Cost Of Living in Hubei 2024

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

Whether you're living in Hubei 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

15,000 CNY

per month
$2,100

1,100 CNY   $160
$21,000   150,000 CNY

Single

10,000 CNY

per month
$1,400

3,400 CNY   $470
$9,500   68,000 CNY

Couple

17,000 CNY

per month
$2,400

5,700 CNY   $790
$13,000   91,000 CNY

Family

23,000 CNY

per month
$3,200

8,000 CNY   $1,100
$17,000   130,000 CNY

Student

6,900 CNY

per month
$960

2,800 CNY   $380
$1,700   12,000 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 Hubei is 10,000 CNY. Expenses can range from 3,400 CNY at the minimum level to 68,000 CNY at the highest end.


Couples

The average monthly spending of couples in Hubei is 17,000 CNY. Expenditure can range from 5,700 CNY to 91,000 CNY per month.


Families

The average cost of living for families in Hubei is 23,000 CNY per month. Families spend anywhere from 8,000 CNY to 130,000 CNY.


Students

The average monthly expenditure for students in Hubei is 6,900 CNY. Students spend from 2,800 CNY to 12,000 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 Hubei


Dining, food, and beverages costs


Large bottle of water
1.7 CNY 1.9 CNY 2.2 CNY
MINIMUM AVERAGE MAXIMUM
$0.23 $0.27 $0.31
Fast food combo meal
14 CNY 29 CNY 48 CNY
MINIMUM AVERAGE MAXIMUM
$2 $4 $6.6
Restaurant meal for one
50 CNY 74 CNY 150 CNY
MINIMUM AVERAGE MAXIMUM
$6.9 $10 $21
Fine dining meal for one
99 CNY 150 CNY 590 CNY
MINIMUM AVERAGE MAXIMUM
$14 $21 $83
Soda or Soft Drink
2 CNY 2.4 CNY 2.9 CNY
MINIMUM AVERAGE MAXIMUM
$0.28 $0.33 $0.40
Cappuccino or latte
12 CNY 19 CNY 29 CNY
MINIMUM AVERAGE MAXIMUM
$1.7 $2.7 $4

Grocery and market costs


Milk large bottle
9.6 CNY 11 CNY 14 CNY
MINIMUM AVERAGE MAXIMUM
$1.3 $1.6 $2
Loaf of bread
1.7 CNY 2 CNY 2.3 CNY
MINIMUM AVERAGE MAXIMUM
$0.24 $0.27 $0.32
12 eggs
7.2 CNY 9.6 CNY 14 CNY
MINIMUM AVERAGE MAXIMUM
$0.99 $1.3 $2
Fresh whole chicken
16 CNY 21 CNY 30 CNY
MINIMUM AVERAGE MAXIMUM
$2.3 $2.9 $4.1
Beef 1 kg or 1 lb
19 CNY 29 CNY 57 CNY
MINIMUM AVERAGE MAXIMUM
$2.7 $4 $8
Rice 1 kg or 1 lb
7.7 CNY 11 CNY 15 CNY
MINIMUM AVERAGE MAXIMUM
$1.1 $1.5 $2.1
Tomato 1 kg or 1 lb
2.9 CNY 3.8 CNY 7.2 CNY
MINIMUM AVERAGE MAXIMUM
$0.40 $0.53 $0.99
Apples 1 kg or 1 lb
5.1 CNY 6.7 CNY 11 CNY
MINIMUM AVERAGE MAXIMUM
$0.71 $0.93 $1.5

Commute, travel, and transportation costs


20 minutes taxi ride
12 CNY 15 CNY 30 CNY
MINIMUM AVERAGE MAXIMUM
$1.7 $2.1 $4.1
Average car full tank
72 CNY 96 CNY 190 CNY
MINIMUM AVERAGE MAXIMUM
$9.9 $13 $27
Average car 1-day rental
77 CNY 100 CNY 150 CNY
MINIMUM AVERAGE MAXIMUM
$11 $14 $21
Average car price
36,000 CNY 72,000 CNY 96,000 CNY
MINIMUM AVERAGE MAXIMUM
$5,000 $9,900 $13,000
Bus ticket one way
2.6 CNY 3.8 CNY 7.7 CNY
MINIMUM AVERAGE MAXIMUM
$0.36 $0.53 $1.1
Car Service
100 CNY 150 CNY 310 CNY
MINIMUM AVERAGE MAXIMUM
$14 $21 $43

Utility cost (monthly)


Utility Bill - Individual
200 CNY 610 CNY 4,100 CNY
MINIMUM AVERAGE MAXIMUM
$28 $85 $570
Utility Bill - Couple
280 CNY 850 CNY 4,500 CNY
MINIMUM AVERAGE MAXIMUM
$39 $120 $630
Utility Bill - Family
240 CNY 680 CNY 3,800 CNY
MINIMUM AVERAGE MAXIMUM
$33 $95 $520
Internet and cable
72 CNY 140 CNY 190 CNY
MINIMUM AVERAGE MAXIMUM
$9.9 $20 $27
Mobile phone charges
57 CNY 96 CNY 290 CNY
MINIMUM AVERAGE MAXIMUM
$8 $13 $40

Leisure and activities costs


Movie ticket
36 CNY 48 CNY 72 CNY
MINIMUM AVERAGE MAXIMUM
$5 $6.6 $9.9
One month gym membership
120 CNY 150 CNY 310 CNY
MINIMUM AVERAGE MAXIMUM
$17 $21 $43

Cloths and accessories costs


Pair of jeans or pants
90 CNY 130 CNY 190 CNY
MINIMUM AVERAGE MAXIMUM
$13 $18 $27
Woman dress
85 CNY 120 CNY 380 CNY
MINIMUM AVERAGE MAXIMUM
$12 $16 $53
Woman shoes
81 CNY 110 CNY 260 CNY
MINIMUM AVERAGE MAXIMUM
$11 $15 $36
Men's shoes
70 CNY 85 CNY 170 CNY
MINIMUM AVERAGE MAXIMUM
$9.7 $12 $24
Men suit
77 CNY 96 CNY 510 CNY
MINIMUM AVERAGE MAXIMUM
$11 $13 $71
Regular t-shirt
38 CNY 51 CNY 150 CNY
MINIMUM AVERAGE MAXIMUM
$5.3 $7.1 $21

Housing costs / monthly rent


Studio apartment
1,300 CNY 1,900 CNY 5,100 CNY
MINIMUM AVERAGE MAXIMUM
$180 $270 $710
1-bedroom apartment
1,900 CNY 3,100 CNY 7,700 CNY
MINIMUM AVERAGE MAXIMUM
$270 $430 $1,100
2-bedroom apartment
2,600 CNY 3,800 CNY 10,000 CNY
MINIMUM AVERAGE MAXIMUM
$360 $530 $1,400

Housing costs / Buying


Studio apartment
260,000 CNY 380,000 CNY 770,000 CNY
MINIMUM AVERAGE MAXIMUM
$36,000 $53,000 $110,000
1-bedroom apartment
310,000 CNY 510,000 CNY 1.9M CNY
MINIMUM AVERAGE MAXIMUM
$43,000 $71,000 $270,000
2-bedroom apartment
510,000 CNY 1.5M CNY 3.1M CNY
MINIMUM AVERAGE MAXIMUM
$71,000 $210,000 $430,000

Furniture Costs


King Size Bed
1,400 CNY 1,800 CNY 2,400 CNY
MINIMUM AVERAGE MAXIMUM
$200 $250 $330
Double Bed
960 CNY 1,400 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$130 $200 $250
Single Bed
840 CNY 1,100 CNY 1,400 CNY
MINIMUM AVERAGE MAXIMUM
$120 $150 $200
Living Room
1,600 CNY 2,000 CNY 7,200 CNY
MINIMUM AVERAGE MAXIMUM
$220 $280 $990
Dining Table
720 CNY 960 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$99 $130 $250
Sofa or Couch
960 CNY 1,300 CNY 2,900 CNY
MINIMUM AVERAGE MAXIMUM
$130 $180 $400

Electronics and House Appliance Costs


TV Set
960 CNY 1,400 CNY 2,900 CNY
MINIMUM AVERAGE MAXIMUM
$130 $200 $400
Fridge or Freezer
840 CNY 1,300 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$120 $180 $250
Washing Machine
1,100 CNY 1,600 CNY 2,900 CNY
MINIMUM AVERAGE MAXIMUM
$150 $220 $400
Stove or Cooker
1,000 CNY 1,300 CNY 1,800 CNY
MINIMUM AVERAGE MAXIMUM
$140 $180 $250
Mobile Phone
1,200 CNY 1,400 CNY 2,000 CNY
MINIMUM AVERAGE MAXIMUM
$170 $200 $280
Laptop or Computer
1,300 CNY 1,600 CNY 2,900 CNY
MINIMUM AVERAGE MAXIMUM
$180 $220 $400

Expenditure to Income Ratio in Hubei

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

87%

79% to 96%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%9%
60% - 70%15%
70% - 80%25%
80% - 90%20%
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 Hubei is 87% This means that on average, people spend around 87% of their income for living. According to the distribution table, 15% 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
78%
Spending-Income-Ratio
71%
87%

Couple
83%
Spending-Income-Ratio
75%
92%

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

How do people spend their money in Hubei?

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 Expenditure24%

24% of total expenses on average (13% to 32%)

LOW$47   340 CNY
AVERAGE$620   4,400 CNY
HIGH$6,200   44,000 CNY
Per Month

People living in Hubei typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 4,400 CNY with expenditure ranging from 340 CNY to 44,000 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$7.9   57 CNY
AVERAGE$100   740 CNY
HIGH$1,000   7,400 CNY
Per Month

Utility expenditure like electricity, water, and gas in Hubei ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 740 CNY with 57 CNY and 7,400 CNY being the upper and lower limits.

Transport, Fuel, Commute7%

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

LOW$16   110 CNY
AVERAGE$210   1,500 CNY
HIGH$2,100   15,000 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 110 CNY to 15,000 CNY on commuting with 1,500 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$39   280 CNY
AVERAGE$510   3,700 CNY
HIGH$5,100   37,000 CNY
Per Month

The average outlay on groceries in a month in Hubei is 3,700 CNY. The cost of groceries can range between 280 CNY to 37,000 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$11   80 CNY
AVERAGE$140   1,000 CNY
HIGH$1,400   10,000 CNY
Per Month

People in Hubei 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 80 CNY to 10,000 CNY with 1,000 CNY being the norm.

Leisure and Shopping5%

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

LOW$6.3   45 CNY
AVERAGE$82   590 CNY
HIGH$820   5,900 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 45 CNY to 5,900 CNY with 590 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$9.5   68 CNY
AVERAGE$120   890 CNY
HIGH$1,200   8,900 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 890 CNY per month with 68 CNY being the minimum spent amount and 8,900 CNY being the maximum.

Other Expenses14%

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

LOW$21   150 CNY
AVERAGE$270   1,900 CNY
HIGH$2,700   19,000 CNY
Per Month

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


Saving Money
64%
Not Saving
36%

Almost 64% of the surveyed people in Hubei said that they can save some money at the end of each month while 36% said that aren't saving anything.


Percentage of people saving money by population group in Hubei

GroupSaversNon Savers
Singles67%33%
Couples62%38%
Families57%43%

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

10% 17% of income 31%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

400 CNY
$56
5,200 CNY
$720
52,000 CNY
$7,200
MINIMUM AVERAGE MAXIMUM

For most people, 10% to 31% of their monthly income is what they can allocate to their savings, with 17% being the average. The amount of money that people can save is approximately 5,200 CNY on average with savings ranging from 400 CNY to 52,000 CNY.

67% of surveyed singles reported some of their income going to savings while 62% of couples said the same. 57% of families confirmed their ability to save money.


How much money do people actually save in Hubei?

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 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,200 CNY
$170
3,600 CNY
$500
24,000 CNY
$3,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%32%
10% - 20%25%
20% - 30%16%
30% - 40%13%
40% - 50%10%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 13% to 33% 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 3,600 CNY with 1,200 CNY and 24,000 CNY being the minimum and maximum respectively.


Couples

Saving to Income Ratio

11% 20% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

2,000 CNY
$280
6,000 CNY
$840
32,000 CNY
$4,500
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%36%
10% - 20%27%
20% - 30%19%
30% - 40%8%
40% - 50%7%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 11% to 32% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 6,000 CNY with 2,000 CNY and 32,000 CNY being the minimum and maximum respectively.


Families

Saving to Income Ratio

9.2% 16% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

2,800 CNY
$390
8,000 CNY
$1,100
44,000 CNY
$6,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%39%
10% - 20%30%
20% - 30%20%
30% - 40%5%
40% - 50%4%
> 50%2%

Interpretation and Analysis

Families in Hubei can save anywhere between 9.2% to 29% of their monthly income, with 16% being the average for most families. The average amount of money that families can put aside is 8,000 CNY with 2,800 CNY and 44,000 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 Hubei

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Hubei?


Yes
66%
No
34%

Around 66% of surveyed residents think that living in Hubei is affordable with proper budgeting while 34% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Hubei

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 options60%

Few low-cost options41%


Based on the survey, 60% of the people living in Hubei have no problem finding low-cost alternatives to support a frugal lifestyle while 41% 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 Hubei whether they have an emergency fund and the answers were as follows.

Yes64%

No36%


Based on the survey, 36% of the people living in Hubei said that they don't have an emergency fund while 64% 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 Hubei

In an attempt to understand the economic situation in Hubei, 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 Reduction41%
Retirement Savings10%
Education Funding7%
Homeownership18%
Investing7%
Travel or Lifestyle7%
Healthcare Expenses13%
Financial Independence5%

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 41% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% 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 7% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 13% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Hubei

Reasons that make it difficult for people to save money

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


Reason% People
Low Income5%
High Expenses8%
Debt and Loans14%
Lack of Budgeting Skills11%
Impulsive Spending11%
Financial Emergencies7%
Living the moment6%
Will do it later20%
Inflation13%
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. 14% 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. 20% 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. 13% 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 Hubei

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold13%
Savings Accounts17%
Retirement Accounts10%
Cash Savings20%
Real Estate9%
Investment5%
Stocks4%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Hubei

What does the retirement lifestyle look like in Hubei 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 Hubei:
AgeAmount
2540,000 CNY
3080,000 CNY
35140,000 CNY
40200,000 CNY
45300,000 CNY
50420,000 CNY
55500,000 CNY
60620,000 CNY
65740,000 CNY

Retirement Income Distribution

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

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job14%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Hubei

2,500 CNY
$350
7,500 CNY
$1,000
50,000 CNY
$6,900
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Hubei


Percentage of people who are in debt


In Debt
29%
Debt Free
71%

According to the survey, 29% of the people in Hubei have some kind of debt, loan, mortgage, or credit card payments while 71% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Hubei

Debt to income ratio

31%

22% to 40%

( 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 31% of the people's monthly income in Hubei goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%17%
40% - 50%14%
30% - 40%16%
20% - 30%11%
10% - 20%13%
0% - 10%26%

According to our data, 3% of the debtors in Hubei pay 60%+ of their income as debt settlement while 17% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 14% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 16% dedicated 30% to 40% of income for same. Things are looking brighter for 11% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Hubei

Debt% People
Real Estate Mortgage9%
Auto Loan16%
Student Loan4%
Credit Card29%
Personal Loan42%

9% of debtors in Hubei confirm that real estate mortgages constitutes the main part of their outstanding debt while 29% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 16% of people and personal loans rose at 42%. Lastly, student loans are the main source of debt for 4% of debtors in Hubei.


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 Hubei

Besides measuring the loan-to-income ratio, we asked residents of Hubei 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
Never51%
Once a year24%
Twice a year12%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Hubei

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


Rent Cost in Hubei

Monthly Rent Prices

Studio apartment
1,300 CNY 1,900 CNY 5,100 CNY
MINIMUM AVERAGE MAXIMUM
$180 $270 $710
1-bedroom apartment
1,900 CNY 3,100 CNY 7,700 CNY
MINIMUM AVERAGE MAXIMUM
$270 $430 $1,100
2-bedroom apartment
2,600 CNY 3,800 CNY 10,000 CNY
MINIMUM AVERAGE MAXIMUM
$360 $530 $1,400
3-bedroom apartment
3,100 CNY 5,100 CNY 14,000 CNY
MINIMUM AVERAGE MAXIMUM
$430 $710 $1,900
Furnished apartment
6,200 CNY 15,000 CNY 31,000 CNY
MINIMUM AVERAGE MAXIMUM
$850 $2,100 $4,300
Townhouse
5,100 CNY 7,700 CNY 22,000 CNY
MINIMUM AVERAGE MAXIMUM
$710 $1,100 $3,100
House
6,200 CNY 15,000 CNY 31,000 CNY
MINIMUM AVERAGE MAXIMUM
$850 $2,100 $4,300
Villa
7,700 CNY 19,000 CNY 31,000 CNY
MINIMUM AVERAGE MAXIMUM
$1,100 $2,700 $4,300

The monthly rental cost of a studio apartment in Hubei ranges between 1,300 CNY and 5,100 CNY, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1,900 CNY to 7,700 CNY. Two-bedroom rentals rate ranges between 2,600 CNY and 10,000 CNY per month. The monthly rental for a three-bedroom apartment ranges from 3,100 CNY to 14,000 CNY. The average rent of a townhouse in Hubei is around 7,700 CNY while house rental costs can be as high as 15,000 CNY per month. Finally, if you want to rent a villa, expect to pay anywhere from 7,700 CNY to 31,000 CNY per month.



Apartment and house prices in Hubei

Cost of buying a property

Studio apartment
260,000 CNY 380,000 CNY 770,000 CNY
MINIMUM AVERAGE MAXIMUM
$36,000 $53,000 $110,000
1-bedroom apartment
310,000 CNY 510,000 CNY 1.9M CNY
MINIMUM AVERAGE MAXIMUM
$43,000 $71,000 $270,000
2-bedroom apartment
510,000 CNY 1.5M CNY 3.1M CNY
MINIMUM AVERAGE MAXIMUM
$71,000 $210,000 $430,000
3-bedroom apartment
1.7M CNY 2.6M CNY 7.7M CNY
MINIMUM AVERAGE MAXIMUM
$240,000 $360,000 $1.1M
Townhouse
2.2M CNY 5.1M CNY 19M CNY
MINIMUM AVERAGE MAXIMUM
$310,000 $710,000 $2.7M
House
2.6M CNY 15M CNY 22M CNY
MINIMUM AVERAGE MAXIMUM
$360,000 $2.1M $3.1M
Villa
3.1M CNY 17M CNY 26M CNY
MINIMUM AVERAGE MAXIMUM
$430,000 $2.4M $3.6M

The average price of a studio apartment in Hubei can range from 260,000 CNY to 770,000 CNY depending on location. One bedroom cost can be anywhere from 310,000 CNY to 1.9M CNY. A villa can cost you 17M CNY on average with prices ranging from 3.1M CNY to 26M CNY.


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


37 x108 monthly income 208
MINIMUM AVERAGE MAXIMUM

Property prices in Hubei can be x108 to x208 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x108 multiples of the average monthly salary in Hubei.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


21% 31% of income 41%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Hubei is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 21% 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
1.9%
AVERAGE
2.9%
TO
3.8%

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.


23 CNY 300 CNY 3,000 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 Hubei

Housing30%

30% of total expenses on average (18% to 42%)

LOW$170   1,200 CNY
AVERAGE$510   3,700 CNY
HIGH$3,400   25,000 CNY
Per Month

Utilities, Electricity, Water8%

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

LOW$28   200 CNY
AVERAGE$85   610 CNY
HIGH$570   4,100 CNY
Per Month

Transport, Fuel5%

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

LOW$38   270 CNY
AVERAGE$110   820 CNY
HIGH$760   5,500 CNY
Per Month

Food and Groceries19%

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

LOW$76   550 CNY
AVERAGE$230   1,600 CNY
HIGH$1,500   11,000 CNY
Per Month

Healthcare12%

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

LOW$43   310 CNY
AVERAGE$130   920 CNY
HIGH$850   6,100 CNY
Per Month

Leisure, Shopping3%

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

LOW$24   170 CNY
AVERAGE$71   510 CNY
HIGH$470   3,400 CNY
Per Month

Education1%

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

LOW$9.5   68 CNY
AVERAGE$28   200 CNY
HIGH$190   1,400 CNY
Per Month

Other Expenses22%

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

LOW$85   610 CNY
AVERAGE$260   1,800 CNY
HIGH$1,700   12,000 CNY
Per Month


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

Housing27%

27% of total expenses on average (20% to 37%)

LOW$260   1,900 CNY
AVERAGE$780   5,600 CNY
HIGH$4,200   30,000 CNY
Per Month

Utilities, Electricity, Water7%

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

LOW$39   280 CNY
AVERAGE$120   850 CNY
HIGH$630   4,500 CNY
Per Month

Transport, Fuel9%

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

LOW$95   680 CNY
AVERAGE$280   2,000 CNY
HIGH$1,500   11,000 CNY
Per Month

Food and Groceries17%

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

LOW$110   800 CNY
AVERAGE$330   2,400 CNY
HIGH$1,800   13,000 CNY
Per Month

Healthcare14%

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

LOW$87   630 CNY
AVERAGE$260   1,900 CNY
HIGH$1,400   10,000 CNY
Per Month

Leisure, Shopping4%

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

LOW$47   340 CNY
AVERAGE$140   1,000 CNY
HIGH$760   5,500 CNY
Per Month

Education1%

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

LOW$16   110 CNY
AVERAGE$47   340 CNY
HIGH$250   1,800 CNY
Per Month

Other Expenses21%

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

LOW$130   970 CNY
AVERAGE$400   2,900 CNY
HIGH$2,100   15,000 CNY
Per Month


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

Housing26%

26% of total expenses on average (21% to 36%)

LOW$350   2,500 CNY
AVERAGE$1,000   7,300 CNY
HIGH$5,600   40,000 CNY
Per Month

Transport, Fuel5%

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

LOW$88   640 CNY
AVERAGE$250   1,800 CNY
HIGH$1,400   10,000 CNY
Per Month

Food and Groceries21%

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

LOW$200   1,400 CNY
AVERAGE$570   4,100 CNY
HIGH$3,100   23,000 CNY
Per Month

Healthcare11%

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

LOW$88   640 CNY
AVERAGE$250   1,800 CNY
HIGH$1,400   10,000 CNY
Per Month

Leisure, Shopping3%

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

LOW$55   400 CNY
AVERAGE$160   1,100 CNY
HIGH$870   6,300 CNY
Per Month

Education13%

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

LOW$150   1,100 CNY
AVERAGE$440   3,200 CNY
HIGH$2,400   18,000 CNY
Per Month

Other Expenses16%

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

LOW$130   950 CNY
AVERAGE$380   2,700 CNY
HIGH$2,100   15,000 CNY
Per Month


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

Housing18%

18% of total expenses on average (13% to 24%)

LOW$92   660 CNY
AVERAGE$230   1,700 CNY
HIGH$420   3,000 CNY
Per Month

Utilities, Electricity, Water6%

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

LOW$15   110 CNY
AVERAGE$38   280 CNY
HIGH$69   500 CNY
Per Month

Transport, Fuel4%

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

LOW$27   190 CNY
AVERAGE$67   480 CNY
HIGH$120   870 CNY
Per Month

Food and Groceries23%

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

LOW$77   550 CNY
AVERAGE$190   1,400 CNY
HIGH$350   2,500 CNY
Per Month

Healthcare9%

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

LOW$23   170 CNY
AVERAGE$58   420 CNY
HIGH$100   750 CNY
Per Month

Leisure, Shopping3%

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

LOW$19   140 CNY
AVERAGE$48   350 CNY
HIGH$86   620 CNY
Per Month

Education18%

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

LOW$73   530 CNY
AVERAGE$180   1,300 CNY
HIGH$330   2,400 CNY
Per Month

Other Expenses19%

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

LOW$58   420 CNY
AVERAGE$140   1,000 CNY
HIGH$260   1,900 CNY
Per Month
Wuhan  
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