Cost Of Living in Monrovia 2025

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

Whether you're living in Monrovia or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Singles

The average monthly expense for a single person living in Monrovia is 57,000 LRD. Expenses can range from 8,000 LRD at the minimum level to 380,000 LRD at the highest end.

Couples

The average monthly spending of couples in Monrovia is 96,000 LRD. Expenditure can range from 32,000 LRD to 510,000 LRD per month.

Families

The average cost of living for families in Monrovia is 130,000 LRD per month. Families spend anywhere from 45,000 LRD to 830,000 LRD.

Students

The average monthly expenditure for students in Monrovia is 43,000 LRD. Students spend from 6,400 LRD to 280,000 LRD per month.

Expenditure to Income Ratio in Monrovia

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.

Expense to income distribution levels

Interpretation and Analysis

The average spending-to-salary ratio in Monrovia is 99% This means that on average, people spend around 99% of their income for living. According to the distribution table, 15% of the population spend approximately 60% to 70% of their income every month.

Individual
89%
Spending-Income-Ratio

---

81%

98%

Couple
94%
Spending-Income-Ratio

---

86%

100%

Family
100%
Spending-Income-Ratio

---

95%

110%

How do people spend their money in Monrovia?

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

People living in Monrovia typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 25,000 LRD with expenditure ranging from 1,900 LRD to 250,000 LRD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utility expenditure like electricity, water, and gas in Monrovia ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 4,100 LRD with 320 LRD and 41,000 LRD being the upper and lower limits.

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 640 LRD to 83,000 LRD on commuting with 8,300 LRD being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

The average outlay on groceries in a month in Monrovia is 21,000 LRD. The cost of groceries can range between 1,600 LRD to 210,000 LRD. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

People in Monrovia 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 450 LRD to 58,000 LRD with 5,800 LRD being the norm.

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 250 LRD to 33,000 LRD with 3,300 LRD being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 5,000 LRD per month with 380 LRD being the minimum spent amount and 50,000 LRD being the maximum.

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

Almost 61% of the surveyed people in Monrovia said that they can save some money at the end of each month while 39% said that aren't saving anything.

Percentage of people saving money by population group in Monrovia

Saving to Income Ratio

Average Monthly Saved Amount

For most people, 12% to 34% of their monthly income is what they can allocate to their savings, with 20% being the average. The amount of money that people can save is approximately 24,000 LRD on average with savings ranging from 1,900 LRD to 240,000 LRD.

65% of surveyed singles reported some of their income going to savings while 60% of couples said the same. 54% of families confirmed their ability to save money.

How much money do people actually save in Monrovia?

Singles

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for singles

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 15% to 37% of their monthly income to savings, with 24% being the average for most singles. The average amount of money that singles are able to save is 17,000 LRD with 1,900 LRD and 110,000 LRD being the minimum and maximum respectively.

Couples

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for couples

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 13% to 36% of their monthly income, with 22% being the average for most couples. The average amount of money that couples can save is 28,000 LRD with 9,400 LRD and 150,000 LRD being the minimum and maximum respectively.

Families

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for families

Interpretation and Analysis

Families in Monrovia can save anywhere between 10% to 32% of their monthly income, with 18% being the average for most families. The average amount of money that families can put aside is 37,000 LRD with 13,000 LRD and 240,000 LRD being the minimum and maximum respectively.

Saving Challenges in Monrovia

Reasons that make it difficult for people to save money

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

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 13% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 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. 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 social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Monrovia

Where do people choose to put their savings?

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

• 50% for needs and financial obligations

  This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

• 30% for wants and discretionary spending

  This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

• 20% for savings and emergency fund

  This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

Affordable living in Monrovia

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Monrovia?

Around 54% of surveyed residents think that living in Monrovia is affordable with proper budgeting while 46% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Monrovia

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 options62%

Few low-cost options38%

Based on the survey, 62% of the people living in Monrovia have no problem finding low-cost alternatives to support a frugal lifestyle while 38% 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 Monrovia whether they have an emergency fund and the answers were as follows.

Yes52%

No49%

Based on the survey, 49% of the people living in Monrovia said that they don't have an emergency fund while 52% said that they do.

Financial Literacy in Liberia

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 Leteracy42%

We asked residents of Liberia whether they acquired any adequate personal financial training in their lives. Approximately 58% 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 42% 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 Liberia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 55% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 45% said that they have everything under control.

Struggles with finance55%

Easily manages finances45%

Financial goals of people in Monrovia

In an attempt to understand the economic situation in Monrovia, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 42% 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. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 7% 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.

Retirement, pension plans, and life after work in Monrovia

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

Retirement age

The retirement age for most employees in Liberia is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.

Retirement Income Distribution

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

Retirement Monthly Expenses in Monrovia

Debt, loans, and mortgages in Monrovia

Percentage of people who are in debt

According to the survey, 36% of the people in Monrovia 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 Monrovia

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 36% of the people's monthly income in Monrovia goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Monrovia 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. 14% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 16% 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 Monrovia

8% of debtors in Monrovia 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 Monrovia.

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 Monrovia

Besides measuring the loan-to-income ratio, we asked residents of Monrovia how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Housing costs, accommodation, and housing affordability in Monrovia

Rent Cost in Monrovia

Monthly Rent Prices

Studio apartment monthly rent cost

6,900 LRD

10,000 LRD

27,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$36

$54

$140

1-bedroom apartment monthly rent cost

10,000 LRD

16,000 LRD

41,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$54

$86

$210

2-bedroom apartment monthly rent cost

14,000 LRD

21,000 LRD

55,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$71

$110

$290

3-bedroom apartment monthly rent cost

16,000 LRD

27,000 LRD

75,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$86

$140

$390

Furnished apartment monthly rent cost

33,000 LRD

82,000 LRD

160,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$170

$430

$860

Townhouse monthly rent cost

27,000 LRD

41,000 LRD

120,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$140

$210

$610

House monthly rent cost

33,000 LRD

82,000 LRD

160,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$170

$430

$860

Villa monthly rent cost

41,000 LRD

100,000 LRD

160,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$210

$540

$860

The monthly rental cost of a studio apartment in Monrovia ranges between 6,900 LRD and 27,000 LRD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 10,000 LRD to 41,000 LRD. Two-bedroom rentals rate ranges between 14,000 LRD and 55,000 LRD per month. The monthly rental for a three-bedroom apartment ranges from 16,000 LRD to 75,000 LRD. The average rent of a townhouse in Monrovia is around 41,000 LRD while house rental costs can be as high as 82,000 LRD per month. Finally, if you want to rent a villa, expect to pay anywhere from 41,000 LRD to 160,000 LRD per month.

Apartment and house prices in Monrovia

Cost of buying a property

Studio apartment price

1.4M LRD

2.1M LRD

4.1M LRD

MINIMUM

AVERAGE

MAXIMUM

$7,100

$11,000

$21,000

1-bedroom apartment price

1.6M LRD

2.7M LRD

10M LRD

MINIMUM

AVERAGE

MAXIMUM

$8,600

$14,000

$54,000

2-bedroom apartment price

2.7M LRD

8.2M LRD

16M LRD

MINIMUM

AVERAGE

MAXIMUM

$14,000

$43,000

$86,000

3-bedroom apartment price

9.2M LRD

14M LRD

41M LRD

MINIMUM

AVERAGE

MAXIMUM

$48,000

$71,000

$210,000

Townhouse price

12M LRD

27M LRD

100M LRD

MINIMUM

AVERAGE

MAXIMUM

$61,000

$140,000

$540,000

House price

14M LRD

82M LRD

120M LRD

MINIMUM

AVERAGE

MAXIMUM

$71,000

$430,000

$610,000

Villa price

16M LRD

92M LRD

140M LRD

MINIMUM

AVERAGE

MAXIMUM

$86,000

$480,000

$710,000

The average price of a studio apartment in Monrovia can range from 1.4M LRD to 4.1M LRD depending on location. One bedroom cost can be anywhere from 1.6M LRD to 10M LRD. A villa can cost you 92M LRD on average with prices ranging from 16M LRD to 140M LRD.

House / apartment prices to income ratio

Property prices in Monrovia can be x105 to x223 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x105 multiples of the average monthly salary in Monrovia.

Rent to income ratio

The average rent-to-income ratio in Monrovia is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 22% to 45% depending on the salary, location, and type of property.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Monrovia

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

Utility Bill Cost / Electricity + Water + Gas / Individual

480 LRD

3,400 LRD

23,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$2.5

$18

$120

Utility Bill Cost / Electricity + Water + Gas / Couple

1,300 LRD

4,300 LRD

28,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$6.6

$22

$150

Utility Bill Cost / Electricity + Water + Gas / Family

2,200 LRD

6,400 LRD

41,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$12

$33

$220

Internet and cable cost

380 LRD

750 LRD

1,000 LRD

MINIMUM

AVERAGE

MAXIMUM

$2

$3.9

$5.2

Mobile phone bill and charges

300 LRD

500 LRD

1,500 LRD

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.6

$7.8

The average monthly expenditure for individuals on electricty, water, and gas in Monrovia ranges between 480 LRD and 23,000 LRD with average being 3,400 LRD, meanwhile the expenditure of couples is slightly higher at 4,300 LRD with 1,300 LRD and 28,000 LRD being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 6,400 LRD. The cost of internet and WiFi is unchanged among the three groups and ranges from 380 LRD to 1,000 LRD with 750 LRD being the average internet bill. Finally, the average monthly mobile charges is around 500 LRD but can range between 300 LRD and 1,500 LRD depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Monrovia is around 6.9%. This means that people pay 6.9% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.4% to 12% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Monrovia

Prices and cost of goods and services in Monrovia

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

Fast food combo meal price

75 LRD

150 LRD

250 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.39

$0.78

$1.3

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Monrovia is approximatly 150 LRD with meal cost ranging from 75 LRD to 250 LRD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

260 LRD

390 LRD

790 LRD

MINIMUM

AVERAGE

MAXIMUM

$1.4

$2.1

$4.1

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 260 LRD and 790 LRD with 390 LRD being the average price of a plate for one person at a regular restaurant in Monrovia.

Fine dining meal for one price

530 LRD

790 LRD

3,200 LRD

MINIMUM

AVERAGE

MAXIMUM

$2.7

$4.1

$16

The price range of a meal at fine-dining restaurant is 530 LRD to 3,200 LRD with the average cost being 790 LRD for one person. This is what you would expect to pay a top-tier diner in Monrovia.

Beverage prices, cappuccino, latte etc..

63 LRD

100 LRD

150 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.33

$0.52

$0.78

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Monrovia is around 100 LRD. Price ranges between 63 LRD and 150 LRD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

50 LRD

60 LRD

75 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.26

$0.31

$0.39

The average price of a large bottle of milk in Monrovia is 60 LRD. The maximum what you would pay for milk is 75 LRD and the minimum being 50 LRD depending on the brand of milk and other properties.

12 eggs price

38 LRD

50 LRD

75 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.20

$0.26

$0.39

A dozen eggs costs around 50 LRD on average with 38 LRD and 75 LRD being the lower and upper limits respectively.

Fresh whole chicken price

86 LRD

110 LRD

160 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.44

$0.58

$0.82

The price range of a fresh whole chicken in Monrovia is between 86 LRD and 160 LRD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 110 LRD.

Pack of beef price

100 LRD

150 LRD

300 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.52

$0.78

$1.6

The price of a regular pack of beef or meat is around 150 LRD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

40 LRD

55 LRD

78 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.21

$0.29

$0.41

A bag of rice in Monrovia costs around 55 LRD on average with prices rangeing between 40 LRD and 78 LRD depending on the brand and quality.

Bag of tomatos price

15 LRD

20 LRD

38 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.08

$0.10

$0.20

A bag of tomatoes costs anywhere from 15 LRD to 38 LRD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

27 LRD

35 LRD

58 LRD

MINIMUM

AVERAGE

MAXIMUM

$0.14

$0.18

$0.30

A bag of apples costs 35 LRD on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Monrovia is around 31%. This means that people spend 31% of their income on grocery and basic household items. The expenditure can range from 22% to 38% depending on salary and location.

Expenditure on food and grocery for every population group

A single person living alone spends approximately 9,200 LRD per month on grocery and food with expenditure fluctuating between 1,300 LRD and 61,000 LRD depending on location and the type of person. The average cost of food and groceries for a couple is around 13,000 LRD per month. That number can be get as low as 4,500 LRD or a high as 71,000 LRD. Families' spending on grocery ranges from 8,000 LRD to 150,000 LRD with the location, income, and size of the family being the most determinite factors.

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

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

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

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