Cost Of Living For a Student in Istanbul 2024

Average monthly spending for students in Istanbul

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

Students in Istanbul spend around 29,000 TRY per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 4,300 TRY or as high as 190,000 TRY. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Istanbul?

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

Housing and accomodation expenditure for students

Students in Istanbul typically spend from 11% to 22% of their total monthly expenditure on housing with 16% being the average. The average monthly spend on housing is 6,900 TRY with expenditure ranging from 1,000 TRY to 46,000 TRY. 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 Istanbul ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 1,100 TRY with 170 TRY and 7,600 TRY 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 300 TRY to 13,000 TRY in a month on commuting with 2,000 TRY being the norm for most students. This means that money spent on transport constitutes about 3% of total spending on average but can go as low as 4% or as high as 9%.

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 Istanbul is 5,700 TRY. The cost of groceries can range between 860 TRY to 38,000 TRY. Students spend on average about 24% on food and groceries with upper and lower bounds of 18% and 28% respectively.

Healthcare and medical services expenditure for students

Students in Istanbul allocate 7% to 13% 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 10%. The range of medical expenses range from 260 TRY to 11,000 TRY with 1,700 TRY 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 210 TRY to 9,500 TRY with 1,400 TRY being the average. Speaking of percentages, that equates to 1% 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 5,400 TRY per month with 810 TRY being the minimum spent amount and 36,000 TRY 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 Istanbul

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Istanbul?

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

Low-cost alternatives in Istanbul

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 Istanbul 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.

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

Yes46%

No54%

Based on the survey, 54% of the students living in Istanbul said that they don't have an emergency fund while 46% said that they do.

Financial Literacy in Turkey

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 Leteracy41%

We asked student guardians and parents in Istanbul whether they acquired any adequate personal financial training in their lives. Approximately 59% 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 41% 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 Turkey have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 55% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 45% said that they have everything under control.

Struggles with finance55%

Easily manages finances45%

Housing costs, accommodation, and housing affordability in Istanbul

Rent Cost in Istanbul

Monthly Rent Prices

Studio apartment monthly rent cost

4,600 TRY

6,900 TRY

18,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$150

$220

$580

1-bedroom apartment monthly rent cost

6,900 TRY

11,000 TRY

28,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$220

$350

$880

2-bedroom apartment monthly rent cost

9,200 TRY

14,000 TRY

37,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$290

$440

$1,200

3-bedroom apartment monthly rent cost

11,000 TRY

18,000 TRY

50,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$350

$580

$1,600

Furnished apartment monthly rent cost

22,000 TRY

55,000 TRY

110,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$700

$1,800

$3,500

Townhouse monthly rent cost

18,000 TRY

28,000 TRY

79,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$580

$880

$2,500

House monthly rent cost

22,000 TRY

55,000 TRY

110,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$700

$1,800

$3,500

Villa monthly rent cost

28,000 TRY

69,000 TRY

110,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$880

$2,200

$3,500

The monthly rental cost of a studio apartment in Istanbul ranges between 4,600 TRY and 18,000 TRY, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 6,900 TRY to 28,000 TRY. Two-bedroom rentals rate ranges between 9,200 TRY and 37,000 TRY per month. The monthly rental for a three-bedroom apartment ranges from 11,000 TRY to 50,000 TRY. The average rent of a townhouse in Istanbul is around 28,000 TRY while house rental costs can be as high as 55,000 TRY per month. Finally, if you want to rent a villa, expect to pay anywhere from 28,000 TRY to 110,000 TRY per month.

Apartment and house prices in Istanbul

Cost of buying a property

Studio apartment price

920,000 TRY

1.4M TRY

2.8M TRY

MINIMUM

AVERAGE

MAXIMUM

$29,000

$44,000

$88,000

1-bedroom apartment price

1.1M TRY

1.8M TRY

6.9M TRY

MINIMUM

AVERAGE

MAXIMUM

$35,000

$58,000

$220,000

2-bedroom apartment price

1.8M TRY

5.5M TRY

11M TRY

MINIMUM

AVERAGE

MAXIMUM

$58,000

$180,000

$350,000

3-bedroom apartment price

6.2M TRY

9.2M TRY

28M TRY

MINIMUM

AVERAGE

MAXIMUM

$190,000

$290,000

$880,000

Townhouse price

7.9M TRY

18M TRY

69M TRY

MINIMUM

AVERAGE

MAXIMUM

$250,000

$580,000

$2.2M

House price

9.2M TRY

55M TRY

79M TRY

MINIMUM

AVERAGE

MAXIMUM

$290,000

$1.8M

$2.5M

Villa price

11M TRY

62M TRY

92M TRY

MINIMUM

AVERAGE

MAXIMUM

$350,000

$1.9M

$2.9M

The average price of a studio apartment in Istanbul can range from 920,000 TRY to 2.8M TRY depending on location. One bedroom cost can be anywhere from 1.1M TRY to 6.9M TRY. A villa can cost you 62M TRY on average with prices ranging from 11M TRY to 92M TRY.

House / apartment prices to income ratio

Property prices in Istanbul can be x96 to x206 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x96 multiples of the average monthly salary in Istanbul.

Rent to income ratio

The average rent-to-income ratio in Istanbul is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 20% to 41% 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 Istanbul

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

Utility Bill Cost / Electricity + Water + Gas / Student

170 TRY

1,100 TRY

7,600 TRY

MINIMUM

AVERAGE

MAXIMUM

$5.4

$36

$240

Internet and cable cost

250 TRY

500 TRY

670 TRY

MINIMUM

AVERAGE

MAXIMUM

$7.9

$16

$21

Mobile phone bill and charges

200 TRY

330 TRY

1,000 TRY

MINIMUM

AVERAGE

MAXIMUM

$6.3

$11

$32

The average monthly energy and water consumption of students is around 1,100 TRY. The cost of internet and WiFi ranges from 250 TRY to 670 TRY with 500 TRY being the average internet bill. Finally, the average monthly mobile charges is around 330 TRY but can range between 200 TRY and 1,000 TRY 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 Istanbul is around 6.3%. This means that people pay 6.3% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.2% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Istanbul

Prices and cost of goods and services in Istanbul

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

Fast food combo meal price

50 TRY

100 TRY

170 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.6

$3.2

$5.3

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Istanbul is approximatly 100 TRY with meal cost ranging from 50 TRY to 170 TRY. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

180 TRY

260 TRY

530 TRY

MINIMUM

AVERAGE

MAXIMUM

$5.6

$8.3

$17

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 180 TRY and 530 TRY with 260 TRY being the average price of a plate for one person at a regular restaurant in Istanbul.

Fine dining meal for one price

350 TRY

530 TRY

2,100 TRY

MINIMUM

AVERAGE

MAXIMUM

$11

$17

$67

The price range of a meal at fine-dining restaurant is 350 TRY to 2,100 TRY with the average cost being 530 TRY for one person. This is what you would expect to pay a top-tier diner in Istanbul.

Beverage prices, cappuccino, latte etc..

42 TRY

67 TRY

100 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.3

$2.1

$3.2

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Istanbul is around 67 TRY. Price ranges between 42 TRY and 100 TRY depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

33 TRY

40 TRY

50 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.3

$1.6

The average price of a large bottle of milk in Istanbul is 40 TRY. The maximum what you would pay for milk is 50 TRY and the minimum being 33 TRY depending on the brand of milk and other properties.

12 eggs price

25 TRY

33 TRY

50 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.79

$1.1

$1.6

A dozen eggs costs around 33 TRY on average with 25 TRY and 50 TRY being the lower and upper limits respectively.

Fresh whole chicken price

57 TRY

74 TRY

100 TRY

MINIMUM

AVERAGE

MAXIMUM

$1.8

$2.3

$3.3

The price range of a fresh whole chicken in Istanbul is between 57 TRY and 100 TRY depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 74 TRY.

Pack of beef price

67 TRY

100 TRY

200 TRY

MINIMUM

AVERAGE

MAXIMUM

$2.1

$3.2

$6.3

The price of a regular pack of beef or meat is around 100 TRY. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

27 TRY

37 TRY

52 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.85

$1.2

$1.7

A bag of rice in Istanbul costs around 37 TRY on average with prices rangeing between 27 TRY and 52 TRY depending on the brand and quality.

Bag of tomatos price

10 TRY

13 TRY

25 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.32

$0.42

$0.79

A bag of tomatoes costs anywhere from 10 TRY to 25 TRY. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

18 TRY

23 TRY

39 TRY

MINIMUM

AVERAGE

MAXIMUM

$0.57

$0.74

$1.2

A bag of apples costs 23 TRY 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 Istanbul is around 29%. This means that students spend 29% of their income on grocery and basic household items. The expenditure can range from 20% to 35% depending on salary and location.

Expenditure on food and grocery for students