Cost Of Living For a Student in Armenia 2024

Average monthly spending for students in Armenia

How much money does a student need in a month to survive in Armenia?

Students in Armenia spend around 710,000 AMD per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 110,000 AMD or as high as 4.8M AMD. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Armenia?

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

Housing and accomodation expenditure for students

Students in Armenia typically spend from 17% to 28% of their total monthly expenditure on housing with 22% being the average. The average monthly spend on housing is 170,000 AMD with expenditure ranging from 26,000 AMD to 1.1M AMD. This cost mainly goes for rent but it also includes other accommodation-related expenses.

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

Utility expenditure like electricity, water, and gas in Armenia ranges from 3% to 9% of total expenses with 5% being the average for most students. The average monthly cost of utilities is 29,000 AMD with 4,400 AMD and 190,000 AMD being the upper and lower limits for a student of four.

Transport, fuel, and commute expenditure for students

Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 7,700 AMD to 330,000 AMD in a month on commuting with 50,000 AMD being the norm for most students. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 5% or as high as 12%.

Food, groceries, and basic shopping expenditure for students

The average outlay on groceries and basic houshold items for a typical student in a month in Armenia is 140,000 AMD. The cost of groceries can range between 22,000 AMD to 950,000 AMD. Students spend on average about 21% on food and groceries with upper and lower bounds of 15% and 25% respectively.

Healthcare and medical services expenditure for students

Students in Armenia allocate 4% to 10% 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 7%. The range of medical expenses range from 6,600 AMD to 290,000 AMD with 43,000 AMD being the norm for most students.

Leisure and shopping expenditure for students

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 5,500 AMD to 240,000 AMD with 36,000 AMD being the average. Speaking of percentages, that equates to 3% to 8% of total expenses with an average of 4% for most students.

Education and schooling expenditure for students

Spending on education can vary drastically between different students. On average, education constitutes 19% of the monthly expenditure of students with 12% and 24% being the lower and upper bounds respectively. The average reported education cost is 140,000 AMD per month with 21,000 AMD being the minimum spent amount and 900,000 AMD being the maximum.

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 Armenia

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Armenia?

Around 69% of surveyed students think that living in Armenia is affordable with proper budgeting while 31% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Armenia

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 students 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 students living in Armenia 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 For Students

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 students of Armenia whether they have an emergency fund and the answers were as follows.

Yes68%

No32%

Based on the survey, 32% of the students living in Armenia said that they don't have an emergency fund while 68% said that they do.

Financial Literacy in Armenia

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 Leteracy64%

We asked student guardians and parents in Armenia whether they acquired any adequate personal financial training in their lives. Approximately 36% 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 64% 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 students of Armenia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 29% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 71% said that they have everything under control.

Struggles with finance29%

Easily manages finances71%

Housing costs, accommodation, and housing affordability in Armenia

Rent Cost in Armenia

Monthly Rent Prices

Studio apartment monthly rent cost

130,000 AMD

190,000 AMD

500,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$310

$470

$1,200

1-bedroom apartment monthly rent cost

190,000 AMD

300,000 AMD

750,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$470

$750

$1,900

2-bedroom apartment monthly rent cost

250,000 AMD

380,000 AMD

1,000,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$620

$930

$2,500

3-bedroom apartment monthly rent cost

300,000 AMD

500,000 AMD

1.4M AMD

MINIMUM

AVERAGE

MAXIMUM

$750

$1,200

$3,400

Furnished apartment monthly rent cost

600,000 AMD

1.5M AMD

3M AMD

MINIMUM

AVERAGE

MAXIMUM

$1,500

$3,700

$7,500

Townhouse monthly rent cost

500,000 AMD

750,000 AMD

2.1M AMD

MINIMUM

AVERAGE

MAXIMUM

$1,200

$1,900

$5,300

House monthly rent cost

600,000 AMD

1.5M AMD

3M AMD

MINIMUM

AVERAGE

MAXIMUM

$1,500

$3,700

$7,500

Villa monthly rent cost

750,000 AMD

1.9M AMD

3M AMD

MINIMUM

AVERAGE

MAXIMUM

$1,900

$4,700

$7,500

The monthly rental cost of a studio apartment in Armenia ranges between 130,000 AMD and 500,000 AMD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 190,000 AMD to 750,000 AMD. Two-bedroom rentals rate ranges between 250,000 AMD and 1,000,000 AMD per month. The monthly rental for a three-bedroom apartment ranges from 300,000 AMD to 1.4M AMD. The average rent of a townhouse in Armenia is around 750,000 AMD while house rental costs can be as high as 1.5M AMD per month. Finally, if you want to rent a villa, expect to pay anywhere from 750,000 AMD to 3M AMD per month.

Apartment and house prices in Armenia

Cost of buying a property

Studio apartment price

25M AMD

38M AMD

75M AMD

MINIMUM

AVERAGE

MAXIMUM

$62,000

$93,000

$190,000

1-bedroom apartment price

30M AMD

50M AMD

190M AMD

MINIMUM

AVERAGE

MAXIMUM

$75,000

$120,000

$470,000

2-bedroom apartment price

50M AMD

150M AMD

300M AMD

MINIMUM

AVERAGE

MAXIMUM

$120,000

$370,000

$750,000

3-bedroom apartment price

170M AMD

250M AMD

750M AMD

MINIMUM

AVERAGE

MAXIMUM

$410,000

$620,000

$1.9M

Townhouse price

210M AMD

500M AMD

1,900M AMD

MINIMUM

AVERAGE

MAXIMUM

$530,000

$1.2M

$4.7M

House price

250M AMD

1,500M AMD

2,100M AMD

MINIMUM

AVERAGE

MAXIMUM

$620,000

$3.7M

$5.3M

Villa price

300M AMD

1,700M AMD

2,500M AMD

MINIMUM

AVERAGE

MAXIMUM

$750,000

$4.1M

$6.2M

The average price of a studio apartment in Armenia can range from 25M AMD to 75M AMD depending on location. One bedroom cost can be anywhere from 30M AMD to 190M AMD. A villa can cost you 1,700M AMD on average with prices ranging from 300M AMD to 2,500M AMD.

House / apartment prices to income ratio

Property prices in Armenia can be x125 to x215 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x125 multiples of the average monthly salary in Armenia.

Rent to income ratio

The average rent-to-income ratio in Armenia is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 23% to 43% 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 Armenia

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

Utility Bill Cost / Electricity + Water + Gas / Student

4,400 AMD

29,000 AMD

190,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$11

$71

$470

Internet and cable cost

7,500 AMD

15,000 AMD

20,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$19

$37

$50

Mobile phone bill and charges

6,000 AMD

10,000 AMD

30,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$15

$25

$75

The average monthly energy and water consumption of students is around 29,000 AMD. The cost of internet and WiFi ranges from 7,500 AMD to 20,000 AMD with 15,000 AMD being the average internet bill. Finally, the average monthly mobile charges is around 10,000 AMD but can range between 6,000 AMD and 30,000 AMD 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 Armenia is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Armenia

Prices and cost of goods and services in Armenia

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

Fast food combo meal price

1,500 AMD

3,000 AMD

5,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$3.7

$7.5

$12

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Armenia is approximatly 3,000 AMD with meal cost ranging from 1,500 AMD to 5,000 AMD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

5,000 AMD

7,500 AMD

15,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$12

$19

$37

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 5,000 AMD and 15,000 AMD with 7,500 AMD being the average price of a plate for one person at a regular restaurant in Armenia.

Fine dining meal for one price

10,000 AMD

15,000 AMD

60,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$25

$37

$150

The price range of a meal at fine-dining restaurant is 10,000 AMD to 60,000 AMD with the average cost being 15,000 AMD for one person. This is what you would expect to pay a top-tier diner in Armenia.

Beverage prices, cappuccino, latte etc..

1,300 AMD

2,000 AMD

3,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$3.1

$5

$7.5

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Armenia is around 2,000 AMD. Price ranges between 1,300 AMD and 3,000 AMD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

1,000 AMD

1,200 AMD

1,500 AMD

MINIMUM

AVERAGE

MAXIMUM

$2.5

$3

$3.7

The average price of a large bottle of milk in Armenia is 1,200 AMD. The maximum what you would pay for milk is 1,500 AMD and the minimum being 1,000 AMD depending on the brand of milk and other properties.

12 eggs price

750 AMD

1,000 AMD

1,500 AMD

MINIMUM

AVERAGE

MAXIMUM

$1.9

$2.5

$3.7

A dozen eggs costs around 1,000 AMD on average with 750 AMD and 1,500 AMD being the lower and upper limits respectively.

Fresh whole chicken price

1,700 AMD

2,200 AMD

3,100 AMD

MINIMUM

AVERAGE

MAXIMUM

$4.2

$5.5

$7.8

The price range of a fresh whole chicken in Armenia is between 1,700 AMD and 3,100 AMD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 2,200 AMD.

Pack of beef price

2,000 AMD

3,000 AMD

6,000 AMD

MINIMUM

AVERAGE

MAXIMUM

$5

$7.5

$15

The price of a regular pack of beef or meat is around 3,000 AMD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

810 AMD

1,100 AMD

1,600 AMD

MINIMUM

AVERAGE

MAXIMUM

$2

$2.7

$3.9

A bag of rice in Armenia costs around 1,100 AMD on average with prices rangeing between 810 AMD and 1,600 AMD depending on the brand and quality.

Bag of tomatos price

300 AMD

400 AMD

750 AMD

MINIMUM

AVERAGE

MAXIMUM

$0.75

$0.99

$1.9

A bag of tomatoes costs anywhere from 300 AMD to 750 AMD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

540 AMD

700 AMD

1,200 AMD

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.7

$2.9

A bag of apples costs 700 AMD 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 Armenia is around 25%. This means that students spend 25% of their income on grocery and basic household items. The expenditure can range from 17% to 31% depending on salary and location.

Expenditure on food and grocery for students