Cost Of Living in Makati 2024

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

Whether you're living in Makati 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

71,000 PHP

per month
$1,300

5,400 PHP   $97
$13,000   710,000 PHP

Single

49,000 PHP

per month
$870

16,000 PHP   $290
$5,800   330,000 PHP

Couple

81,000 PHP

per month
$1,500

27,000 PHP   $480
$7,800   430,000 PHP

Family

110,000 PHP

per month
$1,900

38,000 PHP   $680
$11,000   600,000 PHP

Student

32,000 PHP

per month
$580

13,000 PHP   $230
$1,000   58,000 PHP
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Makati is 49,000 PHP. Expenses can range from 16,000 PHP at the minimum level to 330,000 PHP at the highest end.


Couples

The average monthly spending of couples in Makati is 81,000 PHP. Expenditure can range from 27,000 PHP to 430,000 PHP per month.


Families

The average cost of living for families in Makati is 110,000 PHP per month. Families spend anywhere from 38,000 PHP to 600,000 PHP.


Students

The average monthly expenditure for students in Makati is 32,000 PHP. Students spend from 13,000 PHP to 58,000 PHP 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 Makati


Dining, food, and beverages costs


Large bottle of water
8.8 PHP 10 PHP 11 PHP
MINIMUM AVERAGE MAXIMUM
$0.16 $0.18 $0.21
Fast food combo meal
75 PHP 150 PHP 250 PHP
MINIMUM AVERAGE MAXIMUM
$1.3 $2.7 $4.4
Restaurant meal for one
240 PHP 370 PHP 730 PHP
MINIMUM AVERAGE MAXIMUM
$4.4 $6.5 $13
Fine dining meal for one
490 PHP 730 PHP 2,900 PHP
MINIMUM AVERAGE MAXIMUM
$8.7 $13 $52
Soda or Soft Drink
11 PHP 12 PHP 15 PHP
MINIMUM AVERAGE MAXIMUM
$0.19 $0.22 $0.27
Cappuccino or latte
62 PHP 100 PHP 150 PHP
MINIMUM AVERAGE MAXIMUM
$1.1 $1.8 $2.7

Grocery and market costs


Milk large bottle
50 PHP 60 PHP 75 PHP
MINIMUM AVERAGE MAXIMUM
$0.89 $1.1 $1.3
Loaf of bread
9 PHP 10 PHP 12 PHP
MINIMUM AVERAGE MAXIMUM
$0.16 $0.18 $0.21
12 eggs
37 PHP 50 PHP 75 PHP
MINIMUM AVERAGE MAXIMUM
$0.67 $0.89 $1.3
Fresh whole chicken
85 PHP 110 PHP 160 PHP
MINIMUM AVERAGE MAXIMUM
$1.5 $2 $2.8
Beef 1 kg or 1 lb
100 PHP 150 PHP 300 PHP
MINIMUM AVERAGE MAXIMUM
$1.8 $2.7 $5.3
Rice 1 kg or 1 lb
40 PHP 55 PHP 78 PHP
MINIMUM AVERAGE MAXIMUM
$0.72 $0.98 $1.4
Tomato 1 kg or 1 lb
15 PHP 20 PHP 37 PHP
MINIMUM AVERAGE MAXIMUM
$0.27 $0.36 $0.67
Apples 1 kg or 1 lb
27 PHP 35 PHP 57 PHP
MINIMUM AVERAGE MAXIMUM
$0.48 $0.62 $1

Commute, travel, and transportation costs


20 minutes taxi ride
61 PHP 73 PHP 150 PHP
MINIMUM AVERAGE MAXIMUM
$1.1 $1.3 $2.6
Average car full tank
370 PHP 500 PHP 1,000 PHP
MINIMUM AVERAGE MAXIMUM
$6.7 $8.9 $18
Average car 1-day rental
360 PHP 480 PHP 720 PHP
MINIMUM AVERAGE MAXIMUM
$6.4 $8.5 $13
Average car price
190,000 PHP 370,000 PHP 500,000 PHP
MINIMUM AVERAGE MAXIMUM
$3,300 $6,700 $8,900
Bus ticket one way
12 PHP 18 PHP 36 PHP
MINIMUM AVERAGE MAXIMUM
$0.21 $0.32 $0.64
Car Service
480 PHP 720 PHP 1,400 PHP
MINIMUM AVERAGE MAXIMUM
$8.5 $13 $26

Utility cost (monthly)


Utility Bill - Individual
980 PHP 2,900 PHP 20,000 PHP
MINIMUM AVERAGE MAXIMUM
$17 $52 $350
Utility Bill - Couple
1,400 PHP 4,100 PHP 22,000 PHP
MINIMUM AVERAGE MAXIMUM
$24 $73 $390
Utility Bill - Family
1,100 PHP 3,300 PHP 18,000 PHP
MINIMUM AVERAGE MAXIMUM
$20 $58 $320
Internet and cable
370 PHP 750 PHP 1,000 PHP
MINIMUM AVERAGE MAXIMUM
$6.7 $13 $18
Mobile phone charges
300 PHP 500 PHP 1,500 PHP
MINIMUM AVERAGE MAXIMUM
$5.3 $8.9 $27

Leisure and activities costs


Movie ticket
190 PHP 250 PHP 370 PHP
MINIMUM AVERAGE MAXIMUM
$3.3 $4.4 $6.7
One month gym membership
570 PHP 720 PHP 1,400 PHP
MINIMUM AVERAGE MAXIMUM
$10 $13 $26

Cloths and accessories costs


Pair of jeans or pants
420 PHP 600 PHP 900 PHP
MINIMUM AVERAGE MAXIMUM
$7.5 $11 $16
Woman dress
400 PHP 550 PHP 1,800 PHP
MINIMUM AVERAGE MAXIMUM
$7.1 $9.8 $32
Woman shoes
380 PHP 510 PHP 1,200 PHP
MINIMUM AVERAGE MAXIMUM
$6.7 $9.1 $21
Men's shoes
330 PHP 400 PHP 800 PHP
MINIMUM AVERAGE MAXIMUM
$5.8 $7.1 $14
Men suit
360 PHP 450 PHP 2,400 PHP
MINIMUM AVERAGE MAXIMUM
$6.4 $8 $43
Regular t-shirt
180 PHP 240 PHP 720 PHP
MINIMUM AVERAGE MAXIMUM
$3.2 $4.3 $13

Housing costs / monthly rent


Studio apartment
6,000 PHP 9,000 PHP 24,000 PHP
MINIMUM AVERAGE MAXIMUM
$110 $160 $430
1-bedroom apartment
9,000 PHP 14,000 PHP 36,000 PHP
MINIMUM AVERAGE MAXIMUM
$160 $260 $640
2-bedroom apartment
12,000 PHP 18,000 PHP 48,000 PHP
MINIMUM AVERAGE MAXIMUM
$210 $320 $850

Housing costs / Buying


Studio apartment
1.2M PHP 1.8M PHP 3.6M PHP
MINIMUM AVERAGE MAXIMUM
$21,000 $32,000 $64,000
1-bedroom apartment
1.4M PHP 2.4M PHP 9M PHP
MINIMUM AVERAGE MAXIMUM
$26,000 $43,000 $160,000
2-bedroom apartment
2.4M PHP 7.2M PHP 14M PHP
MINIMUM AVERAGE MAXIMUM
$43,000 $130,000 $260,000

Furniture Costs


King Size Bed
7,500 PHP 9,300 PHP 12,000 PHP
MINIMUM AVERAGE MAXIMUM
$130 $170 $220
Double Bed
5,000 PHP 7,500 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$89 $130 $170
Single Bed
4,400 PHP 5,700 PHP 7,500 PHP
MINIMUM AVERAGE MAXIMUM
$78 $100 $130
Living Room
8,300 PHP 11,000 PHP 37,000 PHP
MINIMUM AVERAGE MAXIMUM
$150 $190 $670
Dining Table
3,700 PHP 5,000 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$67 $89 $170
Sofa or Couch
5,000 PHP 6,800 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$89 $120 $270

Electronics and House Appliance Costs


TV Set
5,000 PHP 7,500 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$89 $130 $270
Fridge or Freezer
4,400 PHP 6,800 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$78 $120 $170
Washing Machine
5,700 PHP 8,300 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$100 $150 $270
Stove or Cooker
5,300 PHP 6,800 PHP 9,300 PHP
MINIMUM AVERAGE MAXIMUM
$95 $120 $170
Mobile Phone
6,200 PHP 7,500 PHP 11,000 PHP
MINIMUM AVERAGE MAXIMUM
$110 $130 $190
Laptop or Computer
6,800 PHP 8,300 PHP 15,000 PHP
MINIMUM AVERAGE MAXIMUM
$120 $150 $270

Expenditure to Income Ratio in Makati

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%

75% to 90%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%9%
60% - 70%15%
70% - 80%25%
80% - 90%20%
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 Makati 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
73%
Spending-Income-Ratio
67%
81%

Couple
77%
Spending-Income-Ratio
71%
85%

Family
85%
Spending-Income-Ratio
78%
94%

How do people spend their money in Makati?

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$29   1,600 PHP
AVERAGE$380   21,000 PHP
HIGH$3,800   210,000 PHP
Per Month

People living in Makati typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 21,000 PHP with expenditure ranging from 1,600 PHP to 210,000 PHP. 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$4.8   270 PHP
AVERAGE$63   3,500 PHP
HIGH$630   35,000 PHP
Per Month

Utility expenditure like electricity, water, and gas in Makati ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 3,500 PHP with 270 PHP and 35,000 PHP being the upper and lower limits.

Transport, Fuel, Commute7%

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

LOW$9.7   540 PHP
AVERAGE$130   7,100 PHP
HIGH$1,300   71,000 PHP
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 540 PHP to 71,000 PHP on commuting with 7,100 PHP 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$24   1,400 PHP
AVERAGE$310   18,000 PHP
HIGH$3,100   180,000 PHP
Per Month

The average outlay on groceries in a month in Makati is 18,000 PHP. The cost of groceries can range between 1,400 PHP to 180,000 PHP. 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$6.8   380 PHP
AVERAGE$88   4,900 PHP
HIGH$880   49,000 PHP
Per Month

People in Makati 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 380 PHP to 49,000 PHP with 4,900 PHP being the norm.

Leisure and Shopping4%

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

LOW$3.9   220 PHP
AVERAGE$50   2,800 PHP
HIGH$500   28,000 PHP
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 220 PHP to 28,000 PHP with 2,800 PHP 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$5.8   330 PHP
AVERAGE$76   4,200 PHP
HIGH$760   42,000 PHP
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 4,200 PHP per month with 330 PHP being the minimum spent amount and 42,000 PHP being the maximum.

Other Expenses14%

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

LOW$13   710 PHP
AVERAGE$160   9,200 PHP
HIGH$1,600   92,000 PHP
Per Month

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


Saving Money
54%
Not Saving
46%

Almost 54% of the surveyed people in Makati said that they can save some money at the end of each month while 46% said that aren't saving anything.

Percentage of people saving money by population group in Makati

GroupSaversNon Savers
Singles58%42%
Couples54%46%
Families49%51%

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

11% 18% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,700 PHP
$31		 23,000 PHP
$400		 230,000 PHP
$4,000
MINIMUM AVERAGE MAXIMUM

For most people, 11% to 30% 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 23,000 PHP on average with savings ranging from 1,700 PHP to 230,000 PHP.

58% of surveyed singles reported some of their income going to savings while 54% of couples said the same. 49% of families confirmed their ability to save money.

How much money do people actually save in Makati?

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

13% 22% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

5,200 PHP
$93		 16,000 PHP
$280		 100,000 PHP
$1,900
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%32%
10% - 20%25%
20% - 30%16%
30% - 40%13%
40% - 50%10%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 13% to 32% of their monthly income to savings, with 22% being the average for most singles. The average amount of money that singles are able to save is 16,000 PHP with 5,200 PHP and 100,000 PHP being the minimum and maximum respectively.

Couples

Saving to Income Ratio

12% 20% of income 31%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

8,700 PHP
$160		 26,000 PHP
$470		 140,000 PHP
$2,500
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%36%
10% - 20%27%
20% - 30%19%
30% - 40%8%
40% - 50%7%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 12% to 31% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 26,000 PHP with 8,700 PHP and 140,000 PHP being the minimum and maximum respectively.

Families

Saving to Income Ratio

9.6% 17% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

12,000 PHP
$220		 35,000 PHP
$620		 190,000 PHP
$3,400
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%39%
10% - 20%30%
20% - 30%20%
30% - 40%5%
40% - 50%4%
> 50%2%

Interpretation and Analysis

Families in Makati can save anywhere between 9.6% to 28% of their monthly income, with 17% being the average for most families. The average amount of money that families can put aside is 35,000 PHP with 12,000 PHP and 190,000 PHP 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 Makati

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Makati?


Yes
52%
No
48%

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

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 options54%

Few low-cost options47%


Based on the survey, 54% of the people living in Makati 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 Makati whether they have an emergency fund and the answers were as follows.

Yes50%

No50%


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

Financial Literacy in Philippines

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 Leteracy49%


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

Struggles with finance47%

Easily manages finances53%

Financial goals of people in Makati

In an attempt to understand the economic situation in Makati, 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 Reduction43%
Retirement Savings10%
Education Funding7%
Homeownership18%
Investing6%
Travel or Lifestyle6%
Healthcare Expenses14%
Financial Independence5%

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 43% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 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 Makati

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Makati. 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%
Inflation13%
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. 13% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Makati

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 Makati

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

Retirement age

The retirement age for most employees in Philippines 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 Makati:
AgeAmount
25190,000 PHP
30370,000 PHP
35650,000 PHP
40930,000 PHP
451.4M PHP
502M PHP
552.3M PHP
602.9M PHP
653.4M PHP

Retirement Income Distribution

We asked residents of Makati 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 Makati

12,000 PHP
$210		 36,000 PHP
$640		 240,000 PHP
$4,300
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Makati


Percentage of people who are in debt


In Debt
29%
Debt Free
71%

According to the survey, 29% of the people in Makati have some kind of debt, loan, mortgage, or credit card payments while 71% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Makati

Debt to income ratio

29%

21% to 37%

( 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 29% of the people's monthly income in Makati goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%18%
40% - 50%15%
30% - 40%17%
20% - 30%10%
10% - 20%12%
0% - 10%25%

According to our data, 3% of the debtors in Makati pay 60%+ of their income as debt settlement while 18% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 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 Makati

Debt% People
Real Estate Mortgage8%
Auto Loan15%
Student Loan4%
Credit Card30%
Personal Loan43%

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


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 Makati

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

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


Rent Cost in Makati

Monthly Rent Prices

Studio apartment
6,000 PHP 9,000 PHP 24,000 PHP
MINIMUM AVERAGE MAXIMUM
$110 $160 $430
1-bedroom apartment
9,000 PHP 14,000 PHP 36,000 PHP
MINIMUM AVERAGE MAXIMUM
$160 $260 $640
2-bedroom apartment
12,000 PHP 18,000 PHP 48,000 PHP
MINIMUM AVERAGE MAXIMUM
$210 $320 $850
3-bedroom apartment
14,000 PHP 24,000 PHP 65,000 PHP
MINIMUM AVERAGE MAXIMUM
$260 $430 $1,200
Furnished apartment
29,000 PHP 72,000 PHP 140,000 PHP
MINIMUM AVERAGE MAXIMUM
$510 $1,300 $2,600
Townhouse
24,000 PHP 36,000 PHP 100,000 PHP
MINIMUM AVERAGE MAXIMUM
$430 $640 $1,800
House
29,000 PHP 72,000 PHP 140,000 PHP
MINIMUM AVERAGE MAXIMUM
$510 $1,300 $2,600
Villa
36,000 PHP 90,000 PHP 140,000 PHP
MINIMUM AVERAGE MAXIMUM
$640 $1,600 $2,600

The monthly rental cost of a studio apartment in Makati ranges between 6,000 PHP and 24,000 PHP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 9,000 PHP to 36,000 PHP. Two-bedroom rentals rate ranges between 12,000 PHP and 48,000 PHP per month. The monthly rental for a three-bedroom apartment ranges from 14,000 PHP to 65,000 PHP. The average rent of a townhouse in Makati is around 36,000 PHP while house rental costs can be as high as 72,000 PHP per month. Finally, if you want to rent a villa, expect to pay anywhere from 36,000 PHP to 140,000 PHP per month.



Apartment and house prices in Makati

Cost of buying a property

Studio apartment
1.2M PHP 1.8M PHP 3.6M PHP
MINIMUM AVERAGE MAXIMUM
$21,000 $32,000 $64,000
1-bedroom apartment
1.4M PHP 2.4M PHP 9M PHP
MINIMUM AVERAGE MAXIMUM
$26,000 $43,000 $160,000
2-bedroom apartment
2.4M PHP 7.2M PHP 14M PHP
MINIMUM AVERAGE MAXIMUM
$43,000 $130,000 $260,000
3-bedroom apartment
8M PHP 12M PHP 36M PHP
MINIMUM AVERAGE MAXIMUM
$140,000 $210,000 $640,000
Townhouse
10M PHP 24M PHP 90M PHP
MINIMUM AVERAGE MAXIMUM
$180,000 $430,000 $1.6M
House
12M PHP 72M PHP 100M PHP
MINIMUM AVERAGE MAXIMUM
$210,000 $1.3M $1.8M
Villa
14M PHP 80M PHP 120M PHP
MINIMUM AVERAGE MAXIMUM
$260,000 $1.4M $2.1M

The average price of a studio apartment in Makati can range from 1.2M PHP to 3.6M PHP depending on location. One bedroom cost can be anywhere from 1.4M PHP to 9M PHP. A villa can cost you 80M PHP on average with prices ranging from 14M PHP to 120M PHP.


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


34 x98 monthly income 193
MINIMUM AVERAGE MAXIMUM

Property prices in Makati can be x98 to x193 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x98 multiples of the average monthly salary in Makati.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


19% 29% of income 38%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Makati is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 19% to 38% 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
26%

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.


110 PHP 1,400 PHP 14,000 PHP
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.


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

Housing29%

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

LOW$100   5,900 PHP
AVERAGE$310   18,000 PHP
HIGH$2,100   120,000 PHP
Per Month

Utilities, Electricity, Water9%

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

LOW$17   980 PHP
AVERAGE$52   2,900 PHP
HIGH$350   20,000 PHP
Per Month

Transport, Fuel5%

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

LOW$23   1,300 PHP
AVERAGE$70   3,900 PHP
HIGH$470   26,000 PHP
Per Month

Food and Groceries19%

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

LOW$47   2,600 PHP
AVERAGE$140   7,800 PHP
HIGH$930   52,000 PHP
Per Month

Healthcare12%

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

LOW$26   1,500 PHP
AVERAGE$78   4,400 PHP
HIGH$520   29,000 PHP
Per Month

Leisure, Shopping2%

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

LOW$15   810 PHP
AVERAGE$44   2,400 PHP
HIGH$290   16,000 PHP
Per Month

Education1%

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

LOW$5.8   330 PHP
AVERAGE$17   980 PHP
HIGH$120   6,500 PHP
Per Month

Other Expenses22%

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

LOW$52   2,900 PHP
AVERAGE$160   8,800 PHP
HIGH$1,000   59,000 PHP
Per Month


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

Housing26%

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

LOW$160   9,000 PHP
AVERAGE$480   27,000 PHP
HIGH$2,600   140,000 PHP
Per Month

Utilities, Electricity, Water8%

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

LOW$24   1,400 PHP
AVERAGE$73   4,100 PHP
HIGH$390   22,000 PHP
Per Month

Transport, Fuel9%

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

LOW$58   3,300 PHP
AVERAGE$170   9,800 PHP
HIGH$930   52,000 PHP
Per Month

Food and Groceries17%

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

LOW$68   3,800 PHP
AVERAGE$200   11,000 PHP
HIGH$1,100   61,000 PHP
Per Month

Healthcare14%

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

LOW$53   3,000 PHP
AVERAGE$160   9,000 PHP
HIGH$850   48,000 PHP
Per Month

Leisure, Shopping3%

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

LOW$29   1,600 PHP
AVERAGE$87   4,900 PHP
HIGH$470   26,000 PHP
Per Month

Education1%

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

LOW$9.7   540 PHP
AVERAGE$29   1,600 PHP
HIGH$160   8,700 PHP
Per Month

Other Expenses21%

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

LOW$82   4,600 PHP
AVERAGE$250   14,000 PHP
HIGH$1,300   74,000 PHP
Per Month


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

Housing25%

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

LOW$220   12,000 PHP
AVERAGE$620   35,000 PHP
HIGH$3,400   190,000 PHP
Per Month

Transport, Fuel5%

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

LOW$54   3,000 PHP
AVERAGE$160   8,700 PHP
HIGH$850   48,000 PHP
Per Month

Food and Groceries21%

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

LOW$120   6,800 PHP
AVERAGE$350   20,000 PHP
HIGH$1,900   110,000 PHP
Per Month

Healthcare11%

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

LOW$54   3,000 PHP
AVERAGE$160   8,700 PHP
HIGH$850   48,000 PHP
Per Month

Leisure, Shopping2%

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

LOW$34   1,900 PHP
AVERAGE$97   5,400 PHP
HIGH$530   30,000 PHP
Per Month

Education13%

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

LOW$95   5,300 PHP
AVERAGE$270   15,000 PHP
HIGH$1,500   84,000 PHP
Per Month

Other Expenses16%

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

LOW$81   4,600 PHP
AVERAGE$230   13,000 PHP
HIGH$1,300   72,000 PHP
Per Month


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

Housing17%

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

LOW$55   3,100 PHP
AVERAGE$140   7,700 PHP
HIGH$250   14,000 PHP
Per Month

Utilities, Electricity, Water7%

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

LOW$9.2   520 PHP
AVERAGE$23   1,300 PHP
HIGH$41   2,300 PHP
Per Month

Transport, Fuel4%

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

LOW$16   900 PHP
AVERAGE$40   2,300 PHP
HIGH$73   4,100 PHP
Per Month

Food and Groceries23%

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

LOW$46   2,600 PHP
AVERAGE$120   6,400 PHP
HIGH$210   12,000 PHP
Per Month

Healthcare9%

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

LOW$14   770 PHP
AVERAGE$35   1,900 PHP
HIGH$62   3,500 PHP
Per Month

Leisure, Shopping2%

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

LOW$12   640 PHP
AVERAGE$29   1,600 PHP
HIGH$52   2,900 PHP
Per Month

Education18%

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

LOW$44   2,400 PHP
AVERAGE$110   6,100 PHP
HIGH$200   11,000 PHP
Per Month

Other Expenses19%

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

LOW$35   1,900 PHP
AVERAGE$86   4,800 PHP
HIGH$160   8,700 PHP
Per Month
Philippines»Makati
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