Cost Of Living For a Student in Colombia 2024

Average monthly spending for students in Colombia

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

Students in Colombia spend around 4.4M COP per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 670,000 COP or as high as 29M COP. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Colombia?

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

Housing and accomodation expenditure for students

Students in Colombia 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 1.1M COP with expenditure ranging from 160,000 COP to 7M COP. 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 Colombia ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 180,000 COP with 27,000 COP and 1.2M COP 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 47,000 COP to 2.1M COP in a month on commuting with 310,000 COP 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 Colombia is 880,000 COP. The cost of groceries can range between 130,000 COP to 5.9M COP. 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 Colombia 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 40,000 COP to 1.8M COP with 260,000 COP 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 33,000 COP to 1.5M COP with 220,000 COP 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 840,000 COP per month with 130,000 COP being the minimum spent amount and 5.6M COP 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 Colombia

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Colombia?

Around 63% of surveyed students think that living in Colombia is affordable with proper budgeting while 37% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Colombia

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 options59%

Few low-cost options41%

Based on the survey, 59% of the students living in Colombia have no problem finding low-cost alternatives to support a frugal lifestyle while 41% 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 Colombia whether they have an emergency fund and the answers were as follows.

Yes63%

No37%

Based on the survey, 37% of the students living in Colombia said that they don't have an emergency fund while 63% said that they do.

Financial Literacy in Colombia

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 Colombia 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 Colombia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 33% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 67% said that they have everything under control.

Struggles with finance33%

Easily manages finances67%

Housing costs, accommodation, and housing affordability in Colombia

Rent Cost in Colombia

Monthly Rent Prices

Studio apartment monthly rent cost

750,000 COP

1.1M COP

3M COP

MINIMUM

AVERAGE

MAXIMUM

$190

$290

$760

1-bedroom apartment monthly rent cost

1.1M COP

1.8M COP

4.5M COP

MINIMUM

AVERAGE

MAXIMUM

$290

$460

$1,100

2-bedroom apartment monthly rent cost

1.5M COP

2.3M COP

6M COP

MINIMUM

AVERAGE

MAXIMUM

$380

$570

$1,500

3-bedroom apartment monthly rent cost

1.8M COP

3M COP

8.2M COP

MINIMUM

AVERAGE

MAXIMUM

$460

$760

$2,100

Furnished apartment monthly rent cost

3.6M COP

9M COP

18M COP

MINIMUM

AVERAGE

MAXIMUM

$910

$2,300

$4,600

Townhouse monthly rent cost

3M COP

4.5M COP

13M COP

MINIMUM

AVERAGE

MAXIMUM

$760

$1,100

$3,300

House monthly rent cost

3.6M COP

9M COP

18M COP

MINIMUM

AVERAGE

MAXIMUM

$910

$2,300

$4,600

Villa monthly rent cost

4.5M COP

11M COP

18M COP

MINIMUM

AVERAGE

MAXIMUM

$1,100

$2,900

$4,600

The monthly rental cost of a studio apartment in Colombia ranges between 750,000 COP and 3M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1.1M COP to 4.5M COP. Two-bedroom rentals rate ranges between 1.5M COP and 6M COP per month. The monthly rental for a three-bedroom apartment ranges from 1.8M COP to 8.2M COP. The average rent of a townhouse in Colombia is around 4.5M COP while house rental costs can be as high as 9M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 4.5M COP to 18M COP per month.

Apartment and house prices in Colombia

Cost of buying a property

Studio apartment price

150M COP

230M COP

450M COP

MINIMUM

AVERAGE

MAXIMUM

$38,000

$57,000

$110,000

1-bedroom apartment price

180M COP

300M COP

1,100M COP

MINIMUM

AVERAGE

MAXIMUM

$46,000

$76,000

$290,000

2-bedroom apartment price

300M COP

900M COP

1,800M COP

MINIMUM

AVERAGE

MAXIMUM

$76,000

$230,000

$460,000

3-bedroom apartment price

1,000M COP

1,500M COP

4,500M COP

MINIMUM

AVERAGE

MAXIMUM

$250,000

$380,000

$1.1M

Townhouse price

1,300M COP

3,000M COP

11,000M COP

MINIMUM

AVERAGE

MAXIMUM

$330,000

$760,000

$2.9M

House price

1,500M COP

9,000M COP

13,000M COP

MINIMUM

AVERAGE

MAXIMUM

$380,000

$2.3M

$3.3M

Villa price

1,800M COP

10,000M COP

15,000M COP

MINIMUM

AVERAGE

MAXIMUM

$460,000

$2.5M

$3.8M

The average price of a studio apartment in Colombia can range from 150M COP to 450M COP depending on location. One bedroom cost can be anywhere from 180M COP to 1,100M COP. A villa can cost you 10,000M COP on average with prices ranging from 1,800M COP to 15,000M COP.

House / apartment prices to income ratio

Property prices in Colombia can be x94 to x197 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x94 multiples of the average monthly salary in Colombia.

Rent to income ratio

The average rent-to-income ratio in Colombia is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 19% to 39% 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 Colombia

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

Utility Bill Cost / Electricity + Water + Gas / Student

27,000 COP

180,000 COP

1.2M COP

MINIMUM

AVERAGE

MAXIMUM

$6.8

$45

$300

Internet and cable cost

45,000 COP

90,000 COP

120,000 COP

MINIMUM

AVERAGE

MAXIMUM

$11

$23

$30

Mobile phone bill and charges

36,000 COP

60,000 COP

180,000 COP

MINIMUM

AVERAGE

MAXIMUM

$9.1

$15

$46

The average monthly energy and water consumption of students is around 180,000 COP. The cost of internet and WiFi ranges from 45,000 COP to 120,000 COP with 90,000 COP being the average internet bill. Finally, the average monthly mobile charges is around 60,000 COP but can range between 36,000 COP and 180,000 COP 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 Colombia 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 Colombia

Prices and cost of goods and services in Colombia

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

Fast food combo meal price

9,000 COP

18,000 COP

30,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.3

$4.6

$7.6

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Colombia is approximatly 18,000 COP with meal cost ranging from 9,000 COP to 30,000 COP. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

30,000 COP

45,000 COP

90,000 COP

MINIMUM

AVERAGE

MAXIMUM

$7.6

$11

$23

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 30,000 COP and 90,000 COP with 45,000 COP being the average price of a plate for one person at a regular restaurant in Colombia.

Fine dining meal for one price

60,000 COP

90,000 COP

360,000 COP

MINIMUM

AVERAGE

MAXIMUM

$15

$23

$91

The price range of a meal at fine-dining restaurant is 60,000 COP to 360,000 COP with the average cost being 90,000 COP for one person. This is what you would expect to pay a top-tier diner in Colombia.

Beverage prices, cappuccino, latte etc..

7,500 COP

12,000 COP

18,000 COP

MINIMUM

AVERAGE

MAXIMUM

$1.9

$3

$4.6

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Colombia is around 12,000 COP. Price ranges between 7,500 COP and 18,000 COP depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

6,000 COP

7,200 COP

9,000 COP

MINIMUM

AVERAGE

MAXIMUM

$1.5

$1.8

$2.3

The average price of a large bottle of milk in Colombia is 7,200 COP. The maximum what you would pay for milk is 9,000 COP and the minimum being 6,000 COP depending on the brand of milk and other properties.

12 eggs price

4,500 COP

6,000 COP

9,000 COP

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.5

$2.3

A dozen eggs costs around 6,000 COP on average with 4,500 COP and 9,000 COP being the lower and upper limits respectively.

Fresh whole chicken price

10,000 COP

13,000 COP

19,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.6

$3.4

$4.8

The price range of a fresh whole chicken in Colombia is between 10,000 COP and 19,000 COP depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 13,000 COP.

Pack of beef price

12,000 COP

18,000 COP

36,000 COP

MINIMUM

AVERAGE

MAXIMUM

$3

$4.6

$9.1

The price of a regular pack of beef or meat is around 18,000 COP. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

4,800 COP

6,600 COP

9,400 COP

MINIMUM

AVERAGE

MAXIMUM

$1.2

$1.7

$2.4

A bag of rice in Colombia costs around 6,600 COP on average with prices rangeing between 4,800 COP and 9,400 COP depending on the brand and quality.

Bag of tomatos price

1,800 COP

2,400 COP

4,500 COP

MINIMUM

AVERAGE

MAXIMUM

$0.46

$0.61

$1.1

A bag of tomatoes costs anywhere from 1,800 COP to 4,500 COP. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

3,200 COP

4,200 COP

6,900 COP

MINIMUM

AVERAGE

MAXIMUM

$0.81

$1.1

$1.8

A bag of apples costs 4,200 COP 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 Colombia is around 27%. This means that students spend 27% of their income on grocery and basic household items. The expenditure can range from 19% to 33% depending on salary and location.

Expenditure on food and grocery for students