Cost Of Living For a Student in Bermuda 2025
Average Monthly Expenditure
Currency: BMD
Average monthly spending for students in Bermuda
How much money does a student need in a month to survive in Bermuda?
Students in Bermuda spend around 770 BMD per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 120 BMD or as high as 5,100 BMD. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Bermuda
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
| 0.32 BMD | 0.43 BMD | 0.80 BMD |
Bag of apples
| 0.57 BMD | 0.75 BMD | 1.2 BMD |
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 4,000 BMD | 8,000 BMD | 11,000 BMD |
Bus ticket one way
| 0.27 BMD | 0.40 BMD | 0.80 BMD |
Car Service
Utility cost (monthly)
Utility Bill - Student
Internet and cable
Mobile phone charges
Leisure and activities costs
Movie ticket
One month gym membership
Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt
Housing costs / monthly rent
Studio apartment
1-bedroom apartment
2-bedroom apartment
| 270 BMD | 400 BMD | 1,100 BMD |
Housing costs / Buying
Studio apartment
| 27,000 BMD | 40,000 BMD | 80,000 BMD |
1-bedroom apartment
| 32,000 BMD | 53,000 BMD | 200,000 BMD |
2-bedroom apartment
| 53,000 BMD | 160,000 BMD | 320,000 BMD |
| $53,000 | $160,000 | $320,000 |
Furniture Costs
King Size Bed
Double Bed
Single Bed
Living Room
Dining Table
Sofa or Couch
Electronics and House Appliance Costs
TV Set
Fridge or Freezer
Washing Machine
Stove or Cooker
Mobile Phone
Laptop or Computer
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.
How do students spend their money in Bermuda?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost20%
20% of total expenses on average (15% to 26%)
| LOW | $28 28 BMD |
| AVERAGE | $180 180 BMD |
| HIGH | $1,200 1,200 BMD |
| Per Month |
Students in Bermuda typically spend from 15% to 26% of their total monthly expenditure on housing with 20% being the average. The average monthly spend on housing is 180 BMD with expenditure ranging from 28 BMD to 1,200 BMD. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for students
Cost of utilities6%
6% of total expenses on average (4% to 10%)
| LOW | $4.7 4.7 BMD |
| AVERAGE | $31 31 BMD |
| HIGH | $210 210 BMD |
| Per Month |
Utility expenditure like electricity, water, and gas in Bermuda ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 31 BMD with 4.7 BMD and 210 BMD being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel5%
5% of total expenses on average (5% to 11%)
| LOW | $8.2 8.2 BMD |
| AVERAGE | $54 54 BMD |
| HIGH | $360 360 BMD |
| Per Month |
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 8.2 BMD to 360 BMD in a month on commuting with 54 BMD being the norm for most students. This means that money spent on transport constitutes about 5% of total spending on average but can go as low as 5% or as high as 11%.
Food, groceries, and basic shopping expenditure for students
Food and Groceries Cost22%
22% of total expenses on average (16% to 26%)
| LOW | $24 24 BMD |
| AVERAGE | $150 150 BMD |
| HIGH | $1,000 1,000 BMD |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Bermuda is 150 BMD. The cost of groceries can range between 24 BMD to 1,000 BMD. Students spend on average about 22% on food and groceries with upper and lower bounds of 16% and 26% respectively.
Healthcare and medical services expenditure for students
Cost of healthcare8%
8% of total expenses on average (5% to 11%)
| LOW | $7.1 7.1 BMD |
| AVERAGE | $46 46 BMD |
| HIGH | $310 310 BMD |
| Per Month |
Students in Bermuda allocate 5% to 11% 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 8%. The range of medical expenses range from 7.1 BMD to 310 BMD with 46 BMD being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $5.9 5.9 BMD |
| AVERAGE | $38 38 BMD |
| HIGH | $260 260 BMD |
| 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 5.9 BMD to 260 BMD with 38 BMD 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
Cost of education and schooling19%
19% of total expenses on average (12% to 24%)
| LOW | $22 22 BMD |
| AVERAGE | $150 150 BMD |
| HIGH | $970 970 BMD |
| Per Month |
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 150 BMD per month with 22 BMD being the minimum spent amount and 970 BMD being the maximum.
Other Expenses17%
17% of total expenses on average (11% to 23%)
| LOW | $18 18 BMD |
| AVERAGE | $120 120 BMD |
| HIGH | $770 770 BMD |
| Per Month |
Low-cost alternatives in Bermuda
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 options57%
Few low-cost options43%
Based on the survey, 57% of the students living in Bermuda have no problem finding low-cost alternatives to support a frugal lifestyle while 43% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Affordable living in Bermuda
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Bermuda?
Around 64% of surveyed students think that living in Bermuda is affordable with proper budgeting while 36% reported that it is just too expensive and not affordable even with frugality and thriftness.
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 whether they have an emergency fund and the answers were as follows.
Yes60%
No40%
Based on the survey, 40% of the students living in Bermuda said that they don't have an emergency fund while 60% said that they do.
Monthly costs and expenses of energy and basic utilities in Bermuda
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Bermuda
Utility Bill Cost / Electricity + Water + Gas / Student
Internet and cable cost
Mobile phone bill and charges
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly energy and water consumption of students is around 31 BMD. The cost of internet and WiFi ranges from 8 BMD to 21 BMD with 16 BMD being the average internet bill. Finally, the average monthly mobile charges is around 11 BMD but can range between 6.4 BMD and 32 BMD depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Bermuda is around 6%. This means that people pay 6% of their income for energy, water, internet, and mobile charges. Those figures can range from 3% to 10% depending on salary and location.
Housing costs, accommodation, and housing affordability in Bermuda
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Bermuda
Monthly Rent Prices
Studio apartment monthly rent cost
1-bedroom apartment monthly rent cost
2-bedroom apartment monthly rent cost
| 270 BMD | 400 BMD | 1,100 BMD |
3-bedroom apartment monthly rent cost
| 320 BMD | 530 BMD | 1,500 BMD |
Furnished apartment monthly rent cost
| 640 BMD | 1,600 BMD | 3,200 BMD |
Townhouse monthly rent cost
| 530 BMD | 800 BMD | 2,300 BMD |
House monthly rent cost
| 640 BMD | 1,600 BMD | 3,200 BMD |
Villa monthly rent cost
| 800 BMD | 2,000 BMD | 3,200 BMD |
The monthly rental cost of a studio apartment in Bermuda ranges between 130 BMD and 530 BMD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 200 BMD to 800 BMD. Two-bedroom rentals rate ranges between 270 BMD and 1,100 BMD per month. The monthly rental for a three-bedroom apartment ranges from 320 BMD to 1,500 BMD. The average rent of a townhouse in Bermuda is around 800 BMD while house rental costs can be as high as 1,600 BMD per month. Finally, if you want to rent a villa, expect to pay anywhere from 800 BMD to 3,200 BMD per month.
Apartment and house prices in Bermuda
Cost of buying a property
Studio apartment price
| 27,000 BMD | 40,000 BMD | 80,000 BMD |
1-bedroom apartment price
| 32,000 BMD | 53,000 BMD | 200,000 BMD |
2-bedroom apartment price
| 53,000 BMD | 160,000 BMD | 320,000 BMD |
| $53,000 | $160,000 | $320,000 |
3-bedroom apartment price
| 180,000 BMD | 270,000 BMD | 800,000 BMD |
| $180,000 | $270,000 | $800,000 |
Townhouse price
| 230,000 BMD | 530,000 BMD | 2M BMD |
House price
| 270,000 BMD | 1.6M BMD | 2.3M BMD |
Villa price
| 320,000 BMD | 1.8M BMD | 2.7M BMD |
The average price of a studio apartment in Bermuda can range from 27,000 BMD to 80,000 BMD depending on location. One bedroom cost can be anywhere from 32,000 BMD to 200,000 BMD. A villa can cost you 1.8M BMD on average with prices ranging from 320,000 BMD to 2.7M BMD.
If you're leasing or purchasing, housing costs in Bermuda 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
| 38 | x109 monthly income | 205 |
Property prices in Bermuda can be x109 to x205 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x109 multiples of the average monthly salary in Bermuda.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Bermuda is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 21% to 41% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
29% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
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.
Financial Literacy in
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 Leteracy59%
We asked student guardians and parents in Bermuda whether they acquired any adequate personal financial training in their lives. Approximately 41% 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 59% 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 have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 42% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 58% said that they have everything under control.
Struggles with finance42%
Easily manages finances58%
Food Prices, Dining Expenses, and Grocery Costs in Bermuda
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Bermuda
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Bermuda is approximatly 3.2 BMD with meal cost ranging from 1.6 BMD to 5.3 BMD. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 5.3 BMD and 16 BMD with 8 BMD being the average price of a plate for one person at a regular restaurant in Bermuda.
Fine dining meal for one price
The price range of a meal at fine-dining restaurant is 11 BMD to 64 BMD with the average cost being 16 BMD for one person. This is what you would expect to pay a top-tier diner in Bermuda.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Bermuda is around 2.1 BMD. Price ranges between 1.3 BMD and 3.2 BMD depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Bermuda is 1.3 BMD. The maximum what you would pay for milk is 1.6 BMD and the minimum being 1.1 BMD depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 1.1 BMD on average with 0.80 BMD and 1.6 BMD being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Bermuda is between 1.8 BMD and 3.3 BMD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 2.4 BMD.
Pack of beef price
The price of a regular pack of beef or meat is around 3.2 BMD. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Bermuda costs around 1.2 BMD on average with prices rangeing between 0.86 BMD and 1.7 BMD depending on the brand and quality.
Bag of tomatos price
| 0.32 BMD | 0.43 BMD | 0.80 BMD |
A bag of tomatoes costs anywhere from 0.32 BMD to 0.80 BMD. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
| 0.57 BMD | 0.75 BMD | 1.2 BMD |
A bag of apples costs 0.75 BMD on average. A bag of apples denotes 1Kg or 1lb depending on location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 24 BMD to 1,000 BMD with the location, income, and size of the student being the most determinite factors.
