Cost Of Living in Koln 2024

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

Whether you're living in Koln 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 Koln is 2,700 EUR. Expenses can range from 390 EUR at the minimum level to 18,000 EUR at the highest end.

Couples

The average monthly spending of couples in Koln is 4,600 EUR. Expenditure can range from 1,500 EUR to 24,000 EUR per month.

Families

The average cost of living for families in Koln is 6,100 EUR per month. Families spend anywhere from 2,100 EUR to 39,000 EUR.

Students

The average monthly expenditure for students in Koln is 2,000 EUR. Students spend from 300 EUR to 13,000 EUR per month.

Expenditure to Income Ratio in Koln

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 Koln is 84% This means that on average, people spend around 84% of their income for living. According to the distribution table, 17% of the population spend approximately 60% to 70% of their income every month.

Individual
76%
Spending-Income-Ratio

---

67%

85%

Couple
80%
Spending-Income-Ratio

---

71%

90%

Family
88%
Spending-Income-Ratio

---

78%

99%

How do people spend their money in Koln?

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

People living in Koln typically spend from 15% to 34% of their total monthly expenditure on housing with 26% being the average. The average spend on housing is 1,200 EUR with expenditure ranging from 91 EUR to 12,000 EUR. 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 Koln ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 200 EUR with 15 EUR and 2,000 EUR 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 30 EUR to 3,900 EUR on commuting with 390 EUR being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.

The average outlay on groceries in a month in Koln is 990 EUR. The cost of groceries can range between 76 EUR to 9,900 EUR. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

People in Koln allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 21 EUR to 2,800 EUR with 280 EUR 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 12 EUR to 1,600 EUR with 160 EUR being the average. Speaking of percentages, that equates to 3% to 9% of total expenses with an average of 5% 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 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 240 EUR per month with 18 EUR being the minimum spent amount and 2,400 EUR being the maximum.

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

Almost 68% of the surveyed people in Koln said that they can save some money at the end of each month while 32% said that aren't saving anything.

Percentage of people saving money by population group in Koln

Saving to Income Ratio

Average Monthly Saved Amount

For most people, 15% to 35% of their monthly income is what they can allocate to their savings, with 24% being the average. The amount of money that people can save is approximately 1,600 EUR on average with savings ranging from 120 EUR to 16,000 EUR.

75% of surveyed singles reported some of their income going to savings while 69% of couples said the same. 64% of families confirmed their ability to save money.

How much money do people actually save in Koln?

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 18% to 37% of their monthly income to savings, with 28% being the average for most singles. The average amount of money that singles are able to save is 1,100 EUR with 120 EUR and 7,400 EUR 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 16% to 36% of their monthly income, with 26% being the average for most couples. The average amount of money that couples can save is 1,800 EUR with 620 EUR and 9,900 EUR 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 Koln can save anywhere between 14% to 32% of their monthly income, with 22% being the average for most families. The average amount of money that families can put aside is 2,500 EUR with 860 EUR and 16,000 EUR being the minimum and maximum respectively.

Saving Challenges in Koln

Reasons that make it difficult for people to save money

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

Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 16% 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. 10% blamed impulsive spending as the reason for saving inability. Around 6% 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. 18% 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. 11% 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, 3% blamed market instability and price fluctuations.

Typical saving choices for people in Koln

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 Koln

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Koln?

Around 79% of surveyed residents think that living in Koln is affordable with proper budgeting while 21% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Koln

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 options63%

Few low-cost options37%

Based on the survey, 63% of the people living in Koln have no problem finding low-cost alternatives to support a frugal lifestyle while 37% 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 Koln whether they have an emergency fund and the answers were as follows.

Yes76%

No24%

Based on the survey, 24% of the people living in Koln said that they don't have an emergency fund while 76% said that they do.

Financial Literacy in Germany

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 Leteracy71%

We asked residents of Germany whether they acquired any adequate personal financial training in their lives. Approximately 29% 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 71% 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 Germany have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 28% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 72% said that they have everything under control.

Struggles with finance28%

Easily manages finances72%

Financial goals of people in Koln

In an attempt to understand the economic situation in Koln, 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 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 36% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 9% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 11% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Koln

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

Retirement age

The retirement age for most employees in Germany 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 Koln about their retirement income sources and below are the results.

Retirement Monthly Expenses in Koln

Debt, loans, and mortgages in Koln

Percentage of people who are in debt

According to the survey, 28% of the people in Koln have some kind of debt, loan, mortgage, or credit card payments while 72% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Koln

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 27% of the people's monthly income in Koln goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Koln pay 60%+ of their income as debt settlement while 14% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 12% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 14% dedicated 30% to 40% of income for same. Things are looking brighter for 13% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Koln

11% of debtors in Koln confirm that real estate mortgages constitutes the main part of their outstanding debt while 27% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 20% of people and personal loans rose at 39%. Lastly, student loans are the main source of debt for 3% of debtors in Koln.

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 Koln

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

Rent Cost in Koln

Monthly Rent Prices

Studio apartment monthly rent cost

360 EUR

530 EUR

1,400 EUR

MINIMUM

AVERAGE

MAXIMUM

$390

$580

$1,500

1-bedroom apartment monthly rent cost

530 EUR

850 EUR

2,100 EUR

MINIMUM

AVERAGE

MAXIMUM

$580

$930

$2,300

2-bedroom apartment monthly rent cost

710 EUR

1,100 EUR

2,800 EUR

MINIMUM

AVERAGE

MAXIMUM

$770

$1,200

$3,100

3-bedroom apartment monthly rent cost

850 EUR

1,400 EUR

3,900 EUR

MINIMUM

AVERAGE

MAXIMUM

$930

$1,500

$4,200

Furnished apartment monthly rent cost

1,700 EUR

4,300 EUR

8,500 EUR

MINIMUM

AVERAGE

MAXIMUM

$1,900

$4,600

$9,300

Townhouse monthly rent cost

1,400 EUR

2,100 EUR

6,100 EUR

MINIMUM

AVERAGE

MAXIMUM

$1,500

$2,300

$6,600

House monthly rent cost

1,700 EUR

4,300 EUR

8,500 EUR

MINIMUM

AVERAGE

MAXIMUM

$1,900

$4,600

$9,300

Villa monthly rent cost

2,100 EUR

5,300 EUR

8,500 EUR

MINIMUM

AVERAGE

MAXIMUM

$2,300

$5,800

$9,300

The monthly rental cost of a studio apartment in Koln ranges between 360 EUR and 1,400 EUR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 530 EUR to 2,100 EUR. Two-bedroom rentals rate ranges between 710 EUR and 2,800 EUR per month. The monthly rental for a three-bedroom apartment ranges from 850 EUR to 3,900 EUR. The average rent of a townhouse in Koln is around 2,100 EUR while house rental costs can be as high as 4,300 EUR per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,100 EUR to 8,500 EUR per month.

Apartment and house prices in Koln

Cost of buying a property

Studio apartment price

71,000 EUR

110,000 EUR

210,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$77,000

$120,000

$230,000

1-bedroom apartment price

85,000 EUR

140,000 EUR

530,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$93,000

$150,000

$580,000

2-bedroom apartment price

140,000 EUR

430,000 EUR

850,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$150,000

$460,000

$930,000

3-bedroom apartment price

470,000 EUR

710,000 EUR

2.1M EUR

MINIMUM

AVERAGE

MAXIMUM

$510,000

$770,000

$2.3M

Townhouse price

610,000 EUR

1.4M EUR

5.3M EUR

MINIMUM

AVERAGE

MAXIMUM

$660,000

$1.5M

$5.8M

House price

710,000 EUR

4.3M EUR

6.1M EUR

MINIMUM

AVERAGE

MAXIMUM

$770,000

$4.6M

$6.6M

Villa price

850,000 EUR

4.7M EUR

7.1M EUR

MINIMUM

AVERAGE

MAXIMUM

$930,000

$5.1M

$7.7M

The average price of a studio apartment in Koln can range from 71,000 EUR to 210,000 EUR depending on location. One bedroom cost can be anywhere from 85,000 EUR to 530,000 EUR. A villa can cost you 4.7M EUR on average with prices ranging from 850,000 EUR to 7.1M EUR.

House / apartment prices to income ratio

Property prices in Koln can be x144 to x231 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x144 multiples of the average monthly salary in Koln.

Rent to income ratio

The average rent-to-income ratio in Koln is around 35%. This means that people pay 35% of their income for rent. Those figures can range from 25% to 46% 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 Koln

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

Utility Bill Cost / Electricity + Water + Gas / Individual

23 EUR

160 EUR

1,100 EUR

MINIMUM

AVERAGE

MAXIMUM

$25

$180

$1,200

Utility Bill Cost / Electricity + Water + Gas / Couple

61 EUR

200 EUR

1,300 EUR

MINIMUM

AVERAGE

MAXIMUM

$66

$220

$1,400

Utility Bill Cost / Electricity + Water + Gas / Family

110 EUR

300 EUR

2,000 EUR

MINIMUM

AVERAGE

MAXIMUM

$120

$330

$2,100

Internet and cable cost

20 EUR

39 EUR

53 EUR

MINIMUM

AVERAGE

MAXIMUM

$21

$43

$57

Mobile phone bill and charges

16 EUR

26 EUR

79 EUR

MINIMUM

AVERAGE

MAXIMUM

$17

$28

$85

The average monthly expenditure for individuals on electricty, water, and gas in Koln ranges between 23 EUR and 1,100 EUR with average being 160 EUR, meanwhile the expenditure of couples is slightly higher at 200 EUR with 61 EUR and 1,300 EUR 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 300 EUR. The cost of internet and WiFi is unchanged among the three groups and ranges from 20 EUR to 53 EUR with 39 EUR being the average internet bill. Finally, the average monthly mobile charges is around 26 EUR but can range between 16 EUR and 79 EUR 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 Koln is around 4.1%. This means that people pay 4.1% of their income for energy, water, internet, and mobile charges. Those figures can range from 1% to 8.3% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Koln

Prices and cost of goods and services in Koln

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

Fast food combo meal price

3.9 EUR

7.9 EUR

13 EUR

MINIMUM

AVERAGE

MAXIMUM

$4.3

$8.5

$14

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Koln is approximatly 7.9 EUR with meal cost ranging from 3.9 EUR to 13 EUR. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

14 EUR

21 EUR

41 EUR

MINIMUM

AVERAGE

MAXIMUM

$15

$22

$45

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 14 EUR and 41 EUR with 21 EUR being the average price of a plate for one person at a regular restaurant in Koln.

Fine dining meal for one price

27 EUR

41 EUR

160 EUR

MINIMUM

AVERAGE

MAXIMUM

$30

$45

$180

The price range of a meal at fine-dining restaurant is 27 EUR to 160 EUR with the average cost being 41 EUR for one person. This is what you would expect to pay a top-tier diner in Koln.

Beverage prices, cappuccino, latte etc..

3.3 EUR

5.3 EUR

7.9 EUR

MINIMUM

AVERAGE

MAXIMUM

$3.6

$5.7

$8.5

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Koln is around 5.3 EUR. Price ranges between 3.3 EUR and 7.9 EUR depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

2.6 EUR

3.2 EUR

3.9 EUR

MINIMUM

AVERAGE

MAXIMUM

$2.8

$3.4

$4.3

The average price of a large bottle of milk in Koln is 3.2 EUR. The maximum what you would pay for milk is 3.9 EUR and the minimum being 2.6 EUR depending on the brand of milk and other properties.

12 eggs price

2 EUR

2.6 EUR

3.9 EUR

MINIMUM

AVERAGE

MAXIMUM

$2.1

$2.8

$4.3

A dozen eggs costs around 2.6 EUR on average with 2 EUR and 3.9 EUR being the lower and upper limits respectively.

Fresh whole chicken price

4.5 EUR

5.8 EUR

8.2 EUR

MINIMUM

AVERAGE

MAXIMUM

$4.9

$6.3

$8.9

The price range of a fresh whole chicken in Koln is between 4.5 EUR and 8.2 EUR depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 5.8 EUR.

Pack of beef price

5.3 EUR

7.9 EUR

16 EUR

MINIMUM

AVERAGE

MAXIMUM

$5.7

$8.5

$17

The price of a regular pack of beef or meat is around 7.9 EUR. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

2.1 EUR

2.9 EUR

4.1 EUR

MINIMUM

AVERAGE

MAXIMUM

$2.3

$3.1

$4.5

A bag of rice in Koln costs around 2.9 EUR on average with prices rangeing between 2.1 EUR and 4.1 EUR depending on the brand and quality.

Bag of tomatos price

0.79 EUR

1.1 EUR

2 EUR

MINIMUM

AVERAGE

MAXIMUM

$0.85

$1.1

$2.1

A bag of tomatoes costs anywhere from 0.79 EUR to 2 EUR. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

1.4 EUR

1.8 EUR

3 EUR

MINIMUM

AVERAGE

MAXIMUM

$1.5

$2

$3.3

A bag of apples costs 1.8 EUR 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 Koln is around 26%. This means that people spend 26% of their income on grocery and basic household items. The expenditure can range from 18% to 32% depending on salary and location.

Expenditure on food and grocery for every population group

A single person living alone spends approximately 440 EUR per month on grocery and food with expenditure fluctuating between 62 EUR and 2,900 EUR depending on location and the type of person. The average cost of food and groceries for a couple is around 640 EUR per month. That number can be get as low as 210 EUR or a high as 3,400 EUR. Families' spending on grocery ranges from 380 EUR to 7,100 EUR 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 Koln

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

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

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