Cost Of Living in Lome 2024

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

Whether you're living in Lome 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

590,000 XOF

per month
$970

45,000 XOF   $75
$9,700   5.9M XOF

Single

410,000 XOF

per month
$670

140,000 XOF   $220
$4,500   2.7M XOF

Couple

680,000 XOF

per month
$1,100

230,000 XOF   $370
$6,000   3.6M XOF

Family

900,000 XOF

per month
$1,500

320,000 XOF   $520
$8,200   5M XOF

Student

270,000 XOF

per month
$450

110,000 XOF   $180
$800   490,000 XOF
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Lome is 410,000 XOF. Expenses can range from 140,000 XOF at the minimum level to 2.7M XOF at the highest end.


Couples

The average monthly spending of couples in Lome is 680,000 XOF. Expenditure can range from 230,000 XOF to 3.6M XOF per month.


Families

The average cost of living for families in Lome is 900,000 XOF per month. Families spend anywhere from 320,000 XOF to 5M XOF.


Students

The average monthly expenditure for students in Lome is 270,000 XOF. Students spend from 110,000 XOF to 490,000 XOF 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 Lome


Dining, food, and beverages costs


Large bottle of water
64 XOF 73 XOF 84 XOF
MINIMUM AVERAGE MAXIMUM
$0.11 $0.12 $0.14
Fast food combo meal
550 XOF 1,100 XOF 1,800 XOF
MINIMUM AVERAGE MAXIMUM
$0.91 $1.8 $3
Restaurant meal for one
1,900 XOF 2,900 XOF 5,700 XOF
MINIMUM AVERAGE MAXIMUM
$3.2 $4.7 $9.5
Fine dining meal for one
3,800 XOF 5,700 XOF 23,000 XOF
MINIMUM AVERAGE MAXIMUM
$6.3 $9.5 $38
Soda or Soft Drink
78 XOF 91 XOF 110 XOF
MINIMUM AVERAGE MAXIMUM
$0.13 $0.15 $0.18
Cappuccino or latte
460 XOF 730 XOF 1,100 XOF
MINIMUM AVERAGE MAXIMUM
$0.75 $1.2 $1.8

Grocery and market costs


Milk large bottle
370 XOF 440 XOF 550 XOF
MINIMUM AVERAGE MAXIMUM
$0.60 $0.72 $0.91
Loaf of bread
66 XOF 75 XOF 87 XOF
MINIMUM AVERAGE MAXIMUM
$0.11 $0.12 $0.14
12 eggs
270 XOF 370 XOF 550 XOF
MINIMUM AVERAGE MAXIMUM
$0.45 $0.60 $0.91
Fresh whole chicken
620 XOF 810 XOF 1,100 XOF
MINIMUM AVERAGE MAXIMUM
$1 $1.3 $1.9
Beef 1 kg or 1 lb
730 XOF 1,100 XOF 2,200 XOF
MINIMUM AVERAGE MAXIMUM
$1.2 $1.8 $3.6
Rice 1 kg or 1 lb
290 XOF 400 XOF 570 XOF
MINIMUM AVERAGE MAXIMUM
$0.49 $0.67 $0.94
Tomato 1 kg or 1 lb
110 XOF 150 XOF 270 XOF
MINIMUM AVERAGE MAXIMUM
$0.18 $0.24 $0.45
Apples 1 kg or 1 lb
200 XOF 260 XOF 420 XOF
MINIMUM AVERAGE MAXIMUM
$0.32 $0.42 $0.70

Commute, travel, and transportation costs


20 minutes taxi ride
480 XOF 570 XOF 1,100 XOF
MINIMUM AVERAGE MAXIMUM
$0.79 $0.95 $1.9
Average car full tank
2,700 XOF 3,700 XOF 7,300 XOF
MINIMUM AVERAGE MAXIMUM
$4.5 $6 $12
Average car 1-day rental
3,000 XOF 4,000 XOF 6,000 XOF
MINIMUM AVERAGE MAXIMUM
$5 $6.6 $9.9
Average car price
1.4M XOF 2.7M XOF 3.7M XOF
MINIMUM AVERAGE MAXIMUM
$2,300 $4,500 $6,000
Bus ticket one way
100 XOF 150 XOF 300 XOF
MINIMUM AVERAGE MAXIMUM
$0.17 $0.25 $0.50
Car Service
4,000 XOF 6,000 XOF 12,000 XOF
MINIMUM AVERAGE MAXIMUM
$6.6 $9.9 $20

Utility cost (monthly)


Utility Bill - Individual
8,100 XOF 24,000 XOF 160,000 XOF
MINIMUM AVERAGE MAXIMUM
$13 $40 $270
Utility Bill - Couple
11,000 XOF 34,000 XOF 180,000 XOF
MINIMUM AVERAGE MAXIMUM
$19 $56 $300
Utility Bill - Family
9,500 XOF 27,000 XOF 150,000 XOF
MINIMUM AVERAGE MAXIMUM
$16 $45 $250
Internet and cable
2,700 XOF 5,500 XOF 7,300 XOF
MINIMUM AVERAGE MAXIMUM
$4.5 $9.1 $12
Mobile phone charges
2,200 XOF 3,700 XOF 11,000 XOF
MINIMUM AVERAGE MAXIMUM
$3.6 $6 $18

Leisure and activities costs


Movie ticket
1,400 XOF 1,800 XOF 2,700 XOF
MINIMUM AVERAGE MAXIMUM
$2.3 $3 $4.5
One month gym membership
4,800 XOF 6,000 XOF 12,000 XOF
MINIMUM AVERAGE MAXIMUM
$7.9 $9.9 $20

Cloths and accessories costs


Pair of jeans or pants
3,500 XOF 5,000 XOF 7,500 XOF
MINIMUM AVERAGE MAXIMUM
$5.8 $8.3 $12
Woman dress
3,300 XOF 4,600 XOF 15,000 XOF
MINIMUM AVERAGE MAXIMUM
$5.5 $7.6 $25
Woman shoes
3,200 XOF 4,300 XOF 10,000 XOF
MINIMUM AVERAGE MAXIMUM
$5.2 $7.1 $17
Men's shoes
2,700 XOF 3,300 XOF 6,700 XOF
MINIMUM AVERAGE MAXIMUM
$4.5 $5.5 $11
Men suit
3,000 XOF 3,800 XOF 20,000 XOF
MINIMUM AVERAGE MAXIMUM
$5 $6.2 $33
Regular t-shirt
1,500 XOF 2,000 XOF 6,000 XOF
MINIMUM AVERAGE MAXIMUM
$2.5 $3.3 $9.9

Housing costs / monthly rent


Studio apartment
50,000 XOF 75,000 XOF 200,000 XOF
MINIMUM AVERAGE MAXIMUM
$83 $120 $330
1-bedroom apartment
75,000 XOF 120,000 XOF 300,000 XOF
MINIMUM AVERAGE MAXIMUM
$120 $200 $500
2-bedroom apartment
100,000 XOF 150,000 XOF 400,000 XOF
MINIMUM AVERAGE MAXIMUM
$170 $250 $660

Housing costs / Buying


Studio apartment
10M XOF 15M XOF 30M XOF
MINIMUM AVERAGE MAXIMUM
$17,000 $25,000 $50,000
1-bedroom apartment
12M XOF 20M XOF 75M XOF
MINIMUM AVERAGE MAXIMUM
$20,000 $33,000 $120,000
2-bedroom apartment
20M XOF 60M XOF 120M XOF
MINIMUM AVERAGE MAXIMUM
$33,000 $99,000 $200,000

Furniture Costs


King Size Bed
55,000 XOF 68,000 XOF 91,000 XOF
MINIMUM AVERAGE MAXIMUM
$91 $110 $150
Double Bed
37,000 XOF 55,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$60 $91 $110
Single Bed
32,000 XOF 42,000 XOF 55,000 XOF
MINIMUM AVERAGE MAXIMUM
$53 $70 $91
Living Room
61,000 XOF 78,000 XOF 270,000 XOF
MINIMUM AVERAGE MAXIMUM
$100 $130 $450
Dining Table
27,000 XOF 37,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$45 $60 $110
Sofa or Couch
37,000 XOF 50,000 XOF 110,000 XOF
MINIMUM AVERAGE MAXIMUM
$60 $82 $180

Electronics and House Appliance Costs


TV Set
37,000 XOF 55,000 XOF 110,000 XOF
MINIMUM AVERAGE MAXIMUM
$60 $91 $180
Fridge or Freezer
32,000 XOF 50,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$53 $82 $110
Washing Machine
42,000 XOF 61,000 XOF 110,000 XOF
MINIMUM AVERAGE MAXIMUM
$70 $100 $180
Stove or Cooker
39,000 XOF 50,000 XOF 68,000 XOF
MINIMUM AVERAGE MAXIMUM
$65 $82 $110
Mobile Phone
46,000 XOF 55,000 XOF 78,000 XOF
MINIMUM AVERAGE MAXIMUM
$75 $91 $130
Laptop or Computer
50,000 XOF 61,000 XOF 110,000 XOF
MINIMUM AVERAGE MAXIMUM
$82 $100 $180

Expenditure to Income Ratio in Lome

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

98%

90% to 110%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%5%
50% - 60%10%
60% - 70%16%
70% - 80%25%
80% - 90%18%
90% - 100%10%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Lome is 98% This means that on average, people spend around 98% of their income for living. According to the distribution table, 16% 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
88%
Spending-Income-Ratio
81%
97%

Couple
93%
Spending-Income-Ratio
85%
100%

Family
100%
Spending-Income-Ratio
94%
110%

How do people spend their money in Lome?

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 Expenditure25%

25% of total expenses on average (14% to 33%)

LOW$22   14,000 XOF
AVERAGE$290   180,000 XOF
HIGH$2,900   1.8M XOF
Per Month

People living in Lome typically spend from 14% to 33% of their total monthly expenditure on housing with 25% being the average. The average spend on housing is 180,000 XOF with expenditure ranging from 14,000 XOF to 1.8M XOF. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water7%

7% of total expenses on average (4% to 11%)

LOW$3.7   2,300 XOF
AVERAGE$49   29,000 XOF
HIGH$490   290,000 XOF
Per Month

Utility expenditure like electricity, water, and gas in Lome ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 29,000 XOF with 2,300 XOF and 290,000 XOF being the upper and lower limits.

Transport, Fuel, Commute7%

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

LOW$7.5   4,500 XOF
AVERAGE$97   59,000 XOF
HIGH$970   590,000 XOF
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 4,500 XOF to 590,000 XOF on commuting with 59,000 XOF 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$19   11,000 XOF
AVERAGE$240   150,000 XOF
HIGH$2,400   1.5M XOF
Per Month

The average outlay on groceries in a month in Lome is 150,000 XOF. The cost of groceries can range between 11,000 XOF to 1.5M XOF. 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$5.2   3,200 XOF
AVERAGE$68   41,000 XOF
HIGH$680   410,000 XOF
Per Month

People in Lome 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 3,200 XOF to 410,000 XOF with 41,000 XOF being the norm.

Leisure and Shopping5%

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

LOW$3   1,800 XOF
AVERAGE$39   24,000 XOF
HIGH$390   240,000 XOF
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 1,800 XOF to 240,000 XOF with 24,000 XOF being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.

Education and Schooling5%

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

LOW$4.5   2,700 XOF
AVERAGE$58   35,000 XOF
HIGH$580   350,000 XOF
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 35,000 XOF per month with 2,700 XOF being the minimum spent amount and 350,000 XOF being the maximum.

Other Expenses13%

13% of total expenses on average (8% to 20%)

LOW$9.7   5,900 XOF
AVERAGE$130   76,000 XOF
HIGH$1,300   760,000 XOF
Per Month

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


Saving Money
64%
Not Saving
36%

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


Percentage of people saving money by population group in Lome

GroupSaversNon Savers
Singles70%30%
Couples64%36%
Families59%41%

Savings-to-Income Ratio

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


Saving to Income Ratio

10% 18% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

15,000 XOF
$25
190,000 XOF
$320
1.9M XOF
$3,200
MINIMUM AVERAGE MAXIMUM

For most people, 10% to 33% of their monthly income is what they can allocate to their savings, with 18% being the average. The amount of money that people can save is approximately 190,000 XOF on average with savings ranging from 15,000 XOF to 1.9M XOF.

70% of surveyed singles reported some of their income going to savings while 64% of couples said the same. 59% of families confirmed their ability to save money.


How much money do people actually save in Lome?

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

14% 23% of income 35%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

45,000 XOF
$74
130,000 XOF
$220
890,000 XOF
$1,500
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%31%
10% - 20%24%
20% - 30%16%
30% - 40%14%
40% - 50%11%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 14% to 35% of their monthly income to savings, with 23% being the average for most singles. The average amount of money that singles are able to save is 130,000 XOF with 45,000 XOF and 890,000 XOF being the minimum and maximum respectively.


Couples

Saving to Income Ratio

11% 20% of income 34%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

74,000 XOF
$120
220,000 XOF
$370
1.2M XOF
$2,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%35%
10% - 20%26%
20% - 30%19%
30% - 40%9%
40% - 50%8%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 11% to 34% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 220,000 XOF with 74,000 XOF and 1.2M XOF being the minimum and maximum respectively.


Families

Saving to Income Ratio

9.1% 17% of income 31%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

100,000 XOF
$170
300,000 XOF
$490
1.6M XOF
$2,700
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%38%
10% - 20%29%
20% - 30%20%
30% - 40%6%
40% - 50%5%
> 50%2%

Interpretation and Analysis

Families in Lome can save anywhere between 9.1% to 31% of their monthly income, with 17% being the average for most families. The average amount of money that families can put aside is 300,000 XOF with 100,000 XOF and 1.6M XOF 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 Lome

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Lome?


Yes
64%
No
36%

Around 64% of surveyed residents think that living in Lome is affordable with proper budgeting while 36% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Lome

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 options64%

Few low-cost options36%


Based on the survey, 64% of the people living in Lome have no problem finding low-cost alternatives to support a frugal lifestyle while 36% 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 Lome whether they have an emergency fund and the answers were as follows.

Yes60%

No40%


Based on the survey, 40% of the people living in Lome said that they don't have an emergency fund while 60% said that they do.

Financial Literacy in Togo

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 Togo 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 Togo have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 48% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 52% said that they have everything under control.

Struggles with finance48%

Easily manages finances52%

Financial goals of people in Lome

In an attempt to understand the economic situation in Lome, 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 Reduction39%
Retirement Savings9%
Education Funding7%
Homeownership18%
Investing7%
Travel or Lifestyle8%
Healthcare Expenses12%
Financial Independence6%

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 39% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% 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 8% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 12% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Lome

Reasons that make it difficult for people to save money

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


Reason% People
Low Income5%
High Expenses8%
Debt and Loans15%
Lack of Budgeting Skills11%
Impulsive Spending11%
Financial Emergencies7%
Living the moment6%
Will do it later19%
Inflation12%
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. 15% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 11% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 19% 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. 12% 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 Lome

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold12%
Savings Accounts17%
Retirement Accounts10%
Cash Savings19%
Real Estate9%
Investment5%
Stocks5%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Lome

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

Retirement age

The retirement age for most employees in Togo 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 Lome:
AgeAmount
251.6M XOF
303.1M XOF
355.5M XOF
407.8M XOF
4512M XOF
5016M XOF
5520M XOF
6024M XOF
6529M XOF

Retirement Income Distribution

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

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job13%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Lome

100,000 XOF
$160
300,000 XOF
$490
2M XOF
$3,300
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Lome


Percentage of people who are in debt


In Debt
35%
Debt Free
65%

According to the survey, 35% of the people in Lome have some kind of debt, loan, mortgage, or credit card payments while 65% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Lome

Debt to income ratio

35%

26% to 45%

( 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 35% of the people's monthly income in Lome goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%16%
40% - 50%13%
30% - 40%15%
20% - 30%12%
10% - 20%14%
0% - 10%26%

According to our data, 3% of the debtors in Lome pay 60%+ of their income as debt settlement while 16% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 13% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 15% dedicated 30% to 40% of income for same. Things are looking brighter for 12% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Lome

Debt% People
Real Estate Mortgage10%
Auto Loan18%
Student Loan4%
Credit Card28%
Personal Loan41%

10% of debtors in Lome confirm that real estate mortgages constitutes the main part of their outstanding debt while 28% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 18% of people and personal loans rose at 41%. Lastly, student loans are the main source of debt for 4% of debtors in Lome.


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 Lome

Besides measuring the loan-to-income ratio, we asked residents of Lome 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
Never52%
Once a year23%
Twice a year12%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Lome

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


Rent Cost in Lome

Monthly Rent Prices

Studio apartment
50,000 XOF 75,000 XOF 200,000 XOF
MINIMUM AVERAGE MAXIMUM
$83 $120 $330
1-bedroom apartment
75,000 XOF 120,000 XOF 300,000 XOF
MINIMUM AVERAGE MAXIMUM
$120 $200 $500
2-bedroom apartment
100,000 XOF 150,000 XOF 400,000 XOF
MINIMUM AVERAGE MAXIMUM
$170 $250 $660
3-bedroom apartment
120,000 XOF 200,000 XOF 550,000 XOF
MINIMUM AVERAGE MAXIMUM
$200 $330 $900
Furnished apartment
240,000 XOF 600,000 XOF 1.2M XOF
MINIMUM AVERAGE MAXIMUM
$400 $990 $2,000
Townhouse
200,000 XOF 300,000 XOF 860,000 XOF
MINIMUM AVERAGE MAXIMUM
$330 $500 $1,400
House
240,000 XOF 600,000 XOF 1.2M XOF
MINIMUM AVERAGE MAXIMUM
$400 $990 $2,000
Villa
300,000 XOF 750,000 XOF 1.2M XOF
MINIMUM AVERAGE MAXIMUM
$500 $1,200 $2,000

The monthly rental cost of a studio apartment in Lome ranges between 50,000 XOF and 200,000 XOF, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 75,000 XOF to 300,000 XOF. Two-bedroom rentals rate ranges between 100,000 XOF and 400,000 XOF per month. The monthly rental for a three-bedroom apartment ranges from 120,000 XOF to 550,000 XOF. The average rent of a townhouse in Lome is around 300,000 XOF while house rental costs can be as high as 600,000 XOF per month. Finally, if you want to rent a villa, expect to pay anywhere from 300,000 XOF to 1.2M XOF per month.



Apartment and house prices in Lome

Cost of buying a property

Studio apartment
10M XOF 15M XOF 30M XOF
MINIMUM AVERAGE MAXIMUM
$17,000 $25,000 $50,000
1-bedroom apartment
12M XOF 20M XOF 75M XOF
MINIMUM AVERAGE MAXIMUM
$20,000 $33,000 $120,000
2-bedroom apartment
20M XOF 60M XOF 120M XOF
MINIMUM AVERAGE MAXIMUM
$33,000 $99,000 $200,000
3-bedroom apartment
67M XOF 100M XOF 300M XOF
MINIMUM AVERAGE MAXIMUM
$110,000 $170,000 $500,000
Townhouse
86M XOF 200M XOF 750M XOF
MINIMUM AVERAGE MAXIMUM
$140,000 $330,000 $1.2M
House
100M XOF 600M XOF 860M XOF
MINIMUM AVERAGE MAXIMUM
$170,000 $990,000 $1.4M
Villa
120M XOF 670M XOF 1,000M XOF
MINIMUM AVERAGE MAXIMUM
$200,000 $1.1M $1.7M

The average price of a studio apartment in Lome can range from 10M XOF to 30M XOF depending on location. One bedroom cost can be anywhere from 12M XOF to 75M XOF. A villa can cost you 670M XOF on average with prices ranging from 120M XOF to 1,000M XOF.


If you're leasing or purchasing, housing costs in Lome will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


37 x107 monthly income 224
MINIMUM AVERAGE MAXIMUM

Property prices in Lome can be x107 to x224 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x107 multiples of the average monthly salary in Lome.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


22% 33% of income 44%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Lome is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 22% to 44% 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
30%

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
2%
AVERAGE
3%
TO
4%

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.


900 XOF 12,000 XOF 120,000 XOF
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 Lome

Housing31%

31% of total expenses on average (19% to 43%)

LOW$81   49,000 XOF
AVERAGE$240   150,000 XOF
HIGH$1,600   980,000 XOF
Per Month

Utilities, Electricity, Water8%

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

LOW$13   8,100 XOF
AVERAGE$40   24,000 XOF
HIGH$270   160,000 XOF
Per Month

Transport, Fuel5%

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

LOW$18   11,000 XOF
AVERAGE$54   33,000 XOF
HIGH$360   220,000 XOF
Per Month

Food and Groceries19%

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

LOW$36   22,000 XOF
AVERAGE$110   65,000 XOF
HIGH$720   430,000 XOF
Per Month

Healthcare12%

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

LOW$20   12,000 XOF
AVERAGE$61   37,000 XOF
HIGH$400   240,000 XOF
Per Month

Leisure, Shopping3%

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

LOW$11   6,800 XOF
AVERAGE$34   20,000 XOF
HIGH$220   140,000 XOF
Per Month

Education1%

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

LOW$4.5   2,700 XOF
AVERAGE$13   8,100 XOF
HIGH$90   54,000 XOF
Per Month

Other Expenses21%

21% of total expenses on average (13% to 25%)

LOW$40   24,000 XOF
AVERAGE$120   73,000 XOF
HIGH$810   490,000 XOF
Per Month


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

Housing28%

28% of total expenses on average (21% to 38%)

LOW$120   75,000 XOF
AVERAGE$370   220,000 XOF
HIGH$2,000   1.2M XOF
Per Month

Utilities, Electricity, Water7%

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

LOW$19   11,000 XOF
AVERAGE$56   34,000 XOF
HIGH$300   180,000 XOF
Per Month

Transport, Fuel9%

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

LOW$45   27,000 XOF
AVERAGE$130   81,000 XOF
HIGH$720   430,000 XOF
Per Month

Food and Groceries17%

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

LOW$52   32,000 XOF
AVERAGE$160   95,000 XOF
HIGH$840   510,000 XOF
Per Month

Healthcare14%

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

LOW$41   25,000 XOF
AVERAGE$120   75,000 XOF
HIGH$660   400,000 XOF
Per Month

Leisure, Shopping4%

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

LOW$22   14,000 XOF
AVERAGE$67   41,000 XOF
HIGH$360   220,000 XOF
Per Month

Education1%

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

LOW$7.5   4,500 XOF
AVERAGE$22   14,000 XOF
HIGH$120   72,000 XOF
Per Month

Other Expenses20%

20% of total expenses on average (14% to 26%)

LOW$64   38,000 XOF
AVERAGE$190   120,000 XOF
HIGH$1,000   610,000 XOF
Per Month


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

Housing27%

27% of total expenses on average (22% to 37%)

LOW$170   100,000 XOF
AVERAGE$480   290,000 XOF
HIGH$2,600   1.6M XOF
Per Month

Transport, Fuel5%

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

LOW$42   25,000 XOF
AVERAGE$120   72,000 XOF
HIGH$660   400,000 XOF
Per Month

Food and Groceries21%

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

LOW$94   57,000 XOF
AVERAGE$270   160,000 XOF
HIGH$1,500   900,000 XOF
Per Month

Healthcare11%

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

LOW$42   25,000 XOF
AVERAGE$120   72,000 XOF
HIGH$660   400,000 XOF
Per Month

Leisure, Shopping3%

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

LOW$26   16,000 XOF
AVERAGE$75   45,000 XOF
HIGH$410   250,000 XOF
Per Month

Education13%

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

LOW$73   44,000 XOF
AVERAGE$210   130,000 XOF
HIGH$1,200   700,000 XOF
Per Month

Other Expenses15%

15% of total expenses on average (8% to 20%)

LOW$63   38,000 XOF
AVERAGE$180   110,000 XOF
HIGH$990   600,000 XOF
Per Month


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

Housing19%

19% of total expenses on average (14% to 25%)

LOW$43   26,000 XOF
AVERAGE$110   65,000 XOF
HIGH$190   120,000 XOF
Per Month

Utilities, Electricity, Water6%

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

LOW$7.2   4,300 XOF
AVERAGE$18   11,000 XOF
HIGH$32   19,000 XOF
Per Month

Transport, Fuel4%

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

LOW$13   7,600 XOF
AVERAGE$31   19,000 XOF
HIGH$56   34,000 XOF
Per Month

Food and Groceries23%

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

LOW$36   22,000 XOF
AVERAGE$89   54,000 XOF
HIGH$160   97,000 XOF
Per Month

Healthcare9%

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

LOW$11   6,500 XOF
AVERAGE$27   16,000 XOF
HIGH$48   29,000 XOF
Per Month

Leisure, Shopping3%

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

LOW$8.9   5,400 XOF
AVERAGE$22   14,000 XOF
HIGH$40   24,000 XOF
Per Month

Education18%

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

LOW$34   21,000 XOF
AVERAGE$85   51,000 XOF
HIGH$150   92,000 XOF
Per Month

Other Expenses18%

18% of total expenses on average (12% to 24%)

LOW$27   16,000 XOF
AVERAGE$67   41,000 XOF
HIGH$120   73,000 XOF
Per Month
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