Cost Of Living in Kirkuk 2024

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

Whether you're living in Kirkuk 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

960,000 IQD

per month
$730

74,000 IQD   $56
$7,300   9.6M IQD

Single

670,000 IQD

per month
$510

220,000 IQD   $170
$3,400   4.4M IQD

Couple

1.1M IQD

per month
$850

370,000 IQD   $280
$4,500   5.9M IQD

Family

1.5M IQD

per month
$1,100

520,000 IQD   $400
$6,200   8.1M IQD

Student

440,000 IQD

per month
$340

180,000 IQD   $130
$600   790,000 IQD
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Kirkuk is 670,000 IQD. Expenses can range from 220,000 IQD at the minimum level to 4.4M IQD at the highest end.


Couples

The average monthly spending of couples in Kirkuk is 1.1M IQD. Expenditure can range from 370,000 IQD to 5.9M IQD per month.


Families

The average cost of living for families in Kirkuk is 1.5M IQD per month. Families spend anywhere from 520,000 IQD to 8.1M IQD.


Students

The average monthly expenditure for students in Kirkuk is 440,000 IQD. Students spend from 180,000 IQD to 790,000 IQD 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 Kirkuk


Dining, food, and beverages costs


Large bottle of water
120 IQD 140 IQD 160 IQD
MINIMUM AVERAGE MAXIMUM
$0.09 $0.11 $0.12
Fast food combo meal
1,000 IQD 2,100 IQD 3,500 IQD
MINIMUM AVERAGE MAXIMUM
$0.79 $1.6 $2.6
Restaurant meal for one
3,400 IQD 5,000 IQD 10,000 IQD
MINIMUM AVERAGE MAXIMUM
$2.6 $3.9 $7.7
Fine dining meal for one
6,700 IQD 10,000 IQD 40,000 IQD
MINIMUM AVERAGE MAXIMUM
$5.1 $7.7 $31
Soda or Soft Drink
150 IQD 170 IQD 210 IQD
MINIMUM AVERAGE MAXIMUM
$0.11 $0.13 $0.16
Cappuccino or latte
870 IQD 1,400 IQD 2,100 IQD
MINIMUM AVERAGE MAXIMUM
$0.66 $1.1 $1.6

Grocery and market costs


Milk large bottle
690 IQD 830 IQD 1,000 IQD
MINIMUM AVERAGE MAXIMUM
$0.53 $0.64 $0.79
Loaf of bread
130 IQD 140 IQD 170 IQD
MINIMUM AVERAGE MAXIMUM
$0.10 $0.11 $0.13
12 eggs
520 IQD 690 IQD 1,000 IQD
MINIMUM AVERAGE MAXIMUM
$0.40 $0.53 $0.79
Fresh whole chicken
1,200 IQD 1,500 IQD 2,200 IQD
MINIMUM AVERAGE MAXIMUM
$0.90 $1.2 $1.7
Beef 1 kg or 1 lb
1,400 IQD 2,100 IQD 4,200 IQD
MINIMUM AVERAGE MAXIMUM
$1.1 $1.6 $3.2
Rice 1 kg or 1 lb
560 IQD 770 IQD 1,100 IQD
MINIMUM AVERAGE MAXIMUM
$0.43 $0.58 $0.83
Tomato 1 kg or 1 lb
210 IQD 280 IQD 520 IQD
MINIMUM AVERAGE MAXIMUM
$0.16 $0.21 $0.40
Apples 1 kg or 1 lb
370 IQD 490 IQD 800 IQD
MINIMUM AVERAGE MAXIMUM
$0.28 $0.37 $0.61

Commute, travel, and transportation costs


20 minutes taxi ride
840 IQD 1,000 IQD 2,000 IQD
MINIMUM AVERAGE MAXIMUM
$0.64 $0.77 $1.5
Average car full tank
5,200 IQD 6,900 IQD 14,000 IQD
MINIMUM AVERAGE MAXIMUM
$4 $5.3 $11
Average car 1-day rental
4,900 IQD 6,500 IQD 9,800 IQD
MINIMUM AVERAGE MAXIMUM
$3.7 $5 $7.5
Average car price
2.6M IQD 5.2M IQD 6.9M IQD
MINIMUM AVERAGE MAXIMUM
$2,000 $4,000 $5,300
Bus ticket one way
160 IQD 240 IQD 490 IQD
MINIMUM AVERAGE MAXIMUM
$0.12 $0.19 $0.37
Car Service
6,500 IQD 9,800 IQD 20,000 IQD
MINIMUM AVERAGE MAXIMUM
$5 $7.5 $15

Utility cost (monthly)


Utility Bill - Individual
13,000 IQD 40,000 IQD 270,000 IQD
MINIMUM AVERAGE MAXIMUM
$10 $30 $200
Utility Bill - Couple
18,000 IQD 55,000 IQD 300,000 IQD
MINIMUM AVERAGE MAXIMUM
$14 $42 $230
Utility Bill - Family
16,000 IQD 44,000 IQD 240,000 IQD
MINIMUM AVERAGE MAXIMUM
$12 $34 $190
Internet and cable
5,200 IQD 10,000 IQD 14,000 IQD
MINIMUM AVERAGE MAXIMUM
$4 $7.9 $11
Mobile phone charges
4,200 IQD 6,900 IQD 21,000 IQD
MINIMUM AVERAGE MAXIMUM
$3.2 $5.3 $16

Leisure and activities costs


Movie ticket
2,600 IQD 3,500 IQD 5,200 IQD
MINIMUM AVERAGE MAXIMUM
$2 $2.6 $4
One month gym membership
7,800 IQD 9,800 IQD 20,000 IQD
MINIMUM AVERAGE MAXIMUM
$6 $7.5 $15

Cloths and accessories costs


Pair of jeans or pants
5,800 IQD 8,100 IQD 12,000 IQD
MINIMUM AVERAGE MAXIMUM
$4.4 $6.2 $9.3
Woman dress
5,400 IQD 7,500 IQD 24,000 IQD
MINIMUM AVERAGE MAXIMUM
$4.1 $5.7 $19
Woman shoes
5,100 IQD 7,000 IQD 16,000 IQD
MINIMUM AVERAGE MAXIMUM
$3.9 $5.3 $12
Men's shoes
4,400 IQD 5,400 IQD 11,000 IQD
MINIMUM AVERAGE MAXIMUM
$3.4 $4.1 $8.3
Men suit
4,900 IQD 6,100 IQD 33,000 IQD
MINIMUM AVERAGE MAXIMUM
$3.7 $4.7 $25
Regular t-shirt
2,400 IQD 3,300 IQD 9,800 IQD
MINIMUM AVERAGE MAXIMUM
$1.9 $2.5 $7.5

Housing costs / monthly rent


Studio apartment
81,000 IQD 120,000 IQD 330,000 IQD
MINIMUM AVERAGE MAXIMUM
$62 $93 $250
1-bedroom apartment
120,000 IQD 200,000 IQD 490,000 IQD
MINIMUM AVERAGE MAXIMUM
$93 $150 $370
2-bedroom apartment
160,000 IQD 240,000 IQD 650,000 IQD
MINIMUM AVERAGE MAXIMUM
$120 $190 $500

Housing costs / Buying


Studio apartment
16M IQD 24M IQD 49M IQD
MINIMUM AVERAGE MAXIMUM
$12,000 $19,000 $37,000
1-bedroom apartment
20M IQD 33M IQD 120M IQD
MINIMUM AVERAGE MAXIMUM
$15,000 $25,000 $93,000
2-bedroom apartment
33M IQD 98M IQD 200M IQD
MINIMUM AVERAGE MAXIMUM
$25,000 $75,000 $150,000

Furniture Costs


King Size Bed
100,000 IQD 130,000 IQD 170,000 IQD
MINIMUM AVERAGE MAXIMUM
$79 $99 $130
Double Bed
69,000 IQD 100,000 IQD 130,000 IQD
MINIMUM AVERAGE MAXIMUM
$53 $79 $99
Single Bed
61,000 IQD 80,000 IQD 100,000 IQD
MINIMUM AVERAGE MAXIMUM
$47 $61 $79
Living Room
120,000 IQD 150,000 IQD 520,000 IQD
MINIMUM AVERAGE MAXIMUM
$88 $110 $400
Dining Table
52,000 IQD 69,000 IQD 130,000 IQD
MINIMUM AVERAGE MAXIMUM
$40 $53 $99
Sofa or Couch
69,000 IQD 95,000 IQD 210,000 IQD
MINIMUM AVERAGE MAXIMUM
$53 $72 $160

Electronics and House Appliance Costs


TV Set
69,000 IQD 100,000 IQD 210,000 IQD
MINIMUM AVERAGE MAXIMUM
$53 $79 $160
Fridge or Freezer
61,000 IQD 95,000 IQD 130,000 IQD
MINIMUM AVERAGE MAXIMUM
$47 $72 $99
Washing Machine
80,000 IQD 120,000 IQD 210,000 IQD
MINIMUM AVERAGE MAXIMUM
$61 $88 $160
Stove or Cooker
74,000 IQD 95,000 IQD 130,000 IQD
MINIMUM AVERAGE MAXIMUM
$57 $72 $99
Mobile Phone
87,000 IQD 100,000 IQD 150,000 IQD
MINIMUM AVERAGE MAXIMUM
$66 $79 $110
Laptop or Computer
95,000 IQD 120,000 IQD 210,000 IQD
MINIMUM AVERAGE MAXIMUM
$72 $88 $160

Expenditure to Income Ratio in Kirkuk

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

81%

74% to 89%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%8%
60% - 70%15%
70% - 80%25%
80% - 90%21%
90% - 100%11%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Kirkuk is 81% This means that on average, people spend around 81% 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
72%
Spending-Income-Ratio
67%
80%

Couple
77%
Spending-Income-Ratio
70%
84%

Family
85%
Spending-Income-Ratio
78%
93%

How do people spend their money in Kirkuk?

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

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure23%

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

LOW$17   22,000 IQD
AVERAGE$220   290,000 IQD
HIGH$2,200   2.9M IQD
Per Month

People living in Kirkuk typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 290,000 IQD with expenditure ranging from 22,000 IQD to 2.9M IQD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water8%

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

LOW$2.8   3,700 IQD
AVERAGE$37   48,000 IQD
HIGH$370   480,000 IQD
Per Month

Utility expenditure like electricity, water, and gas in Kirkuk ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 48,000 IQD with 3,700 IQD and 480,000 IQD being the upper and lower limits.

Transport, Fuel, Commute7%

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

LOW$5.6   7,400 IQD
AVERAGE$73   96,000 IQD
HIGH$730   960,000 IQD
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 7,400 IQD to 960,000 IQD on commuting with 96,000 IQD 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$14   18,000 IQD
AVERAGE$180   240,000 IQD
HIGH$1,800   2.4M IQD
Per Month

The average outlay on groceries in a month in Kirkuk is 240,000 IQD. The cost of groceries can range between 18,000 IQD to 2.4M IQD. 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$4   5,200 IQD
AVERAGE$51   67,000 IQD
HIGH$510   670,000 IQD
Per Month

People in Kirkuk 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 5,200 IQD to 670,000 IQD with 67,000 IQD being the norm.

Leisure and Shopping4%

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

LOW$2.3   3,000 IQD
AVERAGE$29   38,000 IQD
HIGH$290   380,000 IQD
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 3,000 IQD to 380,000 IQD with 38,000 IQD being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

Education and Schooling5%

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

LOW$3.4   4,400 IQD
AVERAGE$44   58,000 IQD
HIGH$440   580,000 IQD
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 58,000 IQD per month with 4,400 IQD being the minimum spent amount and 580,000 IQD being the maximum.

Other Expenses14%

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

LOW$7.3   9,600 IQD
AVERAGE$95   130,000 IQD
HIGH$950   1.3M IQD
Per Month

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


Saving Money
56%
Not Saving
45%

Almost 56% of the surveyed people in Kirkuk said that they can save some money at the end of each month while 45% said that aren't saving anything.


Percentage of people saving money by population group in Kirkuk

GroupSaversNon Savers
Singles56%44%
Couples52%48%
Families47%53%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Saving to Income Ratio

6.5% 12% of income 25%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

24,000 IQD
$18
310,000 IQD
$240
3.1M IQD
$2,400
MINIMUM AVERAGE MAXIMUM

For most people, 6.5% to 25% of their monthly income is what they can allocate to their savings, with 12% being the average. The amount of money that people can save is approximately 310,000 IQD on average with savings ranging from 24,000 IQD to 3.1M IQD.

56% of surveyed singles reported some of their income going to savings while 52% of couples said the same. 47% of families confirmed their ability to save money.


How much money do people actually save in Kirkuk?

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

9.3% 16% of income 27%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

71,000 IQD
$54
210,000 IQD
$160
1.4M IQD
$1,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%33%
10% - 20%26%
20% - 30%16%
30% - 40%12%
40% - 50%9%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 9.3% to 27% of their monthly income to savings, with 16% being the average for most singles. The average amount of money that singles are able to save is 210,000 IQD with 71,000 IQD and 1.4M IQD being the minimum and maximum respectively.


Couples

Saving to Income Ratio

7.4% 14% of income 26%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

120,000 IQD
$91
360,000 IQD
$270
1.9M IQD
$1,500
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%37%
10% - 20%28%
20% - 30%19%
30% - 40%7%
40% - 50%6%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 7.4% to 26% of their monthly income, with 14% being the average for most couples. The average amount of money that couples can save is 360,000 IQD with 120,000 IQD and 1.9M IQD being the minimum and maximum respectively.


Families

Saving to Income Ratio

6.5% 12% of income 24%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

170,000 IQD
$130
480,000 IQD
$360
2.6M IQD
$2,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

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

Interpretation and Analysis

Families in Kirkuk can save anywhere between 6.5% to 24% of their monthly income, with 12% being the average for most families. The average amount of money that families can put aside is 480,000 IQD with 170,000 IQD and 2.6M IQD 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 Kirkuk

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Kirkuk?


Yes
52%
No
48%

Around 52% of surveyed residents think that living in Kirkuk 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 Kirkuk

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 options53%

Few low-cost options47%


Based on the survey, 53% of the people living in Kirkuk have no problem finding low-cost alternatives to support a frugal lifestyle while 47% 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 Kirkuk whether they have an emergency fund and the answers were as follows.

Yes52%

No48%


Based on the survey, 48% of the people living in Kirkuk said that they don't have an emergency fund while 52% said that they do.

Financial Literacy in Iraq

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 Leteracy51%


We asked residents of Iraq whether they acquired any adequate personal financial training in their lives. Approximately 49% 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 51% 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 Iraq have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 40% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 60% said that they have everything under control.

Struggles with finance40%

Easily manages finances60%

Financial goals of people in Kirkuk

In an attempt to understand the economic situation in Kirkuk, 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 Reduction44%
Retirement Savings11%
Education Funding7%
Homeownership18%
Investing6%
Travel or Lifestyle6%
Healthcare Expenses14%
Financial Independence4%

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 44% said their number one priority is to pay off high-interest debt or loans and improve credit. 11% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 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. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 6% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 14% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Kirkuk

Reasons that make it difficult for people to save money

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


Reason% People
Low Income5%
High Expenses8%
Debt and Loans13%
Lack of Budgeting Skills12%
Impulsive Spending12%
Financial Emergencies7%
Living the moment5%
Will do it later21%
Inflation14%
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. 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. 12% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 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. 14% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Kirkuk

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold13%
Savings Accounts17%
Retirement Accounts10%
Cash Savings21%
Real Estate9%
Investment5%
Stocks4%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Kirkuk

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

Retirement age

The retirement age for most employees in Iraq 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 Kirkuk:
AgeAmount
252.5M IQD
305.1M IQD
358.9M IQD
4013M IQD
4519M IQD
5027M IQD
5532M IQD
6039M IQD
6547M IQD

Retirement Income Distribution

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

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job15%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Kirkuk

160,000 IQD
$120
490,000 IQD
$370
3.3M IQD
$2,500
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Kirkuk


Percentage of people who are in debt


In Debt
25%
Debt Free
75%

According to the survey, 25% of the people in Kirkuk have some kind of debt, loan, mortgage, or credit card payments while 75% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Kirkuk

Debt to income ratio

30%

22% to 38%

( 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 30% of the people's monthly income in Kirkuk goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

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

According to our data, 3% of the debtors in Kirkuk pay 60%+ of their income as debt settlement while 19% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 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 Kirkuk

Debt% People
Real Estate Mortgage8%
Auto Loan14%
Student Loan4%
Credit Card30%
Personal Loan44%

8% of debtors in Kirkuk 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 14% of people and personal loans rose at 44%. Lastly, student loans are the main source of debt for 4% of debtors in Kirkuk.


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 Kirkuk

Besides measuring the loan-to-income ratio, we asked residents of Kirkuk 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
Never50%
Once a year24%
Twice a year13%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Kirkuk

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


Rent Cost in Kirkuk

Monthly Rent Prices

Studio apartment
81,000 IQD 120,000 IQD 330,000 IQD
MINIMUM AVERAGE MAXIMUM
$62 $93 $250
1-bedroom apartment
120,000 IQD 200,000 IQD 490,000 IQD
MINIMUM AVERAGE MAXIMUM
$93 $150 $370
2-bedroom apartment
160,000 IQD 240,000 IQD 650,000 IQD
MINIMUM AVERAGE MAXIMUM
$120 $190 $500
3-bedroom apartment
200,000 IQD 330,000 IQD 890,000 IQD
MINIMUM AVERAGE MAXIMUM
$150 $250 $680
Furnished apartment
390,000 IQD 980,000 IQD 2M IQD
MINIMUM AVERAGE MAXIMUM
$300 $750 $1,500
Townhouse
330,000 IQD 490,000 IQD 1.4M IQD
MINIMUM AVERAGE MAXIMUM
$250 $370 $1,100
House
390,000 IQD 980,000 IQD 2M IQD
MINIMUM AVERAGE MAXIMUM
$300 $750 $1,500
Villa
490,000 IQD 1.2M IQD 2M IQD
MINIMUM AVERAGE MAXIMUM
$370 $930 $1,500

The monthly rental cost of a studio apartment in Kirkuk ranges between 81,000 IQD and 330,000 IQD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 120,000 IQD to 490,000 IQD. Two-bedroom rentals rate ranges between 160,000 IQD and 650,000 IQD per month. The monthly rental for a three-bedroom apartment ranges from 200,000 IQD to 890,000 IQD. The average rent of a townhouse in Kirkuk is around 490,000 IQD while house rental costs can be as high as 980,000 IQD per month. Finally, if you want to rent a villa, expect to pay anywhere from 490,000 IQD to 2M IQD per month.



Apartment and house prices in Kirkuk

Cost of buying a property

Studio apartment
16M IQD 24M IQD 49M IQD
MINIMUM AVERAGE MAXIMUM
$12,000 $19,000 $37,000
1-bedroom apartment
20M IQD 33M IQD 120M IQD
MINIMUM AVERAGE MAXIMUM
$15,000 $25,000 $93,000
2-bedroom apartment
33M IQD 98M IQD 200M IQD
MINIMUM AVERAGE MAXIMUM
$25,000 $75,000 $150,000
3-bedroom apartment
110M IQD 160M IQD 490M IQD
MINIMUM AVERAGE MAXIMUM
$83,000 $120,000 $370,000
Townhouse
140M IQD 330M IQD 1,200M IQD
MINIMUM AVERAGE MAXIMUM
$110,000 $250,000 $930,000
House
160M IQD 980M IQD 1,400M IQD
MINIMUM AVERAGE MAXIMUM
$120,000 $750,000 $1.1M
Villa
200M IQD 1,100M IQD 1,600M IQD
MINIMUM AVERAGE MAXIMUM
$150,000 $830,000 $1.2M

The average price of a studio apartment in Kirkuk can range from 16M IQD to 49M IQD depending on location. One bedroom cost can be anywhere from 20M IQD to 120M IQD. A villa can cost you 1,100M IQD on average with prices ranging from 200M IQD to 1,600M IQD.


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


28 x78 monthly income 176
MINIMUM AVERAGE MAXIMUM

Property prices in Kirkuk can be x78 to x176 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x78 multiples of the average monthly salary in Kirkuk.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


17% 26% of income 35%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Kirkuk is around 26%. This means that people pay 26% of their income for rent. Those figures can range from 17% to 35% 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
24%

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
1.8%
AVERAGE
2.8%
TO
3.7%

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.


1,500 IQD 19,000 IQD 190,000 IQD
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 Kirkuk

Housing29%

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

LOW$61   80,000 IQD
AVERAGE$180   240,000 IQD
HIGH$1,200   1.6M IQD
Per Month

Utilities, Electricity, Water9%

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

LOW$10   13,000 IQD
AVERAGE$30   40,000 IQD
HIGH$200   270,000 IQD
Per Month

Transport, Fuel5%

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

LOW$14   18,000 IQD
AVERAGE$41   53,000 IQD
HIGH$270   360,000 IQD
Per Month

Food and Groceries19%

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

LOW$27   36,000 IQD
AVERAGE$81   110,000 IQD
HIGH$540   710,000 IQD
Per Month

Healthcare12%

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

LOW$15   20,000 IQD
AVERAGE$46   60,000 IQD
HIGH$300   400,000 IQD
Per Month

Leisure, Shopping2%

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

LOW$8.5   11,000 IQD
AVERAGE$25   33,000 IQD
HIGH$170   220,000 IQD
Per Month

Education1%

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

LOW$3.4   4,400 IQD
AVERAGE$10   13,000 IQD
HIGH$68   89,000 IQD
Per Month

Other Expenses22%

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

LOW$30   40,000 IQD
AVERAGE$91   120,000 IQD
HIGH$610   800,000 IQD
Per Month


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

Housing26%

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

LOW$93   120,000 IQD
AVERAGE$280   370,000 IQD
HIGH$1,500   2M IQD
Per Month

Utilities, Electricity, Water8%

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

LOW$14   18,000 IQD
AVERAGE$42   55,000 IQD
HIGH$230   300,000 IQD
Per Month

Transport, Fuel9%

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

LOW$34   44,000 IQD
AVERAGE$100   130,000 IQD
HIGH$540   710,000 IQD
Per Month

Food and Groceries17%

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

LOW$40   52,000 IQD
AVERAGE$120   160,000 IQD
HIGH$630   830,000 IQD
Per Month

Healthcare14%

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

LOW$31   41,000 IQD
AVERAGE$93   120,000 IQD
HIGH$500   650,000 IQD
Per Month

Leisure, Shopping3%

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

LOW$17   22,000 IQD
AVERAGE$51   67,000 IQD
HIGH$270   360,000 IQD
Per Month

Education1%

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

LOW$5.6   7,400 IQD
AVERAGE$17   22,000 IQD
HIGH$90   120,000 IQD
Per Month

Other Expenses21%

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

LOW$48   63,000 IQD
AVERAGE$140   190,000 IQD
HIGH$770   1M IQD
Per Month


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

Housing25%

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

LOW$130   170,000 IQD
AVERAGE$360   470,000 IQD
HIGH$2,000   2.6M IQD
Per Month

Transport, Fuel5%

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

LOW$32   41,000 IQD
AVERAGE$90   120,000 IQD
HIGH$500   650,000 IQD
Per Month

Food and Groceries21%

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

LOW$71   93,000 IQD
AVERAGE$200   270,000 IQD
HIGH$1,100   1.5M IQD
Per Month

Healthcare11%

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

LOW$32   41,000 IQD
AVERAGE$90   120,000 IQD
HIGH$500   650,000 IQD
Per Month

Leisure, Shopping2%

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

LOW$20   26,000 IQD
AVERAGE$56   74,000 IQD
HIGH$310   410,000 IQD
Per Month

Education13%

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

LOW$55   73,000 IQD
AVERAGE$160   210,000 IQD
HIGH$870   1.1M IQD
Per Month

Other Expenses16%

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

LOW$47   62,000 IQD
AVERAGE$140   180,000 IQD
HIGH$750   980,000 IQD
Per Month


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

Housing17%

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

LOW$32   42,000 IQD
AVERAGE$81   110,000 IQD
HIGH$150   190,000 IQD
Per Month

Utilities, Electricity, Water7%

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

LOW$5.4   7,000 IQD
AVERAGE$13   18,000 IQD
HIGH$24   32,000 IQD
Per Month

Transport, Fuel4%

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

LOW$9.4   12,000 IQD
AVERAGE$24   31,000 IQD
HIGH$42   55,000 IQD
Per Month

Food and Groceries23%

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

LOW$27   35,000 IQD
AVERAGE$67   88,000 IQD
HIGH$120   160,000 IQD
Per Month

Healthcare9%

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

LOW$8.1   11,000 IQD
AVERAGE$20   26,000 IQD
HIGH$36   48,000 IQD
Per Month

Leisure, Shopping2%

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

LOW$6.7   8,800 IQD
AVERAGE$17   22,000 IQD
HIGH$30   40,000 IQD
Per Month

Education18%

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

LOW$26   33,000 IQD
AVERAGE$64   84,000 IQD
HIGH$110   150,000 IQD
Per Month

Other Expenses19%

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

LOW$20   26,000 IQD
AVERAGE$50   66,000 IQD
HIGH$91   120,000 IQD
Per Month
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