Cost Of Living For a Student in La Paz 2024

Average monthly spending for students in La Paz

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

Students in La Paz spend around 4,400 BOB per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 670 BOB or as high as 29,000 BOB. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in La Paz?

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

Housing and accomodation expenditure for students

Students in La Paz 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 1,100 BOB with expenditure ranging from 160 BOB to 7,000 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 La Paz ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 180 BOB with 27 BOB and 1,200 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 47 BOB to 2,100 BOB in a month on commuting with 310 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 La Paz is 880 BOB. The cost of groceries can range between 130 BOB to 5,900 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 La Paz 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 BOB to 1,800 BOB with 260 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 33 BOB to 1,500 BOB with 220 BOB 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 BOB per month with 130 BOB being the minimum spent amount and 5,600 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 La Paz

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in La Paz?

Around 63% of surveyed students think that living in La Paz 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 La Paz

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

Yes59%

No41%

Based on the survey, 41% of the students living in La Paz said that they don't have an emergency fund while 59% 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 La Paz 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 La Paz

Rent Cost in La Paz

Monthly Rent Prices

Studio apartment monthly rent cost

750 BOB

1,100 BOB

3,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$110

$160

$440

1-bedroom apartment monthly rent cost

1,100 BOB

1,800 BOB

4,500 BOB

MINIMUM

AVERAGE

MAXIMUM

$160

$260

$650

2-bedroom apartment monthly rent cost

1,500 BOB

2,300 BOB

6,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$220

$330

$870

3-bedroom apartment monthly rent cost

1,800 BOB

3,000 BOB

8,200 BOB

MINIMUM

AVERAGE

MAXIMUM

$260

$440

$1,200

Furnished apartment monthly rent cost

3,600 BOB

9,000 BOB

18,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$520

$1,300

$2,600

Townhouse monthly rent cost

3,000 BOB

4,500 BOB

13,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$440

$650

$1,900

House monthly rent cost

3,600 BOB

9,000 BOB

18,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$520

$1,300

$2,600

Villa monthly rent cost

4,500 BOB

11,000 BOB

18,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$650

$1,600

$2,600

The monthly rental cost of a studio apartment in La Paz ranges between 750 BOB and 3,000 BOB, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1,100 BOB to 4,500 BOB. Two-bedroom rentals rate ranges between 1,500 BOB and 6,000 BOB per month. The monthly rental for a three-bedroom apartment ranges from 1,800 BOB to 8,200 BOB. The average rent of a townhouse in La Paz is around 4,500 BOB while house rental costs can be as high as 9,000 BOB per month. Finally, if you want to rent a villa, expect to pay anywhere from 4,500 BOB to 18,000 BOB per month.

Apartment and house prices in La Paz

Cost of buying a property

Studio apartment price

150,000 BOB

230,000 BOB

450,000 BOB

MINIMUM

AVERAGE

MAXIMUM

$22,000

$33,000

$65,000

1-bedroom apartment price

180,000 BOB

300,000 BOB

1.1M BOB

MINIMUM

AVERAGE

MAXIMUM

$26,000

$44,000

$160,000

2-bedroom apartment price

300,000 BOB

900,000 BOB

1.8M BOB

MINIMUM

AVERAGE

MAXIMUM

$44,000

$130,000

$260,000

3-bedroom apartment price

1M BOB

1.5M BOB

4.5M BOB

MINIMUM

AVERAGE

MAXIMUM

$150,000

$220,000

$650,000

Townhouse price

1.3M BOB

3M BOB

11M BOB

MINIMUM

AVERAGE

MAXIMUM

$190,000

$440,000

$1.6M

House price

1.5M BOB

9M BOB

13M BOB

MINIMUM

AVERAGE

MAXIMUM

$220,000

$1.3M

$1.9M

Villa price

1.8M BOB

10M BOB

15M BOB

MINIMUM

AVERAGE

MAXIMUM

$260,000

$1.5M

$2.2M

The average price of a studio apartment in La Paz can range from 150,000 BOB to 450,000 BOB depending on location. One bedroom cost can be anywhere from 180,000 BOB to 1.1M BOB. A villa can cost you 10M BOB on average with prices ranging from 1.8M BOB to 15M BOB.

House / apartment prices to income ratio

Property prices in La Paz can be x109 to x213 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x109 multiples of the average monthly salary in La Paz.

Rent to income ratio

The average rent-to-income ratio in La Paz is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 21% to 42% 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 La Paz

Energy, electricity, water, gas, internet, and mobile cost in La Paz

Utility Bill Cost / Electricity + Water + Gas / Student

27 BOB

180 BOB

1,200 BOB

MINIMUM

AVERAGE

MAXIMUM

$3.9

$26

$170

Internet and cable cost

42 BOB

84 BOB

110 BOB

MINIMUM

AVERAGE

MAXIMUM

$6.1

$12

$16

Mobile phone bill and charges

34 BOB

56 BOB

170 BOB

MINIMUM

AVERAGE

MAXIMUM

$4.9

$8.1

$24

The average monthly energy and water consumption of students is around 180 BOB. The cost of internet and WiFi ranges from 42 BOB to 110 BOB with 84 BOB being the average internet bill. Finally, the average monthly mobile charges is around 56 BOB but can range between 34 BOB and 170 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 La Paz 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 La Paz

Prices and cost of goods and services in La Paz

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

Fast food combo meal price

8.4 BOB

17 BOB

28 BOB

MINIMUM

AVERAGE

MAXIMUM

$1.2

$2.4

$4.1

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in La Paz is approximatly 17 BOB with meal cost ranging from 8.4 BOB to 28 BOB. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

29 BOB

44 BOB

87 BOB

MINIMUM

AVERAGE

MAXIMUM

$4.2

$6.3

$13

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 29 BOB and 87 BOB with 44 BOB being the average price of a plate for one person at a regular restaurant in La Paz.

Fine dining meal for one price

58 BOB

87 BOB

350 BOB

MINIMUM

AVERAGE

MAXIMUM

$8.4

$13

$51

The price range of a meal at fine-dining restaurant is 58 BOB to 350 BOB with the average cost being 87 BOB for one person. This is what you would expect to pay a top-tier diner in La Paz.

Beverage prices, cappuccino, latte etc..

7 BOB

11 BOB

17 BOB

MINIMUM

AVERAGE

MAXIMUM

$1

$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 La Paz is around 11 BOB. Price ranges between 7 BOB and 17 BOB depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

5.6 BOB

6.7 BOB

8.4 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.81

$0.98

$1.2

The average price of a large bottle of milk in La Paz is 6.7 BOB. The maximum what you would pay for milk is 8.4 BOB and the minimum being 5.6 BOB depending on the brand of milk and other properties.

12 eggs price

4.2 BOB

5.6 BOB

8.4 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.61

$0.81

$1.2

A dozen eggs costs around 5.6 BOB on average with 4.2 BOB and 8.4 BOB being the lower and upper limits respectively.

Fresh whole chicken price

9.6 BOB

12 BOB

18 BOB

MINIMUM

AVERAGE

MAXIMUM

$1.4

$1.8

$2.5

The price range of a fresh whole chicken in La Paz is between 9.6 BOB and 18 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

17 BOB

34 BOB

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.4

$4.9

The price of a regular pack of beef or meat is around 17 BOB. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

4.5 BOB

6.2 BOB

8.8 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.66

$0.90

$1.3

A bag of rice in La Paz costs around 6.2 BOB on average with prices rangeing between 4.5 BOB and 8.8 BOB depending on the brand and quality.

Bag of tomatos price

1.7 BOB

2.2 BOB

4.2 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.24

$0.33

$0.61

A bag of tomatoes costs anywhere from 1.7 BOB to 4.2 BOB. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

3 BOB

3.9 BOB

6.5 BOB

MINIMUM

AVERAGE

MAXIMUM

$0.44

$0.57

$0.94

A bag of apples costs 3.9 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 La Paz 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 34% depending on salary and location.

Expenditure on food and grocery for students