Cost Of Living For a Student in Peru 2024

Average monthly spending for students in Peru

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

Students in Peru spend around 5,500 PEN per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 840 PEN or as high as 37,000 PEN. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Peru?

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

Housing and accomodation expenditure for students

Students in Peru typically spend from 16% to 27% of their total monthly expenditure on housing with 21% being the average. The average monthly spend on housing is 1,300 PEN with expenditure ranging from 200 PEN to 8,800 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 Peru ranges from 3% to 9% of total expenses with 5% being the average for most students. The average monthly cost of utilities is 220 PEN with 33 PEN and 1,500 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 58 PEN to 2,600 PEN in a month on commuting with 380 PEN being the norm for most students. This means that money spent on transport constitutes about 5% of total spending on average but can go as low as 5% or as high as 11%.

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 Peru is 1,100 PEN. The cost of groceries can range between 170 PEN to 7,300 PEN. Students spend on average about 22% on food and groceries with upper and lower bounds of 16% and 26% respectively.

Healthcare and medical services expenditure for students

Students in Peru allocate 5% to 11% 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 8%. The range of medical expenses range from 50 PEN to 2,200 PEN with 330 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 42 PEN to 1,800 PEN with 270 PEN being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most students.

Education and schooling expenditure for students

Spending on education can vary drastically between different students. On average, education constitutes 19% of the monthly expenditure of students with 12% and 24% being the lower and upper bounds respectively. The average reported education cost is 1,000 PEN per month with 160 PEN being the minimum spent amount and 7,000 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 Peru

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Peru?

Around 64% of surveyed students think that living in Peru is affordable with proper budgeting while 36% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Peru

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 options60%

Few low-cost options40%

Based on the survey, 60% of the students living in Peru have no problem finding low-cost alternatives to support a frugal lifestyle while 40% 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 Peru whether they have an emergency fund and the answers were as follows.

Yes64%

No36%

Based on the survey, 36% of the students living in Peru said that they don't have an emergency fund while 64% 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 Peru 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 Peru

Rent Cost in Peru

Monthly Rent Prices

Studio apartment monthly rent cost

940 PEN

1,400 PEN

3,800 PEN

MINIMUM

AVERAGE

MAXIMUM

$250

$370

$990

1-bedroom apartment monthly rent cost

1,400 PEN

2,300 PEN

5,600 PEN

MINIMUM

AVERAGE

MAXIMUM

$370

$600

$1,500

2-bedroom apartment monthly rent cost

1,900 PEN

2,800 PEN

7,500 PEN

MINIMUM

AVERAGE

MAXIMUM

$500

$740

$2,000

3-bedroom apartment monthly rent cost

2,300 PEN

3,800 PEN

10,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$600

$990

$2,700

Furnished apartment monthly rent cost

4,500 PEN

11,000 PEN

23,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$1,200

$3,000

$6,000

Townhouse monthly rent cost

3,800 PEN

5,600 PEN

16,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$990

$1,500

$4,300

House monthly rent cost

4,500 PEN

11,000 PEN

23,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$1,200

$3,000

$6,000

Villa monthly rent cost

5,600 PEN

14,000 PEN

23,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$1,500

$3,700

$6,000

The monthly rental cost of a studio apartment in Peru ranges between 940 PEN and 3,800 PEN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1,400 PEN to 5,600 PEN. Two-bedroom rentals rate ranges between 1,900 PEN and 7,500 PEN per month. The monthly rental for a three-bedroom apartment ranges from 2,300 PEN to 10,000 PEN. The average rent of a townhouse in Peru is around 5,600 PEN while house rental costs can be as high as 11,000 PEN per month. Finally, if you want to rent a villa, expect to pay anywhere from 5,600 PEN to 23,000 PEN per month.

Apartment and house prices in Peru

Cost of buying a property

Studio apartment price

190,000 PEN

280,000 PEN

560,000 PEN

MINIMUM

AVERAGE

MAXIMUM

$50,000

$74,000

$150,000

1-bedroom apartment price

230,000 PEN

380,000 PEN

1.4M PEN

MINIMUM

AVERAGE

MAXIMUM

$60,000

$99,000

$370,000

2-bedroom apartment price

380,000 PEN

1.1M PEN

2.3M PEN

MINIMUM

AVERAGE

MAXIMUM

$99,000

$300,000

$600,000

3-bedroom apartment price

1.3M PEN

1.9M PEN

5.6M PEN

MINIMUM

AVERAGE

MAXIMUM

$330,000

$500,000

$1.5M

Townhouse price

1.6M PEN

3.8M PEN

14M PEN

MINIMUM

AVERAGE

MAXIMUM

$430,000

$990,000

$3.7M

House price

1.9M PEN

11M PEN

16M PEN

MINIMUM

AVERAGE

MAXIMUM

$500,000

$3M

$4.3M

Villa price

2.3M PEN

13M PEN

19M PEN

MINIMUM

AVERAGE

MAXIMUM

$600,000

$3.3M

$5M

The average price of a studio apartment in Peru can range from 190,000 PEN to 560,000 PEN depending on location. One bedroom cost can be anywhere from 230,000 PEN to 1.4M PEN. A villa can cost you 13M PEN on average with prices ranging from 2.3M PEN to 19M PEN.

House / apartment prices to income ratio

Property prices in Peru can be x117 to x210 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x117 multiples of the average monthly salary in Peru.

Rent to income ratio

The average rent-to-income ratio in Peru is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 22% 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 Peru

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

Utility Bill Cost / Electricity + Water + Gas / Student

33 PEN

220 PEN

1,500 PEN

MINIMUM

AVERAGE

MAXIMUM

$8.9

$58

$390

Internet and cable cost

56 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 220 PEN. The cost of internet and WiFi ranges from 56 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 Peru is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Peru

Prices and cost of goods and services in Peru

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

$9.9

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Peru 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

38 PEN

56 PEN

110 PEN

MINIMUM

AVERAGE

MAXIMUM

$9.9

$15

$30

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 38 PEN and 110 PEN with 56 PEN being the average price of a plate for one person at a regular restaurant in Peru.

Fine dining meal for one price

75 PEN

110 PEN

450 PEN

MINIMUM

AVERAGE

MAXIMUM

$20

$30

$120

The price range of a meal at fine-dining restaurant is 75 PEN to 450 PEN with the average cost being 110 PEN for one person. This is what you would expect to pay a top-tier diner in Peru.

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 Peru 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 Peru 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

5.6 PEN

7.5 PEN

11 PEN

MINIMUM

AVERAGE

MAXIMUM

$1.5

$2

$3

A dozen eggs costs around 7.5 PEN on average with 5.6 PEN and 11 PEN being the lower and upper limits respectively.

Fresh whole chicken price

13 PEN

17 PEN

23 PEN

MINIMUM

AVERAGE

MAXIMUM

$3.4

$4.4

$6.2

The price range of a fresh whole chicken in Peru is between 13 PEN and 23 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 PEN

8.3 PEN

12 PEN

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.2

$3.1

A bag of rice in Peru costs around 8.3 PEN on average with prices rangeing between 6 PEN and 12 PEN depending on the brand and quality.

Bag of tomatos price

2.3 PEN

3 PEN

5.6 PEN

MINIMUM

AVERAGE

MAXIMUM

$0.60

$0.79

$1.5

A bag of tomatoes costs anywhere from 2.3 PEN to 5.6 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 Peru is around 26%. This means that students spend 26% of their income on grocery and basic household items. The expenditure can range from 18% to 32% depending on salary and location.

Expenditure on food and grocery for students