Cost Of Living in Montenegro 2024

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

Whether you're living in Montenegro 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

3,200 EUR

per month
$3,400

240 EUR   $260
$34,000   32,000 EUR

Single

2,200 EUR

per month
$2,400

730 EUR   $790
$16,000   15,000 EUR

Couple

3,600 EUR

per month
$3,900

1,200 EUR   $1,300
$21,000   19,000 EUR

Family

4,900 EUR

per month
$5,300

1,700 EUR   $1,800
$29,000   27,000 EUR

Student

1,500 EUR

per month
$1,600

610 EUR   $660
$3,000   2,700 EUR
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Montenegro is 2,200 EUR. Expenses can range from 730 EUR at the minimum level to 15,000 EUR at the highest end.


Couples

The average monthly spending of couples in Montenegro is 3,600 EUR. Expenditure can range from 1,200 EUR to 19,000 EUR per month.


Families

The average cost of living for families in Montenegro is 4,900 EUR per month. Families spend anywhere from 1,700 EUR to 27,000 EUR.


Students

The average monthly expenditure for students in Montenegro is 1,500 EUR. Students spend from 610 EUR to 2,700 EUR 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 Montenegro


Dining, food, and beverages costs


Large bottle of water
0.40 EUR 0.45 EUR 0.52 EUR
MINIMUM AVERAGE MAXIMUM
$0.43 $0.49 $0.56
Fast food combo meal
3.4 EUR 6.8 EUR 11 EUR
MINIMUM AVERAGE MAXIMUM
$3.7 $7.3 $12
Restaurant meal for one
11 EUR 17 EUR 34 EUR
MINIMUM AVERAGE MAXIMUM
$12 $18 $37
Fine dining meal for one
23 EUR 34 EUR 140 EUR
MINIMUM AVERAGE MAXIMUM
$24 $37 $150
Soda or Soft Drink
0.48 EUR 0.56 EUR 0.68 EUR
MINIMUM AVERAGE MAXIMUM
$0.52 $0.61 $0.73
Cappuccino or latte
2.8 EUR 4.5 EUR 6.8 EUR
MINIMUM AVERAGE MAXIMUM
$3.1 $4.9 $7.3

Grocery and market costs


Milk large bottle
2.3 EUR 2.7 EUR 3.4 EUR
MINIMUM AVERAGE MAXIMUM
$2.4 $2.9 $3.7
Loaf of bread
0.41 EUR 0.46 EUR 0.54 EUR
MINIMUM AVERAGE MAXIMUM
$0.44 $0.50 $0.58
12 eggs
1.7 EUR 2.3 EUR 3.4 EUR
MINIMUM AVERAGE MAXIMUM
$1.8 $2.4 $3.7
Fresh whole chicken
3.8 EUR 5 EUR 7 EUR
MINIMUM AVERAGE MAXIMUM
$4.2 $5.4 $7.6
Beef 1 kg or 1 lb
4.5 EUR 6.8 EUR 14 EUR
MINIMUM AVERAGE MAXIMUM
$4.9 $7.3 $15
Rice 1 kg or 1 lb
1.8 EUR 2.5 EUR 3.5 EUR
MINIMUM AVERAGE MAXIMUM
$2 $2.7 $3.8
Tomato 1 kg or 1 lb
0.68 EUR 0.90 EUR 1.7 EUR
MINIMUM AVERAGE MAXIMUM
$0.73 $0.98 $1.8
Apples 1 kg or 1 lb
1.2 EUR 1.6 EUR 2.6 EUR
MINIMUM AVERAGE MAXIMUM
$1.3 $1.7 $2.8

Commute, travel, and transportation costs


20 minutes taxi ride
2.8 EUR 3.4 EUR 6.8 EUR
MINIMUM AVERAGE MAXIMUM
$3.1 $3.7 $7.3
Average car full tank
17 EUR 23 EUR 45 EUR
MINIMUM AVERAGE MAXIMUM
$18 $24 $49
Average car 1-day rental
17 EUR 23 EUR 34 EUR
MINIMUM AVERAGE MAXIMUM
$18 $24 $37
Average car price
8,400 EUR 17,000 EUR 23,000 EUR
MINIMUM AVERAGE MAXIMUM
$9,200 $18,000 $24,000
Bus ticket one way
0.56 EUR 0.84 EUR 1.7 EUR
MINIMUM AVERAGE MAXIMUM
$0.61 $0.92 $1.8
Car Service
23 EUR 34 EUR 68 EUR
MINIMUM AVERAGE MAXIMUM
$24 $37 $73

Utility cost (monthly)


Utility Bill - Individual
44 EUR 130 EUR 870 EUR
MINIMUM AVERAGE MAXIMUM
$47 $140 $950
Utility Bill - Couple
61 EUR 180 EUR 970 EUR
MINIMUM AVERAGE MAXIMUM
$66 $200 $1,100
Utility Bill - Family
51 EUR 150 EUR 800 EUR
MINIMUM AVERAGE MAXIMUM
$55 $160 $870
Internet and cable
17 EUR 34 EUR 45 EUR
MINIMUM AVERAGE MAXIMUM
$18 $37 $49
Mobile phone charges
14 EUR 23 EUR 68 EUR
MINIMUM AVERAGE MAXIMUM
$15 $24 $73

Leisure and activities costs


Movie ticket
8.4 EUR 11 EUR 17 EUR
MINIMUM AVERAGE MAXIMUM
$9.2 $12 $18
One month gym membership
27 EUR 34 EUR 68 EUR
MINIMUM AVERAGE MAXIMUM
$29 $37 $73

Cloths and accessories costs


Pair of jeans or pants
20 EUR 28 EUR 42 EUR
MINIMUM AVERAGE MAXIMUM
$22 $31 $46
Woman dress
19 EUR 26 EUR 84 EUR
MINIMUM AVERAGE MAXIMUM
$20 $28 $92
Woman shoes
18 EUR 24 EUR 56 EUR
MINIMUM AVERAGE MAXIMUM
$19 $26 $61
Men's shoes
15 EUR 19 EUR 38 EUR
MINIMUM AVERAGE MAXIMUM
$17 $20 $41
Men suit
17 EUR 21 EUR 110 EUR
MINIMUM AVERAGE MAXIMUM
$18 $23 $120
Regular t-shirt
8.4 EUR 11 EUR 34 EUR
MINIMUM AVERAGE MAXIMUM
$9.2 $12 $37

Housing costs / monthly rent


Studio apartment
280 EUR 420 EUR 1,100 EUR
MINIMUM AVERAGE MAXIMUM
$310 $460 $1,200
1-bedroom apartment
420 EUR 680 EUR 1,700 EUR
MINIMUM AVERAGE MAXIMUM
$460 $730 $1,800
2-bedroom apartment
560 EUR 840 EUR 2,300 EUR
MINIMUM AVERAGE MAXIMUM
$610 $920 $2,400

Housing costs / Buying


Studio apartment
56,000 EUR 84,000 EUR 170,000 EUR
MINIMUM AVERAGE MAXIMUM
$61,000 $92,000 $180,000
1-bedroom apartment
68,000 EUR 110,000 EUR 420,000 EUR
MINIMUM AVERAGE MAXIMUM
$73,000 $120,000 $460,000
2-bedroom apartment
110,000 EUR 340,000 EUR 680,000 EUR
MINIMUM AVERAGE MAXIMUM
$120,000 $370,000 $730,000

Furniture Costs


King Size Bed
340 EUR 420 EUR 560 EUR
MINIMUM AVERAGE MAXIMUM
$370 $460 $610
Double Bed
230 EUR 340 EUR 420 EUR
MINIMUM AVERAGE MAXIMUM
$240 $370 $460
Single Bed
200 EUR 260 EUR 340 EUR
MINIMUM AVERAGE MAXIMUM
$220 $280 $370
Living Room
380 EUR 480 EUR 1,700 EUR
MINIMUM AVERAGE MAXIMUM
$410 $520 $1,800
Dining Table
170 EUR 230 EUR 420 EUR
MINIMUM AVERAGE MAXIMUM
$180 $240 $460
Sofa or Couch
230 EUR 310 EUR 680 EUR
MINIMUM AVERAGE MAXIMUM
$240 $330 $730

Electronics and House Appliance Costs


TV Set
230 EUR 340 EUR 680 EUR
MINIMUM AVERAGE MAXIMUM
$240 $370 $730
Fridge or Freezer
200 EUR 310 EUR 420 EUR
MINIMUM AVERAGE MAXIMUM
$220 $330 $460
Washing Machine
260 EUR 380 EUR 680 EUR
MINIMUM AVERAGE MAXIMUM
$280 $410 $730
Stove or Cooker
240 EUR 310 EUR 420 EUR
MINIMUM AVERAGE MAXIMUM
$260 $330 $460
Mobile Phone
280 EUR 340 EUR 480 EUR
MINIMUM AVERAGE MAXIMUM
$310 $370 $520
Laptop or Computer
310 EUR 380 EUR 680 EUR
MINIMUM AVERAGE MAXIMUM
$330 $410 $730

Expenditure to Income Ratio in Montenegro

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

83%

75% to 92%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%6%
50% - 60%12%
60% - 70%18%
70% - 80%27%
80% - 90%15%
90% - 100%9%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Montenegro is 83% This means that on average, people spend around 83% of their income for living. According to the distribution table, 18% 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
75%
Spending-Income-Ratio
68%
83%

Couple
79%
Spending-Income-Ratio
71%
87%

Family
87%
Spending-Income-Ratio
79%
97%

How do people spend their money in Montenegro?

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 Expenditure27%

27% of total expenses on average (16% to 35%)

LOW$79   73 EUR
AVERAGE$1,000   950 EUR
HIGH$10,000   9,500 EUR
Per Month

People living in Montenegro typically spend from 16% to 35% of their total monthly expenditure on housing with 27% being the average. The average spend on housing is 950 EUR with expenditure ranging from 73 EUR to 9,500 EUR. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water6%

6% of total expenses on average (3% to 10%)

LOW$13   12 EUR
AVERAGE$170   160 EUR
HIGH$1,700   1,600 EUR
Per Month

Utility expenditure like electricity, water, and gas in Montenegro ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 160 EUR with 12 EUR and 1,600 EUR being the upper and lower limits.

Transport, Fuel, Commute9%

9% of total expenses on average (4% to 13%)

LOW$26   24 EUR
AVERAGE$340   320 EUR
HIGH$3,400   3,200 EUR
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 24 EUR to 3,200 EUR on commuting with 320 EUR being the norm for most people in one month. This means that money spent on transport constitutes about 9% of total spending on average but can go as low as 4% or as high as 13%.

Food and Groceries Cost26%

26% of total expenses on average (18% to 32%)

LOW$66   61 EUR
AVERAGE$860   790 EUR
HIGH$8,600   7,900 EUR
Per Month

The average outlay on groceries in a month in Montenegro is 790 EUR. The cost of groceries can range between 61 EUR to 7,900 EUR. People spend on average about 26% on food and groceries with upper and lower bounds of 18% and 32% respectively.

Healthcare and Medical Services8%

8% of total expenses on average (3% to 11%)

LOW$18   17 EUR
AVERAGE$240   220 EUR
HIGH$2,400   2,200 EUR
Per Month

People in Montenegro allocate 3% to 11% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 8%. The range of medical expenses range from 17 EUR to 2,200 EUR with 220 EUR being the norm.

Leisure and Shopping6%

6% of total expenses on average (3% to 10%)

LOW$11   9.7 EUR
AVERAGE$140   130 EUR
HIGH$1,400   1,300 EUR
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 9.7 EUR to 1,300 EUR with 130 EUR being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.

Education and Schooling6%

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

LOW$16   15 EUR
AVERAGE$210   190 EUR
HIGH$2,100   1,900 EUR
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 190 EUR per month with 15 EUR being the minimum spent amount and 1,900 EUR being the maximum.

Other Expenses12%

12% of total expenses on average (7% to 19%)

LOW$34   32 EUR
AVERAGE$440   410 EUR
HIGH$4,400   4,100 EUR
Per Month

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


Saving Money
67%
Not Saving
33%

Almost 67% of the surveyed people in Montenegro said that they can save some money at the end of each month while 33% said that aren't saving anything.


Percentage of people saving money by population group in Montenegro

GroupSaversNon Savers
Singles71%29%
Couples66%34%
Families61%39%

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% 19% of income 31%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

95 EUR
$100
1,200 EUR
$1,300
12,000 EUR
$13,000
MINIMUM AVERAGE MAXIMUM

For most people, 11% to 31% of their monthly income is what they can allocate to their savings, with 19% being the average. The amount of money that people can save is approximately 1,200 EUR on average with savings ranging from 95 EUR to 12,000 EUR.

71% of surveyed singles reported some of their income going to savings while 66% of couples said the same. 61% of families confirmed their ability to save money.


How much money do people actually save in Montenegro?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

14% 23% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

280 EUR
$310
850 EUR
$930
5,700 EUR
$6,200
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%30%
10% - 20%23%
20% - 30%16%
30% - 40%15%
40% - 50%12%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 14% to 33% of their monthly income to savings, with 23% being the average for most singles. The average amount of money that singles are able to save is 850 EUR with 280 EUR and 5,700 EUR being the minimum and maximum respectively.


Couples

Saving to Income Ratio

12% 21% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

470 EUR
$510
1,400 EUR
$1,500
7,600 EUR
$8,200
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%34%
10% - 20%25%
20% - 30%19%
30% - 40%10%
40% - 50%9%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 12% to 32% of their monthly income, with 21% being the average for most couples. The average amount of money that couples can save is 1,400 EUR with 470 EUR and 7,600 EUR being the minimum and maximum respectively.


Families

Saving to Income Ratio

10% 18% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

660 EUR
$720
1,900 EUR
$2,100
10,000 EUR
$11,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%37%
10% - 20%28%
20% - 30%20%
30% - 40%7%
40% - 50%6%
> 50%2%

Interpretation and Analysis

Families in Montenegro can save anywhere between 10% to 29% of their monthly income, with 18% being the average for most families. The average amount of money that families can put aside is 1,900 EUR with 660 EUR and 10,000 EUR 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 Montenegro

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Montenegro?


Yes
74%
No
26%

Around 74% of surveyed residents think that living in Montenegro is affordable with proper budgeting while 26% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Montenegro

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 options61%

Few low-cost options39%


Based on the survey, 61% of the people living in Montenegro have no problem finding low-cost alternatives to support a frugal lifestyle while 39% 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 Montenegro whether they have an emergency fund and the answers were as follows.

Yes72%

No28%


Based on the survey, 28% of the people living in Montenegro said that they don't have an emergency fund while 72% said that they do.

Financial Literacy in Montenegro

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 Leteracy69%


We asked residents of Montenegro whether they acquired any adequate personal financial training in their lives. Approximately 31% 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 69% 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 Montenegro have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 27% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 73% said that they have everything under control.

Struggles with finance27%

Easily manages finances73%

Financial goals of people in Montenegro

In an attempt to understand the economic situation in Montenegro, 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 Fund6%
Debt Reduction32%
Retirement Savings7%
Education Funding9%
Homeownership16%
Investing9%
Travel or Lifestyle11%
Healthcare Expenses8%
Financial Independence9%

Around 6% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 32% said their number one priority is to pay off high-interest debt or loans and improve credit. 7% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 9% reported that their priority is saving for the tuition fees and education costs of their children while 16% choose to buy a home or pay off existing mortgage before other things. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 11% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 8% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Montenegro

Reasons that make it difficult for people to save money

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


Reason% People
Low Income7%
High Expenses10%
Debt and Loans19%
Lack of Budgeting Skills10%
Impulsive Spending9%
Financial Emergencies6%
Living the moment7%
Will do it later17%
Inflation10%
Social Pressure3%
Market Instability3%

Around 7% of the people said that their salary is too low to accommodate a portion for savings while 10% said that the high cost of living leaves little room for savings. 19% of the residents said that they are burdened with debt and find it challenging to save money. 10% 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. 9% 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. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% 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. 10% 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 Montenegro

Where do people choose to put their savings?


Saving Type% People
Emergency Funds10%
Gold10%
Savings Accounts17%
Retirement Accounts12%
Cash Savings15%
Real Estate10%
Investment6%
Stocks6%
Bonds7%
Mutual Funds3%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Montenegro

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

Retirement age

The retirement age for most employees in Montenegro 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 Montenegro:
AgeAmount
258,800 EUR
3018,000 EUR
3531,000 EUR
4044,000 EUR
4566,000 EUR
5092,000 EUR
55110,000 EUR
60140,000 EUR
65160,000 EUR

Retirement Income Distribution

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

Source% People
Pensions14%
Savings21%
Investments14%
Social Security9%
Annuities9%
Part-time Job9%
Real Estate16%
Dividends and Interest9%

Retirement Monthly Expenses in Montenegro

530 EUR
$570
1,600 EUR
$1,700
11,000 EUR
$11,000
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Montenegro


Percentage of people who are in debt


In Debt
26%
Debt Free
74%

According to the survey, 26% of the people in Montenegro have some kind of debt, loan, mortgage, or credit card payments while 74% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Montenegro

Debt to income ratio

28%

19% 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 28% of the people's monthly income in Montenegro goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%11%
40% - 50%11%
30% - 40%13%
20% - 30%16%
10% - 20%19%
0% - 10%28%

According to our data, 3% of the debtors in Montenegro pay 60%+ of their income as debt settlement while 11% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 11% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 13% dedicated 30% to 40% of income for same. Things are looking brighter for 16% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Montenegro

Debt% People
Real Estate Mortgage14%
Auto Loan23%
Student Loan3%
Credit Card24%
Personal Loan36%

14% of debtors in Montenegro confirm that real estate mortgages constitutes the main part of their outstanding debt while 24% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 23% of people and personal loans rose at 36%. Lastly, student loans are the main source of debt for 3% of debtors in Montenegro.


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 Montenegro

Besides measuring the loan-to-income ratio, we asked residents of Montenegro 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
Never56%
Once a year22%
Twice a year11%
Three times a year8%
Four times a year4%

Housing costs, accommodation, and housing affordability in Montenegro

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


Rent Cost in Montenegro

Monthly Rent Prices

Studio apartment
280 EUR 420 EUR 1,100 EUR
MINIMUM AVERAGE MAXIMUM
$310 $460 $1,200
1-bedroom apartment
420 EUR 680 EUR 1,700 EUR
MINIMUM AVERAGE MAXIMUM
$460 $730 $1,800
2-bedroom apartment
560 EUR 840 EUR 2,300 EUR
MINIMUM AVERAGE MAXIMUM
$610 $920 $2,400
3-bedroom apartment
680 EUR 1,100 EUR 3,100 EUR
MINIMUM AVERAGE MAXIMUM
$730 $1,200 $3,300
Furnished apartment
1,400 EUR 3,400 EUR 6,800 EUR
MINIMUM AVERAGE MAXIMUM
$1,500 $3,700 $7,300
Townhouse
1,100 EUR 1,700 EUR 4,800 EUR
MINIMUM AVERAGE MAXIMUM
$1,200 $1,800 $5,200
House
1,400 EUR 3,400 EUR 6,800 EUR
MINIMUM AVERAGE MAXIMUM
$1,500 $3,700 $7,300
Villa
1,700 EUR 4,200 EUR 6,800 EUR
MINIMUM AVERAGE MAXIMUM
$1,800 $4,600 $7,300

The monthly rental cost of a studio apartment in Montenegro ranges between 280 EUR and 1,100 EUR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 420 EUR to 1,700 EUR. Two-bedroom rentals rate ranges between 560 EUR and 2,300 EUR per month. The monthly rental for a three-bedroom apartment ranges from 680 EUR to 3,100 EUR. The average rent of a townhouse in Montenegro is around 1,700 EUR while house rental costs can be as high as 3,400 EUR per month. Finally, if you want to rent a villa, expect to pay anywhere from 1,700 EUR to 6,800 EUR per month.



Apartment and house prices in Montenegro

Cost of buying a property

Studio apartment
56,000 EUR 84,000 EUR 170,000 EUR
MINIMUM AVERAGE MAXIMUM
$61,000 $92,000 $180,000
1-bedroom apartment
68,000 EUR 110,000 EUR 420,000 EUR
MINIMUM AVERAGE MAXIMUM
$73,000 $120,000 $460,000
2-bedroom apartment
110,000 EUR 340,000 EUR 680,000 EUR
MINIMUM AVERAGE MAXIMUM
$120,000 $370,000 $730,000
3-bedroom apartment
380,000 EUR 560,000 EUR 1.7M EUR
MINIMUM AVERAGE MAXIMUM
$410,000 $610,000 $1.8M
Townhouse
480,000 EUR 1.1M EUR 4.2M EUR
MINIMUM AVERAGE MAXIMUM
$520,000 $1.2M $4.6M
House
560,000 EUR 3.4M EUR 4.8M EUR
MINIMUM AVERAGE MAXIMUM
$610,000 $3.7M $5.2M
Villa
680,000 EUR 3.8M EUR 5.6M EUR
MINIMUM AVERAGE MAXIMUM
$730,000 $4.1M $6.1M

The average price of a studio apartment in Montenegro can range from 56,000 EUR to 170,000 EUR depending on location. One bedroom cost can be anywhere from 68,000 EUR to 420,000 EUR. A villa can cost you 3.8M EUR on average with prices ranging from 680,000 EUR to 5.6M EUR.


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


41 x120 monthly income 212
MINIMUM AVERAGE MAXIMUM

Property prices in Montenegro can be x120 to x212 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x120 multiples of the average monthly salary in Montenegro.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


22% 32% of income 42%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Montenegro is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 22% to 42% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

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

Housing Affordability Index
30%

Property Taxes

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


FROM
2.2%
AVERAGE
3.2%
TO
4.2%

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.


4.9 EUR 63 EUR 630 EUR
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 Montenegro

Housing33%

33% of total expenses on average (21% to 45%)

LOW$280   260 EUR
AVERAGE$850   790 EUR
HIGH$5,700   5,200 EUR
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (3% to 12%)

LOW$47   44 EUR
AVERAGE$140   130 EUR
HIGH$950   870 EUR
Per Month

Transport, Fuel7%

7% of total expenses on average (5% to 13%)

LOW$63   58 EUR
AVERAGE$190   170 EUR
HIGH$1,300   1,200 EUR
Per Month

Food and Groceries17%

17% of total expenses on average (11% to 22%)

LOW$130   120 EUR
AVERAGE$380   350 EUR
HIGH$2,500   2,300 EUR
Per Month

Healthcare10%

10% of total expenses on average (4% to 14%)

LOW$71   66 EUR
AVERAGE$210   200 EUR
HIGH$1,400   1,300 EUR
Per Month

Leisure, Shopping4%

4% of total expenses on average (3% to 7%)

LOW$39   36 EUR
AVERAGE$120   110 EUR
HIGH$790   730 EUR
Per Month

Education2%

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

LOW$16   15 EUR
AVERAGE$47   44 EUR
HIGH$320   290 EUR
Per Month

Other Expenses20%

20% of total expenses on average (12% to 24%)

LOW$140   130 EUR
AVERAGE$430   390 EUR
HIGH$2,800   2,600 EUR
Per Month


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

Housing30%

30% of total expenses on average (23% to 40%)

LOW$430   400 EUR
AVERAGE$1,300   1,200 EUR
HIGH$7,000   6,400 EUR
Per Month

Utilities, Electricity, Water6%

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

LOW$66   61 EUR
AVERAGE$200   180 EUR
HIGH$1,100   970 EUR
Per Month

Transport, Fuel11%

11% of total expenses on average (5% to 16%)

LOW$160   150 EUR
AVERAGE$470   440 EUR
HIGH$2,500   2,300 EUR
Per Month

Food and Groceries15%

15% of total expenses on average (10% to 20%)

LOW$180   170 EUR
AVERAGE$550   510 EUR
HIGH$2,900   2,700 EUR
Per Month

Healthcare12%

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

LOW$140   130 EUR
AVERAGE$430   400 EUR
HIGH$2,300   2,100 EUR
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 8%)

LOW$79   73 EUR
AVERAGE$240   220 EUR
HIGH$1,300   1,200 EUR
Per Month

Education2%

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

LOW$26   24 EUR
AVERAGE$79   73 EUR
HIGH$420   390 EUR
Per Month

Other Expenses19%

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

LOW$220   210 EUR
AVERAGE$670   620 EUR
HIGH$3,600   3,300 EUR
Per Month


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

Housing29%

29% of total expenses on average (24% to 39%)

LOW$590   540 EUR
AVERAGE$1,700   1,600 EUR
HIGH$9,300   8,500 EUR
Per Month

Transport, Fuel7%

7% of total expenses on average (5% to 9%)

LOW$150   140 EUR
AVERAGE$420   390 EUR
HIGH$2,300   2,100 EUR
Per Month

Food and Groceries19%

19% of total expenses on average (12% to 25%)

LOW$330   310 EUR
AVERAGE$950   870 EUR
HIGH$5,200   4,800 EUR
Per Month

Healthcare9%

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

LOW$150   140 EUR
AVERAGE$420   390 EUR
HIGH$2,300   2,100 EUR
Per Month

Leisure, Shopping4%

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

LOW$92   85 EUR
AVERAGE$260   240 EUR
HIGH$1,400   1,300 EUR
Per Month

Education14%

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

LOW$260   240 EUR
AVERAGE$740   680 EUR
HIGH$4,100   3,700 EUR
Per Month

Other Expenses14%

14% of total expenses on average (7% to 19%)

LOW$220   200 EUR
AVERAGE$630   580 EUR
HIGH$3,500   3,200 EUR
Per Month


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

Housing21%

21% of total expenses on average (16% to 27%)

LOW$160   150 EUR
AVERAGE$400   360 EUR
HIGH$710   660 EUR
Per Month

Utilities, Electricity, Water5%

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

LOW$26   24 EUR
AVERAGE$66   61 EUR
HIGH$120   110 EUR
Per Month

Transport, Fuel6%

6% of total expenses on average (5% to 12%)

LOW$46   43 EUR
AVERAGE$120   110 EUR
HIGH$210   190 EUR
Per Month

Food and Groceries21%

21% of total expenses on average (15% to 25%)

LOW$130   120 EUR
AVERAGE$330   300 EUR
HIGH$590   550 EUR
Per Month

Healthcare7%

7% of total expenses on average (4% to 10%)

LOW$40   36 EUR
AVERAGE$99   91 EUR
HIGH$180   160 EUR
Per Month

Leisure, Shopping4%

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

LOW$33   30 EUR
AVERAGE$82   76 EUR
HIGH$150   140 EUR
Per Month

Education19%

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

LOW$130   120 EUR
AVERAGE$310   290 EUR
HIGH$560   520 EUR
Per Month

Other Expenses17%

17% of total expenses on average (11% to 23%)

LOW$99   91 EUR
AVERAGE$250   230 EUR
HIGH$440   410 EUR
Per Month
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