Cost Of Living in Monteria 2024

cost of living chart - average monthly expenditure in Monteria

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

Whether you're living in Monteria 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

Currency: COP
610,000 8M 80M
MINIMUM AVERAGE MAXIMUM
$160 $2,000 $20,000

Monthly Expenditure ▶ Single

Currency: COP
780,000 5.5M 37M
MINIMUM AVERAGE MAXIMUM
$200 $1,400 $9,300

Monthly Expenditure ▶ Couple

Currency: COP
3.1M 9.2M 49M
MINIMUM AVERAGE MAXIMUM
$780 $2,300 $12,000

Monthly Expenditure ▶ Family

Currency: COP
4.3M 12M 80M
MINIMUM AVERAGE MAXIMUM
$1,100 $3,100 $20,000

Monthly Expenditure ▶ Student

Currency: COP
610,000 4M 27M
MINIMUM AVERAGE MAXIMUM
$160 $1,000 $6,800
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Monteria is 5.5M COP. Expenses can range from 780,000 COP at the minimum level to 37M COP at the highest end.


Couples

The average monthly spending of couples in Monteria is 9.2M COP. Expenditure can range from 3.1M COP to 49M COP per month.


Families

The average cost of living for families in Monteria is 12M COP per month. Families spend anywhere from 4.3M COP to 80M COP.


Students

The average monthly expenditure for students in Monteria is 4M COP. Students spend from 610,000 COP to 27M 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 Monteria


Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Monteria

Dining, food, and beverages costs


Fast food combo meal

8,600 COP 17,000 COP 29,000 COP
MINIMUM AVERAGE MAXIMUM
$2.2 $4.4 $7.3

Restaurant meal for one

28,000 COP 42,000 COP 84,000 COP
MINIMUM AVERAGE MAXIMUM
$7.1 $11 $21

Fine dining meal for one

56,000 COP 84,000 COP 340,000 COP
MINIMUM AVERAGE MAXIMUM
$14 $21 $85

Cappuccino or latte

7,200 COP 11,000 COP 17,000 COP
MINIMUM AVERAGE MAXIMUM
$1.8 $2.9 $4.4

Grocery and market costs


Milk large bottle

5,700 COP 6,900 COP 8,600 COP
MINIMUM AVERAGE MAXIMUM
$1.5 $1.7 $2.2

12 eggs

4,300 COP 5,700 COP 8,600 COP
MINIMUM AVERAGE MAXIMUM
$1.1 $1.5 $2.2

Fresh whole chicken

9,800 COP 13,000 COP 18,000 COP
MINIMUM AVERAGE MAXIMUM
$2.5 $3.2 $4.5

Pack of beef

11,000 COP 17,000 COP 34,000 COP
MINIMUM AVERAGE MAXIMUM
$2.9 $4.4 $8.7

Medium bag of rice

4,600 COP 6,300 COP 9,000 COP
MINIMUM AVERAGE MAXIMUM
$1.2 $1.6 $2.3

Bag of tomatos

1,700 COP 2,300 COP 4,300 COP
MINIMUM AVERAGE MAXIMUM
$0.44 $0.58 $1.1

Bag of apples

3,100 COP 4,000 COP 6,600 COP
MINIMUM AVERAGE MAXIMUM
$0.78 $1 $1.7
Chart showing the prices and cost of commute, travel, and transportation in Monteria

Commute, travel, and transportation costs


20 minutes taxi ride

7,000 COP 8,400 COP 17,000 COP
MINIMUM AVERAGE MAXIMUM
$1.8 $2.1 $4.3

Average car full tank

43,000 COP 57,000 COP 110,000 COP
MINIMUM AVERAGE MAXIMUM
$11 $15 $29

Average car 1-day rental

41,000 COP 55,000 COP 82,000 COP
MINIMUM AVERAGE MAXIMUM
$10 $14 $21

Average car price

21M COP 43M COP 57M COP
MINIMUM AVERAGE MAXIMUM
$5,400 $11,000 $15,000

Bus ticket one way

1,400 COP 2,100 COP 4,100 COP
MINIMUM AVERAGE MAXIMUM
$0.35 $0.52 $1

Car Service

55,000 COP 82,000 COP 160,000 COP
MINIMUM AVERAGE MAXIMUM
$14 $21 $42
Chart showing the prices and cost of utility, energy, water, and gas for a family in Monteria

Utility cost (monthly)


Utility Bill - Individual

47,000 COP 330,000 COP 2.2M COP
MINIMUM AVERAGE MAXIMUM
$12 $84 $560

Utility Bill - Couple

120,000 COP 410,000 COP 2.7M COP
MINIMUM AVERAGE MAXIMUM
$31 $100 $680

Utility Bill - Family

210,000 COP 610,000 COP 4M COP
MINIMUM AVERAGE MAXIMUM
$54 $160 $1,000

Internet and cable

43,000 COP 86,000 COP 110,000 COP
MINIMUM AVERAGE MAXIMUM
$11 $22 $29

Mobile phone charges

34,000 COP 57,000 COP 170,000 COP
MINIMUM AVERAGE MAXIMUM
$8.7 $15 $44

Leisure and activities costs


Movie ticket

21,000 COP 29,000 COP 43,000 COP
MINIMUM AVERAGE MAXIMUM
$5.4 $7.3 $11

One month gym membership

66,000 COP 82,000 COP 160,000 COP
MINIMUM AVERAGE MAXIMUM
$17 $21 $42
Chart showing the prices and cost of clothing and accessories in Monteria

Cloths and accessories costs


Pair of jeans or pants

48,000 COP 69,000 COP 100,000 COP
MINIMUM AVERAGE MAXIMUM
$12 $17 $26

Woman dress

46,000 COP 63,000 COP 210,000 COP
MINIMUM AVERAGE MAXIMUM
$12 $16 $52

Woman shoes

43,000 COP 59,000 COP 140,000 COP
MINIMUM AVERAGE MAXIMUM
$11 $15 $35

Men's shoes

37,000 COP 46,000 COP 92,000 COP
MINIMUM AVERAGE MAXIMUM
$9.5 $12 $23

Men suit

41,000 COP 51,000 COP 270,000 COP
MINIMUM AVERAGE MAXIMUM
$10 $13 $70

Regular t-shirt

21,000 COP 27,000 COP 82,000 COP
MINIMUM AVERAGE MAXIMUM
$5.2 $7 $21
Chart showing the prices and cost of housing, accommodation, and rent in Monteria

Housing costs / monthly rent


Studio apartment

690,000 COP 1M COP 2.7M COP
MINIMUM AVERAGE MAXIMUM
$170 $260 $700

1-bedroom apartment

1M COP 1.6M COP 4.1M COP
MINIMUM AVERAGE MAXIMUM
$260 $420 $1,000

2-bedroom apartment

1.4M COP 2.1M COP 5.5M COP
MINIMUM AVERAGE MAXIMUM
$350 $520 $1,400

Housing costs / Buying


Studio apartment

140M COP 210M COP 410M COP
MINIMUM AVERAGE MAXIMUM
$35,000 $52,000 $100,000

1-bedroom apartment

160M COP 270M COP 1,000M COP
MINIMUM AVERAGE MAXIMUM
$42,000 $70,000 $260,000

2-bedroom apartment

270M COP 820M COP 1,600M COP
MINIMUM AVERAGE MAXIMUM
$70,000 $210,000 $420,000
Chart showing the prices and cost of furniture in Monteria

Furniture Costs


King Size Bed

860,000 COP 1.1M COP 1.4M COP
MINIMUM AVERAGE MAXIMUM
$220 $270 $360

Double Bed

570,000 COP 860,000 COP 1.1M COP
MINIMUM AVERAGE MAXIMUM
$150 $220 $270

Single Bed

510,000 COP 660,000 COP 860,000 COP
MINIMUM AVERAGE MAXIMUM
$130 $170 $220

Living Room

960,000 COP 1.2M COP 4.3M COP
MINIMUM AVERAGE MAXIMUM
$240 $310 $1,100

Dining Table

430,000 COP 570,000 COP 1.1M COP
MINIMUM AVERAGE MAXIMUM
$110 $150 $270

Sofa or Couch

570,000 COP 780,000 COP 1.7M COP
MINIMUM AVERAGE MAXIMUM
$150 $200 $440
Chart showing the prices and cost of electronic devices and appliances in Monteria

Electronics and House Appliance Costs


TV Set

570,000 COP 860,000 COP 1.7M COP
MINIMUM AVERAGE MAXIMUM
$150 $220 $440

Fridge or Freezer

510,000 COP 780,000 COP 1.1M COP
MINIMUM AVERAGE MAXIMUM
$130 $200 $270

Washing Machine

660,000 COP 960,000 COP 1.7M COP
MINIMUM AVERAGE MAXIMUM
$170 $240 $440

Stove or Cooker

610,000 COP 780,000 COP 1.1M COP
MINIMUM AVERAGE MAXIMUM
$160 $200 $270

Mobile Phone

720,000 COP 860,000 COP 1.2M COP
MINIMUM AVERAGE MAXIMUM
$180 $220 $310

Laptop or Computer

780,000 COP 960,000 COP 1.7M COP
MINIMUM AVERAGE MAXIMUM
$200 $240 $440

Expenditure to Income Ratio in Monteria

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.

Cost of living and expenditure to income ratio in Monteria

Spending to Income Ratio

79%

72% to 87%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%9%
60% - 70%15%
70% - 80%25%
80% - 90%20%
90% - 100%11%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Monteria is 79% This means that on average, people spend around 79% of their income for living. According to the distribution table, 15% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
71%
Spending-Income-Ratio
65%
78%

Couple
75%
Spending-Income-Ratio
69%
83%

Family
83%
Spending-Income-Ratio
76%
91%
Distribution of monthly cost of living expenses in Monteria

How do people spend their money in Monteria?

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

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure23%

23% of total expenses on average (12% to 31%)

LOW$47   180,000 COP
AVERAGE$610   2.4M COP
HIGH$6,100   24M COP
Per Month

People living in Monteria typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 2.4M COP with expenditure ranging from 180,000 COP to 24M 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, Water, Internet, Mobile8%

8% of total expenses on average (5% to 12%)

LOW$7.8   31,000 COP
AVERAGE$100   400,000 COP
HIGH$1,000   4M COP
Per Month

Utility expenditure like electricity, water, and gas in Monteria ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 400,000 COP with 31,000 COP and 4M COP being the upper and lower limits.

Transport, Fuel, Commute7%

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

LOW$16   61,000 COP
AVERAGE$200   800,000 COP
HIGH$2,000   8M 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 61,000 COP to 8M COP on commuting with 800,000 COP being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

Food and Groceries Cost28%

28% of total expenses on average (20% to 34%)

LOW$39   150,000 COP
AVERAGE$500   2M COP
HIGH$5,000   20M COP
Per Month

The average outlay on groceries in a month in Monteria is 2M COP. The cost of groceries can range between 150,000 COP to 20M COP. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

Healthcare and Medical Services10%

10% of total expenses on average (5% to 13%)

LOW$11   43,000 COP
AVERAGE$140   560,000 COP
HIGH$1,400   5.6M COP
Per Month

People in Monteria 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 43,000 COP to 5.6M COP with 560,000 COP being the norm.

Leisure and Shopping4%

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

LOW$6.2   24,000 COP
AVERAGE$81   320,000 COP
HIGH$810   3.2M 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 24,000 COP to 3.2M COP with 320,000 COP being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

Education and Schooling5%

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

LOW$9.3   37,000 COP
AVERAGE$120   480,000 COP
HIGH$1,200   4.8M 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 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 480,000 COP per month with 37,000 COP being the minimum spent amount and 4.8M COP being the maximum.

Other Expenses14%

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

LOW$20   80,000 COP
AVERAGE$260   1M COP
HIGH$2,600   10M COP
Per Month
Percentage of people who manage to save money from their income every month in Monteria

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


Saving Money
58%
Not Saving
42%

Almost 58% of the surveyed people in Monteria said that they can save some money at the end of each month while 42% said that aren't saving anything.


Percentage of people saving money by population group in Monteria

GroupSaversNon Savers
Singles59%42%
Couples54%46%
Families49%51%

Savings-to-Income Ratio

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


Savings to income ratio in Monteria

Saving to Income Ratio

7.3% 13% of income 26%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

210,000 COP
$54
2.7M COP
$700
27M COP
$7,000
MINIMUM AVERAGE MAXIMUM

For most people, 7.3% to 26% of their monthly income is what they can allocate to their savings, with 13% being the average. The amount of money that people can save is approximately 2.7M COP on average with savings ranging from 210,000 COP to 27M COP.

59% of surveyed singles reported some of their income going to savings while 54% of couples said the same. 49% of families confirmed their ability to save money.


How much money do people actually save in Monteria?

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

10% 17% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

210,000 COP
$54
1.9M COP
$480
13M COP
$3,200
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

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

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 10% to 28% of their monthly income to savings, with 17% being the average for most singles. The average amount of money that singles are able to save is 1.9M COP with 210,000 COP and 13M COP being the minimum and maximum respectively.


Couples

Saving to Income Ratio

8.2% 15% of income 27%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1.1M COP
$270
3.2M COP
$800
17M COP
$4,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

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

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 8.2% to 27% of their monthly income, with 15% being the average for most couples. The average amount of money that couples can save is 3.2M COP with 1.1M COP and 17M COP being the minimum and maximum respectively.


Families

Saving to Income Ratio

7.3% 13% of income 24%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1.5M COP
$380
4.2M COP
$1,100
27M COP
$7,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

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

Interpretation and Analysis

Families in Monteria can save anywhere between 7.3% to 24% of their monthly income, with 13% being the average for most families. The average amount of money that families can put aside is 4.2M COP with 1.5M COP and 27M COP being the minimum and maximum respectively.

Reasons that make it difficult for people to save money in Monteria

Saving Challenges in Monteria

Reasons that make it difficult for people to save money

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


Reason% People
Low Income5%
High Expenses8%
Debt and Loans13%
Lack of Budgeting Skills12%
Impulsive Spending12%
Financial Emergencies7%
Living the moment5%
Will do it later21%
Inflation13%
Social Pressure3%
Market Instability2%

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 13% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 12% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 21% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 13% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Where do people choose to put their savings in Monteria

Typical saving choices for people in Monteria

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold13%
Savings Accounts17%
Retirement Accounts10%
Cash Savings21%
Real Estate9%
Investment5%
Stocks4%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%
A typical and healthy budgeting structure. The 50-30-20 rule

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.

Income and cost of living compatibility. Is it affordable or economical to live in Monteria

Affordable living in Monteria

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Monteria?


Yes
58%
No
42%

Around 58% of surveyed residents think that living in Monteria is affordable with proper budgeting while 42% reported that it is just too expensive and not affordable even with frugality and thriftness.

How easily is cost-cutting. Are there plenty of low-cost options in Monteria

Low-cost alternatives in Monteria

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options54%

Few low-cost options46%


Based on the survey, 54% of the people living in Monteria have no problem finding low-cost alternatives to support a frugal lifestyle while 46% 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 Monteria whether they have an emergency fund and the answers were as follows.

Yes58%

No42%


Based on the survey, 42% of the people living in Monteria said that they don't have an emergency fund while 58% said that they do.

Financial literacy and difficulty in budgeting and financial planning in Monteria

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 we asked 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 and targets of people living in Monteria

Financial goals of people in Monteria

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


Financial Goal% People
Emergency Fund8%
Debt Reduction43%
Retirement Savings10%
Education Funding7%
Homeownership18%
Investing6%
Travel or Lifestyle6%
Healthcare Expenses14%
Financial Independence5%

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 43% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 6% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 14% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Monteria

What does the retirement lifestyle look like in Monteria 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 Monteria:
AgeAmount
2521M COP
3043M COP
3575M COP
40110M COP
45160M COP
50220M COP
55270M COP
60330M COP
65400M COP

Retirement Income Distribution

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

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job15%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Monteria

450,000 COP
$110
4M COP
$1,000
27M COP
$6,800
MINIMUM AVERAGE MAXIMUM
Chart showing the percentage of people who are in debt in Monteria

Debt, loans, and mortgages in Monteria


Percentage of people who are in debt


In Debt
23%
Debt Free
77%

According to the survey, 23% of the people in Monteria have some kind of debt, loan, mortgage, or credit card payments while 77% reported that they don't have financial obligations to banks.


Chart showing debt-to-income ratio in Monteria

Debt-to-income ratio in Monteria

Debt to income ratio

28%

21% to 37%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 28% of the people's monthly income in Monteria goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

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

According to our data, 3% of the debtors in Monteria pay 60%+ of their income as debt settlement while 18% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 10% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Monteria

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

8% of debtors in Monteria 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 Monteria.


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 Monteria

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

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

Frequency% People
Never50%
Once a year24%
Twice a year13%
Three times a year9%
Four times a year4%
Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Monteria

Housing costs, accommodation, and housing affordability in Monteria

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


Rent Cost in Monteria

Monthly Rent Prices

Studio apartment monthly rent cost

690,000 COP 1M COP 2.7M COP
MINIMUM AVERAGE MAXIMUM
$170 $260 $700

1-bedroom apartment monthly rent cost

1M COP 1.6M COP 4.1M COP
MINIMUM AVERAGE MAXIMUM
$260 $420 $1,000

2-bedroom apartment monthly rent cost

1.4M COP 2.1M COP 5.5M COP
MINIMUM AVERAGE MAXIMUM
$350 $520 $1,400

3-bedroom apartment monthly rent cost

1.6M COP 2.7M COP 7.5M COP
MINIMUM AVERAGE MAXIMUM
$420 $700 $1,900

Furnished apartment monthly rent cost

3.3M COP 8.2M COP 16M COP
MINIMUM AVERAGE MAXIMUM
$840 $2,100 $4,200

Townhouse monthly rent cost

2.7M COP 4.1M COP 12M COP
MINIMUM AVERAGE MAXIMUM
$700 $1,000 $3,000

House monthly rent cost

3.3M COP 8.2M COP 16M COP
MINIMUM AVERAGE MAXIMUM
$840 $2,100 $4,200

Villa monthly rent cost

4.1M COP 10M COP 16M COP
MINIMUM AVERAGE MAXIMUM
$1,000 $2,600 $4,200

The monthly rental cost of a studio apartment in Monteria ranges between 690,000 COP and 2.7M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1M COP to 4.1M COP. Two-bedroom rentals rate ranges between 1.4M COP and 5.5M COP per month. The monthly rental for a three-bedroom apartment ranges from 1.6M COP to 7.5M COP. The average rent of a townhouse in Monteria is around 4.1M COP while house rental costs can be as high as 8.2M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 4.1M COP to 16M COP per month.



Apartment and house prices in Monteria

Cost of buying a property

Studio apartment price

140M COP 210M COP 410M COP
MINIMUM AVERAGE MAXIMUM
$35,000 $52,000 $100,000

1-bedroom apartment price

160M COP 270M COP 1,000M COP
MINIMUM AVERAGE MAXIMUM
$42,000 $70,000 $260,000

2-bedroom apartment price

270M COP 820M COP 1,600M COP
MINIMUM AVERAGE MAXIMUM
$70,000 $210,000 $420,000

3-bedroom apartment price

920M COP 1,400M COP 4,100M COP
MINIMUM AVERAGE MAXIMUM
$230,000 $350,000 $1M

Townhouse price

1,200M COP 2,700M COP 10,000M COP
MINIMUM AVERAGE MAXIMUM
$300,000 $700,000 $2.6M

House price

1,400M COP 8,200M COP 12,000M COP
MINIMUM AVERAGE MAXIMUM
$350,000 $2.1M $3M

Villa price

1,600M COP 9,200M COP 14,000M COP
MINIMUM AVERAGE MAXIMUM
$420,000 $2.3M $3.5M

The average price of a studio apartment in Monteria can range from 140M COP to 410M COP depending on location. One bedroom cost can be anywhere from 160M COP to 1,000M COP. A villa can cost you 9,200M COP on average with prices ranging from 1,600M COP to 14,000M COP.


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


30 x86 monthly income 180
MINIMUM AVERAGE MAXIMUM

Property prices in Monteria can be x86 to x180 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x86 multiples of the average monthly salary in Monteria.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


17% 27% of income 36%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Monteria is around 27%. This means that people pay 27% of their income for rent. Those figures can range from 17% to 36% 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
24%

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
1.8%
AVERAGE
2.8%
TO
3.7%

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.


12,000 COP 160,000 COP 1.6M 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.

Monthly costs and expenses of energy and basic utilities in Monteria

Utilities expenditure can vary slightly between different areas and locations.


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

Utility Bill Cost / Electricity + Water + Gas / Individual

47,000 COP 330,000 COP 2.2M COP
MINIMUM AVERAGE MAXIMUM
$12 $84 $560

Utility Bill Cost / Electricity + Water + Gas / Couple

120,000 COP 410,000 COP 2.7M COP
MINIMUM AVERAGE MAXIMUM
$31 $100 $680

Utility Bill Cost / Electricity + Water + Gas / Family

210,000 COP 610,000 COP 4M COP
MINIMUM AVERAGE MAXIMUM
$54 $160 $1,000

Internet and cable cost

43,000 COP 86,000 COP 110,000 COP
MINIMUM AVERAGE MAXIMUM
$11 $22 $29

Mobile phone bill and charges

34,000 COP 57,000 COP 170,000 COP
MINIMUM AVERAGE MAXIMUM
$8.7 $15 $44

Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.


The average monthly expenditure for individuals on electricty, water, and gas in Monteria ranges between 47,000 COP and 2.2M COP with average being 330,000 COP, meanwhile the expenditure of couples is slightly higher at 410,000 COP with 120,000 COP and 2.7M COP 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 610,000 COP. The cost of internet and WiFi is unchanged among the three groups and ranges from 43,000 COP to 110,000 COP with 86,000 COP being the average internet bill. Finally, the average monthly mobile charges is around 57,000 COP but can range between 34,000 COP and 170,000 COP depending on consumption. Mobile charges include both calling minutes as well as data packages.


Energy / Utility expense to income ratio


( monthly utility expenses / monthly income ) x 100


2.7% 5.5% of income 9.2%
MINIMUM AVERAGE MAXIMUM

The average utility-to-income ratio in Monteria is around 5.5%. This means that people pay 5.5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.7% to 9.2% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Monteria

Grocery / Food expenditure and prices can vary drastically between different areas and locations.


Prices and cost of goods and services in Monteria

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

Fast food combo meal price

8,600 COP 17,000 COP 29,000 COP
MINIMUM AVERAGE MAXIMUM
$2.2 $4.4 $7.3

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Monteria is approximatly 17,000 COP with meal cost ranging from 8,600 COP to 29,000 COP. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

28,000 COP 42,000 COP 84,000 COP
MINIMUM AVERAGE MAXIMUM
$7.1 $11 $21

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 28,000 COP and 84,000 COP with 42,000 COP being the average price of a plate for one person at a regular restaurant in Monteria.

Fine dining meal for one price

56,000 COP 84,000 COP 340,000 COP
MINIMUM AVERAGE MAXIMUM
$14 $21 $85

The price range of a meal at fine-dining restaurant is 56,000 COP to 340,000 COP with the average cost being 84,000 COP for one person. This is what you would expect to pay a top-tier diner in Monteria.

Beverage prices, cappuccino, latte etc..

7,200 COP 11,000 COP 17,000 COP
MINIMUM AVERAGE MAXIMUM
$1.8 $2.9 $4.4

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Monteria is around 11,000 COP. Price ranges between 7,200 COP and 17,000 COP depending on the type of beverage, the size, and optional add-ons.



Grocery and market costs

Large bottle of milk price

5,700 COP 6,900 COP 8,600 COP
MINIMUM AVERAGE MAXIMUM
$1.5 $1.7 $2.2

The average price of a large bottle of milk in Monteria is 6,900 COP. The maximum what you would pay for milk is 8,600 COP and the minimum being 5,700 COP depending on the brand of milk and other properties.

12 eggs price

4,300 COP 5,700 COP 8,600 COP
MINIMUM AVERAGE MAXIMUM
$1.1 $1.5 $2.2

A dozen eggs costs around 5,700 COP on average with 4,300 COP and 8,600 COP being the lower and upper limits respectively.

Fresh whole chicken price

9,800 COP 13,000 COP 18,000 COP
MINIMUM AVERAGE MAXIMUM
$2.5 $3.2 $4.5

The price range of a fresh whole chicken in Monteria is between 9,800 COP and 18,000 COP depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 13,000 COP.

Pack of beef price

11,000 COP 17,000 COP 34,000 COP
MINIMUM AVERAGE MAXIMUM
$2.9 $4.4 $8.7

The price of a regular pack of beef or meat is around 17,000 COP. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

4,600 COP 6,300 COP 9,000 COP
MINIMUM AVERAGE MAXIMUM
$1.2 $1.6 $2.3

A bag of rice in Monteria costs around 6,300 COP on average with prices rangeing between 4,600 COP and 9,000 COP depending on the brand and quality.

Bag of tomatos price

1,700 COP 2,300 COP 4,300 COP
MINIMUM AVERAGE MAXIMUM
$0.44 $0.58 $1.1

A bag of tomatoes costs anywhere from 1,700 COP to 4,300 COP. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

3,100 COP 4,000 COP 6,600 COP
MINIMUM AVERAGE MAXIMUM
$0.78 $1 $1.7

A bag of apples costs 4,000 COP on average. A bag of apples denotes 1Kg or 1lb depending on location.


Grocery and food expenditure to income ratio


( monthly grocery expenses / monthly income ) x 100


17% 25% of income 30%
MINIMUM AVERAGE MAXIMUM

The average grocery-to-income ratio in Monteria is around 25%. This means that people spend 25% of their income on grocery and basic household items. The expenditure can range from 17% to 30% depending on salary and location.


Expenditure on food and grocery for every population group

A single person living alone spends approximately 880,000 COP per month on grocery and food with expenditure fluctuating between 120,000 COP and 5.9M COP depending on location and the type of person. The average cost of food and groceries for a couple is around 1.3M COP per month. That number can be get as low as 430,000 COP or a high as 6.9M COP. Families' spending on grocery ranges from 770,000 COP to 14M COP with the location, income, and size of the family being the most determinite factors.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Monteria

Housing cost for a single person29%

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

LOW$71   280,000 COP
AVERAGE$500   2M COP
HIGH$3,400   13M COP
Per Month

Utilities, Electricity, Water, Internet, Mobile9%

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

LOW$12   47,000 COP
AVERAGE$84   330,000 COP
HIGH$560   2.2M COP
Per Month

Transport and Fuel Cost5%

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

LOW$16   62,000 COP
AVERAGE$110   440,000 COP
HIGH$740   2.9M COP
Per Month

Food and Groceries Cost19%

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

LOW$32   120,000 COP
AVERAGE$220   880,000 COP
HIGH$1,500   5.9M COP
Per Month

Healthcare Cost12%

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

LOW$18   70,000 COP
AVERAGE$130   500,000 COP
HIGH$840   3.3M COP
Per Month

Leisure and Shopping Expenditure2%

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

LOW$9.8   39,000 COP
AVERAGE$70   280,000 COP
HIGH$470   1.8M COP
Per Month

Education Cost1%

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

LOW$3.9   16,000 COP
AVERAGE$28   110,000 COP
HIGH$190   730,000 COP
Per Month

Other Expenses22%

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

LOW$35   140,000 COP
AVERAGE$250   990,000 COP
HIGH$1,700   6.6M COP
Per Month


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

Housing cost for a couple26%

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

LOW$260   1M COP
AVERAGE$790   3.1M COP
HIGH$4,200   17M COP
Per Month

Utilities, Electricity, Water, Internet, Mobile8%

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

LOW$31   120,000 COP
AVERAGE$100   410,000 COP
HIGH$680   2.7M COP
Per Month

Transport and Fuel Cost9%

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

LOW$93   370,000 COP
AVERAGE$280   1.1M COP
HIGH$1,500   5.9M COP
Per Month

Food and Groceries Cost17%

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

LOW$110   430,000 COP
AVERAGE$330   1.3M COP
HIGH$1,700   6.9M COP
Per Month

Healthcare Cost14%

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

LOW$85   340,000 COP
AVERAGE$260   1M COP
HIGH$1,400   5.4M COP
Per Month

Leisure and Shopping Cost3%

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

LOW$47   180,000 COP
AVERAGE$140   550,000 COP
HIGH$740   2.9M COP
Per Month

Education Cost1%

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

LOW$16   61,000 COP
AVERAGE$47   180,000 COP
HIGH$250   980,000 COP
Per Month

Other Expenses21%

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

LOW$130   520,000 COP
AVERAGE$400   1.6M COP
HIGH$2,100   8.3M COP
Per Month


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

Housing cost for a family25%

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

LOW$350   1.4M COP
AVERAGE$990   3.9M COP
HIGH$6,500   25M COP
Per Month

Utilities, Electricity, Water, Internet, Mobile6%

6% of total expenses on average (4% to 9%)

LOW$54   210,000 COP
AVERAGE$160   610,000 COP
HIGH$1,000   4M COP
Per Month

Transport and Fuel Expenses5%

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

LOW$110   430,000 COP
AVERAGE$310   1.2M COP
HIGH$2,000   8M COP
Per Month

Food and Groceries Cost21%

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

LOW$200   770,000 COP
AVERAGE$560   2.2M COP
HIGH$3,600   14M COP
Per Month

Healthcare Expenses11%

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

LOW$98   390,000 COP
AVERAGE$310   1.2M COP
HIGH$1,600   6.4M COP
Per Month

Leisure and Shopping Cost2%

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

LOW$54   210,000 COP
AVERAGE$160   610,000 COP
HIGH$1,000   4M COP
Per Month

Education Cost13%

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

LOW$150   600,000 COP
AVERAGE$430   1.7M COP
HIGH$2,800   11M COP
Per Month

Other Expenses16%

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

LOW$87   340,000 COP
AVERAGE$250   980,000 COP
HIGH$1,600   6.4M COP
Per Month


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

Housing costs for Student17%

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

LOW$37   150,000 COP
AVERAGE$240   970,000 COP
HIGH$1,600   6.4M COP
Per Month

Utilities, Electricity, Water, Internet, and Mobile Expenses7%

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

LOW$6.2   24,000 COP
AVERAGE$41   160,000 COP
HIGH$270   1.1M COP
Per Month

Transport and Fuel Cost4%

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

LOW$11   43,000 COP
AVERAGE$71   280,000 COP
HIGH$480   1.9M COP
Per Month

Food and Groceries Expenditure23%

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

LOW$31   120,000 COP
AVERAGE$200   810,000 COP
HIGH$1,400   5.4M COP
Per Month

Healthcare Cost9%

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

LOW$9.3   37,000 COP
AVERAGE$61   240,000 COP
HIGH$410   1.6M COP
Per Month

Leisure and Shopping Cost2%

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

LOW$7.8   31,000 COP
AVERAGE$51   200,000 COP
HIGH$340   1.3M COP
Per Month

Education Cost18%

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

LOW$29   120,000 COP
AVERAGE$190   760,000 COP
HIGH$1,300   5.1M COP
Per Month

Other Expenses19%

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

LOW$23   92,000 COP
AVERAGE$150   600,000 COP
HIGH$1,000   4M COP
Per Month
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