Cost Of Living For a Student in Monteria 2024

Average monthly spending for students in Monteria

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

Students in Monteria spend around 4M COP per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 610,000 COP or as high as 27M COP. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Monteria?

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

Housing and accomodation expenditure for students

Students in Monteria 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 970,000 COP with expenditure ranging from 150,000 COP to 6.4M COP. 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 Monteria ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 160,000 COP with 24,000 COP and 1.1M COP 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 43,000 COP to 1.9M COP in a month on commuting with 280,000 COP 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 Monteria is 810,000 COP. The cost of groceries can range between 120,000 COP to 5.4M COP. 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 Monteria 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 37,000 COP to 1.6M COP with 240,000 COP 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 31,000 COP to 1.3M COP with 200,000 COP 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 760,000 COP per month with 120,000 COP being the minimum spent amount and 5.1M COP 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 Monteria

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Monteria?

Around 58% of surveyed students think that living in Monteria is affordable with proper budgeting while 42% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Monteria

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 options54%

Few low-cost options46%

Based on the survey, 54% of the students living in Monteria have no problem finding low-cost alternatives to support a frugal lifestyle while 46% 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 Monteria whether they have an emergency fund and the answers were as follows.

Yes58%

No42%

Based on the survey, 42% of the students living in Monteria said that they don't have an emergency fund while 58% said that they do.

Financial Literacy in Colombia

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 Leteracy58%

We asked student guardians and parents in Monteria whether they acquired any adequate personal financial training in their lives. Approximately 42% 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 58% 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 Colombia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 33% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 67% said that they have everything under control.

Struggles with finance33%

Easily manages finances67%

Housing costs, accommodation, and housing affordability in Monteria

Rent Cost in Monteria

Monthly Rent Prices

Studio apartment monthly rent cost

690,000 COP

1M COP

2.7M COP

MINIMUM

AVERAGE

MAXIMUM

$170

$260

$700

1-bedroom apartment monthly rent cost

1M COP

1.6M COP

4.1M COP

MINIMUM

AVERAGE

MAXIMUM

$260

$420

$1,000

2-bedroom apartment monthly rent cost

1.4M COP

2.1M COP

5.5M COP

MINIMUM

AVERAGE

MAXIMUM

$350

$520

$1,400

3-bedroom apartment monthly rent cost

1.6M COP

2.7M COP

7.5M COP

MINIMUM

AVERAGE

MAXIMUM

$420

$700

$1,900

Furnished apartment monthly rent cost

3.3M COP

8.2M COP

16M COP

MINIMUM

AVERAGE

MAXIMUM

$840

$2,100

$4,200

Townhouse monthly rent cost

2.7M COP

4.1M COP

12M COP

MINIMUM

AVERAGE

MAXIMUM

$700

$1,000

$3,000

House monthly rent cost

3.3M COP

8.2M COP

16M COP

MINIMUM

AVERAGE

MAXIMUM

$840

$2,100

$4,200

Villa monthly rent cost

4.1M COP

10M COP

16M COP

MINIMUM

AVERAGE

MAXIMUM

$1,000

$2,600

$4,200

The monthly rental cost of a studio apartment in Monteria ranges between 690,000 COP and 2.7M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1M COP to 4.1M COP. Two-bedroom rentals rate ranges between 1.4M COP and 5.5M COP per month. The monthly rental for a three-bedroom apartment ranges from 1.6M COP to 7.5M COP. The average rent of a townhouse in Monteria is around 4.1M COP while house rental costs can be as high as 8.2M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 4.1M COP to 16M COP per month.

Apartment and house prices in Monteria

Cost of buying a property

Studio apartment price

140M COP

210M COP

410M COP

MINIMUM

AVERAGE

MAXIMUM

$35,000

$52,000

$100,000

1-bedroom apartment price

160M COP

270M COP

1,000M COP

MINIMUM

AVERAGE

MAXIMUM

$42,000

$70,000

$260,000

2-bedroom apartment price

270M COP

820M COP

1,600M COP

MINIMUM

AVERAGE

MAXIMUM

$70,000

$210,000

$420,000

3-bedroom apartment price

920M COP

1,400M COP

4,100M COP

MINIMUM

AVERAGE

MAXIMUM

$230,000

$350,000

$1M

Townhouse price

1,200M COP

2,700M COP

10,000M COP

MINIMUM

AVERAGE

MAXIMUM

$300,000

$700,000

$2.6M

House price

1,400M COP

8,200M COP

12,000M COP

MINIMUM

AVERAGE

MAXIMUM

$350,000

$2.1M

$3M

Villa price

1,600M COP

9,200M COP

14,000M COP

MINIMUM

AVERAGE

MAXIMUM

$420,000

$2.3M

$3.5M

The average price of a studio apartment in Monteria can range from 140M COP to 410M COP depending on location. One bedroom cost can be anywhere from 160M COP to 1,000M COP. A villa can cost you 9,200M COP on average with prices ranging from 1,600M COP to 14,000M COP.

House / apartment prices to income ratio

Property prices in Monteria can be x86 to x180 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x86 multiples of the average monthly salary in Monteria.

Rent to income ratio

The average rent-to-income ratio in Monteria is around 27%. This means that people pay 27% of their income for rent. Those figures can range from 17% to 36% 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 Monteria

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

Utility Bill Cost / Electricity + Water + Gas / Student

24,000 COP

160,000 COP

1.1M COP

MINIMUM

AVERAGE

MAXIMUM

$6.2

$41

$270

Internet and cable cost

43,000 COP

86,000 COP

110,000 COP

MINIMUM

AVERAGE

MAXIMUM

$11

$22

$29

Mobile phone bill and charges

34,000 COP

57,000 COP

170,000 COP

MINIMUM

AVERAGE

MAXIMUM

$8.7

$15

$44

The average monthly energy and water consumption of students is around 160,000 COP. The cost of internet and WiFi ranges from 43,000 COP to 110,000 COP with 86,000 COP being the average internet bill. Finally, the average monthly mobile charges is around 57,000 COP but can range between 34,000 COP and 170,000 COP 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 Monteria 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 2.7% to 9.2% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Monteria

Prices and cost of goods and services in Monteria

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

Fast food combo meal price

8,600 COP

17,000 COP

29,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.2

$4.4

$7.3

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Monteria is approximatly 17,000 COP with meal cost ranging from 8,600 COP to 29,000 COP. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

28,000 COP

42,000 COP

84,000 COP

MINIMUM

AVERAGE

MAXIMUM

$7.1

$11

$21

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 28,000 COP and 84,000 COP with 42,000 COP being the average price of a plate for one person at a regular restaurant in Monteria.

Fine dining meal for one price

56,000 COP

84,000 COP

340,000 COP

MINIMUM

AVERAGE

MAXIMUM

$14

$21

$85

The price range of a meal at fine-dining restaurant is 56,000 COP to 340,000 COP with the average cost being 84,000 COP for one person. This is what you would expect to pay a top-tier diner in Monteria.

Beverage prices, cappuccino, latte etc..

7,200 COP

11,000 COP

17,000 COP

MINIMUM

AVERAGE

MAXIMUM

$1.8

$2.9

$4.4

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Monteria is around 11,000 COP. Price ranges between 7,200 COP and 17,000 COP depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

5,700 COP

6,900 COP

8,600 COP

MINIMUM

AVERAGE

MAXIMUM

$1.5

$1.7

$2.2

The average price of a large bottle of milk in Monteria is 6,900 COP. The maximum what you would pay for milk is 8,600 COP and the minimum being 5,700 COP depending on the brand of milk and other properties.

12 eggs price

4,300 COP

5,700 COP

8,600 COP

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.5

$2.2

A dozen eggs costs around 5,700 COP on average with 4,300 COP and 8,600 COP being the lower and upper limits respectively.

Fresh whole chicken price

9,800 COP

13,000 COP

18,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.5

$3.2

$4.5

The price range of a fresh whole chicken in Monteria is between 9,800 COP and 18,000 COP depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 13,000 COP.

Pack of beef price

11,000 COP

17,000 COP

34,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.9

$4.4

$8.7

The price of a regular pack of beef or meat is around 17,000 COP. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

4,600 COP

6,300 COP

9,000 COP

MINIMUM

AVERAGE

MAXIMUM

$1.2

$1.6

$2.3

A bag of rice in Monteria costs around 6,300 COP on average with prices rangeing between 4,600 COP and 9,000 COP depending on the brand and quality.

Bag of tomatos price

1,700 COP

2,300 COP

4,300 COP

MINIMUM

AVERAGE

MAXIMUM

$0.44

$0.58

$1.1

A bag of tomatoes costs anywhere from 1,700 COP to 4,300 COP. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

3,100 COP

4,000 COP

6,600 COP

MINIMUM

AVERAGE

MAXIMUM

$0.78

$1

$1.7

A bag of apples costs 4,000 COP 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 Monteria is around 25%. This means that students spend 25% of their income on grocery and basic household items. The expenditure can range from 17% to 30% depending on salary and location.

Expenditure on food and grocery for students