Cost Of Living in Novi Sad 2024
Average monthly spending for singles, couples, students, and families in Novi Sad
Whether you're living in Novi Sad 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 Expenditure140,000 RSD
per month$1,30011,000 RSD $100
$13,000 1.4M RSD
Single97,000 RSD
per month$90032,000 RSD $300
$6,000 650,000 RSD
Couple160,000 RSD
per month$1,50054,000 RSD $500
$8,000 860,000 RSD
Family220,000 RSD
per month$2,00075,000 RSD $700
$11,000 1.2M RSD
Student66,000 RSD
per month$61026,000 RSD $240
$1,100 120,000 RSD
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Novi Sad is 97,000 RSD. Expenses can range from 32,000 RSD at the minimum level to 650,000 RSD at the highest end.
Couples
The average monthly spending of couples in Novi Sad is 160,000 RSD. Expenditure can range from 54,000 RSD to 860,000 RSD per month.
Families
The average cost of living for families in Novi Sad is 220,000 RSD per month. Families spend anywhere from 75,000 RSD to 1.2M RSD.
Students
The average monthly expenditure for students in Novi Sad is 66,000 RSD. Students spend from 26,000 RSD to 120,000 RSD 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 Novi Sad
Dining, food, and beverages costs
Large bottle of water
Fast food combo meal
Restaurant meal for one | 470 RSD | 710 RSD | 1,400 RSD |
Fine dining meal for one | 950 RSD | 1,400 RSD | 5,700 RSD |
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 | 690 RSD | 920 RSD | 1,800 RSD |
Average car 1-day rental | 730 RSD | 970 RSD | 1,500 RSD |
Average car price | 350,000 RSD | 690,000 RSD | 920,000 RSD |
Bus ticket one way
Car Service | 970 RSD | 1,500 RSD | 2,900 RSD |
Utility cost (monthly)
Utility Bill - Individual | 1,900 RSD | 5,800 RSD | 39,000 RSD |
Utility Bill - Couple | 2,700 RSD | 8,100 RSD | 43,000 RSD |
Utility Bill - Family | 2,300 RSD | 6,500 RSD | 36,000 RSD |
Internet and cable | 690 RSD | 1,400 RSD | 1,800 RSD |
Mobile phone charges | 550 RSD | 920 RSD | 2,800 RSD |
Leisure and activities costs
Movie ticket
One month gym membership | 1,200 RSD | 1,500 RSD | 2,900 RSD |
Cloths and accessories costs
Pair of jeans or pants | 860 RSD | 1,200 RSD | 1,800 RSD |
Woman dress | 810 RSD | 1,100 RSD | 3,600 RSD |
Woman shoes | 770 RSD | 1,000 RSD | 2,400 RSD |
Men's shoes | 660 RSD | 810 RSD | 1,600 RSD |
Men suit | 730 RSD | 910 RSD | 4,900 RSD |
Regular t-shirt | 360 RSD | 490 RSD | 1,500 RSD |
Housing costs / monthly rent
Studio apartment | 12,000 RSD | 18,000 RSD | 49,000 RSD |
1-bedroom apartment | 18,000 RSD | 29,000 RSD | 73,000 RSD |
2-bedroom apartment | 24,000 RSD | 36,000 RSD | 97,000 RSD |
Housing costs / Buying
Studio apartment | 2.4M RSD | 3.6M RSD | 7.3M RSD |
1-bedroom apartment | 2.9M RSD | 4.9M RSD | 18M RSD |
2-bedroom apartment | $45,000 | $130,000 | $270,000 |
Furniture Costs
King Size Bed | 14,000 RSD | 17,000 RSD | 23,000 RSD |
Double Bed | 9,200 RSD | 14,000 RSD | 17,000 RSD |
Single Bed | 8,200 RSD | 11,000 RSD | 14,000 RSD |
Living Room | 15,000 RSD | 20,000 RSD | 69,000 RSD |
Dining Table | 6,900 RSD | 9,200 RSD | 17,000 RSD |
Sofa or Couch | 9,200 RSD | 13,000 RSD | 28,000 RSD |
Electronics and House Appliance Costs
TV Set | 9,200 RSD | 14,000 RSD | 28,000 RSD |
Fridge or Freezer | 8,200 RSD | 13,000 RSD | 17,000 RSD |
Washing Machine | 11,000 RSD | 15,000 RSD | 28,000 RSD |
Stove or Cooker | 9,900 RSD | 13,000 RSD | 17,000 RSD |
Mobile Phone | 12,000 RSD | 14,000 RSD | 20,000 RSD |
Laptop or Computer | 13,000 RSD | 15,000 RSD | 28,000 RSD |
Expenditure to Income Ratio in Novi Sad
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
89%
81% to 97%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 5% |
| 50% - 60% | 10% |
| 60% - 70% | 16% |
| 70% - 80% | 25% |
| 80% - 90% | 19% |
| 90% - 100% | 10% |
| 100% - 110% | 6% |
| 110% - 120% | 4% |
| 120% - 130% | 3% |
| 130% - 140% | 2% |
| > 140% | 2% |
Interpretation and Analysis
The average spending-to-salary ratio in Novi Sad is 89%
This means that on average, people spend around 89% of their income for living.
According to the distribution table, 16% 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
80%
Spending-Income-Ratio
73%
88%
Couple
85%
Spending-Income-Ratio
77%
92%
Family
94%
Spending-Income-Ratio
85%
100%
How do people spend their money in Novi Sad?
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 | $30 3,200 RSD |
| AVERAGE | $390 42,000 RSD |
| HIGH | $3,900 420,000 RSD |
| Per Month |
People living in Novi Sad typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 42,000 RSD with expenditure ranging from 3,200 RSD to 420,000 RSD. 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 | $5 540 RSD |
| AVERAGE | $65 7,000 RSD |
| HIGH | $650 70,000 RSD |
| Per Month |
Utility expenditure like electricity, water, and gas in Novi Sad ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 7,000 RSD with 540 RSD and 70,000 RSD being the upper and lower limits.
Transport, Fuel, Commute7%
7% of total expenses on average (3% to 11%)
| LOW | $10 1,100 RSD |
| AVERAGE | $130 14,000 RSD |
| HIGH | $1,300 140,000 RSD |
| 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 1,100 RSD to 140,000 RSD on commuting with 14,000 RSD 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 | $25 2,700 RSD |
| AVERAGE | $320 35,000 RSD |
| HIGH | $3,200 350,000 RSD |
| Per Month |
The average outlay on groceries in a month in Novi Sad is 35,000 RSD. The cost of groceries can range between 2,700 RSD to 350,000 RSD. 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 | $7 750 RSD |
| AVERAGE | $91 9,800 RSD |
| HIGH | $910 98,000 RSD |
| Per Month |
People in Novi Sad 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 750 RSD to 98,000 RSD with 9,800 RSD being the norm.
Leisure and Shopping5%
5% of total expenses on average (2% to 9%)
| LOW | $4 430 RSD |
| AVERAGE | $52 5,600 RSD |
| HIGH | $520 56,000 RSD |
| 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 430 RSD to 56,000 RSD with 5,600 RSD 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 | $6 650 RSD |
| AVERAGE | $78 8,400 RSD |
| HIGH | $780 84,000 RSD |
| 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 8,400 RSD per month with 650 RSD being the minimum spent amount and 84,000 RSD being the maximum.
Other Expenses13%
13% of total expenses on average (8% to 20%)
| LOW | $13 1,400 RSD |
| AVERAGE | $170 18,000 RSD |
| HIGH | $1,700 180,000 RSD |
| Per Month |
How much money can you save in Novi Sad 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 Novi Sad manage to save money from their income every month?
Almost 62% of the surveyed people in Novi Sad said that they can save some money at the end of each month while 38% said that aren't saving anything.
Percentage of people saving money by population group in Novi Sad
| Group | Savers | Non Savers |
|---|
| Singles | 67% | 33% |
| Couples | 62% | 38% |
| Families | 57% | 43% |
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
3,800 RSD
$35 | 49,000 RSD
$460 | 490,000 RSD
$4,600 |
For most people, 8.3% to 29% of their monthly income is what they can allocate to their savings, with 16% being the average. The amount of money that people can save is approximately 49,000 RSD on average with savings ranging from 3,800 RSD to 490,000 RSD.
67% of surveyed singles reported some of their income going to savings while 62% of couples said the same. 57% of families confirmed their ability to save money.
How much money do people actually save in Novi Sad?
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
11,000 RSD
$110 | 34,000 RSD
$320 | 230,000 RSD
$2,100 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 31% |
| 10% - 20% | 24% |
| 20% - 30% | 16% |
| 30% - 40% | 14% |
| 40% - 50% | 11% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 11% to 31% of their monthly income to savings, with 20% being the average for most singles. The average amount of money that singles are able to save is 34,000 RSD with 11,000 RSD and 230,000 RSD being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
19,000 RSD
$180 | 57,000 RSD
$530 | 300,000 RSD
$2,800 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 35% |
| 10% - 20% | 26% |
| 20% - 30% | 19% |
| 30% - 40% | 9% |
| 40% - 50% | 8% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 9.3% to 30% of their monthly income, with 18% being the average for most couples. The average amount of money that couples can save is 57,000 RSD with 19,000 RSD and 300,000 RSD being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
27,000 RSD
$250 | 76,000 RSD
$700 | 420,000 RSD
$3,900 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 38% |
| 10% - 20% | 29% |
| 20% - 30% | 20% |
| 30% - 40% | 6% |
| 40% - 50% | 5% |
| > 50% | 2% |
Interpretation and Analysis
Families in Novi Sad can save anywhere between 8.3% to 27% of their monthly income, with 15% being the average for most families. The average amount of money that families can put aside is 76,000 RSD with 27,000 RSD and 420,000 RSD 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 Novi Sad
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Novi Sad?
Around 65% of surveyed residents think that living in Novi Sad is affordable with proper budgeting while 35% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Novi Sad
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 Novi Sad 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 Novi Sad whether they have an emergency fund and the answers were as follows.
Yes62%
No38%
Based on the survey, 38% of the people living in Novi Sad said that they don't have an emergency fund while 62% said that they do.
Financial Literacy in Serbia
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 Serbia 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 Serbia have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 40% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 60% said that they have everything under control.
Struggles with finance40%
Easily manages finances60%
Financial goals of people in Novi Sad
In an attempt to understand the economic situation in Novi Sad, 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 | 40% |
| Retirement Savings | 9% |
| Education Funding | 7% |
| Homeownership | 18% |
| Investing | 7% |
| Travel or Lifestyle | 8% |
| Healthcare Expenses | 12% |
| Financial Independence | 6% |
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 40% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 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 8% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 12% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Novi Sad
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Novi Sad. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 5% |
| High Expenses | 8% |
| Debt and Loans | 15% |
| Lack of Budgeting Skills | 11% |
| Impulsive Spending | 11% |
| Financial Emergencies | 7% |
| Living the moment | 6% |
| Will do it later | 20% |
| Inflation | 12% |
| 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. 15% 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. 12% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Typical saving choices for people in Novi Sad
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 12% |
| Gold | 12% |
| Savings Accounts | 17% |
| Retirement Accounts | 10% |
| Cash Savings | 19% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 5% |
| Bonds | 5% |
| Mutual Funds | 2% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Novi Sad
What does the retirement lifestyle look like in Novi Sad and how much retirement savings are required?
Retirement age
The retirement age for most employees in Serbia 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 Novi Sad:| Age | Amount |
|---|
| 25 | 380,000 RSD |
| 30 | 760,000 RSD |
| 35 | 1.3M RSD |
| 40 | 1.9M RSD |
| 45 | 2.8M RSD |
| 50 | 4M RSD |
| 55 | 4.7M RSD |
| 60 | 5.9M RSD |
| 65 | 7M RSD |
Retirement Income Distribution
We asked residents of Novi Sad 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 | 13% |
| Real Estate | 18% |
| Dividends and Interest | 7% |
Retirement Monthly Expenses in Novi Sad 24,000 RSD
$220 | 71,000 RSD
$650 | 470,000 RSD
$4,400 |
Debt, loans, and mortgages in Novi Sad
Percentage of people who are in debt
According to the survey, 30% of the people in Novi Sad have some kind of debt, loan, mortgage, or credit card payments while 70% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Novi Sad
Debt to income ratio
32%
23% to 40%
( 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 32% of the people's monthly income in Novi Sad goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 16% |
| 40% - 50% | 14% |
| 30% - 40% | 16% |
| 20% - 30% | 12% |
| 10% - 20% | 14% |
| 0% - 10% | 26% |
According to our data, 3% of the debtors in Novi Sad pay 60%+ of their income as debt settlement while 16% 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 12% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Novi Sad
| Debt | % People |
|---|
| Real Estate Mortgage | 10% |
| Auto Loan | 17% |
| Student Loan | 4% |
| Credit Card | 28% |
| Personal Loan | 41% |
10% of debtors in Novi Sad confirm that real estate mortgages constitutes the main part of their outstanding debt while 28% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 17% of people and personal loans rose at 41%. Lastly, student loans are the main source of debt for 4% of debtors in Novi Sad.
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 Novi Sad
Besides measuring the loan-to-income ratio, we asked residents of Novi Sad 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 | 52% |
| Once a year | 23% |
| Twice a year | 12% |
| Three times a year | 9% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Novi Sad
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Novi Sad
Monthly Rent Prices
Studio apartment | 12,000 RSD | 18,000 RSD | 49,000 RSD |
1-bedroom apartment | 18,000 RSD | 29,000 RSD | 73,000 RSD |
2-bedroom apartment | 24,000 RSD | 36,000 RSD | 97,000 RSD |
3-bedroom apartment | 29,000 RSD | 49,000 RSD | 130,000 RSD |
Furnished apartment | 58,000 RSD | 150,000 RSD | 290,000 RSD |
Townhouse | 49,000 RSD | 73,000 RSD | 210,000 RSD |
House | 58,000 RSD | 150,000 RSD | 290,000 RSD |
Villa | 73,000 RSD | 180,000 RSD | 290,000 RSD |
The monthly rental cost of a studio apartment in Novi Sad ranges between 12,000 RSD and 49,000 RSD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 18,000 RSD to 73,000 RSD. Two-bedroom rentals rate ranges between 24,000 RSD and 97,000 RSD per month. The monthly rental for a three-bedroom apartment ranges from 29,000 RSD to 130,000 RSD. The average rent of a townhouse in Novi Sad is around 73,000 RSD while house rental costs can be as high as 150,000 RSD per month. Finally, if you want to rent a villa, expect to pay anywhere from 73,000 RSD to 290,000 RSD per month.
Apartment and house prices in Novi Sad
Cost of buying a property
Studio apartment | 2.4M RSD | 3.6M RSD | 7.3M RSD |
1-bedroom apartment | 2.9M RSD | 4.9M RSD | 18M RSD |
2-bedroom apartment | $45,000 | $130,000 | $270,000 |
3-bedroom apartment | $150,000 | $220,000 | $670,000 |
Townhouse
House | 24M RSD | 150M RSD | 210M RSD |
Villa | 29M RSD | 160M RSD | 240M RSD |
The average price of a studio apartment in Novi Sad can range from 2.4M RSD to 7.3M RSD depending on location. One bedroom cost can be anywhere from 2.9M RSD to 18M RSD. A villa can cost you 160M RSD on average with prices ranging from 29M RSD to 240M RSD.
If you're leasing or purchasing, housing costs in Novi Sad 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
| 35 | x100 monthly income | 205 |
Property prices in Novi Sad can be x100 to x205 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x100 multiples of the average monthly salary in Novi Sad.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Novi Sad is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 21% to 41% 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
29% 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.
| 220 RSD | 2,800 RSD | 28,000 RSD |
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 Novi Sad
Housing30%
30% of total expenses on average (18% to 42%)
| LOW | $110 12,000 RSD |
| AVERAGE | $320 35,000 RSD |
| HIGH | $2,200 230,000 RSD |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (4% to 13%)
| LOW | $18 1,900 RSD |
| AVERAGE | $54 5,800 RSD |
| HIGH | $360 39,000 RSD |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 11%)
| LOW | $24 2,600 RSD |
| AVERAGE | $72 7,800 RSD |
| HIGH | $480 52,000 RSD |
| Per Month |
Food and Groceries19%
19% of total expenses on average (13% to 24%)
| LOW | $48 5,200 RSD |
| AVERAGE | $140 16,000 RSD |
| HIGH | $960 100,000 RSD |
| Per Month |
Healthcare12%
12% of total expenses on average (6% to 16%)
| LOW | $27 2,900 RSD |
| AVERAGE | $81 8,700 RSD |
| HIGH | $540 58,000 RSD |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 6%)
| LOW | $15 1,600 RSD |
| AVERAGE | $45 4,800 RSD |
| HIGH | $300 32,000 RSD |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $6 650 RSD |
| AVERAGE | $18 1,900 RSD |
| HIGH | $120 13,000 RSD |
| Per Month |
Other Expenses21%
21% of total expenses on average (13% to 25%)
| LOW | $54 5,800 RSD |
| AVERAGE | $160 17,000 RSD |
| HIGH | $1,100 120,000 RSD |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Novi Sad
Housing27%
27% of total expenses on average (20% to 37%)
| LOW | $160 18,000 RSD |
| AVERAGE | $490 53,000 RSD |
| HIGH | $2,600 280,000 RSD |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $25 2,700 RSD |
| AVERAGE | $75 8,100 RSD |
| HIGH | $400 43,000 RSD |
| Per Month |
Transport, Fuel9%
9% of total expenses on average (3% to 14%)
| LOW | $60 6,500 RSD |
| AVERAGE | $180 19,000 RSD |
| HIGH | $960 100,000 RSD |
| Per Month |
Food and Groceries17%
17% of total expenses on average (12% to 22%)
| LOW | $70 7,500 RSD |
| AVERAGE | $210 23,000 RSD |
| HIGH | $1,100 120,000 RSD |
| Per Month |
Healthcare14%
14% of total expenses on average (8% to 18%)
| LOW | $55 5,900 RSD |
| AVERAGE | $160 18,000 RSD |
| HIGH | $880 95,000 RSD |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (1% to 7%)
| LOW | $30 3,200 RSD |
| AVERAGE | $90 9,700 RSD |
| HIGH | $480 52,000 RSD |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $10 1,100 RSD |
| AVERAGE | $30 3,200 RSD |
| HIGH | $160 17,000 RSD |
| Per Month |
Other Expenses20%
20% of total expenses on average (14% to 26%)
| LOW | $85 9,200 RSD |
| AVERAGE | $250 27,000 RSD |
| HIGH | $1,400 150,000 RSD |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Novi Sad
Housing26%
26% of total expenses on average (21% to 36%)
| LOW | $220 24,000 RSD |
| AVERAGE | $640 69,000 RSD |
| HIGH | $3,500 380,000 RSD |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (3% to 7%)
| LOW | $56 6,000 RSD |
| AVERAGE | $160 17,000 RSD |
| HIGH | $880 95,000 RSD |
| Per Month |
Food and Groceries21%
21% of total expenses on average (14% to 27%)
| LOW | $130 14,000 RSD |
| AVERAGE | $360 39,000 RSD |
| HIGH | $2,000 210,000 RSD |
| Per Month |
Healthcare11%
11% of total expenses on average (7% to 16%)
| LOW | $56 6,000 RSD |
| AVERAGE | $160 17,000 RSD |
| HIGH | $880 95,000 RSD |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (1% to 7%)
| LOW | $35 3,800 RSD |
| AVERAGE | $100 11,000 RSD |
| HIGH | $550 59,000 RSD |
| Per Month |
Education13%
13% of total expenses on average (6% to 21%)
| LOW | $98 11,000 RSD |
| AVERAGE | $280 30,000 RSD |
| HIGH | $1,500 170,000 RSD |
| Per Month |
Other Expenses15%
15% of total expenses on average (8% to 20%)
| LOW | $84 9,000 RSD |
| AVERAGE | $240 26,000 RSD |
| HIGH | $1,300 140,000 RSD |
| Per Month |
StudentCost of living and expenses break down for students living in Novi Sad
Housing18%
18% of total expenses on average (13% to 24%)
| LOW | $58 6,300 RSD |
| AVERAGE | $150 16,000 RSD |
| HIGH | $260 28,000 RSD |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $9.7 1,000 RSD |
| AVERAGE | $24 2,600 RSD |
| HIGH | $44 4,700 RSD |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $17 1,800 RSD |
| AVERAGE | $42 4,600 RSD |
| HIGH | $76 8,300 RSD |
| Per Month |
Food and Groceries23%
23% of total expenses on average (17% to 27%)
| LOW | $49 5,200 RSD |
| AVERAGE | $120 13,000 RSD |
| HIGH | $220 24,000 RSD |
| Per Month |
Healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $15 1,600 RSD |
| AVERAGE | $36 3,900 RSD |
| HIGH | $66 7,100 RSD |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $12 1,300 RSD |
| AVERAGE | $30 3,300 RSD |
| HIGH | $55 5,900 RSD |
| Per Month |
Education18%
18% of total expenses on average (11% to 23%)
| LOW | $46 5,000 RSD |
| AVERAGE | $120 12,000 RSD |
| HIGH | $210 22,000 RSD |
| Per Month |
Other Expenses18%
18% of total expenses on average (12% to 24%)
| LOW | $36 3,900 RSD |
| AVERAGE | $91 9,800 RSD |
| HIGH | $160 18,000 RSD |
| Per Month |
