Cost Of Living For a Student in Lima 2024

Average monthly spending for students in Lima

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

Students in Lima spend around 6,100 PEN per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 920 PEN or as high as 40,000 PEN. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Lima?

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

Housing and accomodation expenditure for students

Students in Lima typically spend from 14% to 25% of their total monthly expenditure on housing with 19% being the average. The average monthly spend on housing is 1,500 PEN with expenditure ranging from 220 PEN to 9,700 PEN. 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 Lima ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 240 PEN with 37 PEN and 1,600 PEN 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 65 PEN to 2,800 PEN in a month on commuting with 430 PEN 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 Lima is 1,200 PEN. The cost of groceries can range between 180 PEN to 8,100 PEN. 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 Lima 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 55 PEN to 2,400 PEN with 360 PEN 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 46 PEN to 2,000 PEN with 300 PEN 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 1,200 PEN per month with 180 PEN being the minimum spent amount and 7,700 PEN 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 Lima

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Lima?

Around 71% of surveyed students think that living in Lima is affordable with proper budgeting while 29% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Lima

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 options66%

Few low-cost options34%

Based on the survey, 66% of the students living in Lima have no problem finding low-cost alternatives to support a frugal lifestyle while 34% 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 Lima whether they have an emergency fund and the answers were as follows.

Yes71%

No29%

Based on the survey, 29% of the students living in Lima said that they don't have an emergency fund while 71% said that they do.

Financial Literacy in Peru

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 Leteracy59%

We asked student guardians and parents in Lima whether they acquired any adequate personal financial training in their lives. Approximately 41% 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 59% 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 Peru have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 31% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 69% said that they have everything under control.

Struggles with finance31%

Easily manages finances69%

Housing costs, accommodation, and housing affordability in Lima

Rent Cost in Lima

Monthly Rent Prices

Studio apartment monthly rent cost

1,000 PEN

1,600 PEN

4,100 PEN

MINIMUM

AVERAGE

MAXIMUM

$270

$410

$1,100

1-bedroom apartment monthly rent cost

1,600 PEN

2,500 PEN

6,200 PEN

MINIMUM

AVERAGE

MAXIMUM

$410

$660

$1,600

2-bedroom apartment monthly rent cost

2,100 PEN

3,100 PEN

8,300 PEN

MINIMUM

AVERAGE

MAXIMUM

$550

$820

$2,200

3-bedroom apartment monthly rent cost

2,500 PEN

4,100 PEN

11,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$660

$1,100

$3,000

Furnished apartment monthly rent cost

5,000 PEN

12,000 PEN

25,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,300

$6,600

Townhouse monthly rent cost

4,100 PEN

6,200 PEN

18,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$1,100

$1,600

$4,700

House monthly rent cost

5,000 PEN

12,000 PEN

25,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,300

$6,600

Villa monthly rent cost

6,200 PEN

16,000 PEN

25,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$1,600

$4,100

$6,600

The monthly rental cost of a studio apartment in Lima ranges between 1,000 PEN and 4,100 PEN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1,600 PEN to 6,200 PEN. Two-bedroom rentals rate ranges between 2,100 PEN and 8,300 PEN per month. The monthly rental for a three-bedroom apartment ranges from 2,500 PEN to 11,000 PEN. The average rent of a townhouse in Lima is around 6,200 PEN while house rental costs can be as high as 12,000 PEN per month. Finally, if you want to rent a villa, expect to pay anywhere from 6,200 PEN to 25,000 PEN per month.

Apartment and house prices in Lima

Cost of buying a property

Studio apartment price

210,000 PEN

310,000 PEN

620,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$55,000

$82,000

$160,000

1-bedroom apartment price

250,000 PEN

410,000 PEN

1.6M PEN

MINIMUM

AVERAGE

MAXIMUM

$66,000

$110,000

$410,000

2-bedroom apartment price

410,000 PEN

1.2M PEN

2.5M PEN

MINIMUM

AVERAGE

MAXIMUM

$110,000

$330,000

$660,000

3-bedroom apartment price

1.4M PEN

2.1M PEN

6.2M PEN

MINIMUM

AVERAGE

MAXIMUM

$370,000

$550,000

$1.6M

Townhouse price

1.8M PEN

4.1M PEN

16M PEN

MINIMUM

AVERAGE

MAXIMUM

$470,000

$1.1M

$4.1M

House price

2.1M PEN

12M PEN

18M PEN

MINIMUM

AVERAGE

MAXIMUM

$550,000

$3.3M

$4.7M

Villa price

2.5M PEN

14M PEN

21M PEN

MINIMUM

AVERAGE

MAXIMUM

$660,000

$3.7M

$5.5M

The average price of a studio apartment in Lima can range from 210,000 PEN to 620,000 PEN depending on location. One bedroom cost can be anywhere from 250,000 PEN to 1.6M PEN. A villa can cost you 14M PEN on average with prices ranging from 2.5M PEN to 21M PEN.

House / apartment prices to income ratio

Property prices in Lima can be x129 to x232 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x129 multiples of the average monthly salary in Lima.

Rent to income ratio

The average rent-to-income ratio in Lima is around 35%. This means that people pay 35% of their income for rent. Those figures can range from 24% to 46% 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 Lima

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

Utility Bill Cost / Electricity + Water + Gas / Student

37 PEN

240 PEN

1,600 PEN

MINIMUM

AVERAGE

MAXIMUM

$9.8

$64

$430

Internet and cable cost

57 PEN

110 PEN

150 PEN

MINIMUM

AVERAGE

MAXIMUM

$15

$30

$40

Mobile phone bill and charges

45 PEN

75 PEN

230 PEN

MINIMUM

AVERAGE

MAXIMUM

$12

$20

$60

The average monthly energy and water consumption of students is around 240 PEN. The cost of internet and WiFi ranges from 57 PEN to 150 PEN with 110 PEN being the average internet bill. Finally, the average monthly mobile charges is around 75 PEN but can range between 45 PEN and 230 PEN 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 Lima is around 5.5%. This means that people pay 5.5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.2% to 9.9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Lima

Prices and cost of goods and services in Lima

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

Fast food combo meal price

11 PEN

23 PEN

38 PEN

MINIMUM

AVERAGE

MAXIMUM

$3

$6

$10

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Lima is approximatly 23 PEN with meal cost ranging from 11 PEN to 38 PEN. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

40 PEN

59 PEN

120 PEN

MINIMUM

AVERAGE

MAXIMUM

$10

$16

$31

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 40 PEN and 120 PEN with 59 PEN being the average price of a plate for one person at a regular restaurant in Lima.

Fine dining meal for one price

79 PEN

120 PEN

470 PEN

MINIMUM

AVERAGE

MAXIMUM

$21

$31

$130

The price range of a meal at fine-dining restaurant is 79 PEN to 470 PEN with the average cost being 120 PEN for one person. This is what you would expect to pay a top-tier diner in Lima.

Beverage prices, cappuccino, latte etc..

9.4 PEN

15 PEN

23 PEN

MINIMUM

AVERAGE

MAXIMUM

$2.5

$4

$6

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Lima is around 15 PEN. Price ranges between 9.4 PEN and 23 PEN depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

7.5 PEN

9 PEN

11 PEN

MINIMUM

AVERAGE

MAXIMUM

$2

$2.4

$3

The average price of a large bottle of milk in Lima is 9 PEN. The maximum what you would pay for milk is 11 PEN and the minimum being 7.5 PEN depending on the brand of milk and other properties.

12 eggs price

5.7 PEN

7.5 PEN

11 PEN

MINIMUM

AVERAGE

MAXIMUM

$1.5

$2

$3

A dozen eggs costs around 7.5 PEN on average with 5.7 PEN and 11 PEN being the lower and upper limits respectively.

Fresh whole chicken price

13 PEN

17 PEN

24 PEN

MINIMUM

AVERAGE

MAXIMUM

$3.4

$4.4

$6.2

The price range of a fresh whole chicken in Lima is between 13 PEN and 24 PEN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 17 PEN.

Pack of beef price

15 PEN

23 PEN

45 PEN

MINIMUM

AVERAGE

MAXIMUM

$4

$6

$12

The price of a regular pack of beef or meat is around 23 PEN. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

6.1 PEN

8.3 PEN

12 PEN

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.2

$3.1

A bag of rice in Lima costs around 8.3 PEN on average with prices rangeing between 6.1 PEN and 12 PEN depending on the brand and quality.

Bag of tomatos price

2.3 PEN

3 PEN

5.7 PEN

MINIMUM

AVERAGE

MAXIMUM

$0.60

$0.80

$1.5

A bag of tomatoes costs anywhere from 2.3 PEN to 5.7 PEN. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

4 PEN

5.3 PEN

8.7 PEN

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.4

$2.3

A bag of apples costs 5.3 PEN 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 Lima 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