Cost Of Living in Jamaica 2024

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

Whether you're living in Jamaica 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.

Singles

The average monthly expense for a single person living in Jamaica is 66,000 JMD. Expenses can range from 9,300 JMD at the minimum level to 440,000 JMD at the highest end.

Couples

The average monthly spending of couples in Jamaica is 110,000 JMD. Expenditure can range from 37,000 JMD to 590,000 JMD per month.

Families

The average cost of living for families in Jamaica is 150,000 JMD per month. Families spend anywhere from 52,000 JMD to 960,000 JMD.

Students

The average monthly expenditure for students in Jamaica is 49,000 JMD. Students spend from 7,400 JMD to 330,000 JMD per month.

Expenditure to Income Ratio in Jamaica

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.

Expense to income distribution levels

Interpretation and Analysis

The average spending-to-salary ratio in Jamaica 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.

Individual
78%
Spending-Income-Ratio

---

72%

86%

Couple
83%
Spending-Income-Ratio

---

76%

90%

Family
91%
Spending-Income-Ratio

---

84%

100%

How do people spend their money in Jamaica?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

People living in Jamaica typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 29,000 JMD with expenditure ranging from 2,200 JMD to 290,000 JMD. 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.

Utility expenditure like electricity, water, and gas in Jamaica ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 4,800 JMD with 370 JMD and 48,000 JMD being the upper and lower limits.

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 740 JMD to 96,000 JMD on commuting with 9,600 JMD 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%.

The average outlay on groceries in a month in Jamaica is 24,000 JMD. The cost of groceries can range between 1,800 JMD to 240,000 JMD. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

People in Jamaica 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 520 JMD to 67,000 JMD with 6,700 JMD being the norm.

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 300 JMD to 38,000 JMD with 3,800 JMD being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

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 5,800 JMD per month with 440 JMD being the minimum spent amount and 58,000 JMD being the maximum.

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

Almost 56% of the surveyed people in Jamaica said that they can save some money at the end of each month while 44% said that aren't saving anything.

Percentage of people saving money by population group in Jamaica

Saving to Income Ratio

Average Monthly Saved Amount

For most people, 8% to 28% of their monthly income is what they can allocate to their savings, with 15% being the average. The amount of money that people can save is approximately 30,000 JMD on average with savings ranging from 2,300 JMD to 300,000 JMD.

60% of surveyed singles reported some of their income going to savings while 55% of couples said the same. 50% of families confirmed their ability to save money.

How much money do people actually save in Jamaica?

Singles

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for singles

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 11% to 30% of their monthly income to savings, with 19% being the average for most singles. The average amount of money that singles are able to save is 21,000 JMD with 2,300 JMD and 140,000 JMD being the minimum and maximum respectively.

Couples

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for couples

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 9% to 29% of their monthly income, with 17% being the average for most couples. The average amount of money that couples can save is 34,000 JMD with 11,000 JMD and 180,000 JMD being the minimum and maximum respectively.

Families

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for families

Interpretation and Analysis

Families in Jamaica can save anywhere between 8% to 26% of their monthly income, with 14% being the average for most families. The average amount of money that families can put aside is 46,000 JMD with 16,000 JMD and 300,000 JMD being the minimum and maximum respectively.

Saving Challenges in Jamaica

Reasons that make it difficult for people to save money

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

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. 13% 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. 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. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 21% 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 social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Jamaica

Where do people choose to put their savings?

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

Affordable living in Jamaica

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Jamaica?

Around 52% of surveyed residents think that living in Jamaica is affordable with proper budgeting while 48% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Jamaica

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 options55%

Few low-cost options45%

Based on the survey, 55% of the people living in Jamaica have no problem finding low-cost alternatives to support a frugal lifestyle while 45% 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 Jamaica whether they have an emergency fund and the answers were as follows.

Yes50%

No50%

Based on the survey, 50% of the people living in Jamaica said that they don't have an emergency fund while 50% said that they do.

Financial Literacy in Jamaica

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 Leteracy47%

We asked residents of Jamaica whether they acquired any adequate personal financial training in their lives. Approximately 53% 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 47% 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 Jamaica have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 49% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 51% said that they have everything under control.

Struggles with finance49%

Easily manages finances51%

Financial goals of people in Jamaica

In an attempt to understand the economic situation in Jamaica, 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.

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 42% 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 14% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Jamaica

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

Retirement age

The retirement age for most employees in Jamaica 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.

Retirement Income Distribution

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

Retirement Monthly Expenses in Jamaica

Debt, loans, and mortgages in Jamaica

Percentage of people who are in debt

According to the survey, 30% of the people in Jamaica have some kind of debt, loan, mortgage, or credit card payments while 70% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Jamaica

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 32% of the people's monthly income in Jamaica goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Jamaica pay 60%+ of their income as debt settlement while 18% 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 10% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Jamaica

8% of debtors in Jamaica confirm that real estate mortgages constitutes the main part of their outstanding debt while 30% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 15% of people and personal loans rose at 43%. Lastly, student loans are the main source of debt for 4% of debtors in Jamaica.

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 Jamaica

Besides measuring the loan-to-income ratio, we asked residents of Jamaica 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.

Housing costs, accommodation, and housing affordability in Jamaica

Rent Cost in Jamaica

Monthly Rent Prices

Studio apartment monthly rent cost

8,100 JMD

12,000 JMD

32,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$52

$78

$210

1-bedroom apartment monthly rent cost

12,000 JMD

19,000 JMD

48,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$78

$120

$310

2-bedroom apartment monthly rent cost

16,000 JMD

24,000 JMD

64,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$100

$160

$410

3-bedroom apartment monthly rent cost

19,000 JMD

32,000 JMD

88,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$120

$210

$560

Furnished apartment monthly rent cost

39,000 JMD

97,000 JMD

190,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$250

$620

$1,200

Townhouse monthly rent cost

32,000 JMD

48,000 JMD

140,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$210

$310

$890

House monthly rent cost

39,000 JMD

97,000 JMD

190,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$250

$620

$1,200

Villa monthly rent cost

48,000 JMD

120,000 JMD

190,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$310

$780

$1,200

The monthly rental cost of a studio apartment in Jamaica ranges between 8,100 JMD and 32,000 JMD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 12,000 JMD to 48,000 JMD. Two-bedroom rentals rate ranges between 16,000 JMD and 64,000 JMD per month. The monthly rental for a three-bedroom apartment ranges from 19,000 JMD to 88,000 JMD. The average rent of a townhouse in Jamaica is around 48,000 JMD while house rental costs can be as high as 97,000 JMD per month. Finally, if you want to rent a villa, expect to pay anywhere from 48,000 JMD to 190,000 JMD per month.

Apartment and house prices in Jamaica

Cost of buying a property

Studio apartment price

1.6M JMD

2.4M JMD

4.8M JMD

MINIMUM

AVERAGE

MAXIMUM

$10,000

$16,000

$31,000

1-bedroom apartment price

1.9M JMD

3.2M JMD

12M JMD

MINIMUM

AVERAGE

MAXIMUM

$12,000

$21,000

$78,000

2-bedroom apartment price

3.2M JMD

9.7M JMD

19M JMD

MINIMUM

AVERAGE

MAXIMUM

$21,000

$62,000

$120,000

3-bedroom apartment price

11M JMD

16M JMD

48M JMD

MINIMUM

AVERAGE

MAXIMUM

$69,000

$100,000

$310,000

Townhouse price

14M JMD

32M JMD

120M JMD

MINIMUM

AVERAGE

MAXIMUM

$89,000

$210,000

$780,000

House price

16M JMD

97M JMD

140M JMD

MINIMUM

AVERAGE

MAXIMUM

$100,000

$620,000

$890,000

Villa price

19M JMD

110M JMD

160M JMD

MINIMUM

AVERAGE

MAXIMUM

$120,000

$690,000

$1M

The average price of a studio apartment in Jamaica can range from 1.6M JMD to 4.8M JMD depending on location. One bedroom cost can be anywhere from 1.9M JMD to 12M JMD. A villa can cost you 110M JMD on average with prices ranging from 19M JMD to 160M JMD.

House / apartment prices to income ratio

Property prices in Jamaica can be x86 to x192 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x86 multiples of the average monthly salary in Jamaica.

Rent to income ratio

The average rent-to-income ratio in Jamaica is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 19% to 39% depending on the salary, location, and type of property.

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.

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Jamaica

Energy, electricity, water, gas, internet, and mobile cost in Jamaica

Utility Bill Cost / Electricity + Water + Gas / Individual

560 JMD

4,000 JMD

27,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$3.6

$26

$170

Utility Bill Cost / Electricity + Water + Gas / Couple

1,500 JMD

5,000 JMD

32,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$9.5

$32

$210

Utility Bill Cost / Electricity + Water + Gas / Family

2,600 JMD

7,400 JMD

48,000 JMD

MINIMUM

AVERAGE

MAXIMUM

$17

$47

$310

Internet and cable cost

480 JMD

970 JMD

1,300 JMD

MINIMUM

AVERAGE

MAXIMUM

$3.1

$6.2

$8.3

Mobile phone bill and charges

390 JMD

640 JMD

1,900 JMD

MINIMUM

AVERAGE

MAXIMUM

$2.5

$4.1

$12

The average monthly expenditure for individuals on electricty, water, and gas in Jamaica ranges between 560 JMD and 27,000 JMD with average being 4,000 JMD, meanwhile the expenditure of couples is slightly higher at 5,000 JMD with 1,500 JMD and 32,000 JMD being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 7,400 JMD. The cost of internet and WiFi is unchanged among the three groups and ranges from 480 JMD to 1,300 JMD with 970 JMD being the average internet bill. Finally, the average monthly mobile charges is around 640 JMD but can range between 390 JMD and 1,900 JMD depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Jamaica is around 7%. This means that people pay 7% of their income for energy, water, internet, and mobile charges. Those figures can range from 4% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Jamaica

Prices and cost of goods and services in Jamaica

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

97 JMD

190 JMD

320 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.62

$1.2

$2.1

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Jamaica is approximatly 190 JMD with meal cost ranging from 97 JMD to 320 JMD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

320 JMD

480 JMD

970 JMD

MINIMUM

AVERAGE

MAXIMUM

$2.1

$3.1

$6.2

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 320 JMD and 970 JMD with 480 JMD being the average price of a plate for one person at a regular restaurant in Jamaica.

Fine dining meal for one price

640 JMD

970 JMD

3,900 JMD

MINIMUM

AVERAGE

MAXIMUM

$4.1

$6.2

$25

The price range of a meal at fine-dining restaurant is 640 JMD to 3,900 JMD with the average cost being 970 JMD for one person. This is what you would expect to pay a top-tier diner in Jamaica.

Beverage prices, cappuccino, latte etc..

81 JMD

130 JMD

190 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.52

$0.83

$1.2

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Jamaica is around 130 JMD. Price ranges between 81 JMD and 190 JMD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

64 JMD

77 JMD

97 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.41

$0.50

$0.62

The average price of a large bottle of milk in Jamaica is 77 JMD. The maximum what you would pay for milk is 97 JMD and the minimum being 64 JMD depending on the brand of milk and other properties.

12 eggs price

48 JMD

64 JMD

97 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.31

$0.41

$0.62

A dozen eggs costs around 64 JMD on average with 48 JMD and 97 JMD being the lower and upper limits respectively.

Fresh whole chicken price

110 JMD

140 JMD

200 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.71

$0.91

$1.3

The price range of a fresh whole chicken in Jamaica is between 110 JMD and 200 JMD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 140 JMD.

Pack of beef price

130 JMD

190 JMD

390 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.83

$1.2

$2.5

The price of a regular pack of beef or meat is around 190 JMD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

52 JMD

71 JMD

100 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.33

$0.46

$0.65

A bag of rice in Jamaica costs around 71 JMD on average with prices rangeing between 52 JMD and 100 JMD depending on the brand and quality.

Bag of tomatos price

19 JMD

26 JMD

48 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.12

$0.17

$0.31

A bag of tomatoes costs anywhere from 19 JMD to 48 JMD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

35 JMD

45 JMD

74 JMD

MINIMUM

AVERAGE

MAXIMUM

$0.22

$0.29

$0.48

A bag of apples costs 45 JMD on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Jamaica is around 27%. This means that people spend 27% of their income on grocery and basic household items. The expenditure can range from 19% to 33% depending on salary and location.

Expenditure on food and grocery for every population group

A single person living alone spends approximately 11,000 JMD per month on grocery and food with expenditure fluctuating between 1,500 JMD and 71,000 JMD depending on location and the type of person. The average cost of food and groceries for a couple is around 16,000 JMD per month. That number can be get as low as 5,200 JMD or a high as 83,000 JMD. Families' spending on grocery ranges from 9,300 JMD to 170,000 JMD with the location, income, and size of the family being the most determinite factors.

SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Jamaica

CoupleAverage monthly living expenditure breaks and spending patterns for couples in Jamaica

FamilyAverage monthly expenses and break out of spending for families living in Jamaica

StudentCost of living and expenses break down for students living in Jamaica