Cost Of Living For a Student in Cochabamba 2024

Average monthly spending for students in Cochabamba

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

Students in Cochabamba spend around 4,200 BOB per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 630 BOB or as high as 28,000 BOB. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Cochabamba?

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

Housing and accomodation expenditure for students

Students in Cochabamba typically spend from 13% to 24% of their total monthly expenditure on housing with 18% being the average. The average monthly spend on housing is 1,000 BOB with expenditure ranging from 150 BOB to 6,600 BOB. 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 Cochabamba ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 170 BOB with 25 BOB and 1,100 BOB 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 44 BOB to 1,900 BOB in a month on commuting with 290 BOB 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 Cochabamba is 830 BOB. The cost of groceries can range between 130 BOB to 5,500 BOB. 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 Cochabamba 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 38 BOB to 1,700 BOB with 250 BOB 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 32 BOB to 1,400 BOB with 210 BOB being the average. Speaking of percentages, that equates to 2% to 6% of total expenses with an average of 2% 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 790 BOB per month with 120 BOB being the minimum spent amount and 5,300 BOB 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 Cochabamba

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Cochabamba?

Around 60% of surveyed students think that living in Cochabamba is affordable with proper budgeting while 40% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Cochabamba

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 options56%

Few low-cost options44%

Based on the survey, 56% of the students living in Cochabamba have no problem finding low-cost alternatives to support a frugal lifestyle while 44% 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 Cochabamba whether they have an emergency fund and the answers were as follows.

Yes56%

No44%

Based on the survey, 44% of the students living in Cochabamba said that they don't have an emergency fund while 56% said that they do.

Financial Literacy in Bolivia

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 Leteracy55%

We asked student guardians and parents in Cochabamba whether they acquired any adequate personal financial training in their lives. Approximately 45% 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 55% 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 Bolivia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 46% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 54% said that they have everything under control.

Struggles with finance46%

Easily manages finances54%

Housing costs, accommodation, and housing affordability in Cochabamba

Rent Cost in Cochabamba

Monthly Rent Prices

Studio apartment monthly rent cost

710 BOB

1,100 BOB

2,800 BOB

MINIMUM

AVERAGE

MAXIMUM

$100

$150

$410

1-bedroom apartment monthly rent cost

1,100 BOB

1,700 BOB

4,300 BOB

MINIMUM

AVERAGE

MAXIMUM

$150

$250

$620

2-bedroom apartment monthly rent cost

1,400 BOB

2,100 BOB

5,700 BOB

MINIMUM

AVERAGE

MAXIMUM

$210

$310

$820

3-bedroom apartment monthly rent cost

1,700 BOB

2,800 BOB

7,700 BOB

MINIMUM

AVERAGE

MAXIMUM

$250

$410

$1,100

Furnished apartment monthly rent cost

3,400 BOB

8,500 BOB

17,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$490

$1,200

$2,500

Townhouse monthly rent cost

2,800 BOB

4,300 BOB

12,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$410

$620

$1,800

House monthly rent cost

3,400 BOB

8,500 BOB

17,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$490

$1,200

$2,500

Villa monthly rent cost

4,300 BOB

11,000 BOB

17,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$620

$1,500

$2,500

The monthly rental cost of a studio apartment in Cochabamba ranges between 710 BOB and 2,800 BOB, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1,100 BOB to 4,300 BOB. Two-bedroom rentals rate ranges between 1,400 BOB and 5,700 BOB per month. The monthly rental for a three-bedroom apartment ranges from 1,700 BOB to 7,700 BOB. The average rent of a townhouse in Cochabamba is around 4,300 BOB while house rental costs can be as high as 8,500 BOB per month. Finally, if you want to rent a villa, expect to pay anywhere from 4,300 BOB to 17,000 BOB per month.

Apartment and house prices in Cochabamba

Cost of buying a property

Studio apartment price

140,000 BOB

210,000 BOB

430,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$21,000

$31,000

$62,000

1-bedroom apartment price

170,000 BOB

280,000 BOB

1.1M BOB

MINIMUM

AVERAGE

MAXIMUM

$25,000

$41,000

$150,000

2-bedroom apartment price

280,000 BOB

850,000 BOB

1.7M BOB

MINIMUM

AVERAGE

MAXIMUM

$41,000

$120,000

$250,000

3-bedroom apartment price

950,000 BOB

1.4M BOB

4.3M BOB

MINIMUM

AVERAGE

MAXIMUM

$140,000

$210,000

$620,000

Townhouse price

1.2M BOB

2.8M BOB

11M BOB

MINIMUM

AVERAGE

MAXIMUM

$180,000

$410,000

$1.5M

House price

1.4M BOB

8.5M BOB

12M BOB

MINIMUM

AVERAGE

MAXIMUM

$210,000

$1.2M

$1.8M

Villa price

1.7M BOB

9.5M BOB

14M BOB

MINIMUM

AVERAGE

MAXIMUM

$250,000

$1.4M

$2.1M

The average price of a studio apartment in Cochabamba can range from 140,000 BOB to 430,000 BOB depending on location. One bedroom cost can be anywhere from 170,000 BOB to 1.1M BOB. A villa can cost you 9.5M BOB on average with prices ranging from 1.7M BOB to 14M BOB.

House / apartment prices to income ratio

Property prices in Cochabamba can be x102 to x201 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x102 multiples of the average monthly salary in Cochabamba.

Rent to income ratio

The average rent-to-income ratio in Cochabamba is around 30%. This means that people pay 30% of their income for rent. Those figures can range from 20% to 40% 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 Cochabamba

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

Utility Bill Cost / Electricity + Water + Gas / Student

25 BOB

170 BOB

1,100 BOB

MINIMUM

AVERAGE

MAXIMUM

$3.7

$24

$160

Internet and cable cost

41 BOB

82 BOB

110 BOB

MINIMUM

AVERAGE

MAXIMUM

$5.9

$12

$16

Mobile phone bill and charges

33 BOB

54 BOB

160 BOB

MINIMUM

AVERAGE

MAXIMUM

$4.7

$7.9

$24

The average monthly energy and water consumption of students is around 170 BOB. The cost of internet and WiFi ranges from 41 BOB to 110 BOB with 82 BOB being the average internet bill. Finally, the average monthly mobile charges is around 54 BOB but can range between 33 BOB and 160 BOB 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 Cochabamba 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.

Food Prices, Dining Expenses, and Grocery Costs in Cochabamba

Prices and cost of goods and services in Cochabamba

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

Fast food combo meal price

8.2 BOB

16 BOB

27 BOB

MINIMUM

AVERAGE

MAXIMUM

$1.2

$2.4

$3.9

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Cochabamba is approximatly 16 BOB with meal cost ranging from 8.2 BOB to 27 BOB. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

28 BOB

42 BOB

83 BOB

MINIMUM

AVERAGE

MAXIMUM

$4

$6

$12

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 28 BOB and 83 BOB with 42 BOB being the average price of a plate for one person at a regular restaurant in Cochabamba.

Fine dining meal for one price

56 BOB

83 BOB

330 BOB

MINIMUM

AVERAGE

MAXIMUM

$8.1

$12

$48

The price range of a meal at fine-dining restaurant is 56 BOB to 330 BOB with the average cost being 83 BOB for one person. This is what you would expect to pay a top-tier diner in Cochabamba.

Beverage prices, cappuccino, latte etc..

6.8 BOB

11 BOB

16 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.99

$1.6

$2.4

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Cochabamba is around 11 BOB. Price ranges between 6.8 BOB and 16 BOB depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

5.4 BOB

6.5 BOB

8.2 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.79

$0.95

$1.2

The average price of a large bottle of milk in Cochabamba is 6.5 BOB. The maximum what you would pay for milk is 8.2 BOB and the minimum being 5.4 BOB depending on the brand of milk and other properties.

12 eggs price

4.1 BOB

5.4 BOB

8.2 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.59

$0.79

$1.2

A dozen eggs costs around 5.4 BOB on average with 4.1 BOB and 8.2 BOB being the lower and upper limits respectively.

Fresh whole chicken price

9.3 BOB

12 BOB

17 BOB

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.7

$2.5

The price range of a fresh whole chicken in Cochabamba is between 9.3 BOB and 17 BOB depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 12 BOB.

Pack of beef price

11 BOB

16 BOB

33 BOB

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.4

$4.7

The price of a regular pack of beef or meat is around 16 BOB. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

4.4 BOB

6 BOB

8.5 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.64

$0.87

$1.2

A bag of rice in Cochabamba costs around 6 BOB on average with prices rangeing between 4.4 BOB and 8.5 BOB depending on the brand and quality.

Bag of tomatos price

1.6 BOB

2.2 BOB

4.1 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.24

$0.32

$0.59

A bag of tomatoes costs anywhere from 1.6 BOB to 4.1 BOB. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2.9 BOB

3.8 BOB

6.3 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.42

$0.55

$0.91

A bag of apples costs 3.8 BOB 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 Cochabamba is around 26%. This means that students spend 26% of their income on grocery and basic household items. The expenditure can range from 18% to 32% depending on salary and location.

Expenditure on food and grocery for students