditure like electricity, water, and gas in Guangdong ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 820 CNY with 63 CNY and 8,200 CNY being the upper and lower limits.

Transport, Fuel, Commute7%

7% of total expenses on average (3% to 11%)

LOW$17   130 CNY
AVERAGE$230   1,600 CNY
HIGH$2,300   16,000 CNY
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 130 CNY to 16,000 CNY on commuting with 1,600 CNY being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

Food and Groceries Cost28%

28% of total expenses on average (20% to 34%)

LOW$44   310 CNY
AVERAGE$570   4,100 CNY
HIGH$5,700   41,000 CNY
Per Month

The average outlay on groceries in a month in Guangdong is 4,100 CNY. The cost of groceries can range between 310 CNY to 41,000 CNY. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

Healthcare and Medical Services10%

10% of total expenses on average (5% to 13%)

LOW$12   88 CNY
AVERAGE$160   1,100 CNY
HIGH$1,600   11,000 CNY
Per Month

People in Guangdong allocate 5% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 10%. The range of medical expenses range from 88 CNY to 11,000 CNY with 1,100 CNY being the norm.

Leisure and Shopping5%

5% of total expenses on average (2% to 9%)

LOW$7   50 CNY
AVERAGE$91   650 CNY
HIGH$910   6,500 CNY
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 50 CNY to 6,500 CNY with 650 CNY being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.

Education and Schooling5%

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

LOW$10   76 CNY
AVERAGE$140   980 CNY
HIGH$1,400   9,800 CNY
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 980 CNY per month with 76 CNY being the minimum spent amount and 9,800 CNY being the maximum.

Other Expenses13%

13% of total expenses on average (8% to 20%)

LOW$23   160 CNY
AVERAGE$300   2,100 CNY
HIGH$3,000   21,000 CNY
Per Month

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


Saving Money
70%
Not Saving
30%

Almost 70% of the surveyed people in Guangdong said that they can save some money at the end of each month while 30% said that aren't saving anything.


Percentage of people saving money by population group in Guangdong

GroupSaversNon Savers
Singles75%26%
Couples69%31%
Families63%37%

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

11% 19% of income 34%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

440 CNY
$62
5,800 CNY
$800
58,000 CNY
$8,000
MINIMUM AVERAGE MAXIMUM

For most people, 11% to 34% of their monthly income is what they can allocate to their savings, with 19% being the average. The amount of money that people can save is approximately 5,800 CNY on average with savings ranging from 440 CNY to 58,000 CNY.

75% of surveyed singles reported some of their income going to savings while 69% of couples said the same. 63% of families confirmed their ability to save money.


How much money do people actually save in Guangdong?

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

15% 24% of income 36%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,300 CNY
$190
4,000 CNY
$560
27,000 CNY
$3,700
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%31%
10% - 20%24%
20% - 30%16%
30% - 40%14%
40% - 50%11%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 15% to 36% of their monthly income to savings, with 24% being the average for most singles. The average amount of money that singles are able to save is 4,000 CNY with 1,300 CNY and 27,000 CNY being the minimum and maximum respectively.


Couples

Saving to Income Ratio

13% 22% of income 35%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

2,200 CNY
$310
6,700 CNY
$930
36,000 CNY
$4,900
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%35%
10% - 20%26%
20% - 30%19%
30% - 40%9%
40% - 50%8%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 13% to 35% of their monthly income, with 22% being the average for most couples. The average amount of money that couples can save is 6,700 CNY with 2,200 CNY and 36,000 CNY being the minimum and maximum respectively.


Families

Saving to Income Ratio

10% 18% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

3,100 CNY
$430
8,900 CNY
$1,200
49,000 CNY
$6,800
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%38%
10% - 20%29%
20% - 30%20%
30% - 40%6%
40% - 50%5%
> 50%2%

Interpretation and Analysis

Families in Guangdong can save anywhere between 10% to 32% of their monthly income, with 18% being the average for most families. The average amount of money that families can put aside is 8,900 CNY with 3,100 CNY and 49,000 CNY 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 Guangdong

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Guangdong?


Yes
73%
No
27%

Around 73% of surveyed residents think that living in Guangdong is affordable with proper budgeting while 27% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Guangdong

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 options66%

Few low-cost options34%


Based on the survey, 66% of the people living in Guangdong have no problem finding low-cost alternatives to support a frugal lifestyle while 34% 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 Guangdong whether they have an emergency fund and the answers were as follows.

Yes70%

No30%


Based on the survey, 30% of the people living in Guangdong said that they don't have an emergency fund while 70% said that they do.

Financial Literacy in China

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 Leteracy59%


We asked residents of China whether they acquired any adequate personal financial training in their lives. Approximately 41% 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 59% 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 China have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 37% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 63% said that they have everything under control.

Struggles with finance37%

Easily manages finances63%

Financial goals of people in Guangdong

In an attempt to understand the economic situation in Guangdong, 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 Fund8%
Debt Reduction39%
Retirement Savings9%
Education Funding7%
Homeownership18%
Investing7%
Travel or Lifestyle8%
Healthcare Expenses12%
Financial Independence6%

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 39% 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 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 8% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 12% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Guangdong

Reasons that make it difficult for people to save money

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


Reason% People
Low Income5%
High Expenses8%
Debt and Loans15%
Lack of Budgeting Skills11%
Impulsive Spending11%
Financial Emergencies7%
Living the moment6%
Will do it later19%
Inflation12%
Social Pressure3%
Market Instability2%

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 15% 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. 11% 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. 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 societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Guangdong

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold12%
Savings Accounts17%
Retirement Accounts10%
Cash Savings19%
Real Estate9%
Investment5%
Stocks5%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Guangdong

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

Retirement age

The retirement age for most employees in China 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 Guangdong:
AgeAmount
2544,000 CNY
3089,000 CNY
35150,000 CNY
40220,000 CNY
45330,000 CNY
50460,000 CNY
55550,000 CNY
60690,000 CNY
65820,000 CNY

Retirement Income Distribution

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

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job13%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Guangdong

2,800 CNY
$380
8,300 CNY
$1,100
55,000 CNY
$7,700
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Guangdong


Percentage of people who are in debt


In Debt
32%
Debt Free
68%

According to the survey, 32% of the people in Guangdong have some kind of debt, loan, mortgage, or credit card payments while 68% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Guangdong

Debt to income ratio

34%

24% to 44%

( 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 the people's monthly income in Guangdong goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%16%
40% - 50%13%
30% - 40%15%
20% - 30%12%
10% - 20%14%
0% - 10%26%

According to our data, 3% of the debtors in Guangdong pay 60%+ of their income as debt settlement while 16% 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 12% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Guangdong

Debt% People
Real Estate Mortgage10%
Auto Loan18%
Student Loan4%
Credit Card28%
Personal Loan41%

10% of debtors in Guangdong confirm that real estate mortgages constitutes the main part of their outstanding debt while 28% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 18% of people and personal loans rose at 41%. Lastly, student loans are the main source of debt for 4% of debtors in Guangdong.


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 Guangdong

Besides measuring the loan-to-income ratio, we asked residents of Guangdong 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
Never52%
Once a year23%
Twice a year12%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Guangdong

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


Rent Cost in Guangdong

Monthly Rent Prices

Studio apartment
1,400 CNY 2,100 CNY 5,700 CNY
MINIMUM AVERAGE MAXIMUM
$200 $300 $790
1-bedroom apartment
2,100 CNY 3,400 CNY 8,500 CNY
MINIMUM AVERAGE MAXIMUM
$300 $470 $1,200
2-bedroom apartment
2,800 CNY 4,300 CNY 11,000 CNY
MINIMUM AVERAGE MAXIMUM
$390 $590 $1,600
3-bedroom apartment
3,400 CNY 5,700 CNY 15,000 CNY
MINIMUM AVERAGE MAXIMUM
$470 $790 $2,100
Furnished apartment
6,800 CNY 17,000 CNY 34,000 CNY
MINIMUM AVERAGE MAXIMUM
$950 $2,400 $4,700
Townhouse
5,700 CNY 8,500 CNY 24,000 CNY
MINIMUM AVERAGE MAXIMUM
$790 $1,200 $3,400
House
6,800 CNY 17,000 CNY 34,000 CNY
MINIMUM AVERAGE MAXIMUM
$950 $2,400 $4,700
Villa
8,500 CNY 21,000 CNY 34,000 CNY
MINIMUM AVERAGE MAXIMUM
$1,200 $3,000 $4,700

The monthly rental cost of a studio apartment in Guangdong ranges between 1,400 CNY and 5,700 CNY, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 2,100 CNY to 8,500 CNY. Two-bedroom rentals rate ranges between 2,800 CNY and 11,000 CNY per month. The monthly rental for a three-bedroom apartment ranges from 3,400 CNY to 15,000 CNY. The average rent of a townhouse in Guangdong is around 8,500 CNY while house rental costs can be as high as 17,000 CNY per month. Finally, if you want to rent a villa, expect to pay anywhere from 8,500 CNY to 34,000 CNY per month.



Apartment and house prices in Guangdong

Cost of buying a property

Studio apartment
280,000 CNY 430,000 CNY 850,000 CNY
MINIMUM AVERAGE MAXIMUM
$39,000 $59,000 $120,000
1-bedroom apartment
340,000 CNY 570,000 CNY 2.1M CNY
MINIMUM AVERAGE MAXIMUM
$47,000 $79,000 $300,000
2-bedroom apartment
570,000 CNY 1.7M CNY 3.4M CNY
MINIMUM AVERAGE MAXIMUM
$79,000 $240,000 $470,000
3-bedroom apartment
1.9M CNY 2.8M CNY 8.5M CNY
MINIMUM AVERAGE MAXIMUM
$260,000 $390,000 $1.2M
Townhouse
2.4M CNY 5.7M CNY 21M CNY
MINIMUM AVERAGE MAXIMUM
$340,000 $790,000 $3M
House
2.8M CNY 17M CNY 24M CNY
MINIMUM AVERAGE MAXIMUM
$390,000 $2.4M $3.4M
Villa
3.4M CNY 19M CNY 28M CNY
MINIMUM AVERAGE MAXIMUM
$470,000 $2.6M $3.9M

The average price of a studio apartment in Guangdong can range from 280,000 CNY to 850,000 CNY depending on location. One bedroom cost can be anywhere from 340,000 CNY to 2.1M CNY. A villa can cost you 19M CNY on average with prices ranging from 3.4M CNY to 28M CNY.


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


41 x119 monthly income 230
MINIMUM AVERAGE MAXIMUM

Property prices in Guangdong can be x119 to x230 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x119 multiples of the average monthly salary in Guangdong.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


23% 34% of income 45%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Guangdong is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 23% to 45% 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
31%

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
3.9%

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.


25 CNY 330 CNY 3,300 CNY
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 Guangdong

Housing31%

31% of total expenses on average (19% to 43%)

LOW$190   1,400 CNY
AVERAGE$570   4,100 CNY
HIGH$3,800   27,000 CNY
Per Month

Utilities, Electricity, Water8%

8% of total expenses on average (4% to 13%)

LOW$31   230 CNY
AVERAGE$94   680 CNY
HIGH$630   4,500 CNY
Per Month

Transport, Fuel5%

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

LOW$42   300 CNY
AVERAGE$130   910 CNY
HIGH$840   6,000 CNY
Per Month

Food and Groceries19%

19% of total expenses on average (13% to 24%)

LOW$84   600 CNY
AVERAGE$250   1,800 CNY
HIGH$1,700   12,000 CNY
Per Month

Healthcare12%

12% of total expenses on average (6% to 16%)

LOW$47   340 CNY
AVERAGE$140   1,000 CNY
HIGH$940   6,800 CNY
Per Month

Leisure, Shopping3%

3% of total expenses on average (2% to 6%)

LOW$26   190 CNY
AVERAGE$79   570 CNY
HIGH$520   3,800 CNY
Per Month

Education1%

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

LOW$10   76 CNY
AVERAGE$31   230 CNY
HIGH$210   1,500 CNY
Per Month

Other Expenses21%

21% of total expenses on average (13% to 25%)

LOW$94   680 CNY
AVERAGE$280   2,000 CNY
HIGH$1,900   14,000 CNY
Per Month


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

Housing28%

28% of total expenses on average (21% to 38%)

LOW$290   2,100 CNY
AVERAGE$870   6,200 CNY
HIGH$4,600   33,000 CNY
Per Month

Utilities, Electricity, Water7%

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

LOW$44   310 CNY
AVERAGE$130   940 CNY
HIGH$700   5,000 CNY
Per Month

Transport, Fuel9%

9% of total expenses on average (3% to 14%)

LOW$100   760 CNY
AVERAGE$310   2,300 CNY
HIGH$1,700   12,000 CNY
Per Month

Food and Groceries17%

17% of total expenses on average (12% to 22%)

LOW$120   880 CNY
AVERAGE$370   2,600 CNY
HIGH$2,000   14,000 CNY
Per Month

Healthcare14%

14% of total expenses on average (8% to 18%)

LOW$96   690 CNY
AVERAGE$290   2,100 CNY
HIGH$1,500   11,000 CNY
Per Month

Leisure, Shopping4%

4% of total expenses on average (1% to 7%)

LOW$52   380 CNY
AVERAGE$160   1,100 CNY
HIGH$840   6,000 CNY
Per Month

Education1%

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

LOW$17   130 CNY
AVERAGE$52   380 CNY
HIGH$280   2,000 CNY
Per Month

Other Expenses20%

20% of total expenses on average (14% to 26%)

LOW$150   1,100 CNY
AVERAGE$450   3,200 CNY
HIGH$2,400   17,000 CNY
Per Month


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

Housing27%

27% of total expenses on average (22% to 37%)

LOW$390   2,800 CNY
AVERAGE$1,100   8,100 CNY
HIGH$6,200   44,000 CNY
Per Month

Transport, Fuel5%

5% of total expenses on average (3% to 7%)

LOW$98   700 CNY
AVERAGE$280   2,000 CNY
HIGH$1,500   11,000 CNY
Per Month

Food and Groceries21%

21% of total expenses on average (14% to 27%)

LOW$220   1,600 CNY
AVERAGE$630   4,500 CNY
HIGH$3,500   25,000 CNY
Per Month

Healthcare11%

11% of total expenses on average (7% to 16%)

LOW$98   700 CNY
AVERAGE$280   2,000 CNY
HIGH$1,500   11,000 CNY
Per Month

Leisure, Shopping3%

3% of total expenses on average (1% to 7%)

LOW$61   440 CNY
AVERAGE$170   1,300 CNY
HIGH$960   6,900 CNY
Per Month

Education13%

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

LOW$170   1,200 CNY
AVERAGE$490   3,500 CNY
HIGH$2,700   19,000 CNY
Per Month

Other Expenses15%

15% of total expenses on average (8% to 20%)

LOW$150   1,100 CNY
AVERAGE$420   3,000 CNY
HIGH$2,300   17,000 CNY
Per Month


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

Housing19%

19% of total expenses on average (14% to 25%)

LOW$100   740 CNY
AVERAGE$260   1,800 CNY
HIGH$460   3,300 CNY
Per Month

Utilities, Electricity, Water6%

6% of total expenses on average (4% to 10%)

LOW$17   120 CNY
AVERAGE$43   310 CNY
HIGH$77   550 CNY
Per Month

Transport, Fuel4%

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

LOW$30   210 CNY
AVERAGE$74   540 CNY
HIGH$130   970 CNY
Per Month

Food and Groceries23%

23% of total expenses on average (17% to 27%)

LOW$85   610 CNY
AVERAGE$210   1,500 CNY
HIGH$380   2,800 CNY
Per Month

Healthcare9%

9% of total expenses on average (6% to 12%)

LOW$26   180 CNY
AVERAGE$64   460 CNY
HIGH$110   830 CNY
Per Month

Leisure, Shopping3%

3% of total expenses on average (2% to 7%)

LOW$21   150 CNY
AVERAGE$53   380 CNY
HIGH$96   690 CNY
Per Month

Education18%

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

LOW$81   580 CNY
AVERAGE$200   1,500 CNY
HIGH$360   2,600 CNY
Per Month

Other Expenses18%

18% of total expenses on average (12% to 24%)

LOW$64   460 CNY
AVERAGE$160   1,100 CNY
HIGH$290   2,100 CNY
Per Month
©copound