Cost Of Living in Sierra Leone 2024
Average monthly spending for singles, couples, students, and families in Sierra Leone
Whether you're living in Sierra Leone 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 Expenditure5.8M SLL
per month$250440,000 SLL $20
$2,500 58M SLL
Single4M SLL
per month$1801.3M SLL $59
$1,200 27M SLL
Couple6.7M SLL
per month$2902.2M SLL $98
$1,600 36M SLL
Family8.9M SLL
per month$3903.1M SLL $140
$2,200 49M SLL
Student2.6M SLL
per month$1101M SLL $45
$200 4.6M SLL
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Sierra Leone is 4M SLL. Expenses can range from 1.3M SLL at the minimum level to 27M SLL at the highest end.
Couples
The average monthly spending of couples in Sierra Leone is 6.7M SLL. Expenditure can range from 2.2M SLL to 36M SLL per month.
Families
The average cost of living for families in Sierra Leone is 8.9M SLL per month. Families spend anywhere from 3.1M SLL to 49M SLL.
Students
The average monthly expenditure for students in Sierra Leone is 2.6M SLL. Students spend from 1M SLL to 4.6M SLL 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 Sierra Leone
Dining, food, and beverages costs
Large bottle of water
Fast food combo meal | 5,700 SLL | 11,000 SLL | 19,000 SLL |
Restaurant meal for one | 19,000 SLL | 29,000 SLL | 57,000 SLL |
Fine dining meal for one | 38,000 SLL | 57,000 SLL | 230,000 SLL |
Soda or Soft Drink | 820 SLL | 950 SLL | 1,100 SLL |
Cappuccino or latte | 4,800 SLL | 7,600 SLL | 11,000 SLL |
Grocery and market costs
Milk large bottle | 3,800 SLL | 4,600 SLL | 5,700 SLL |
Loaf of bread
12 eggs | 2,900 SLL | 3,800 SLL | 5,700 SLL |
Fresh whole chicken | 6,500 SLL | 8,400 SLL | 12,000 SLL |
Beef 1 kg or 1 lb | 7,600 SLL | 11,000 SLL | 23,000 SLL |
Rice 1 kg or 1 lb | 3,100 SLL | 4,200 SLL | 6,000 SLL |
Tomato 1 kg or 1 lb | 1,100 SLL | 1,500 SLL | 2,900 SLL |
Apples 1 kg or 1 lb | 2,000 SLL | 2,700 SLL | 4,400 SLL |
Commute, travel, and transportation costs
20 minutes taxi ride | 4,800 SLL | 5,700 SLL | 11,000 SLL |
Average car full tank | 29,000 SLL | 38,000 SLL | 76,000 SLL |
Average car 1-day rental | 29,000 SLL | 38,000 SLL | 57,000 SLL |
Average car price
Bus ticket one way | 950 SLL | 1,400 SLL | 2,900 SLL |
Car Service | 38,000 SLL | 57,000 SLL | 110,000 SLL |
Utility cost (monthly)
Utility Bill - Individual | 80,000 SLL | 240,000 SLL | 1.6M SLL |
Utility Bill - Couple | 110,000 SLL | 330,000 SLL | 1.8M SLL |
Utility Bill - Family | 93,000 SLL | 270,000 SLL | 1.5M SLL |
Internet and cable | 29,000 SLL | 57,000 SLL | 76,000 SLL |
Mobile phone charges | 23,000 SLL | 38,000 SLL | 110,000 SLL |
Leisure and activities costs
Movie ticket | 14,000 SLL | 19,000 SLL | 29,000 SLL |
One month gym membership | 46,000 SLL | 57,000 SLL | 110,000 SLL |
Cloths and accessories costs
Pair of jeans or pants | 34,000 SLL | 48,000 SLL | 72,000 SLL |
Woman dress | 32,000 SLL | 44,000 SLL | 140,000 SLL |
Woman shoes | 30,000 SLL | 41,000 SLL | 95,000 SLL |
Men's shoes | 26,000 SLL | 32,000 SLL | 64,000 SLL |
Men suit | 29,000 SLL | 36,000 SLL | 190,000 SLL |
Regular t-shirt | 14,000 SLL | 19,000 SLL | 57,000 SLL |
Housing costs / monthly rent
Studio apartment | 480,000 SLL | 720,000 SLL | 1.9M SLL |
1-bedroom apartment | 720,000 SLL | 1.1M SLL | 2.9M SLL |
2-bedroom apartment | 950,000 SLL | 1.4M SLL | 3.8M SLL |
Housing costs / Buying
Studio apartment | 95M SLL | 140M SLL | 290M SLL |
1-bedroom apartment | 110M SLL | 190M SLL | 720M SLL |
2-bedroom apartment | 190M SLL | 570M SLL | 1,100M SLL |
Furniture Costs
King Size Bed | 570,000 SLL | 720,000 SLL | 950,000 SLL |
Double Bed | 380,000 SLL | 570,000 SLL | 720,000 SLL |
Single Bed | 340,000 SLL | 440,000 SLL | 570,000 SLL |
Living Room | 640,000 SLL | 820,000 SLL | 2.9M SLL |
Dining Table | 290,000 SLL | 380,000 SLL | 720,000 SLL |
Sofa or Couch | 380,000 SLL | 520,000 SLL | 1.1M SLL |
Electronics and House Appliance Costs
TV Set | 380,000 SLL | 570,000 SLL | 1.1M SLL |
Fridge or Freezer | 340,000 SLL | 520,000 SLL | 720,000 SLL |
Washing Machine | 440,000 SLL | 640,000 SLL | 1.1M SLL |
Stove or Cooker | 410,000 SLL | 520,000 SLL | 720,000 SLL |
Mobile Phone | 480,000 SLL | 570,000 SLL | 820,000 SLL |
Laptop or Computer | 520,000 SLL | 640,000 SLL | 1.1M SLL |
Expenditure to Income Ratio in Sierra Leone
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
88%
81% to 96%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 4% |
| 50% - 60% | 8% |
| 60% - 70% | 15% |
| 70% - 80% | 24% |
| 80% - 90% | 21% |
| 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 Sierra Leone is 88%
This means that on average, people spend around 88% 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
79%
Spending-Income-Ratio
73%
86%
Couple
84%
Spending-Income-Ratio
77%
91%
Family
92%
Spending-Income-Ratio
85%
100%
How do people spend their money in Sierra Leone?
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 | $5.9 130,000 SLL |
| AVERAGE | $76 1.7M SLL |
| HIGH | $760 17M SLL |
| Per Month |
People living in Sierra Leone typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 1.7M SLL with expenditure ranging from 130,000 SLL to 17M SLL. 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, Water8%
8% of total expenses on average (5% to 12%)
| LOW | $0.98 22,000 SLL |
| AVERAGE | $13 290,000 SLL |
| HIGH | $130 2.9M SLL |
| Per Month |
Utility expenditure like electricity, water, and gas in Sierra Leone ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 290,000 SLL with 22,000 SLL and 2.9M SLL being the upper and lower limits.
Transport, Fuel, Commute6%
6% of total expenses on average (3% to 10%)
| LOW | $2 44,000 SLL |
| AVERAGE | $25 580,000 SLL |
| HIGH | $250 5.8M SLL |
| 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 44,000 SLL to 5.8M SLL on commuting with 580,000 SLL being the norm for most people in one month. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 3% or as high as 10%.
Food and Groceries Cost29%
29% of total expenses on average (21% to 35%)
| LOW | $4.9 110,000 SLL |
| AVERAGE | $64 1.4M SLL |
| HIGH | $640 14M SLL |
| Per Month |
The average outlay on groceries in a month in Sierra Leone is 1.4M SLL. The cost of groceries can range between 110,000 SLL to 14M SLL. People spend on average about 29% on food and groceries with upper and lower bounds of 21% and 35% respectively.
Healthcare and Medical Services11%
11% of total expenses on average (6% to 14%)
| LOW | $1.4 31,000 SLL |
| AVERAGE | $18 400,000 SLL |
| HIGH | $180 4M SLL |
| Per Month |
People in Sierra Leone allocate 6% to 14% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 11%. The range of medical expenses range from 31,000 SLL to 4M SLL with 400,000 SLL being the norm.
Leisure and Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $0.78 18,000 SLL |
| AVERAGE | $10 230,000 SLL |
| HIGH | $100 2.3M SLL |
| 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 18,000 SLL to 2.3M SLL with 230,000 SLL 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 | $1.2 27,000 SLL |
| AVERAGE | $15 350,000 SLL |
| HIGH | $150 3.5M SLL |
| 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 350,000 SLL per month with 27,000 SLL being the minimum spent amount and 3.5M SLL being the maximum.
Other Expenses14%
14% of total expenses on average (9% to 21%)
| LOW | $2.5 58,000 SLL |
| AVERAGE | $33 750,000 SLL |
| HIGH | $330 7.5M SLL |
| Per Month |
How much money can you save in Sierra Leone 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 Sierra Leone manage to save money from their income every month?
Almost 53% of the surveyed people in Sierra Leone said that they can save some money at the end of each month while 47% said that aren't saving anything.
Percentage of people saving money by population group in Sierra Leone
| Group | Savers | Non Savers |
|---|
| Singles | 56% | 45% |
| Couples | 51% | 50% |
| Families | 46% | 55% |
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
130,000 SLL
$5.6 | 1.7M SLL
$73 | 17M SLL
$730 |
For most people, 8% to 28% of their monthly income is what they can allocate to their savings, with 14% being the average. The amount of money that people can save is approximately 1.7M SLL on average with savings ranging from 130,000 SLL to 17M SLL.
56% of surveyed singles reported some of their income going to savings while 51% of couples said the same. 46% of families confirmed their ability to save money.
How much money do people actually save in Sierra Leone?
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
380,000 SLL
$17 | 1.1M SLL
$51 | 7.7M SLL
$340 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 33% |
| 10% - 20% | 26% |
| 20% - 30% | 16% |
| 30% - 40% | 12% |
| 40% - 50% | 9% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 11% to 30% of their monthly income to savings, with 18% being the average for most singles. The average amount of money that singles are able to save is 1.1M SLL with 380,000 SLL and 7.7M SLL being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
640,000 SLL
$28 | 1.9M SLL
$84 | 10M SLL
$450 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 37% |
| 10% - 20% | 28% |
| 20% - 30% | 19% |
| 30% - 40% | 7% |
| 40% - 50% | 6% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 9% to 29% of their monthly income, with 16% being the average for most couples. The average amount of money that couples can save is 1.9M SLL with 640,000 SLL and 10M SLL being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
890,000 SLL
$39 | 2.6M SLL
$110 | 14M SLL
$620 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 40% |
| 10% - 20% | 31% |
| 20% - 30% | 20% |
| 30% - 40% | 4% |
| 40% - 50% | 3% |
| > 50% | 2% |
Interpretation and Analysis
Families in Sierra Leone can save anywhere between 7% to 26% of their monthly income, with 14% being the average for most families. The average amount of money that families can put aside is 2.6M SLL with 890,000 SLL and 14M SLL 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 Sierra Leone
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Sierra Leone?
Around 45% of surveyed residents think that living in Sierra Leone is affordable with proper budgeting while 55% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Sierra Leone
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 Sierra Leone 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 Sierra Leone whether they have an emergency fund and the answers were as follows.
Yes44%
No56%
Based on the survey, 56% of the people living in Sierra Leone said that they don't have an emergency fund while 44% said that they do.
Financial Literacy in Sierra Leone
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 Leteracy40%
We asked residents of Sierra Leone whether they acquired any adequate personal financial training in their lives. Approximately 60% 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 40% 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 Sierra Leone have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 53% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 47% said that they have everything under control.
Struggles with finance53%
Easily manages finances47%
Financial goals of people in Sierra Leone
In an attempt to understand the economic situation in Sierra Leone, 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 | 9% |
| Debt Reduction | 44% |
| Retirement Savings | 11% |
| Education Funding | 6% |
| Homeownership | 19% |
| Investing | 6% |
| Travel or Lifestyle | 6% |
| Healthcare Expenses | 15% |
| Financial Independence | 4% |
Around 9% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 44% said their number one priority is to pay off high-interest debt or loans and improve credit. 11% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 6% reported that their priority is saving for the tuition fees and education costs of their children while 19% 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 15% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Sierra Leone
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Sierra Leone. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 4% |
| High Expenses | 7% |
| Debt and Loans | 12% |
| Lack of Budgeting Skills | 12% |
| Impulsive Spending | 12% |
| Financial Emergencies | 7% |
| Living the moment | 5% |
| Will do it later | 22% |
| Inflation | 14% |
| Social Pressure | 3% |
| Market Instability | 2% |
Around 4% of the people said that their salary is too low to accommodate a portion for savings while 7% said that the high cost of living leaves little room for savings. 12% 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. 22% 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. 14% 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 Sierra Leone
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 13% |
| Gold | 13% |
| Savings Accounts | 17% |
| Retirement Accounts | 9% |
| Cash Savings | 22% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 4% |
| Bonds | 4% |
| Mutual Funds | 2% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Sierra Leone
What does the retirement lifestyle look like in Sierra Leone and how much retirement savings are required?
Retirement age
The retirement age for most employees in Sierra Leone 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 Sierra Leone:| Age | Amount |
|---|
| 25 | 15M SLL |
| 30 | 30M SLL |
| 35 | 52M SLL |
| 40 | 74M SLL |
| 45 | 110M SLL |
| 50 | 160M SLL |
| 55 | 190M SLL |
| 60 | 230M SLL |
| 65 | 280M SLL |
Retirement Income Distribution
We asked residents of Sierra Leone about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 11% |
| Savings | 24% |
| Investments | 11% |
| Social Security | 6% |
| Annuities | 6% |
| Part-time Job | 16% |
| Real Estate | 19% |
| Dividends and Interest | 6% |
Retirement Monthly Expenses in Sierra Leone 990,000 SLL
$44 | 3M SLL
$130 | 20M SLL
$870 |
Debt, loans, and mortgages in Sierra Leone
Percentage of people who are in debt
According to the survey, 30% of the people in Sierra Leone 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 Sierra Leone
Debt to income ratio
33%
25% to 41%
( 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 Sierra Leone goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 19% |
| 40% - 50% | 15% |
| 30% - 40% | 17% |
| 20% - 30% | 9% |
| 10% - 20% | 11% |
| 0% - 10% | 25% |
According to our data, 3% of the debtors in Sierra Leone pay 60%+ of their income as debt settlement while 19% 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 9% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Sierra Leone
| Debt | % People |
|---|
| Real Estate Mortgage | 7% |
| Auto Loan | 14% |
| Student Loan | 4% |
| Credit Card | 31% |
| Personal Loan | 44% |
7% of debtors in Sierra Leone confirm that real estate mortgages constitutes the main part of their outstanding debt while 31% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 14% of people and personal loans rose at 44%. Lastly, student loans are the main source of debt for 4% of debtors in Sierra Leone.
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 Sierra Leone
Besides measuring the loan-to-income ratio, we asked residents of Sierra Leone 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 | 49% |
| Once a year | 24% |
| Twice a year | 13% |
| Three times a year | 9% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Sierra Leone
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Sierra Leone
Monthly Rent Prices
Studio apartment | 480,000 SLL | 720,000 SLL | 1.9M SLL |
1-bedroom apartment | 720,000 SLL | 1.1M SLL | 2.9M SLL |
2-bedroom apartment | 950,000 SLL | 1.4M SLL | 3.8M SLL |
3-bedroom apartment | 1.1M SLL | 1.9M SLL | 5.2M SLL |
Furnished apartment | 2.3M SLL | 5.7M SLL | 11M SLL |
Townhouse | 1.9M SLL | 2.9M SLL | 8.2M SLL |
House | 2.3M SLL | 5.7M SLL | 11M SLL |
Villa | 2.9M SLL | 7.2M SLL | 11M SLL |
The monthly rental cost of a studio apartment in Sierra Leone ranges between 480,000 SLL and 1.9M SLL, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 720,000 SLL to 2.9M SLL. Two-bedroom rentals rate ranges between 950,000 SLL and 3.8M SLL per month. The monthly rental for a three-bedroom apartment ranges from 1.1M SLL to 5.2M SLL. The average rent of a townhouse in Sierra Leone is around 2.9M SLL while house rental costs can be as high as 5.7M SLL per month. Finally, if you want to rent a villa, expect to pay anywhere from 2.9M SLL to 11M SLL per month.
Apartment and house prices in Sierra Leone
Cost of buying a property
Studio apartment | 95M SLL | 140M SLL | 290M SLL |
1-bedroom apartment | 110M SLL | 190M SLL | 720M SLL |
2-bedroom apartment | 190M SLL | 570M SLL | 1,100M SLL |
3-bedroom apartment | 640M SLL | 950M SLL | 2,900M SLL |
Townhouse | 820M SLL | 1,900M SLL | 7,200M SLL |
House | 950M SLL | 5,700M SLL | 8,200M SLL |
| $42,000 | $250,000 | $360,000 |
Villa | 1,100M SLL | 6,400M SLL | 9,500M SLL |
| $50,000 | $280,000 | $420,000 |
The average price of a studio apartment in Sierra Leone can range from 95M SLL to 290M SLL depending on location. One bedroom cost can be anywhere from 110M SLL to 720M SLL. A villa can cost you 6,400M SLL on average with prices ranging from 1,100M SLL to 9,500M SLL.
If you're leasing or purchasing, housing costs in Sierra Leone 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
| 29 | x78 monthly income | 187 |
Property prices in Sierra Leone can be x78 to x187 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x78 multiples of the average monthly salary in Sierra Leone.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Sierra Leone is around 28%. This means that people pay 28% of their income for rent. Those figures can range from 18% to 38% 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
26% 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.
| 8,900 SLL | 120,000 SLL | 1.2M SLL |
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 Sierra Leone
Housing29%
29% of total expenses on average (17% to 41%)
| LOW | $21 480,000 SLL |
| AVERAGE | $63 1.4M SLL |
| HIGH | $420 9.6M SLL |
| Per Month |
Utilities, Electricity, Water9%
9% of total expenses on average (5% to 14%)
| LOW | $3.5 80,000 SLL |
| AVERAGE | $11 240,000 SLL |
| HIGH | $71 1.6M SLL |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (2% to 10%)
| LOW | $4.7 110,000 SLL |
| AVERAGE | $14 320,000 SLL |
| HIGH | $94 2.1M SLL |
| Per Month |
Food and Groceries20%
20% of total expenses on average (14% to 25%)
| LOW | $9.4 210,000 SLL |
| AVERAGE | $28 640,000 SLL |
| HIGH | $190 4.3M SLL |
| Per Month |
Healthcare13%
13% of total expenses on average (7% to 17%)
| LOW | $5.3 120,000 SLL |
| AVERAGE | $16 360,000 SLL |
| HIGH | $110 2.4M SLL |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (2% to 5%)
| LOW | $2.9 67,000 SLL |
| AVERAGE | $8.8 200,000 SLL |
| HIGH | $59 1.3M SLL |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $1.2 27,000 SLL |
| AVERAGE | $3.5 80,000 SLL |
| HIGH | $24 530,000 SLL |
| Per Month |
Other Expenses22%
22% of total expenses on average (14% to 26%)
| LOW | $11 240,000 SLL |
| AVERAGE | $32 720,000 SLL |
| HIGH | $210 4.8M SLL |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Sierra Leone
Housing26%
26% of total expenses on average (19% to 36%)
| LOW | $32 730,000 SLL |
| AVERAGE | $97 2.2M SLL |
| HIGH | $520 12M SLL |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (6% to 12%)
| LOW | $4.9 110,000 SLL |
| AVERAGE | $15 330,000 SLL |
| HIGH | $78 1.8M SLL |
| Per Month |
Transport, Fuel8%
8% of total expenses on average (2% to 13%)
| LOW | $12 270,000 SLL |
| AVERAGE | $35 800,000 SLL |
| HIGH | $190 4.3M SLL |
| Per Month |
Food and Groceries18%
18% of total expenses on average (13% to 23%)
| LOW | $14 310,000 SLL |
| AVERAGE | $41 930,000 SLL |
| HIGH | $220 5M SLL |
| Per Month |
Healthcare15%
15% of total expenses on average (9% to 19%)
| LOW | $11 240,000 SLL |
| AVERAGE | $32 730,000 SLL |
| HIGH | $170 3.9M SLL |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (1% to 6%)
| LOW | $5.9 130,000 SLL |
| AVERAGE | $18 400,000 SLL |
| HIGH | $94 2.1M SLL |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $2 44,000 SLL |
| AVERAGE | $5.9 130,000 SLL |
| HIGH | $31 710,000 SLL |
| Per Month |
Other Expenses21%
21% of total expenses on average (15% to 27%)
| LOW | $17 380,000 SLL |
| AVERAGE | $50 1.1M SLL |
| HIGH | $270 6M SLL |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Sierra Leone
Housing25%
25% of total expenses on average (20% to 35%)
| LOW | $44 1,000,000 SLL |
| AVERAGE | $130 2.8M SLL |
| HIGH | $690 16M SLL |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (2% to 6%)
| LOW | $11 250,000 SLL |
| AVERAGE | $31 710,000 SLL |
| HIGH | $170 3.9M SLL |
| Per Month |
Food and Groceries22%
22% of total expenses on average (15% to 28%)
| LOW | $25 560,000 SLL |
| AVERAGE | $71 1.6M SLL |
| HIGH | $390 8.8M SLL |
| Per Month |
Healthcare12%
12% of total expenses on average (8% to 17%)
| LOW | $11 250,000 SLL |
| AVERAGE | $31 710,000 SLL |
| HIGH | $170 3.9M SLL |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (1% to 6%)
| LOW | $6.9 160,000 SLL |
| AVERAGE | $20 440,000 SLL |
| HIGH | $110 2.4M SLL |
| Per Month |
Education13%
13% of total expenses on average (6% to 21%)
| LOW | $19 440,000 SLL |
| AVERAGE | $55 1.2M SLL |
| HIGH | $300 6.8M SLL |
| Per Month |
Other Expenses16%
16% of total expenses on average (9% to 21%)
| LOW | $16 370,000 SLL |
| AVERAGE | $47 1.1M SLL |
| HIGH | $260 5.9M SLL |
| Per Month |
StudentCost of living and expenses break down for students living in Sierra Leone
Housing17%
17% of total expenses on average (12% to 23%)
| LOW | $11 250,000 SLL |
| AVERAGE | $27 620,000 SLL |
| HIGH | $49 1.1M SLL |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $1.8 41,000 SLL |
| AVERAGE | $4.5 100,000 SLL |
| HIGH | $8.2 190,000 SLL |
| Per Month |
Transport, Fuel3%
3% of total expenses on average (4% to 9%)
| LOW | $3.2 72,000 SLL |
| AVERAGE | $7.9 180,000 SLL |
| HIGH | $14 320,000 SLL |
| Per Month |
Food and Groceries24%
24% of total expenses on average (18% to 28%)
| LOW | $9.1 210,000 SLL |
| AVERAGE | $23 520,000 SLL |
| HIGH | $41 930,000 SLL |
| Per Month |
Healthcare10%
10% of total expenses on average (7% to 13%)
| LOW | $2.7 62,000 SLL |
| AVERAGE | $6.8 150,000 SLL |
| HIGH | $12 280,000 SLL |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (2% to 6%)
| LOW | $2.3 52,000 SLL |
| AVERAGE | $5.7 130,000 SLL |
| HIGH | $10 230,000 SLL |
| Per Month |
Education18%
18% of total expenses on average (11% to 23%)
| LOW | $8.6 200,000 SLL |
| AVERAGE | $22 490,000 SLL |
| HIGH | $39 880,000 SLL |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $6.8 150,000 SLL |
| AVERAGE | $17 390,000 SLL |
| HIGH | $31 700,000 SLL |
| Per Month |
