Cost Of Living For a Student in Monrovia 2025
Average Monthly Expenditure
Currency: LRD
Average monthly spending for students in Monrovia
How much money does a student need in a month to survive in Monrovia?
Students in Monrovia spend around 43,000 LRD per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 6,400 LRD or as high as 280,000 LRD. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Monrovia
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
| 530 LRD | 790 LRD | 3,200 LRD |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
| 380 LRD | 500 LRD | 1,000 LRD |
Average car 1-day rental
Average car price
| 190,000 LRD | 380,000 LRD | 500,000 LRD |
Bus ticket one way
Car Service
| 550 LRD | 820 LRD | 1,600 LRD |
Utility cost (monthly)
Utility Bill - Student
| 250 LRD | 1,700 LRD | 11,000 LRD |
Internet and cable
| 380 LRD | 750 LRD | 1,000 LRD |
Mobile phone charges
| 300 LRD | 500 LRD | 1,500 LRD |
Leisure and activities costs
Movie ticket
One month gym membership
| 660 LRD | 820 LRD | 1,600 LRD |
Cloths and accessories costs
Pair of jeans or pants
| 490 LRD | 690 LRD | 1,000 LRD |
Woman dress
| 460 LRD | 630 LRD | 2,100 LRD |
Woman shoes
| 430 LRD | 590 LRD | 1,400 LRD |
Men's shoes
Men suit
| 410 LRD | 520 LRD | 2,700 LRD |
Regular t-shirt
Housing costs / monthly rent
Studio apartment
| 6,900 LRD | 10,000 LRD | 27,000 LRD |
1-bedroom apartment
| 10,000 LRD | 16,000 LRD | 41,000 LRD |
2-bedroom apartment
| 14,000 LRD | 21,000 LRD | 55,000 LRD |
Housing costs / Buying
Studio apartment
| 1.4M LRD | 2.1M LRD | 4.1M LRD |
1-bedroom apartment
| 1.6M LRD | 2.7M LRD | 10M LRD |
2-bedroom apartment
| 2.7M LRD | 8.2M LRD | 16M LRD |
Furniture Costs
King Size Bed
| 7,500 LRD | 9,400 LRD | 13,000 LRD |
Double Bed
| 5,000 LRD | 7,500 LRD | 9,400 LRD |
Single Bed
| 4,400 LRD | 5,800 LRD | 7,500 LRD |
Living Room
| 8,400 LRD | 11,000 LRD | 38,000 LRD |
Dining Table
| 3,800 LRD | 5,000 LRD | 9,400 LRD |
Sofa or Couch
| 5,000 LRD | 6,800 LRD | 15,000 LRD |
Electronics and House Appliance Costs
TV Set
| 5,000 LRD | 7,500 LRD | 15,000 LRD |
Fridge or Freezer
| 4,400 LRD | 6,800 LRD | 9,400 LRD |
Washing Machine
| 5,800 LRD | 8,400 LRD | 15,000 LRD |
Stove or Cooker
| 5,400 LRD | 6,800 LRD | 9,400 LRD |
Mobile Phone
| 6,300 LRD | 7,500 LRD | 11,000 LRD |
Laptop or Computer
| 6,800 LRD | 8,400 LRD | 15,000 LRD |
How do students spend their money in Monrovia?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost18%
18% of total expenses on average (13% to 24%)
| LOW | $8 1,500 LRD |
| AVERAGE | $53 10,000 LRD |
| HIGH | $350 68,000 LRD |
| Per Month |
Students in Monrovia 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 10,000 LRD with expenditure ranging from 1,500 LRD to 68,000 LRD. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for students
Cost of utilities7%
7% of total expenses on average (5% to 11%)
| LOW | $1.3 250 LRD |
| AVERAGE | $8.8 1,700 LRD |
| HIGH | $59 11,000 LRD |
| Per Month |
Utility expenditure like electricity, water, and gas in Monrovia ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 1,700 LRD with 250 LRD and 11,000 LRD being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $2.3 450 LRD |
| AVERAGE | $15 3,000 LRD |
| HIGH | $100 20,000 LRD |
| Per Month |
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 450 LRD to 20,000 LRD in a month on commuting with 3,000 LRD 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
Food and Groceries Cost23%
23% of total expenses on average (17% to 27%)
| LOW | $6.6 1,300 LRD |
| AVERAGE | $44 8,500 LRD |
| HIGH | $290 57,000 LRD |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Monrovia is 8,500 LRD. The cost of groceries can range between 1,300 LRD to 57,000 LRD. 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
Cost of healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $2 380 LRD |
| AVERAGE | $13 2,600 LRD |
| HIGH | $88 17,000 LRD |
| Per Month |
Students in Monrovia 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 380 LRD to 17,000 LRD with 2,600 LRD being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping2%
2% of total expenses on average (2% to 6%)
| LOW | $1.7 320 LRD |
| AVERAGE | $11 2,100 LRD |
| HIGH | $74 14,000 LRD |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 320 LRD to 14,000 LRD with 2,100 LRD 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
Cost of education and schooling18%
18% of total expenses on average (11% to 23%)
| LOW | $6.3 1,200 LRD |
| AVERAGE | $42 8,100 LRD |
| HIGH | $280 54,000 LRD |
| Per Month |
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 8,100 LRD per month with 1,200 LRD being the minimum spent amount and 54,000 LRD being the maximum.
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $5 960 LRD |
| AVERAGE | $33 6,400 LRD |
| HIGH | $220 43,000 LRD |
| Per Month |
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
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Monrovia
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Monrovia?
Around 54% of surveyed students think that living in Monrovia is affordable with proper budgeting while 46% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Monrovia
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 Monrovia 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 Monrovia whether they have an emergency fund and the answers were as follows.
Yes52%
No49%
Based on the survey, 49% of the students living in Monrovia said that they don't have an emergency fund while 52% said that they do.
Financial Literacy in Liberia
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 Leteracy42%
We asked student guardians and parents in Monrovia whether they acquired any adequate personal financial training in their lives. Approximately 58% 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 42% 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 Liberia 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 Monrovia
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Monrovia
Monthly Rent Prices
Studio apartment monthly rent cost
| 6,900 LRD | 10,000 LRD | 27,000 LRD |
1-bedroom apartment monthly rent cost
| 10,000 LRD | 16,000 LRD | 41,000 LRD |
2-bedroom apartment monthly rent cost
| 14,000 LRD | 21,000 LRD | 55,000 LRD |
3-bedroom apartment monthly rent cost
| 16,000 LRD | 27,000 LRD | 75,000 LRD |
Furnished apartment monthly rent cost
| 33,000 LRD | 82,000 LRD | 160,000 LRD |
Townhouse monthly rent cost
| 27,000 LRD | 41,000 LRD | 120,000 LRD |
House monthly rent cost
| 33,000 LRD | 82,000 LRD | 160,000 LRD |
Villa monthly rent cost
| 41,000 LRD | 100,000 LRD | 160,000 LRD |
The monthly rental cost of a studio apartment in Monrovia ranges between 6,900 LRD and 27,000 LRD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 10,000 LRD to 41,000 LRD. Two-bedroom rentals rate ranges between 14,000 LRD and 55,000 LRD per month. The monthly rental for a three-bedroom apartment ranges from 16,000 LRD to 75,000 LRD. The average rent of a townhouse in Monrovia is around 41,000 LRD while house rental costs can be as high as 82,000 LRD per month. Finally, if you want to rent a villa, expect to pay anywhere from 41,000 LRD to 160,000 LRD per month.
Apartment and house prices in Monrovia
Cost of buying a property
Studio apartment price
| 1.4M LRD | 2.1M LRD | 4.1M LRD |
1-bedroom apartment price
| 1.6M LRD | 2.7M LRD | 10M LRD |
2-bedroom apartment price
| 2.7M LRD | 8.2M LRD | 16M LRD |
3-bedroom apartment price
Townhouse price
| $61,000 | $140,000 | $540,000 |
House price
| $71,000 | $430,000 | $610,000 |
Villa price
| $86,000 | $480,000 | $710,000 |
The average price of a studio apartment in Monrovia can range from 1.4M LRD to 4.1M LRD depending on location. One bedroom cost can be anywhere from 1.6M LRD to 10M LRD. A villa can cost you 92M LRD on average with prices ranging from 16M LRD to 140M LRD.
If you're leasing or purchasing, housing costs in Monrovia will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
| 37 | x105 monthly income | 223 |
Property prices in Monrovia can be x105 to x223 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x105 multiples of the average monthly salary in Monrovia.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Monrovia is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 22% to 45% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
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.
Housing Affordability Index
30% 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.
| 130 LRD | 1,700 LRD | 17,000 LRD |
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 Monrovia
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Monrovia
Utility Bill Cost / Electricity + Water + Gas / Student
| 250 LRD | 1,700 LRD | 11,000 LRD |
Internet and cable cost
| 380 LRD | 750 LRD | 1,000 LRD |
Mobile phone bill and charges
| 300 LRD | 500 LRD | 1,500 LRD |
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly energy and water consumption of students is around 1,700 LRD. The cost of internet and WiFi ranges from 380 LRD to 1,000 LRD with 750 LRD being the average internet bill. Finally, the average monthly mobile charges is around 500 LRD but can range between 300 LRD and 1,500 LRD depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Monrovia is around 6.9%. This means that people pay 6.9% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.4% to 12% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Monrovia
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Monrovia
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Monrovia is approximatly 150 LRD with meal cost ranging from 75 LRD to 250 LRD. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 260 LRD and 790 LRD with 390 LRD being the average price of a plate for one person at a regular restaurant in Monrovia.
Fine dining meal for one price
| 530 LRD | 790 LRD | 3,200 LRD |
The price range of a meal at fine-dining restaurant is 530 LRD to 3,200 LRD with the average cost being 790 LRD for one person. This is what you would expect to pay a top-tier diner in Monrovia.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Monrovia is around 100 LRD. Price ranges between 63 LRD and 150 LRD depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Monrovia is 60 LRD. The maximum what you would pay for milk is 75 LRD and the minimum being 50 LRD depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 50 LRD on average with 38 LRD and 75 LRD being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Monrovia is between 86 LRD and 160 LRD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 110 LRD.
Pack of beef price
The price of a regular pack of beef or meat is around 150 LRD. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Monrovia costs around 55 LRD on average with prices rangeing between 40 LRD and 78 LRD depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 15 LRD to 38 LRD. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 35 LRD on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Monrovia is around 31%. This means that students spend 31% of their income on grocery and basic household items. The expenditure can range from 22% to 38% depending on salary and location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 1,300 LRD to 57,000 LRD with the location, income, and size of the student being the most determinite factors.
