Cost Of Living For a Student in Soledad 2024

Average monthly spending for students in Soledad

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

Students in Soledad spend around 4.8M COP per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 730,000 COP or as high as 32M COP. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Soledad?

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

Housing and accomodation expenditure for students

Students in Soledad 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 1.1M COP with expenditure ranging from 170,000 COP to 7.6M 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 Soledad ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 190,000 COP with 29,000 COP and 1.3M 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 51,000 COP to 2.2M COP in a month on commuting with 330,000 COP 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 Soledad is 950,000 COP. The cost of groceries can range between 150,000 COP to 6.4M COP. 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 Soledad 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 44,000 COP to 1.9M COP with 290,000 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 36,000 COP to 1.6M COP with 240,000 COP 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 19% of the monthly expenditure of students with 12% and 24% being the lower and upper bounds respectively. The average reported education cost is 910,000 COP per month with 140,000 COP being the minimum spent amount and 6M 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 Soledad

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Soledad?

Around 68% of surveyed students think that living in Soledad is affordable with proper budgeting while 32% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Soledad

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 options64%

Few low-cost options36%

Based on the survey, 64% of the students living in Soledad have no problem finding low-cost alternatives to support a frugal lifestyle while 36% 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 Soledad whether they have an emergency fund and the answers were as follows.

Yes68%

No32%

Based on the survey, 32% of the students living in Soledad said that they don't have an emergency fund while 68% 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 Soledad 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 Soledad

Rent Cost in Soledad

Monthly Rent Prices

Studio apartment monthly rent cost

810,000 COP

1.2M COP

3.3M COP

MINIMUM

AVERAGE

MAXIMUM

$210

$310

$830

1-bedroom apartment monthly rent cost

1.2M COP

2M COP

4.9M COP

MINIMUM

AVERAGE

MAXIMUM

$310

$500

$1,200

2-bedroom apartment monthly rent cost

1.6M COP

2.4M COP

6.5M COP

MINIMUM

AVERAGE

MAXIMUM

$410

$620

$1,700

3-bedroom apartment monthly rent cost

2M COP

3.3M COP

8.9M COP

MINIMUM

AVERAGE

MAXIMUM

$500

$830

$2,300

Furnished apartment monthly rent cost

3.9M COP

9.8M COP

20M COP

MINIMUM

AVERAGE

MAXIMUM

$990

$2,500

$5,000

Townhouse monthly rent cost

3.3M COP

4.9M COP

14M COP

MINIMUM

AVERAGE

MAXIMUM

$830

$1,200

$3,500

House monthly rent cost

3.9M COP

9.8M COP

20M COP

MINIMUM

AVERAGE

MAXIMUM

$990

$2,500

$5,000

Villa monthly rent cost

4.9M COP

12M COP

20M COP

MINIMUM

AVERAGE

MAXIMUM

$1,200

$3,100

$5,000

The monthly rental cost of a studio apartment in Soledad ranges between 810,000 COP and 3.3M COP, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 1.2M COP to 4.9M COP. Two-bedroom rentals rate ranges between 1.6M COP and 6.5M COP per month. The monthly rental for a three-bedroom apartment ranges from 2M COP to 8.9M COP. The average rent of a townhouse in Soledad is around 4.9M COP while house rental costs can be as high as 9.8M COP per month. Finally, if you want to rent a villa, expect to pay anywhere from 4.9M COP to 20M COP per month.

Apartment and house prices in Soledad

Cost of buying a property

Studio apartment price

160M COP

240M COP

490M COP

MINIMUM

AVERAGE

MAXIMUM

$41,000

$62,000

$120,000

1-bedroom apartment price

200M COP

330M COP

1,200M COP

MINIMUM

AVERAGE

MAXIMUM

$50,000

$83,000

$310,000

2-bedroom apartment price

330M COP

980M COP

2,000M COP

MINIMUM

AVERAGE

MAXIMUM

$83,000

$250,000

$500,000

3-bedroom apartment price

1,100M COP

1,600M COP

4,900M COP

MINIMUM

AVERAGE

MAXIMUM

$280,000

$410,000

$1.2M

Townhouse price

1,400M COP

3,300M COP

12,000M COP

MINIMUM

AVERAGE

MAXIMUM

$350,000

$830,000

$3.1M

House price

1,600M COP

9,800M COP

14,000M COP

MINIMUM

AVERAGE

MAXIMUM

$410,000

$2.5M

$3.5M

Villa price

2,000M COP

11,000M COP

16,000M COP

MINIMUM

AVERAGE

MAXIMUM

$500,000

$2.8M

$4.1M

The average price of a studio apartment in Soledad can range from 160M COP to 490M COP depending on location. One bedroom cost can be anywhere from 200M COP to 1,200M COP. A villa can cost you 11,000M COP on average with prices ranging from 2,000M COP to 16,000M COP.

House / apartment prices to income ratio

Property prices in Soledad can be x102 to x214 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x102 multiples of the average monthly salary in Soledad.

Rent to income ratio

The average rent-to-income ratio in Soledad 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 Soledad

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

Utility Bill Cost / Electricity + Water + Gas / Student

29,000 COP

190,000 COP

1.3M COP

MINIMUM

AVERAGE

MAXIMUM

$7.4

$48

$320

Internet and cable cost

47,000 COP

93,000 COP

120,000 COP

MINIMUM

AVERAGE

MAXIMUM

$12

$24

$31

Mobile phone bill and charges

37,000 COP

62,000 COP

190,000 COP

MINIMUM

AVERAGE

MAXIMUM

$9.4

$16

$47

The average monthly energy and water consumption of students is around 190,000 COP. The cost of internet and WiFi ranges from 47,000 COP to 120,000 COP with 93,000 COP being the average internet bill. Finally, the average monthly mobile charges is around 62,000 COP but can range between 37,000 COP and 190,000 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 Soledad is around 6.5%. This means that people pay 6.5% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.3% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Soledad

Prices and cost of goods and services in Soledad

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

Fast food combo meal price

9,300 COP

19,000 COP

31,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.4

$4.7

$7.9

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Soledad is approximatly 19,000 COP with meal cost ranging from 9,300 COP to 31,000 COP. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

32,000 COP

48,000 COP

95,000 COP

MINIMUM

AVERAGE

MAXIMUM

$8.1

$12

$24

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 32,000 COP and 95,000 COP with 48,000 COP being the average price of a plate for one person at a regular restaurant in Soledad.

Fine dining meal for one price

64,000 COP

95,000 COP

380,000 COP

MINIMUM

AVERAGE

MAXIMUM

$16

$24

$97

The price range of a meal at fine-dining restaurant is 64,000 COP to 380,000 COP with the average cost being 95,000 COP for one person. This is what you would expect to pay a top-tier diner in Soledad.

Beverage prices, cappuccino, latte etc..

7,800 COP

12,000 COP

19,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2

$3.1

$4.7

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Soledad is around 12,000 COP. Price ranges between 7,800 COP and 19,000 COP depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

6,200 COP

7,500 COP

9,300 COP

MINIMUM

AVERAGE

MAXIMUM

$1.6

$1.9

$2.4

The average price of a large bottle of milk in Soledad is 7,500 COP. The maximum what you would pay for milk is 9,300 COP and the minimum being 6,200 COP depending on the brand of milk and other properties.

12 eggs price

4,700 COP

6,200 COP

9,300 COP

MINIMUM

AVERAGE

MAXIMUM

$1.2

$1.6

$2.4

A dozen eggs costs around 6,200 COP on average with 4,700 COP and 9,300 COP being the lower and upper limits respectively.

Fresh whole chicken price

11,000 COP

14,000 COP

19,000 COP

MINIMUM

AVERAGE

MAXIMUM

$2.7

$3.5

$4.9

The price range of a fresh whole chicken in Soledad is between 11,000 COP and 19,000 COP depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 14,000 COP.

Pack of beef price

12,000 COP

19,000 COP

37,000 COP

MINIMUM

AVERAGE

MAXIMUM

$3.1

$4.7

$9.4

The price of a regular pack of beef or meat is around 19,000 COP. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

5,000 COP

6,800 COP

9,700 COP

MINIMUM

AVERAGE

MAXIMUM

$1.3

$1.7

$2.5

A bag of rice in Soledad costs around 6,800 COP on average with prices rangeing between 5,000 COP and 9,700 COP depending on the brand and quality.

Bag of tomatos price

1,900 COP

2,500 COP

4,700 COP

MINIMUM

AVERAGE

MAXIMUM

$0.47

$0.63

$1.2

A bag of tomatoes costs anywhere from 1,900 COP to 4,700 COP. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

3,300 COP

4,400 COP

7,200 COP

MINIMUM

AVERAGE

MAXIMUM

$0.84

$1.1

$1.8

A bag of apples costs 4,400 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 Soledad is around 29%. This means that students spend 29% of their income on grocery and basic household items. The expenditure can range from 21% to 36% depending on salary and location.

Expenditure on food and grocery for students