Cost Of Living For a Student in Asgabat 2024

Average monthly spending for students in Asgabat

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

Students in Asgabat spend around 2,800 TMT per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 420 TMT or as high as 18,000 TMT. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Asgabat?

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

Housing and accomodation expenditure for students

Students in Asgabat typically spend from 14% to 25% of their total monthly expenditure on housing with 19% being the average. The average monthly spend on housing is 660 TMT with expenditure ranging from 100 TMT to 4,400 TMT. 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 Asgabat ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 110 TMT with 17 TMT and 740 TMT 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 30 TMT to 1,300 TMT in a month on commuting with 190 TMT being the norm for most students. This means that money spent on transport constitutes about 4% of total spending on average but can go as low as 4% or as high as 10%.

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 Asgabat is 550 TMT. The cost of groceries can range between 84 TMT to 3,700 TMT. Students spend on average about 23% on food and groceries with upper and lower bounds of 17% and 27% respectively.

Healthcare and medical services expenditure for students

Students in Asgabat allocate 6% to 12% 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 9%. The range of medical expenses range from 25 TMT to 1,100 TMT with 170 TMT 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 21 TMT to 920 TMT with 140 TMT being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 3% for most students.

Education and schooling expenditure for students

Spending on education can vary drastically between different students. On average, education constitutes 18% of the monthly expenditure of students with 11% and 23% being the lower and upper bounds respectively. The average reported education cost is 530 TMT per month with 80 TMT being the minimum spent amount and 3,500 TMT 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 Asgabat

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Asgabat?

Around 69% of surveyed students think that living in Asgabat 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 Asgabat

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 options61%

Few low-cost options39%

Based on the survey, 61% of the students living in Asgabat have no problem finding low-cost alternatives to support a frugal lifestyle while 39% 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 Asgabat whether they have an emergency fund and the answers were as follows.

Yes65%

No35%

Based on the survey, 35% of the students living in Asgabat said that they don't have an emergency fund while 65% said that they do.

Financial Literacy in Turkmenistan

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 student guardians and parents in Asgabat 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 students of Turkmenistan have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 44% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 56% said that they have everything under control.

Struggles with finance44%

Easily manages finances56%

Housing costs, accommodation, and housing affordability in Asgabat

Rent Cost in Asgabat

Monthly Rent Prices

Studio apartment monthly rent cost

480 TMT

720 TMT

1,900 TMT

MINIMUM

AVERAGE

MAXIMUM

$140

$210

$550

1-bedroom apartment monthly rent cost

720 TMT

1,100 TMT

2,900 TMT

MINIMUM

AVERAGE

MAXIMUM

$210

$330

$820

2-bedroom apartment monthly rent cost

960 TMT

1,400 TMT

3,800 TMT

MINIMUM

AVERAGE

MAXIMUM

$270

$410

$1,100

3-bedroom apartment monthly rent cost

1,100 TMT

1,900 TMT

5,200 TMT

MINIMUM

AVERAGE

MAXIMUM

$330

$550

$1,500

Furnished apartment monthly rent cost

2,300 TMT

5,700 TMT

11,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$660

$1,600

$3,300

Townhouse monthly rent cost

1,900 TMT

2,900 TMT

8,200 TMT

MINIMUM

AVERAGE

MAXIMUM

$550

$820

$2,300

House monthly rent cost

2,300 TMT

5,700 TMT

11,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$660

$1,600

$3,300

Villa monthly rent cost

2,900 TMT

7,200 TMT

11,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$820

$2,100

$3,300

The monthly rental cost of a studio apartment in Asgabat ranges between 480 TMT and 1,900 TMT, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 720 TMT to 2,900 TMT. Two-bedroom rentals rate ranges between 960 TMT and 3,800 TMT per month. The monthly rental for a three-bedroom apartment ranges from 1,100 TMT to 5,200 TMT. The average rent of a townhouse in Asgabat is around 2,900 TMT while house rental costs can be as high as 5,700 TMT per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,900 TMT to 11,000 TMT per month.

Apartment and house prices in Asgabat

Cost of buying a property

Studio apartment price

96,000 TMT

140,000 TMT

290,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$27,000

$41,000

$82,000

1-bedroom apartment price

110,000 TMT

190,000 TMT

720,000 TMT

MINIMUM

AVERAGE

MAXIMUM

$33,000

$55,000

$210,000

2-bedroom apartment price

190,000 TMT

570,000 TMT

1.1M TMT

MINIMUM

AVERAGE

MAXIMUM

$55,000

$160,000

$330,000

3-bedroom apartment price

640,000 TMT

960,000 TMT

2.9M TMT

MINIMUM

AVERAGE

MAXIMUM

$180,000

$270,000

$820,000

Townhouse price

820,000 TMT

1.9M TMT

7.2M TMT

MINIMUM

AVERAGE

MAXIMUM

$230,000

$550,000

$2.1M

House price

960,000 TMT

5.7M TMT

8.2M TMT

MINIMUM

AVERAGE

MAXIMUM

$270,000

$1.6M

$2.3M

Villa price

1.1M TMT

6.4M TMT

9.6M TMT

MINIMUM

AVERAGE

MAXIMUM

$330,000

$1.8M

$2.7M

The average price of a studio apartment in Asgabat can range from 96,000 TMT to 290,000 TMT depending on location. One bedroom cost can be anywhere from 110,000 TMT to 720,000 TMT. A villa can cost you 6.4M TMT on average with prices ranging from 1.1M TMT to 9.6M TMT.

House / apartment prices to income ratio

Property prices in Asgabat can be x124 to x228 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x124 multiples of the average monthly salary in Asgabat.

Rent to income ratio

The average rent-to-income ratio in Asgabat is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 23% to 45% depending on the salary, location, and type of property.

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 Asgabat

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

Utility Bill Cost / Electricity + Water + Gas / Student

17 TMT

110 TMT

740 TMT

MINIMUM

AVERAGE

MAXIMUM

$4.8

$32

$210

Internet and cable cost

26 TMT

52 TMT

70 TMT

MINIMUM

AVERAGE

MAXIMUM

$7.5

$15

$20

Mobile phone bill and charges

21 TMT

35 TMT

100 TMT

MINIMUM

AVERAGE

MAXIMUM

$6

$10

$30

The average monthly energy and water consumption of students is around 110 TMT. The cost of internet and WiFi ranges from 26 TMT to 70 TMT with 52 TMT being the average internet bill. Finally, the average monthly mobile charges is around 35 TMT but can range between 21 TMT and 100 TMT 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 Asgabat is around 5.5%. This means that people pay 5.5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.2% to 9.9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Asgabat

Prices and cost of goods and services in Asgabat

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

Fast food combo meal price

5.2 TMT

10 TMT

17 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.5

$3

$5

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Asgabat is approximatly 10 TMT with meal cost ranging from 5.2 TMT to 17 TMT. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

18 TMT

27 TMT

55 TMT

MINIMUM

AVERAGE

MAXIMUM

$5.2

$7.8

$16

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 18 TMT and 55 TMT with 27 TMT being the average price of a plate for one person at a regular restaurant in Asgabat.

Fine dining meal for one price

37 TMT

55 TMT

220 TMT

MINIMUM

AVERAGE

MAXIMUM

$10

$16

$63

The price range of a meal at fine-dining restaurant is 37 TMT to 220 TMT with the average cost being 55 TMT for one person. This is what you would expect to pay a top-tier diner in Asgabat.

Beverage prices, cappuccino, latte etc..

4.3 TMT

7 TMT

10 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.2

$2

$3

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Asgabat is around 7 TMT. Price ranges between 4.3 TMT and 10 TMT depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

3.5 TMT

4.2 TMT

5.2 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.00

$1.2

$1.5

The average price of a large bottle of milk in Asgabat is 4.2 TMT. The maximum what you would pay for milk is 5.2 TMT and the minimum being 3.5 TMT depending on the brand of milk and other properties.

12 eggs price

2.6 TMT

3.5 TMT

5.2 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.75

$1.00

$1.5

A dozen eggs costs around 3.5 TMT on average with 2.6 TMT and 5.2 TMT being the lower and upper limits respectively.

Fresh whole chicken price

5.9 TMT

7.7 TMT

11 TMT

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2.2

$3.1

The price range of a fresh whole chicken in Asgabat is between 5.9 TMT and 11 TMT depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 7.7 TMT.

Pack of beef price

7 TMT

10 TMT

21 TMT

MINIMUM

AVERAGE

MAXIMUM

$2

$3

$6

The price of a regular pack of beef or meat is around 10 TMT. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

2.8 TMT

3.8 TMT

5.4 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.80

$1.1

$1.6

A bag of rice in Asgabat costs around 3.8 TMT on average with prices rangeing between 2.8 TMT and 5.4 TMT depending on the brand and quality.

Bag of tomatos price

1 TMT

1.4 TMT

2.6 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.30

$0.40

$0.75

A bag of tomatoes costs anywhere from 1 TMT to 2.6 TMT. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

1.9 TMT

2.4 TMT

4 TMT

MINIMUM

AVERAGE

MAXIMUM

$0.53

$0.70

$1.1

A bag of apples costs 2.4 TMT 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 Asgabat is around 29%. This means that students spend 29% of their income on grocery and basic household items. The expenditure can range from 20% to 35% depending on salary and location.

Expenditure on food and grocery for students