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.

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.

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.

Expense to income distribution levels

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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?

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

Saving to Income Ratio

Average Monthly Saved Amount

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?

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 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

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 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

Average Monthly Saved Amount

Savings to income distribution levels for families

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

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?

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.

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.

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?

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.

Retirement Income Distribution

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

Retirement Monthly Expenses in Kirkuk

Debt, loans, and mortgages in Kirkuk

Percentage of people who are in debt

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

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

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

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.

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.

Housing costs, accommodation, and housing affordability in Kirkuk

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.

House / apartment prices to income ratio

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

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.

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.

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

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

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

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