Cost Of Living in Montevideo 2024
Average monthly spending for singles, couples, students, and families in Montevideo
Whether you're living in Montevideo 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 Expenditure97,000 UYU
per month$2,5007,400 UYU $190
$25,000 970,000 UYU
Single67,000 UYU
per month$1,70022,000 UYU $570
$11,000 450,000 UYU
Couple110,000 UYU
per month$2,90037,000 UYU $950
$15,000 590,000 UYU
Family150,000 UYU
per month$3,80052,000 UYU $1,300
$21,000 820,000 UYU
Student44,000 UYU
per month$1,10018,000 UYU $460
$2,000 80,000 UYU
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Montevideo is 67,000 UYU. Expenses can range from 22,000 UYU at the minimum level to 450,000 UYU at the highest end.
Couples
The average monthly spending of couples in Montevideo is 110,000 UYU. Expenditure can range from 37,000 UYU to 590,000 UYU per month.
Families
The average cost of living for families in Montevideo is 150,000 UYU per month. Families spend anywhere from 52,000 UYU to 820,000 UYU.
Students
The average monthly expenditure for students in Montevideo is 44,000 UYU. Students spend from 18,000 UYU to 80,000 UYU 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 Montevideo
Dining, food, and beverages costs
Large bottle of water
Fast food combo meal
Restaurant meal for one
Fine dining meal for one | 630 UYU | 940 UYU | 3,800 UYU |
Soda or Soft Drink
Cappuccino or latte Grocery and market costs
Milk large bottle
Loaf of bread
12 eggs
Fresh whole chicken
Beef 1 kg or 1 lb
Rice 1 kg or 1 lb
Tomato 1 kg or 1 lb
Apples 1 kg or 1 lb Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank | 450 UYU | 600 UYU | 1,200 UYU |
Average car 1-day rental
Average car price | 220,000 UYU | 450,000 UYU | 600,000 UYU |
Bus ticket one way
Car Service | 660 UYU | 990 UYU | 2,000 UYU |
Utility cost (monthly)
Utility Bill - Individual | 1,300 UYU | 4,000 UYU | 27,000 UYU |
Utility Bill - Couple | 1,900 UYU | 5,600 UYU | 30,000 UYU |
Utility Bill - Family | 1,600 UYU | 4,500 UYU | 25,000 UYU |
Internet and cable | 450 UYU | 900 UYU | 1,200 UYU |
Mobile phone charges | 360 UYU | 600 UYU | 1,800 UYU |
Leisure and activities costs
Movie ticket
One month gym membership | 790 UYU | 990 UYU | 2,000 UYU |
Cloths and accessories costs
Pair of jeans or pants | 580 UYU | 820 UYU | 1,200 UYU |
Woman dress | 550 UYU | 760 UYU | 2,500 UYU |
Woman shoes | 520 UYU | 700 UYU | 1,600 UYU |
Men's shoes | 450 UYU | 550 UYU | 1,100 UYU |
Men suit | 490 UYU | 620 UYU | 3,300 UYU |
Regular t-shirt Housing costs / monthly rent
Studio apartment | 8,200 UYU | 12,000 UYU | 33,000 UYU |
1-bedroom apartment | 12,000 UYU | 20,000 UYU | 49,000 UYU |
2-bedroom apartment | 16,000 UYU | 25,000 UYU | 66,000 UYU |
Housing costs / Buying
Studio apartment | 1.6M UYU | 2.5M UYU | 4.9M UYU |
1-bedroom apartment
2-bedroom apartment | 3.3M UYU | 9.9M UYU | 20M UYU |
| $84,000 | $250,000 | $510,000 |
Furniture Costs
King Size Bed | 9,000 UYU | 11,000 UYU | 15,000 UYU |
Double Bed | 6,000 UYU | 9,000 UYU | 11,000 UYU |
Single Bed | 5,300 UYU | 6,900 UYU | 9,000 UYU |
Living Room | 10,000 UYU | 13,000 UYU | 45,000 UYU |
Dining Table | 4,500 UYU | 6,000 UYU | 11,000 UYU |
Sofa or Couch | 6,000 UYU | 8,100 UYU | 18,000 UYU |
Electronics and House Appliance Costs
TV Set | 6,000 UYU | 9,000 UYU | 18,000 UYU |
Fridge or Freezer | 5,300 UYU | 8,100 UYU | 11,000 UYU |
Washing Machine | 6,900 UYU | 10,000 UYU | 18,000 UYU |
Stove or Cooker | 6,400 UYU | 8,100 UYU | 11,000 UYU |
Mobile Phone | 7,500 UYU | 9,000 UYU | 13,000 UYU |
Laptop or Computer | 8,100 UYU | 10,000 UYU | 18,000 UYU |
Expenditure to Income Ratio in Montevideo
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
93%
84% to 100%
( 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 Montevideo is 93%
This means that on average, people spend around 93% 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
84%
Spending-Income-Ratio
76%
93%
Couple
89%
Spending-Income-Ratio
80%
98%
Family
98%
Spending-Income-Ratio
89%
110%
How do people spend their money in Montevideo?
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 Expenditure24%
24% of total expenses on average (13% to 32%)
| LOW | $57 2,200 UYU |
| AVERAGE | $740 29,000 UYU |
| HIGH | $7,400 290,000 UYU |
| Per Month |
People living in Montevideo typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 29,000 UYU with expenditure ranging from 2,200 UYU to 290,000 UYU. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water7%
7% of total expenses on average (4% to 11%)
| LOW | $9.5 370 UYU |
| AVERAGE | $120 4,800 UYU |
| HIGH | $1,200 48,000 UYU |
| Per Month |
Utility expenditure like electricity, water, and gas in Montevideo ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 4,800 UYU with 370 UYU and 48,000 UYU being the upper and lower limits.
Transport, Fuel, Commute7%
7% of total expenses on average (3% to 11%)
| LOW | $19 740 UYU |
| AVERAGE | $250 9,700 UYU |
| HIGH | $2,500 97,000 UYU |
| 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 740 UYU to 97,000 UYU on commuting with 9,700 UYU 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 | $48 1,900 UYU |
| AVERAGE | $620 24,000 UYU |
| HIGH | $6,200 240,000 UYU |
| Per Month |
The average outlay on groceries in a month in Montevideo is 24,000 UYU. The cost of groceries can range between 1,900 UYU to 240,000 UYU. 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 | $13 520 UYU |
| AVERAGE | $170 6,800 UYU |
| HIGH | $1,700 68,000 UYU |
| Per Month |
People in Montevideo 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 520 UYU to 68,000 UYU with 6,800 UYU being the norm.
Leisure and Shopping5%
5% of total expenses on average (2% to 9%)
| LOW | $7.6 300 UYU |
| AVERAGE | $99 3,900 UYU |
| HIGH | $990 39,000 UYU |
| 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 300 UYU to 39,000 UYU with 3,900 UYU being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.
Education and Schooling5%
5% of total expenses on average (3% to 11%)
| LOW | $11 450 UYU |
| AVERAGE | $150 5,800 UYU |
| HIGH | $1,500 58,000 UYU |
| 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 5,800 UYU per month with 450 UYU being the minimum spent amount and 58,000 UYU being the maximum.
Other Expenses14%
14% of total expenses on average (9% to 21%)
| LOW | $25 970 UYU |
| AVERAGE | $320 13,000 UYU |
| HIGH | $3,200 130,000 UYU |
| Per Month |
How much money can you save in Montevideo 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 Montevideo manage to save money from their income every month?
Almost 60% of the surveyed people in Montevideo said that they can save some money at the end of each month while 40% said that aren't saving anything.
Percentage of people saving money by population group in Montevideo
| Group | Savers | Non Savers |
|---|
| Singles | 67% | 33% |
| Couples | 61% | 39% |
| Families | 56% | 44% |
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
Average Monthly Saved Amount
2,400 UYU
$62 | 32,000 UYU
$810 | 320,000 UYU
$8,100 |
For most people, 12% to 34% of their monthly income is what they can allocate to their savings, with 21% being the average. The amount of money that people can save is approximately 32,000 UYU on average with savings ranging from 2,400 UYU to 320,000 UYU.
67% of surveyed singles reported some of their income going to savings while 61% of couples said the same. 56% of families confirmed their ability to save money.
How much money do people actually save in Montevideo?
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
Average Monthly Saved Amount
7,300 UYU
$190 | 22,000 UYU
$560 | 150,000 UYU
$3,700 |
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 15% to 36% of their monthly income to savings, with 25% being the average for most singles. The average amount of money that singles are able to save is 22,000 UYU with 7,300 UYU and 150,000 UYU being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
12,000 UYU
$310 | 36,000 UYU
$930 | 190,000 UYU
$5,000 |
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 13% to 35% of their monthly income, with 23% being the average for most couples. The average amount of money that couples can save is 36,000 UYU with 12,000 UYU and 190,000 UYU being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
17,000 UYU
$440 | 48,000 UYU
$1,200 | 270,000 UYU
$6,800 |
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 Montevideo can save anywhere between 12% to 32% of their monthly income, with 20% being the average for most families. The average amount of money that families can put aside is 48,000 UYU with 17,000 UYU and 270,000 UYU 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 Montevideo
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Montevideo?
Around 60% of surveyed residents think that living in Montevideo is affordable with proper budgeting while 40% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Montevideo
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 options60%
Few low-cost options40%
Based on the survey, 60% of the people living in Montevideo have no problem finding low-cost alternatives to support a frugal lifestyle while 40% 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 Montevideo whether they have an emergency fund and the answers were as follows.
Yes57%
No43%
Based on the survey, 43% of the people living in Montevideo said that they don't have an emergency fund while 57% said that they do.
Financial Literacy in Uruguay
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 Leteracy50%
We asked residents of Uruguay whether they acquired any adequate personal financial training in their lives. Approximately 50% 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 50% 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 Uruguay have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 49% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 51% said that they have everything under control.
Struggles with finance49%
Easily manages finances51%
Financial goals of people in Montevideo
In an attempt to understand the economic situation in Montevideo, 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 Fund | 8% |
| Debt Reduction | 42% |
| Retirement Savings | 10% |
| Education Funding | 7% |
| Homeownership | 18% |
| Investing | 7% |
| Travel or Lifestyle | 7% |
| Healthcare Expenses | 13% |
| Financial Independence | 5% |
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 13% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Montevideo
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Montevideo. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 5% |
| High Expenses | 8% |
| Debt and Loans | 14% |
| Lack of Budgeting Skills | 11% |
| Impulsive Spending | 11% |
| Financial Emergencies | 7% |
| Living the moment | 6% |
| Will do it later | 20% |
| Inflation | 13% |
| Social Pressure | 3% |
| Market Instability | 2% |
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. 14% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 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. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 20% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 13% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Typical saving choices for people in Montevideo
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 12% |
| Gold | 13% |
| Savings Accounts | 17% |
| Retirement Accounts | 10% |
| Cash Savings | 20% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 4% |
| Bonds | 5% |
| Mutual Funds | 2% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Montevideo
What does the retirement lifestyle look like in Montevideo and how much retirement savings are required?
Retirement age
The retirement age for most employees in Uruguay 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:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Montevideo:| Age | Amount |
|---|
| 25 | 260,000 UYU |
| 30 | 510,000 UYU |
| 35 | 900,000 UYU |
| 40 | 1.3M UYU |
| 45 | 1.9M UYU |
| 50 | 2.7M UYU |
| 55 | 3.2M UYU |
| 60 | 4M UYU |
| 65 | 4.7M UYU |
Retirement Income Distribution
We asked residents of Montevideo about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 12% |
| Savings | 23% |
| Investments | 12% |
| Social Security | 7% |
| Annuities | 7% |
| Part-time Job | 14% |
| Real Estate | 18% |
| Dividends and Interest | 7% |
Retirement Monthly Expenses in Montevideo 16,000 UYU
$420 | 49,000 UYU
$1,300 | 330,000 UYU
$8,400 |
Debt, loans, and mortgages in Montevideo
Percentage of people who are in debt
According to the survey, 35% of the people in Montevideo 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 Montevideo
Debt to income ratio
33%
23% to 43%
( 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 33% of the people's monthly income in Montevideo goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 17% |
| 40% - 50% | 14% |
| 30% - 40% | 16% |
| 20% - 30% | 11% |
| 10% - 20% | 13% |
| 0% - 10% | 26% |
According to our data, 3% of the debtors in Montevideo pay 60%+ of their income as debt settlement while 17% 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 11% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Montevideo
| Debt | % People |
|---|
| Real Estate Mortgage | 9% |
| Auto Loan | 16% |
| Student Loan | 4% |
| Credit Card | 29% |
| Personal Loan | 42% |
9% of debtors in Montevideo confirm that real estate mortgages constitutes the main part of their outstanding debt while 29% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 16% of people and personal loans rose at 42%. Lastly, student loans are the main source of debt for 4% of debtors in Montevideo.
About credit score and debt managementManaging 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 Montevideo
Besides measuring the loan-to-income ratio, we asked residents of Montevideo 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 |
|---|
| Never | 51% |
| Once a year | 24% |
| Twice a year | 12% |
| Three times a year | 9% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Montevideo
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Montevideo
Monthly Rent Prices
Studio apartment | 8,200 UYU | 12,000 UYU | 33,000 UYU |
1-bedroom apartment | 12,000 UYU | 20,000 UYU | 49,000 UYU |
2-bedroom apartment | 16,000 UYU | 25,000 UYU | 66,000 UYU |
3-bedroom apartment | 20,000 UYU | 33,000 UYU | 90,000 UYU |
Furnished apartment | 39,000 UYU | 99,000 UYU | 200,000 UYU |
Townhouse | 33,000 UYU | 49,000 UYU | 140,000 UYU |
House | 39,000 UYU | 99,000 UYU | 200,000 UYU |
Villa | 49,000 UYU | 120,000 UYU | 200,000 UYU |
The monthly rental cost of a studio apartment in Montevideo ranges between 8,200 UYU and 33,000 UYU, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 12,000 UYU to 49,000 UYU. Two-bedroom rentals rate ranges between 16,000 UYU and 66,000 UYU per month. The monthly rental for a three-bedroom apartment ranges from 20,000 UYU to 90,000 UYU. The average rent of a townhouse in Montevideo is around 49,000 UYU while house rental costs can be as high as 99,000 UYU per month. Finally, if you want to rent a villa, expect to pay anywhere from 49,000 UYU to 200,000 UYU per month.
Apartment and house prices in Montevideo
Cost of buying a property
Studio apartment | 1.6M UYU | 2.5M UYU | 4.9M UYU |
1-bedroom apartment
2-bedroom apartment | 3.3M UYU | 9.9M UYU | 20M UYU |
| $84,000 | $250,000 | $510,000 |
3-bedroom apartment
Townhouse
House
Villa | 20M UYU | 110M UYU | 160M UYU |
The average price of a studio apartment in Montevideo can range from 1.6M UYU to 4.9M UYU depending on location. One bedroom cost can be anywhere from 2M UYU to 12M UYU. A villa can cost you 110M UYU on average with prices ranging from 20M UYU to 160M UYU.
If you're leasing or purchasing, housing costs in Montevideo 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 | x116 monthly income | 223 |
Property prices in Montevideo can be x116 to x223 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x116 multiples of the average monthly salary in Montevideo.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Montevideo is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 23% to 45% 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
31% 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.
| 150 UYU | 1,900 UYU | 19,000 UYU |
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Montevideo
Housing30%
30% of total expenses on average (18% to 42%)
| LOW | $210 8,000 UYU |
| AVERAGE | $620 24,000 UYU |
| HIGH | $4,100 160,000 UYU |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (4% to 13%)
| LOW | $34 1,300 UYU |
| AVERAGE | $100 4,000 UYU |
| HIGH | $690 27,000 UYU |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 11%)
| LOW | $46 1,800 UYU |
| AVERAGE | $140 5,400 UYU |
| HIGH | $920 36,000 UYU |
| Per Month |
Food and Groceries19%
19% of total expenses on average (13% to 24%)
| LOW | $92 3,600 UYU |
| AVERAGE | $270 11,000 UYU |
| HIGH | $1,800 71,000 UYU |
| Per Month |
Healthcare12%
12% of total expenses on average (6% to 16%)
| LOW | $51 2,000 UYU |
| AVERAGE | $150 6,000 UYU |
| HIGH | $1,000 40,000 UYU |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 6%)
| LOW | $29 1,100 UYU |
| AVERAGE | $86 3,300 UYU |
| HIGH | $570 22,000 UYU |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $11 450 UYU |
| AVERAGE | $34 1,300 UYU |
| HIGH | $230 8,900 UYU |
| Per Month |
Other Expenses22%
22% of total expenses on average (14% to 26%)
| LOW | $100 4,000 UYU |
| AVERAGE | $310 12,000 UYU |
| HIGH | $2,100 80,000 UYU |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Montevideo
Housing27%
27% of total expenses on average (20% to 37%)
| LOW | $310 12,000 UYU |
| AVERAGE | $940 37,000 UYU |
| HIGH | $5,000 200,000 UYU |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $48 1,900 UYU |
| AVERAGE | $140 5,600 UYU |
| HIGH | $760 30,000 UYU |
| Per Month |
Transport, Fuel9%
9% of total expenses on average (3% to 14%)
| LOW | $110 4,500 UYU |
| AVERAGE | $340 13,000 UYU |
| HIGH | $1,800 71,000 UYU |
| Per Month |
Food and Groceries17%
17% of total expenses on average (12% to 22%)
| LOW | $130 5,200 UYU |
| AVERAGE | $400 16,000 UYU |
| HIGH | $2,100 83,000 UYU |
| Per Month |
Healthcare14%
14% of total expenses on average (8% to 18%)
| LOW | $100 4,100 UYU |
| AVERAGE | $310 12,000 UYU |
| HIGH | $1,700 65,000 UYU |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (1% to 7%)
| LOW | $57 2,200 UYU |
| AVERAGE | $170 6,700 UYU |
| HIGH | $920 36,000 UYU |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $19 740 UYU |
| AVERAGE | $57 2,200 UYU |
| HIGH | $310 12,000 UYU |
| Per Month |
Other Expenses21%
21% of total expenses on average (15% to 27%)
| LOW | $160 6,300 UYU |
| AVERAGE | $490 19,000 UYU |
| HIGH | $2,600 100,000 UYU |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Montevideo
Housing26%
26% of total expenses on average (21% to 36%)
| LOW | $430 17,000 UYU |
| AVERAGE | $1,200 48,000 UYU |
| HIGH | $6,700 260,000 UYU |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 7%)
| LOW | $110 4,200 UYU |
| AVERAGE | $310 12,000 UYU |
| HIGH | $1,700 65,000 UYU |
| Per Month |
Food and Groceries21%
21% of total expenses on average (14% to 27%)
| LOW | $240 9,400 UYU |
| AVERAGE | $690 27,000 UYU |
| HIGH | $3,800 150,000 UYU |
| Per Month |
Healthcare11%
11% of total expenses on average (7% to 16%)
| LOW | $110 4,200 UYU |
| AVERAGE | $310 12,000 UYU |
| HIGH | $1,700 65,000 UYU |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (1% to 7%)
| LOW | $67 2,600 UYU |
| AVERAGE | $190 7,400 UYU |
| HIGH | $1,000 41,000 UYU |
| Per Month |
Education13%
13% of total expenses on average (6% to 21%)
| LOW | $190 7,300 UYU |
| AVERAGE | $530 21,000 UYU |
| HIGH | $2,900 110,000 UYU |
| Per Month |
Other Expenses16%
16% of total expenses on average (9% to 21%)
| LOW | $160 6,200 UYU |
| AVERAGE | $460 18,000 UYU |
| HIGH | $2,500 98,000 UYU |
| Per Month |
StudentCost of living and expenses break down for students living in Montevideo
Housing18%
18% of total expenses on average (13% to 24%)
| LOW | $110 4,300 UYU |
| AVERAGE | $270 11,000 UYU |
| HIGH | $490 19,000 UYU |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $18 710 UYU |
| AVERAGE | $46 1,800 UYU |
| HIGH | $82 3,200 UYU |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $32 1,200 UYU |
| AVERAGE | $80 3,100 UYU |
| HIGH | $140 5,600 UYU |
| Per Month |
Food and Groceries23%
23% of total expenses on average (17% to 27%)
| LOW | $91 3,500 UYU |
| AVERAGE | $230 8,900 UYU |
| HIGH | $410 16,000 UYU |
| Per Month |
Healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $27 1,100 UYU |
| AVERAGE | $68 2,700 UYU |
| HIGH | $120 4,800 UYU |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $23 890 UYU |
| AVERAGE | $57 2,200 UYU |
| HIGH | $100 4,000 UYU |
| Per Month |
Education18%
18% of total expenses on average (11% to 23%)
| LOW | $87 3,400 UYU |
| AVERAGE | $220 8,400 UYU |
| HIGH | $390 15,000 UYU |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $68 2,700 UYU |
| AVERAGE | $170 6,700 UYU |
| HIGH | $310 12,000 UYU |
| Per Month |
