Cost Of Living in Manizales 2024

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

Whether you're living in Manizales 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

8.6M COP

per month
$2,200

660,000 COP   $170
$22,000   86M COP

Single

5.9M COP

per month
$1,500

2M COP   $500
$10,000   40M COP

Couple

9.9M COP

per month
$2,500

3.3M COP   $840
$13,000   53M COP

Family

13M COP

per month
$3,300

4.6M COP   $1,200
$18,000   72M COP

Student

4M COP

per month
$1,000

1.6M COP   $400
$1,800   7.2M COP
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Manizales is 5.9M COP. Expenses can range from 2M COP at the minimum level to 40M COP at the highest end.


Couples

The average monthly spending of couples in Manizales is 9.9M COP. Expenditure can range from 3.3M COP to 53M COP per month.


Families

The average cost of living for families in Manizales is 13M COP per month. Families spend anywhere from 4.6M COP to 72M COP.


Students

The average monthly expenditure for students in Manizales is 4M COP. Students spend from 1.6M COP to 7.2M COP 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 Manizales


Dining, food, and beverages costs


Large bottle of water
1,100 COP 1,300 COP 1,400 COP
MINIMUM AVERAGE MAXIMUM
$0.28 $0.32 $0.37
Fast food combo meal
9,400 COP 19,000 COP 31,000 COP
MINIMUM AVERAGE MAXIMUM
$2.4 $4.8 $7.9
Restaurant meal for one
30,000 COP 46,000 COP 91,000 COP
MINIMUM AVERAGE MAXIMUM
$7.7 $12 $23
Fine dining meal for one
61,000 COP 91,000 COP 370,000 COP
MINIMUM AVERAGE MAXIMUM
$15 $23 $93
Soda or Soft Drink
1,300 COP 1,600 COP 1,900 COP
MINIMUM AVERAGE MAXIMUM
$0.34 $0.40 $0.48
Cappuccino or latte
7,800 COP 13,000 COP 19,000 COP
MINIMUM AVERAGE MAXIMUM
$2 $3.2 $4.8

Grocery and market costs


Milk large bottle
6,300 COP 7,500 COP 9,400 COP
MINIMUM AVERAGE MAXIMUM
$1.6 $1.9 $2.4
Loaf of bread
1,100 COP 1,300 COP 1,500 COP
MINIMUM AVERAGE MAXIMUM
$0.29 $0.33 $0.38
12 eggs
4,700 COP 6,300 COP 9,400 COP
MINIMUM AVERAGE MAXIMUM
$1.2 $1.6 $2.4
Fresh whole chicken
11,000 COP 14,000 COP 20,000 COP
MINIMUM AVERAGE MAXIMUM
$2.7 $3.5 $5
Beef 1 kg or 1 lb
13,000 COP 19,000 COP 38,000 COP
MINIMUM AVERAGE MAXIMUM
$3.2 $4.8 $9.5
Rice 1 kg or 1 lb
5,100 COP 6,900 COP 9,800 COP
MINIMUM AVERAGE MAXIMUM
$1.3 $1.8 $2.5
Tomato 1 kg or 1 lb
1,900 COP 2,500 COP 4,700 COP
MINIMUM AVERAGE MAXIMUM
$0.48 $0.64 $1.2
Apples 1 kg or 1 lb
3,400 COP 4,400 COP 7,200 COP
MINIMUM AVERAGE MAXIMUM
$0.85 $1.1 $1.8

Commute, travel, and transportation costs


20 minutes taxi ride
7,600 COP 9,100 COP 18,000 COP
MINIMUM AVERAGE MAXIMUM
$1.9 $2.3 $4.6
Average car full tank
47,000 COP 63,000 COP 130,000 COP
MINIMUM AVERAGE MAXIMUM
$12 $16 $32
Average car 1-day rental
44,000 COP 59,000 COP 89,000 COP
MINIMUM AVERAGE MAXIMUM
$11 $15 $22
Average car price
24M COP 47M COP 63M COP
MINIMUM AVERAGE MAXIMUM
$6,000 $12,000 $16,000
Bus ticket one way
1,500 COP 2,200 COP 4,400 COP
MINIMUM AVERAGE MAXIMUM
$0.37 $0.56 $1.1
Car Service
59,000 COP 89,000 COP 180,000 COP
MINIMUM AVERAGE MAXIMUM
$15 $22 $45

Utility cost (monthly)


Utility Bill - Individual
120,000 COP 360,000 COP 2.4M COP
MINIMUM AVERAGE MAXIMUM
$30 $90 $600
Utility Bill - Couple
160,000 COP 490,000 COP 2.6M COP
MINIMUM AVERAGE MAXIMUM
$42 $130 $670
Utility Bill - Family
140,000 COP 400,000 COP 2.2M COP
MINIMUM AVERAGE MAXIMUM
$35 $100 $550
Internet and cable
47,000 COP 94,000 COP 130,000 COP
MINIMUM AVERAGE MAXIMUM
$12 $24 $32
Mobile phone charges
38,000 COP 63,000 COP 190,000 COP
MINIMUM AVERAGE MAXIMUM
$9.5 $16 $48

Leisure and activities costs


Movie ticket
24,000 COP 31,000 COP 47,000 COP
MINIMUM AVERAGE MAXIMUM
$6 $7.9 $12
One month gym membership
71,000 COP 89,000 COP 180,000 COP
MINIMUM AVERAGE MAXIMUM
$18 $22 $45

Cloths and accessories costs


Pair of jeans or pants
52,000 COP 74,000 COP 110,000 COP
MINIMUM AVERAGE MAXIMUM
$13 $19 $28
Woman dress
49,000 COP 68,000 COP 220,000 COP
MINIMUM AVERAGE MAXIMUM
$12 $17 $56
Woman shoes
47,000 COP 63,000 COP 150,000 COP
MINIMUM AVERAGE MAXIMUM
$12 $16 $37
Men's shoes
40,000 COP 49,000 COP 99,000 COP
MINIMUM AVERAGE MAXIMUM
$10 $12 $25
Men suit
44,000 COP 55,000 COP 300,000 COP
MINIMUM AVERAGE MAXIMUM
$11 $14 $75
Regular t-shirt
22,000 COP 30,000 COP 89,000 COP
MINIMUM AVERAGE MAXIMUM
$5.6 $7.5 $22

Housing costs / monthly rent


Studio apartment
740,000 COP 1.1M COP 3M COP
MINIMUM AVERAGE MAXIMUM
$190 $280 $750
1-bedroom apartment
1.1M COP 1.8M COP 4.4M COP
MINIMUM AVERAGE MAXIMUM
$280 $450 $1,100
2-bedroom apartment
1.5M COP 2.2M COP 5.9M COP
MINIMUM AVERAGE MAXIMUM
$370 $560 $1,500

Housing costs / Buying


Studio apartment
150M COP 220M COP 440M COP
MINIMUM AVERAGE MAXIMUM
$37,000 $56,000 $110,000
1-bedroom apartment
180M COP 300M COP 1,100M COP
MINIMUM AVERAGE MAXIMUM
$45,000 $75,000 $280,000
2-bedroom apartment
300M COP 890M COP 1,800M COP
MINIMUM AVERAGE MAXIMUM
$75,000 $220,000 $450,000

Furniture Costs


King Size Bed
940,000 COP 1.2M COP 1.6M COP
MINIMUM AVERAGE MAXIMUM
$240 $300 $400
Double Bed
630,000 COP 940,000 COP 1.2M COP
MINIMUM AVERAGE MAXIMUM
$160 $240 $300
Single Bed
550,000 COP 720,000 COP 940,000 COP
MINIMUM AVERAGE MAXIMUM
$140 $180 $240
Living Room
1M COP 1.3M COP 4.7M COP
MINIMUM AVERAGE MAXIMUM
$260 $340 $1,200
Dining Table
470,000 COP 630,000 COP 1.2M COP
MINIMUM AVERAGE MAXIMUM
$120 $160 $300
Sofa or Couch
630,000 COP 860,000 COP 1.9M COP
MINIMUM AVERAGE MAXIMUM
$160 $220 $480

Electronics and House Appliance Costs


TV Set
630,000 COP 940,000 COP 1.9M COP
MINIMUM AVERAGE MAXIMUM
$160 $240 $480
Fridge or Freezer
550,000 COP 860,000 COP 1.2M COP
MINIMUM AVERAGE MAXIMUM
$140 $220 $300
Washing Machine
720,000 COP 1M COP 1.9M COP
MINIMUM AVERAGE MAXIMUM
$180 $260 $480
Stove or Cooker
670,000 COP 860,000 COP 1.2M COP
MINIMUM AVERAGE MAXIMUM
$170 $220 $300
Mobile Phone
780,000 COP 940,000 COP 1.3M COP
MINIMUM AVERAGE MAXIMUM
$200 $240 $340
Laptop or Computer
860,000 COP 1M COP 1.9M COP
MINIMUM AVERAGE MAXIMUM
$220 $260 $480

Expenditure to Income Ratio in Manizales

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

85%

78% to 94%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%5%
50% - 60%10%
60% - 70%17%
70% - 80%26%
80% - 90%18%
90% - 100%10%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Manizales is 85% This means that on average, people spend around 85% of their income for living. According to the distribution table, 17% 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
76%
Spending-Income-Ratio
70%
84%

Couple
81%
Spending-Income-Ratio
74%
89%

Family
89%
Spending-Income-Ratio
82%
98%

How do people spend their money in Manizales?

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$50   200,000 COP
AVERAGE$650   2.6M COP
HIGH$6,500   26M COP
Per Month

People living in Manizales typically spend from 14% to 33% of their total monthly expenditure on housing with 25% being the average. The average spend on housing is 2.6M COP with expenditure ranging from 200,000 COP to 26M COP. 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$8.4   33,000 COP
AVERAGE$110   430,000 COP
HIGH$1,100   4.3M COP
Per Month

Utility expenditure like electricity, water, and gas in Manizales ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 430,000 COP with 33,000 COP and 4.3M COP being the upper and lower limits.

Transport, Fuel, Commute8%

8% of total expenses on average (4% to 12%)

LOW$17   66,000 COP
AVERAGE$220   860,000 COP
HIGH$2,200   8.6M COP
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 66,000 COP to 8.6M COP on commuting with 860,000 COP 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%.

Food and Groceries Cost27%

27% of total expenses on average (19% to 33%)

LOW$42   160,000 COP
AVERAGE$540   2.1M COP
HIGH$5,400   21M COP
Per Month

The average outlay on groceries in a month in Manizales is 2.1M COP. The cost of groceries can range between 160,000 COP to 21M COP. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

Healthcare and Medical Services9%

9% of total expenses on average (4% to 12%)

LOW$12   46,000 COP
AVERAGE$150   600,000 COP
HIGH$1,500   6M COP
Per Month

People in Manizales 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 46,000 COP to 6M COP with 600,000 COP being the norm.

Leisure and Shopping5%

5% of total expenses on average (3% to 9%)

LOW$6.7   26,000 COP
AVERAGE$87   340,000 COP
HIGH$870   3.4M COP
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 26,000 COP to 3.4M COP with 340,000 COP being the average. Speaking of percentages, that equates to 3% to 9% of total expenses with an average of 5% for most residents.

Education and Schooling6%

6% of total expenses on average (4% to 12%)

LOW$10   40,000 COP
AVERAGE$130   510,000 COP
HIGH$1,300   5.1M COP
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 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 510,000 COP per month with 40,000 COP being the minimum spent amount and 5.1M COP being the maximum.

Other Expenses13%

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

LOW$22   86,000 COP
AVERAGE$280   1.1M COP
HIGH$2,800   11M COP
Per Month

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


Saving Money
62%
Not Saving
38%

Almost 62% of the surveyed people in Manizales said that they can save some money at the end of each month while 38% said that aren't saving anything.


Percentage of people saving money by population group in Manizales

GroupSaversNon Savers
Singles63%37%
Couples58%42%
Families53%47%

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

7.9% 14% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

230,000 COP
$58
3M COP
$750
30M COP
$7,500
MINIMUM AVERAGE MAXIMUM

For most people, 7.9% to 28% of their monthly income is what they can allocate to their savings, with 14% being the average. The amount of money that people can save is approximately 3M COP on average with savings ranging from 230,000 COP to 30M COP.

63% of surveyed singles reported some of their income going to savings while 58% of couples said the same. 53% of families confirmed their ability to save money.


How much money do people actually save in Manizales?

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

11% 18% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

680,000 COP
$170
2M COP
$520
14M COP
$3,500
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%30%
10% - 20%24%
20% - 30%16%
30% - 40%15%
40% - 50%11%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 11% to 30% of their monthly income to savings, with 18% being the average for most singles. The average amount of money that singles are able to save is 2M COP with 680,000 COP and 14M COP being the minimum and maximum respectively.


Couples

Saving to Income Ratio

8.9% 16% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1.1M COP
$290
3.4M COP
$870
18M COP
$4,600
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%34%
10% - 20%26%
20% - 30%19%
30% - 40%10%
40% - 50%8%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 8.9% to 29% of their monthly income, with 16% being the average for most couples. The average amount of money that couples can save is 3.4M COP with 1.1M COP and 18M COP being the minimum and maximum respectively.


Families

Saving to Income Ratio

7.9% 14% of income 26%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1.6M COP
$400
4.6M COP
$1,200
25M COP
$6,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%37%
10% - 20%29%
20% - 30%20%
30% - 40%7%
40% - 50%5%
> 50%2%

Interpretation and Analysis

Families in Manizales can save anywhere between 7.9% to 26% of their monthly income, with 14% being the average for most families. The average amount of money that families can put aside is 4.6M COP with 1.6M COP and 25M COP 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 Manizales

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Manizales?


Yes
62%
No
38%

Around 62% of surveyed residents think that living in Manizales is affordable with proper budgeting while 38% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Manizales

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 options58%

Few low-cost options42%


Based on the survey, 58% of the people living in Manizales have no problem finding low-cost alternatives to support a frugal lifestyle while 42% 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 Manizales whether they have an emergency fund and the answers were as follows.

Yes62%

No38%


Based on the survey, 38% of the people living in Manizales said that they don't have an emergency fund while 62% said that they do.

Financial Literacy in Colombia

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 Leteracy58%


We asked residents of Colombia whether they acquired any adequate personal financial training in their lives. Approximately 42% 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 58% 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 Colombia have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 33% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 67% said that they have everything under control.

Struggles with finance33%

Easily manages finances67%

Financial goals of people in Manizales

In an attempt to understand the economic situation in Manizales, 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 Fund7%
Debt Reduction37%
Retirement Savings9%
Education Funding8%
Homeownership17%
Investing8%
Travel or Lifestyle9%
Healthcare Expenses11%
Financial Independence7%

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 37% 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 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.

Saving Challenges in Manizales

Reasons that make it difficult for people to save money

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


Reason% People
Low Income6%
High Expenses9%
Debt and Loans16%
Lack of Budgeting Skills11%
Impulsive Spending10%
Financial Emergencies6%
Living the moment6%
Will do it later19%
Inflation12%
Social Pressure3%
Market Instability3%

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. 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, 3% blamed market instability and price fluctuations.

Typical saving choices for people in Manizales

Where do people choose to put their savings?


Saving Type% People
Emergency Funds11%
Gold11%
Savings Accounts17%
Retirement Accounts11%
Cash Savings18%
Real Estate10%
Investment6%
Stocks5%
Bonds6%
Mutual Funds3%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Manizales

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

Retirement age

The retirement age for most employees in Colombia 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 Manizales:
AgeAmount
2523M COP
3046M COP
3581M COP
40120M COP
45170M COP
50240M COP
55290M COP
60360M COP
65430M COP

Retirement Income Distribution

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

Source% People
Pensions13%
Savings22%
Investments13%
Social Security8%
Annuities8%
Part-time Job12%
Real Estate17%
Dividends and Interest8%

Retirement Monthly Expenses in Manizales

1.4M COP
$370
4.3M COP
$1,100
29M COP
$7,300
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Manizales


Percentage of people who are in debt


In Debt
25%
Debt Free
75%

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


Debt-to-income ratio in Manizales

Debt to income ratio

31%

23% to 39%

( 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 31% of the people's monthly income in Manizales goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%15%
40% - 50%13%
30% - 40%15%
20% - 30%13%
10% - 20%15%
0% - 10%27%

According to our data, 3% of the debtors in Manizales pay 60%+ of their income as debt settlement while 15% 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 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 Manizales

Debt% People
Real Estate Mortgage11%
Auto Loan19%
Student Loan3%
Credit Card27%
Personal Loan40%

11% of debtors in Manizales 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 19% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 3% of debtors in Manizales.


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 Manizales

Besides measuring the loan-to-income ratio, we asked residents of Manizales 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
Never53%
Once a year23%
Twice a year12%
Three times a year8%
Four times a year4%

Housing costs, accommodation, and housing affordability in Manizales

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


Rent Cost in Manizales

Monthly Rent Prices

Studio apartment
740,000 COP 1.1M COP 3M COP
MINIMUM AVERAGE MAXIMUM
$190 $280 $750
1-bedroom apartment
1.1M COP 1.8M COP 4.4M COP
MINIMUM AVERAGE MAXIMUM
$280 $450 $1,100
2-bedroom apartment
1.5M COP 2.2M COP 5.9M COP
MINIMUM AVERAGE MAXIMUM
$370 $560 $1,500
3-bedroom apartment
1.8M COP 3M COP 8.1M COP
MINIMUM AVERAGE MAXIMUM
$450 $750 $2,000
Furnished apartment
3.5M COP 8.9M COP 18M COP
MINIMUM AVERAGE MAXIMUM
$900 $2,200 $4,500
Townhouse
3M COP 4.4M COP 13M COP
MINIMUM AVERAGE MAXIMUM
$750 $1,100 $3,200
House
3.5M COP 8.9M COP 18M COP
MINIMUM AVERAGE MAXIMUM
$900 $2,200 $4,500
Villa
4.4M COP 11M COP 18M COP
MINIMUM AVERAGE MAXIMUM
$1,100 $2,800 $4,500

The monthly rental cost of a studio apartment in Manizales ranges between 740,000 COP and 3M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1.1M COP to 4.4M COP. Two-bedroom rentals rate ranges between 1.5M COP and 5.9M COP per month. The monthly rental for a three-bedroom apartment ranges from 1.8M COP to 8.1M COP. The average rent of a townhouse in Manizales is around 4.4M COP while house rental costs can be as high as 8.9M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 4.4M COP to 18M COP per month.



Apartment and house prices in Manizales

Cost of buying a property

Studio apartment
150M COP 220M COP 440M COP
MINIMUM AVERAGE MAXIMUM
$37,000 $56,000 $110,000
1-bedroom apartment
180M COP 300M COP 1,100M COP
MINIMUM AVERAGE MAXIMUM
$45,000 $75,000 $280,000
2-bedroom apartment
300M COP 890M COP 1,800M COP
MINIMUM AVERAGE MAXIMUM
$75,000 $220,000 $450,000
3-bedroom apartment
990M COP 1,500M COP 4,400M COP
MINIMUM AVERAGE MAXIMUM
$250,000 $370,000 $1.1M
Townhouse
1,300M COP 3,000M COP 11,000M COP
MINIMUM AVERAGE MAXIMUM
$320,000 $750,000 $2.8M
House
1,500M COP 8,900M COP 13,000M COP
MINIMUM AVERAGE MAXIMUM
$370,000 $2.2M $3.2M
Villa
1,800M COP 9,900M COP 15,000M COP
MINIMUM AVERAGE MAXIMUM
$450,000 $2.5M $3.7M

The average price of a studio apartment in Manizales can range from 150M COP to 440M COP depending on location. One bedroom cost can be anywhere from 180M COP to 1,100M COP. A villa can cost you 9,900M COP on average with prices ranging from 1,800M COP to 15,000M COP.


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


33 x93 monthly income 194
MINIMUM AVERAGE MAXIMUM

Property prices in Manizales can be x93 to x194 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x93 multiples of the average monthly salary in Manizales.



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 Manizales 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
4.1%

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.


13,000 COP 170,000 COP 1.7M COP
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 Manizales

Housing31%

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

LOW$180   710,000 COP
AVERAGE$540   2.1M COP
HIGH$3,600   14M COP
Per Month

Utilities, Electricity, Water8%

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

LOW$30   120,000 COP
AVERAGE$90   360,000 COP
HIGH$600   2.4M COP
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 12%)

LOW$40   160,000 COP
AVERAGE$120   470,000 COP
HIGH$800   3.2M COP
Per Month

Food and Groceries18%

18% of total expenses on average (12% to 23%)

LOW$80   320,000 COP
AVERAGE$240   950,000 COP
HIGH$1,600   6.3M COP
Per Month

Healthcare11%

11% of total expenses on average (5% to 15%)

LOW$45   180,000 COP
AVERAGE$140   530,000 COP
HIGH$900   3.6M COP
Per Month

Leisure, Shopping3%

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

LOW$25   99,000 COP
AVERAGE$75   300,000 COP
HIGH$500   2M COP
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW$10   40,000 COP
AVERAGE$30   120,000 COP
HIGH$200   790,000 COP
Per Month

Other Expenses21%

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

LOW$90   360,000 COP
AVERAGE$270   1.1M COP
HIGH$1,800   7.1M COP
Per Month


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

Housing28%

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

LOW$280   1.1M COP
AVERAGE$830   3.3M COP
HIGH$4,400   17M COP
Per Month

Utilities, Electricity, Water7%

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

LOW$42   160,000 COP
AVERAGE$130   490,000 COP
HIGH$670   2.6M COP
Per Month

Transport, Fuel10%

10% of total expenses on average (4% to 15%)

LOW$100   400,000 COP
AVERAGE$300   1.2M COP
HIGH$1,600   6.3M COP
Per Month

Food and Groceries16%

16% of total expenses on average (11% to 21%)

LOW$120   460,000 COP
AVERAGE$350   1.4M COP
HIGH$1,900   7.4M COP
Per Month

Healthcare13%

13% of total expenses on average (7% to 17%)

LOW$92   360,000 COP
AVERAGE$280   1.1M COP
HIGH$1,500   5.8M COP
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 7%)

LOW$50   200,000 COP
AVERAGE$150   590,000 COP
HIGH$800   3.2M COP
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW$17   66,000 COP
AVERAGE$50   200,000 COP
HIGH$270   1.1M COP
Per Month

Other Expenses20%

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

LOW$140   560,000 COP
AVERAGE$430   1.7M COP
HIGH$2,300   9M COP
Per Month


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

Housing27%

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

LOW$370   1.5M COP
AVERAGE$1,100   4.2M COP
HIGH$5,900   23M COP
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 8%)

LOW$94   370,000 COP
AVERAGE$270   1.1M COP
HIGH$1,500   5.8M COP
Per Month

Food and Groceries20%

20% of total expenses on average (13% to 26%)

LOW$210   830,000 COP
AVERAGE$600   2.4M COP
HIGH$3,300   13M COP
Per Month

Healthcare10%

10% of total expenses on average (6% to 15%)

LOW$94   370,000 COP
AVERAGE$270   1.1M COP
HIGH$1,500   5.8M COP
Per Month

Leisure, Shopping3%

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

LOW$58   230,000 COP
AVERAGE$170   660,000 COP
HIGH$920   3.6M COP
Per Month

Education14%

14% of total expenses on average (7% to 22%)

LOW$160   650,000 COP
AVERAGE$470   1.8M COP
HIGH$2,600   10M COP
Per Month

Other Expenses15%

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

LOW$140   550,000 COP
AVERAGE$400   1.6M COP
HIGH$2,200   8.7M COP
Per Month


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

Housing19%

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

LOW$97   380,000 COP
AVERAGE$240   960,000 COP
HIGH$440   1.7M COP
Per Month

Utilities, Electricity, Water6%

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

LOW$16   64,000 COP
AVERAGE$40   160,000 COP
HIGH$73   290,000 COP
Per Month

Transport, Fuel5%

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

LOW$28   110,000 COP
AVERAGE$71   280,000 COP
HIGH$130   500,000 COP
Per Month

Food and Groceries22%

22% of total expenses on average (16% to 26%)

LOW$81   320,000 COP
AVERAGE$200   800,000 COP
HIGH$360   1.4M COP
Per Month

Healthcare8%

8% of total expenses on average (5% to 11%)

LOW$24   96,000 COP
AVERAGE$61   240,000 COP
HIGH$110   430,000 COP
Per Month

Leisure, Shopping3%

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

LOW$20   80,000 COP
AVERAGE$51   200,000 COP
HIGH$91   360,000 COP
Per Month

Education19%

19% of total expenses on average (12% to 24%)

LOW$77   300,000 COP
AVERAGE$190   760,000 COP
HIGH$350   1.4M COP
Per Month

Other Expenses18%

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

LOW$61   240,000 COP
AVERAGE$150   600,000 COP
HIGH$270   1.1M COP
Per Month
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