Cost Of Living For a Student in Freetown 2024

Average monthly spending for students in Freetown

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

Students in Freetown spend around 3.4M SLL per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 510,000 SLL or as high as 23M SLL. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Freetown?

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

Housing and accomodation expenditure for students

Students in Freetown typically spend from 12% to 23% of their total monthly expenditure on housing with 17% being the average. The average monthly spend on housing is 820,000 SLL with expenditure ranging from 120,000 SLL to 5.4M SLL. 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 Freetown ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 140,000 SLL with 20,000 SLL and 910,000 SLL 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 36,000 SLL to 1.6M SLL in a month on commuting with 240,000 SLL 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 Freetown is 680,000 SLL. The cost of groceries can range between 100,000 SLL to 4.5M SLL. 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 Freetown 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 31,000 SLL to 1.4M SLL with 200,000 SLL 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 25,000 SLL to 1.1M SLL with 170,000 SLL 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 650,000 SLL per month with 97,000 SLL being the minimum spent amount and 4.3M SLL 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 Freetown

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Freetown?

Around 52% of surveyed students think that living in Freetown is affordable with proper budgeting while 49% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Freetown

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 options62%

Few low-cost options38%

Based on the survey, 62% of the students living in Freetown have no problem finding low-cost alternatives to support a frugal lifestyle while 38% 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 Freetown whether they have an emergency fund and the answers were as follows.

Yes50%

No50%

Based on the survey, 50% of the students living in Freetown said that they don't have an emergency fund while 50% said that they do.

Financial Literacy in Sierra Leone

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 Leteracy40%

We asked student guardians and parents in Freetown whether they acquired any adequate personal financial training in their lives. Approximately 60% 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 40% 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 Sierra Leone have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 53% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 47% said that they have everything under control.

Struggles with finance53%

Easily manages finances47%

Housing costs, accommodation, and housing affordability in Freetown

Rent Cost in Freetown

Monthly Rent Prices

Studio apartment monthly rent cost

550,000 SLL

820,000 SLL

2.2M SLL

MINIMUM

AVERAGE

MAXIMUM

$24

$36

$96

1-bedroom apartment monthly rent cost

820,000 SLL

1.3M SLL

3.3M SLL

MINIMUM

AVERAGE

MAXIMUM

$36

$58

$140

2-bedroom apartment monthly rent cost

1.1M SLL

1.6M SLL

4.4M SLL

MINIMUM

AVERAGE

MAXIMUM

$48

$72

$190

3-bedroom apartment monthly rent cost

1.3M SLL

2.2M SLL

6M SLL

MINIMUM

AVERAGE

MAXIMUM

$58

$96

$260

Furnished apartment monthly rent cost

2.6M SLL

6.6M SLL

13M SLL

MINIMUM

AVERAGE

MAXIMUM

$120

$290

$580

Townhouse monthly rent cost

2.2M SLL

3.3M SLL

9.4M SLL

MINIMUM

AVERAGE

MAXIMUM

$96

$140

$410

House monthly rent cost

2.6M SLL

6.6M SLL

13M SLL

MINIMUM

AVERAGE

MAXIMUM

$120

$290

$580

Villa monthly rent cost

3.3M SLL

8.2M SLL

13M SLL

MINIMUM

AVERAGE

MAXIMUM

$140

$360

$580

The monthly rental cost of a studio apartment in Freetown ranges between 550,000 SLL and 2.2M SLL, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 820,000 SLL to 3.3M SLL. Two-bedroom rentals rate ranges between 1.1M SLL and 4.4M SLL per month. The monthly rental for a three-bedroom apartment ranges from 1.3M SLL to 6M SLL. The average rent of a townhouse in Freetown is around 3.3M SLL while house rental costs can be as high as 6.6M SLL per month. Finally, if you want to rent a villa, expect to pay anywhere from 3.3M SLL to 13M SLL per month.

Apartment and house prices in Freetown

Cost of buying a property

Studio apartment price

110M SLL

160M SLL

330M SLL

MINIMUM

AVERAGE

MAXIMUM

$4,800

$7,200

$14,000

1-bedroom apartment price

130M SLL

220M SLL

820M SLL

MINIMUM

AVERAGE

MAXIMUM

$5,800

$9,600

$36,000

2-bedroom apartment price

220M SLL

660M SLL

1,300M SLL

MINIMUM

AVERAGE

MAXIMUM

$9,600

$29,000

$58,000

3-bedroom apartment price

730M SLL

1,100M SLL

3,300M SLL

MINIMUM

AVERAGE

MAXIMUM

$32,000

$48,000

$140,000

Townhouse price

940M SLL

2,200M SLL

8,200M SLL

MINIMUM

AVERAGE

MAXIMUM

$41,000

$96,000

$360,000

House price

1,100M SLL

6,600M SLL

9,400M SLL

MINIMUM

AVERAGE

MAXIMUM

$48,000

$290,000

$410,000

Villa price

1,300M SLL

7,300M SLL

11,000M SLL

MINIMUM

AVERAGE

MAXIMUM

$58,000

$320,000

$480,000

The average price of a studio apartment in Freetown can range from 110M SLL to 330M SLL depending on location. One bedroom cost can be anywhere from 130M SLL to 820M SLL. A villa can cost you 7,300M SLL on average with prices ranging from 1,300M SLL to 11,000M SLL.

House / apartment prices to income ratio

Property prices in Freetown can be x89 to x214 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x89 multiples of the average monthly salary in Freetown.

Rent to income ratio

The average rent-to-income ratio in Freetown is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 21% to 44% 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 Freetown

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

Utility Bill Cost / Electricity + Water + Gas / Student

20,000 SLL

140,000 SLL

910,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.90

$6

$40

Internet and cable cost

30,000 SLL

60,000 SLL

80,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$1.3

$2.6

$3.5

Mobile phone bill and charges

24,000 SLL

40,000 SLL

120,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.8

$5.3

The average monthly energy and water consumption of students is around 140,000 SLL. The cost of internet and WiFi ranges from 30,000 SLL to 80,000 SLL with 60,000 SLL being the average internet bill. Finally, the average monthly mobile charges is around 40,000 SLL but can range between 24,000 SLL and 120,000 SLL 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 Freetown is around 8%. This means that people pay 8% of their income for energy, water, internet, and mobile charges. Those figures can range from 4.6% to 13% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Freetown

Prices and cost of goods and services in Freetown

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

Fast food combo meal price

6,000 SLL

12,000 SLL

20,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.26

$0.53

$0.88

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Freetown is approximatly 12,000 SLL with meal cost ranging from 6,000 SLL to 20,000 SLL. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

21,000 SLL

31,000 SLL

63,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.92

$1.4

$2.8

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 21,000 SLL and 63,000 SLL with 31,000 SLL being the average price of a plate for one person at a regular restaurant in Freetown.

Fine dining meal for one price

42,000 SLL

63,000 SLL

250,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$1.8

$2.8

$11

The price range of a meal at fine-dining restaurant is 42,000 SLL to 250,000 SLL with the average cost being 63,000 SLL for one person. This is what you would expect to pay a top-tier diner in Freetown.

Beverage prices, cappuccino, latte etc..

5,000 SLL

8,000 SLL

12,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.22

$0.35

$0.53

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Freetown is around 8,000 SLL. Price ranges between 5,000 SLL and 12,000 SLL depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

4,000 SLL

4,800 SLL

6,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.18

$0.21

$0.26

The average price of a large bottle of milk in Freetown is 4,800 SLL. The maximum what you would pay for milk is 6,000 SLL and the minimum being 4,000 SLL depending on the brand of milk and other properties.

12 eggs price

3,000 SLL

4,000 SLL

6,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.13

$0.18

$0.26

A dozen eggs costs around 4,000 SLL on average with 3,000 SLL and 6,000 SLL being the lower and upper limits respectively.

Fresh whole chicken price

6,800 SLL

8,800 SLL

12,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.30

$0.39

$0.55

The price range of a fresh whole chicken in Freetown is between 6,800 SLL and 12,000 SLL depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 8,800 SLL.

Pack of beef price

8,000 SLL

12,000 SLL

24,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.35

$0.53

$1.1

The price of a regular pack of beef or meat is around 12,000 SLL. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

3,200 SLL

4,400 SLL

6,200 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.14

$0.19

$0.27

A bag of rice in Freetown costs around 4,400 SLL on average with prices rangeing between 3,200 SLL and 6,200 SLL depending on the brand and quality.

Bag of tomatos price

1,200 SLL

1,600 SLL

3,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.05

$0.07

$0.13

A bag of tomatoes costs anywhere from 1,200 SLL to 3,000 SLL. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2,100 SLL

2,800 SLL

4,600 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.09

$0.12

$0.20

A bag of apples costs 2,800 SLL 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 Freetown is around 32%. This means that students spend 32% of their income on grocery and basic household items. The expenditure can range from 23% to 39% depending on salary and location.

Expenditure on food and grocery for students