Cost Of Living For a Single Person in Mongolia 2024

Average monthly spending for a single person or individual in Mongolia

How much money does an individual need in a month to survive in Mongolia?

A single person in Mongolia spends around 1.3M MNT per month on average. Depending on the lifestyle, a single individual can survive with a monthly budget as low as 190,000 MNT or as high as 9M MNT. Location and income are very important factors and have a huge influence on expenditure and budget.

Single person expenditure to income ratio in Mongolia

Analysing the how affordable it is for an individual to live in Mongolia

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. Individuals usually spend a larger chunk of their income than other population groups. A typical and healthy expenditure percentage for a single individual ranges between 70% to 80%.

Individuals in Mongolia spend around 79% of their monthly income. Some individuals spend as low as 74% of their income while some as high as 86%.

How do individuals spend their money in Mongolia?

We asked thousands of individuals about their spending habits and expenditure break down.

Housing and accomodation expenditure for individuals

Individuals in Mongolia typically spend from 17% to 41% of their total monthly expenditure on housing with 29% being the average. The average monthly spend on housing is 490,000 MNT with expenditure ranging from 68,000 MNT to 3.2M MNT. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for individuals

Utility expenditure like electricity, water, and gas in Mongolia ranges from 5% to 14% of total expenses with 9% being the average for most individuals. The average monthly cost of utilities is 81,000 MNT with 11,000 MNT and 540,000 MNT being the upper and lower limits for a single person.

Transport, fuel, and commute expenditure for individuals

Fuel consumption and cost of transport depend heavily on whether a single person resides near school and work, but roughly speaking a single person would expect to spend from 15,000 MNT to 720,000 MNT in a month on commuting with 110,000 MNT being the norm for most individuals. This means that money spent on transport constitutes about 4% of total spending on average but can go as low as 2% or as high as 10%.

Food, groceries, and basic shopping expenditure for individuals

The average outlay on groceries and basic houshold items for a typical person in a month in Mongolia is 220,000 MNT. The cost of groceries can range between 30,000 MNT to 1.4M MNT. Individuals spend on average about 20% on food and groceries with upper and lower bounds of 14% and 25% respectively.

Healthcare and medical services expenditure for individuals

Individuals in Mongolia allocate 7% to 17% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 13%. The range of medical expenses range from 17,000 MNT to 810,000 MNT with 120,000 MNT being the norm for most individuals.

Leisure and shopping expenditure for individuals

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 9,500 MNT to 450,000 MNT with 67,000 MNT being the average. Speaking of percentages, that equates to 2% to 5% of total expenses with an average of 2% for most individuals.

Education and schooling expenditure for individuals

Spending on education can vary drastically between different individuals. On average, education constitutes 1% of the monthly expenditure of individuals with 0.00% and 3% being the lower and upper bounds respectively. The average reported education cost is 27,000 MNT per month with 3,800 MNT being the minimum spent amount and 180,000 MNT being the maximum.

What percentage of individuals in Mongolia are able to save money and how much can they save?

Percentage of individuals that reported their ability to save money

Almost 59% of surveyed individuals in Mongolia said that they can save some money at the end of each month while 41% reported that they have to utilize their whole income to survive.

How much money do individuals manage to add to their savings?

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for individuals

Interpretation and Analysis

Individuals that are able to save money can put anywhere from 9% to 28% of their monthly income to their savings, with 16% being the average for most individuals. The average monthly amount of money that individuals can put aside is 410,000 MNT with 46,000 MNT and 2.8M MNT being the minimum and maximum respectively.

Saving Challenges in Mongolia

Reasons that make it difficult for individuals to save money

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

Around 4% of the individuals 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% of individuals 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 social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for individuals in Mongolia

Where do people choose to put their savings?

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

Affordable living in Mongolia

Income and cost of living compatibility

We asked individuals one simple question and recorded their answers.

Is it affordable or economical to live in Mongolia?

Around 50% of surveyed individuals think that living in Mongolia is affordable with proper budgeting while 50% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Mongolia

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 individuals 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 individuals living in Mongolia 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 For Individuals

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 individuals of Mongolia whether they have an emergency fund and the answers were as follows.

Yes47%

No53%

Based on the survey, 53% of the individuals living in Mongolia said that they don't have an emergency fund while 47% said that they do.

Financial Literacy in Mongolia

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 Leteracy45%

We asked individuals in Mongolia whether they acquired any adequate personal financial training in their lives. Approximately 55% 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 45% 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 single people of Mongolia have problems or difficulties in managing their expenditures and savings so we asked 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 individuals in Mongolia

In an attempt to understand the economic situation in Mongolia, 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.

Around 9% of individuals said that their main goal is to establish an emergency fund to cover unexpected expenses while 45% 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.

Debt, loans, and mortgages in Mongolia

Percentage of individuals who are in debt

According to the survey, 31% of the individuals in Mongolia have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Mongolia

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 a single person's monthly income in Mongolia goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Mongolia pay 60%+ of their income as debt settlement while 20% 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 Mongolia

7% of debtors in Mongolia 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 13% of people and personal loans rose at 45%. Lastly, student loans are the main source of debt for 4% of debtors in Mongolia.

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 Mongolia

Besides measuring the loan-to-income ratio, we asked individuals of Mongolia 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.

Housing costs, accommodation, and housing affordability in Mongolia

Rent Cost in Mongolia

Monthly Rent Prices

Studio apartment monthly rent cost

160,000 MNT

240,000 MNT

650,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$48

$72

$190

1-bedroom apartment monthly rent cost

240,000 MNT

390,000 MNT

980,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$72

$120

$290

2-bedroom apartment monthly rent cost

330,000 MNT

490,000 MNT

1.3M MNT

MINIMUM

AVERAGE

MAXIMUM

$96

$140

$380

3-bedroom apartment monthly rent cost

390,000 MNT

650,000 MNT

1.8M MNT

MINIMUM

AVERAGE

MAXIMUM

$120

$190

$520

Furnished apartment monthly rent cost

780,000 MNT

2M MNT

3.9M MNT

MINIMUM

AVERAGE

MAXIMUM

$230

$580

$1,200

Townhouse monthly rent cost

650,000 MNT

980,000 MNT

2.8M MNT

MINIMUM

AVERAGE

MAXIMUM

$190

$290

$820

House monthly rent cost

780,000 MNT

2M MNT

3.9M MNT

MINIMUM

AVERAGE

MAXIMUM

$230

$580

$1,200

Villa monthly rent cost

980,000 MNT

2.4M MNT

3.9M MNT

MINIMUM

AVERAGE

MAXIMUM

$290

$720

$1,200

The monthly rental cost of a studio apartment in Mongolia ranges between 160,000 MNT and 650,000 MNT, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 240,000 MNT to 980,000 MNT. Two-bedroom rentals rate ranges between 330,000 MNT and 1.3M MNT per month. The monthly rental for a three-bedroom apartment ranges from 390,000 MNT to 1.8M MNT. The average rent of a townhouse in Mongolia is around 980,000 MNT while house rental costs can be as high as 2M MNT per month. Finally, if you want to rent a villa, expect to pay anywhere from 980,000 MNT to 3.9M MNT per month.

Apartment and house prices in Mongolia

Cost of buying a property

Studio apartment price

33M MNT

49M MNT

98M MNT

MINIMUM

AVERAGE

MAXIMUM

$9,600

$14,000

$29,000

1-bedroom apartment price

39M MNT

65M MNT

240M MNT

MINIMUM

AVERAGE

MAXIMUM

$12,000

$19,000

$72,000

2-bedroom apartment price

65M MNT

200M MNT

390M MNT

MINIMUM

AVERAGE

MAXIMUM

$19,000

$58,000

$120,000

3-bedroom apartment price

220M MNT

330M MNT

980M MNT

MINIMUM

AVERAGE

MAXIMUM

$64,000

$96,000

$290,000

Townhouse price

280M MNT

650M MNT

2,400M MNT

MINIMUM

AVERAGE

MAXIMUM

$82,000

$190,000

$720,000

House price

330M MNT

2,000M MNT

2,800M MNT

MINIMUM

AVERAGE

MAXIMUM

$96,000

$580,000

$820,000

Villa price

390M MNT

2,200M MNT

3,300M MNT

MINIMUM

AVERAGE

MAXIMUM

$120,000

$640,000

$960,000

The average price of a studio apartment in Mongolia can range from 33M MNT to 98M MNT depending on location. One bedroom cost can be anywhere from 39M MNT to 240M MNT. A villa can cost you 2,200M MNT on average with prices ranging from 390M MNT to 3,300M MNT.

House / apartment prices to income ratio

Property prices in Mongolia can be x77 to x186 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x77 multiples of the average monthly salary in Mongolia.

Rent to income ratio

The average rent-to-income ratio in Mongolia 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.

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.

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.

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Mongolia

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

Utility Bill Cost / Electricity + Water + Gas / A single person

11,000 MNT

81,000 MNT

540,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$3.3

$24

$160

Internet and cable cost

9,800 MNT

20,000 MNT

26,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$2.9

$5.8

$7.7

Mobile phone bill and charges

7,800 MNT

13,000 MNT

39,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$2.3

$3.8

$12

The average monthly energy and water consumption of individuals is around 81,000 MNT. The cost of internet and WiFi ranges from 9,800 MNT to 26,000 MNT with 20,000 MNT being the average internet bill. Finally, the average monthly mobile charges is around 13,000 MNT but can range between 7,800 MNT and 39,000 MNT depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Mongolia is around 7%. This means that people pay 7% of their income for energy, water, internet, and mobile charges. Those figures can range from 4% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Mongolia

Prices and cost of goods and services in Mongolia

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

Fast food combo meal price

2,000 MNT

3,900 MNT

6,500 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.58

$1.2

$1.9

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Mongolia is approximatly 3,900 MNT with meal cost ranging from 2,000 MNT to 6,500 MNT. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

6,500 MNT

9,800 MNT

20,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$1.9

$2.9

$5.8

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 6,500 MNT and 20,000 MNT with 9,800 MNT being the average price of a plate for one person at a regular restaurant in Mongolia.

Fine dining meal for one price

13,000 MNT

20,000 MNT

78,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$3.8

$5.8

$23

The price range of a meal at fine-dining restaurant is 13,000 MNT to 78,000 MNT with the average cost being 20,000 MNT for one person. This is what you would expect to pay a top-tier diner in Mongolia.

Beverage prices, cappuccino, latte etc..

1,600 MNT

2,600 MNT

3,900 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.48

$0.77

$1.2

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Mongolia is around 2,600 MNT. Price ranges between 1,600 MNT and 3,900 MNT depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

1,300 MNT

1,600 MNT

2,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.38

$0.46

$0.58

The average price of a large bottle of milk in Mongolia is 1,600 MNT. The maximum what you would pay for milk is 2,000 MNT and the minimum being 1,300 MNT depending on the brand of milk and other properties.

12 eggs price

980 MNT

1,300 MNT

2,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.29

$0.38

$0.58

A dozen eggs costs around 1,300 MNT on average with 980 MNT and 2,000 MNT being the lower and upper limits respectively.

Fresh whole chicken price

2,200 MNT

2,900 MNT

4,100 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.66

$0.85

$1.2

The price range of a fresh whole chicken in Mongolia is between 2,200 MNT and 4,100 MNT depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 2,900 MNT.

Pack of beef price

2,600 MNT

3,900 MNT

7,800 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.77

$1.2

$2.3

The price of a regular pack of beef or meat is around 3,900 MNT. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

1,100 MNT

1,400 MNT

2,000 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.31

$0.42

$0.60

A bag of rice in Mongolia costs around 1,400 MNT on average with prices rangeing between 1,100 MNT and 2,000 MNT depending on the brand and quality.

Bag of tomatos price

390 MNT

520 MNT

980 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.12

$0.15

$0.29

A bag of tomatoes costs anywhere from 390 MNT to 980 MNT. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

700 MNT

920 MNT

1,500 MNT

MINIMUM

AVERAGE

MAXIMUM

$0.21

$0.27

$0.44

A bag of apples costs 920 MNT on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Mongolia is around 28%. This means that individuals spend 28% of their income on grocery and basic household items. The expenditure can range from 20% to 34% depending on salary and location.

Expenditure on food and grocery for individuals