Cost Of Living For a Student in Cape Verde 2024

Average monthly spending for students in Cape Verde

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

Students in Cape Verde spend around 97,000 CVE per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 15,000 CVE or as high as 650,000 CVE. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Cape Verde?

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

Housing and accomodation expenditure for students

Students in Cape Verde 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 23,000 CVE with expenditure ranging from 3,600 CVE to 160,000 CVE. 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 Cape Verde ranges from 3% to 9% of total expenses with 5% being the average for most students. The average monthly cost of utilities is 3,900 CVE with 600 CVE and 26,000 CVE 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 1,000 CVE to 45,000 CVE in a month on commuting with 6,800 CVE 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 Cape Verde is 19,000 CVE. The cost of groceries can range between 3,000 CVE to 130,000 CVE. 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 Cape Verde 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 890 CVE to 39,000 CVE with 5,800 CVE 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 750 CVE to 32,000 CVE with 4,900 CVE 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 18,000 CVE per month with 2,800 CVE being the minimum spent amount and 120,000 CVE 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 Cape Verde

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Cape Verde?

Around 70% of surveyed students think that living in Cape Verde is affordable with proper budgeting while 30% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Cape Verde

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 Cape Verde 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 Cape Verde whether they have an emergency fund and the answers were as follows.

Yes69%

No31%

Based on the survey, 31% of the students living in Cape Verde said that they don't have an emergency fund while 69% said that they do.

Financial Literacy in Cape Verde

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 Leteracy65%

We asked student guardians and parents in Cape Verde whether they acquired any adequate personal financial training in their lives. Approximately 35% 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 65% 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 Cape Verde have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 28% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 72% said that they have everything under control.

Struggles with finance28%

Easily manages finances72%

Housing costs, accommodation, and housing affordability in Cape Verde

Rent Cost in Cape Verde

Monthly Rent Prices

Studio apartment monthly rent cost

17,000 CVE

26,000 CVE

68,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$170

$250

$670

1-bedroom apartment monthly rent cost

26,000 CVE

41,000 CVE

100,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$250

$400

$1,000

2-bedroom apartment monthly rent cost

34,000 CVE

51,000 CVE

140,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$340

$500

$1,300

3-bedroom apartment monthly rent cost

41,000 CVE

68,000 CVE

190,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$400

$670

$1,800

Furnished apartment monthly rent cost

82,000 CVE

200,000 CVE

410,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$810

$2,000

$4,000

Townhouse monthly rent cost

68,000 CVE

100,000 CVE

290,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$670

$1,000

$2,900

House monthly rent cost

82,000 CVE

200,000 CVE

410,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$810

$2,000

$4,000

Villa monthly rent cost

100,000 CVE

260,000 CVE

410,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$1,000

$2,500

$4,000

The monthly rental cost of a studio apartment in Cape Verde ranges between 17,000 CVE and 68,000 CVE, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 26,000 CVE to 100,000 CVE. Two-bedroom rentals rate ranges between 34,000 CVE and 140,000 CVE per month. The monthly rental for a three-bedroom apartment ranges from 41,000 CVE to 190,000 CVE. The average rent of a townhouse in Cape Verde is around 100,000 CVE while house rental costs can be as high as 200,000 CVE per month. Finally, if you want to rent a villa, expect to pay anywhere from 100,000 CVE to 410,000 CVE per month.

Apartment and house prices in Cape Verde

Cost of buying a property

Studio apartment price

3.4M CVE

5.1M CVE

10M CVE

MINIMUM

AVERAGE

MAXIMUM

$34,000

$50,000

$100,000

1-bedroom apartment price

4.1M CVE

6.8M CVE

26M CVE

MINIMUM

AVERAGE

MAXIMUM

$40,000

$67,000

$250,000

2-bedroom apartment price

6.8M CVE

20M CVE

41M CVE

MINIMUM

AVERAGE

MAXIMUM

$67,000

$200,000

$400,000

3-bedroom apartment price

23M CVE

34M CVE

100M CVE

MINIMUM

AVERAGE

MAXIMUM

$220,000

$340,000

$1M

Townhouse price

29M CVE

68M CVE

260M CVE

MINIMUM

AVERAGE

MAXIMUM

$290,000

$670,000

$2.5M

House price

34M CVE

200M CVE

290M CVE

MINIMUM

AVERAGE

MAXIMUM

$340,000

$2M

$2.9M

Villa price

41M CVE

230M CVE

340M CVE

MINIMUM

AVERAGE

MAXIMUM

$400,000

$2.2M

$3.4M

The average price of a studio apartment in Cape Verde can range from 3.4M CVE to 10M CVE depending on location. One bedroom cost can be anywhere from 4.1M CVE to 26M CVE. A villa can cost you 230M CVE on average with prices ranging from 41M CVE to 340M CVE.

House / apartment prices to income ratio

Property prices in Cape Verde can be x126 to x216 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x126 multiples of the average monthly salary in Cape Verde.

Rent to income ratio

The average rent-to-income ratio in Cape Verde 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 Cape Verde

Energy, electricity, water, gas, internet, and mobile cost in Cape Verde

Utility Bill Cost / Electricity + Water + Gas / Student

600 CVE

3,900 CVE

26,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$5.9

$38

$260

Internet and cable cost

1,000 CVE

2,000 CVE

2,700 CVE

MINIMUM

AVERAGE

MAXIMUM

$10

$20

$27

Mobile phone bill and charges

820 CVE

1,400 CVE

4,100 CVE

MINIMUM

AVERAGE

MAXIMUM

$8.1

$13

$40

The average monthly energy and water consumption of students is around 3,900 CVE. The cost of internet and WiFi ranges from 1,000 CVE to 2,700 CVE with 2,000 CVE being the average internet bill. Finally, the average monthly mobile charges is around 1,400 CVE but can range between 820 CVE and 4,100 CVE 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 Cape Verde 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 Cape Verde

Prices and cost of goods and services in Cape Verde

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

Fast food combo meal price

200 CVE

410 CVE

680 CVE

MINIMUM

AVERAGE

MAXIMUM

$2

$4

$6.7

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Cape Verde is approximatly 410 CVE with meal cost ranging from 200 CVE to 680 CVE. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

680 CVE

1,000 CVE

2,000 CVE

MINIMUM

AVERAGE

MAXIMUM

$6.7

$10

$20

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 680 CVE and 2,000 CVE with 1,000 CVE being the average price of a plate for one person at a regular restaurant in Cape Verde.

Fine dining meal for one price

1,400 CVE

2,000 CVE

8,200 CVE

MINIMUM

AVERAGE

MAXIMUM

$13

$20

$81

The price range of a meal at fine-dining restaurant is 1,400 CVE to 8,200 CVE with the average cost being 2,000 CVE for one person. This is what you would expect to pay a top-tier diner in Cape Verde.

Beverage prices, cappuccino, latte etc..

170 CVE

270 CVE

410 CVE

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2.7

$4

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Cape Verde is around 270 CVE. Price ranges between 170 CVE and 410 CVE depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

140 CVE

160 CVE

200 CVE

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.6

$2

The average price of a large bottle of milk in Cape Verde is 160 CVE. The maximum what you would pay for milk is 200 CVE and the minimum being 140 CVE depending on the brand of milk and other properties.

12 eggs price

100 CVE

140 CVE

200 CVE

MINIMUM

AVERAGE

MAXIMUM

$1

$1.3

$2

A dozen eggs costs around 140 CVE on average with 100 CVE and 200 CVE being the lower and upper limits respectively.

Fresh whole chicken price

230 CVE

300 CVE

430 CVE

MINIMUM

AVERAGE

MAXIMUM

$2.3

$3

$4.2

The price range of a fresh whole chicken in Cape Verde is between 230 CVE and 430 CVE depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 300 CVE.

Pack of beef price

270 CVE

410 CVE

820 CVE

MINIMUM

AVERAGE

MAXIMUM

$2.7

$4

$8.1

The price of a regular pack of beef or meat is around 410 CVE. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

110 CVE

150 CVE

210 CVE

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.5

$2.1

A bag of rice in Cape Verde costs around 150 CVE on average with prices rangeing between 110 CVE and 210 CVE depending on the brand and quality.

Bag of tomatos price

41 CVE

55 CVE

100 CVE

MINIMUM

AVERAGE

MAXIMUM

$0.40

$0.54

$1

A bag of tomatoes costs anywhere from 41 CVE to 100 CVE. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

73 CVE

96 CVE

160 CVE

MINIMUM

AVERAGE

MAXIMUM

$0.72

$0.94

$1.6

A bag of apples costs 96 CVE 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 Cape Verde 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