Cost Of Living For a Student in Wollongong 2024

Average monthly spending for students in Wollongong

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

Students in Wollongong spend around 2,800 AUD per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 440 AUD or as high as 19,000 AUD. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Wollongong?

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

Housing and accomodation expenditure for students

Students in Wollongong typically spend from 15% to 26% of their total monthly expenditure on housing with 20% being the average. The average monthly spend on housing is 680 AUD with expenditure ranging from 100 AUD to 4,500 AUD. 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 Wollongong ranges from 3% to 9% of total expenses with 5% being the average for most students. The average monthly cost of utilities is 110 AUD with 17 AUD and 750 AUD 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 31 AUD to 1,300 AUD in a month on commuting with 200 AUD 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 Wollongong is 560 AUD. The cost of groceries can range between 87 AUD to 3,800 AUD. 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 Wollongong 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 26 AUD to 1,100 AUD with 170 AUD 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 22 AUD to 940 AUD with 140 AUD 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 530 AUD per month with 83 AUD being the minimum spent amount and 3,600 AUD 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 Wollongong

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Wollongong?

Around 71% of surveyed students think that living in Wollongong 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 Wollongong

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 options56%

Few low-cost options44%

Based on the survey, 56% of the students living in Wollongong have no problem finding low-cost alternatives to support a frugal lifestyle while 44% 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 Wollongong whether they have an emergency fund and the answers were as follows.

Yes69%

No31%

Based on the survey, 31% of the students living in Wollongong said that they don't have an emergency fund while 69% said that they do.

Financial Literacy in Australia

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 Leteracy73%

We asked student guardians and parents in Wollongong whether they acquired any adequate personal financial training in their lives. Approximately 27% 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 73% 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 Australia have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 27% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 73% said that they have everything under control.

Struggles with finance27%

Easily manages finances73%

Housing costs, accommodation, and housing affordability in Wollongong

Rent Cost in Wollongong

Monthly Rent Prices

Studio apartment monthly rent cost

510 AUD

770 AUD

2,100 AUD

MINIMUM

AVERAGE

MAXIMUM

$330

$500

$1,300

1-bedroom apartment monthly rent cost

770 AUD

1,200 AUD

3,100 AUD

MINIMUM

AVERAGE

MAXIMUM

$500

$800

$2,000

2-bedroom apartment monthly rent cost

1,000 AUD

1,500 AUD

4,100 AUD

MINIMUM

AVERAGE

MAXIMUM

$670

$1,000

$2,700

3-bedroom apartment monthly rent cost

1,200 AUD

2,100 AUD

5,600 AUD

MINIMUM

AVERAGE

MAXIMUM

$800

$1,300

$3,600

Furnished apartment monthly rent cost

2,500 AUD

6,200 AUD

12,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$1,600

$4,000

$8,000

Townhouse monthly rent cost

2,100 AUD

3,100 AUD

8,800 AUD

MINIMUM

AVERAGE

MAXIMUM

$1,300

$2,000

$5,700

House monthly rent cost

2,500 AUD

6,200 AUD

12,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$1,600

$4,000

$8,000

Villa monthly rent cost

3,100 AUD

7,700 AUD

12,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$2,000

$5,000

$8,000

The monthly rental cost of a studio apartment in Wollongong ranges between 510 AUD and 2,100 AUD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 770 AUD to 3,100 AUD. Two-bedroom rentals rate ranges between 1,000 AUD and 4,100 AUD per month. The monthly rental for a three-bedroom apartment ranges from 1,200 AUD to 5,600 AUD. The average rent of a townhouse in Wollongong is around 3,100 AUD while house rental costs can be as high as 6,200 AUD per month. Finally, if you want to rent a villa, expect to pay anywhere from 3,100 AUD to 12,000 AUD per month.

Apartment and house prices in Wollongong

Cost of buying a property

Studio apartment price

100,000 AUD

150,000 AUD

310,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$67,000

$100,000

$200,000

1-bedroom apartment price

120,000 AUD

210,000 AUD

770,000 AUD

MINIMUM

AVERAGE

MAXIMUM

$80,000

$130,000

$500,000

2-bedroom apartment price

210,000 AUD

620,000 AUD

1.2M AUD

MINIMUM

AVERAGE

MAXIMUM

$130,000

$400,000

$800,000

3-bedroom apartment price

690,000 AUD

1M AUD

3.1M AUD

MINIMUM

AVERAGE

MAXIMUM

$450,000

$670,000

$2M

Townhouse price

880,000 AUD

2.1M AUD

7.7M AUD

MINIMUM

AVERAGE

MAXIMUM

$570,000

$1.3M

$5M

House price

1M AUD

6.2M AUD

8.8M AUD

MINIMUM

AVERAGE

MAXIMUM

$670,000

$4M

$5.7M

Villa price

1.2M AUD

6.9M AUD

10M AUD

MINIMUM

AVERAGE

MAXIMUM

$800,000

$4.5M

$6.7M

The average price of a studio apartment in Wollongong can range from 100,000 AUD to 310,000 AUD depending on location. One bedroom cost can be anywhere from 120,000 AUD to 770,000 AUD. A villa can cost you 6.9M AUD on average with prices ranging from 1.2M AUD to 10M AUD.

House / apartment prices to income ratio

Property prices in Wollongong can be x113 to x196 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x113 multiples of the average monthly salary in Wollongong.

Rent to income ratio

The average rent-to-income ratio in Wollongong is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 20% to 38% 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 Wollongong

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

Utility Bill Cost / Electricity + Water + Gas / Student

17 AUD

110 AUD

750 AUD

MINIMUM

AVERAGE

MAXIMUM

$11

$73

$490

Internet and cable cost

34 AUD

67 AUD

90 AUD

MINIMUM

AVERAGE

MAXIMUM

$22

$44

$58

Mobile phone bill and charges

27 AUD

45 AUD

130 AUD

MINIMUM

AVERAGE

MAXIMUM

$17

$29

$87

The average monthly energy and water consumption of students is around 110 AUD. The cost of internet and WiFi ranges from 34 AUD to 90 AUD with 67 AUD being the average internet bill. Finally, the average monthly mobile charges is around 45 AUD but can range between 27 AUD and 130 AUD 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 Wollongong is around 4.6%. This means that people pay 4.6% of their income for energy, water, internet, and mobile charges. Those figures can range from 1.8% to 8.2% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Wollongong

Prices and cost of goods and services in Wollongong

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

Fast food combo meal price

6.7 AUD

13 AUD

22 AUD

MINIMUM

AVERAGE

MAXIMUM

$4.4

$8.7

$15

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Wollongong is approximatly 13 AUD with meal cost ranging from 6.7 AUD to 22 AUD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

21 AUD

32 AUD

64 AUD

MINIMUM

AVERAGE

MAXIMUM

$14

$21

$42

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 21 AUD and 64 AUD with 32 AUD being the average price of a plate for one person at a regular restaurant in Wollongong.

Fine dining meal for one price

43 AUD

64 AUD

260 AUD

MINIMUM

AVERAGE

MAXIMUM

$28

$42

$170

The price range of a meal at fine-dining restaurant is 43 AUD to 260 AUD with the average cost being 64 AUD for one person. This is what you would expect to pay a top-tier diner in Wollongong.

Beverage prices, cappuccino, latte etc..

5.6 AUD

9 AUD

13 AUD

MINIMUM

AVERAGE

MAXIMUM

$3.6

$5.8

$8.7

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Wollongong is around 9 AUD. Price ranges between 5.6 AUD and 13 AUD depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

4.5 AUD

5.4 AUD

6.7 AUD

MINIMUM

AVERAGE

MAXIMUM

$2.9

$3.5

$4.4

The average price of a large bottle of milk in Wollongong is 5.4 AUD. The maximum what you would pay for milk is 6.7 AUD and the minimum being 4.5 AUD depending on the brand of milk and other properties.

12 eggs price

3.4 AUD

4.5 AUD

6.7 AUD

MINIMUM

AVERAGE

MAXIMUM

$2.2

$2.9

$4.4

A dozen eggs costs around 4.5 AUD on average with 3.4 AUD and 6.7 AUD being the lower and upper limits respectively.

Fresh whole chicken price

7.6 AUD

9.9 AUD

14 AUD

MINIMUM

AVERAGE

MAXIMUM

$5

$6.4

$9.1

The price range of a fresh whole chicken in Wollongong is between 7.6 AUD and 14 AUD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 9.9 AUD.

Pack of beef price

9 AUD

13 AUD

27 AUD

MINIMUM

AVERAGE

MAXIMUM

$5.8

$8.7

$17

The price of a regular pack of beef or meat is around 13 AUD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

3.6 AUD

4.9 AUD

7 AUD

MINIMUM

AVERAGE

MAXIMUM

$2.3

$3.2

$4.5

A bag of rice in Wollongong costs around 4.9 AUD on average with prices rangeing between 3.6 AUD and 7 AUD depending on the brand and quality.

Bag of tomatos price

1.3 AUD

1.8 AUD

3.4 AUD

MINIMUM

AVERAGE

MAXIMUM

$0.87

$1.2

$2.2

A bag of tomatoes costs anywhere from 1.3 AUD to 3.4 AUD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2.4 AUD

3.1 AUD

5.2 AUD

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2

$3.4

A bag of apples costs 3.1 AUD 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 Wollongong is around 23%. This means that students spend 23% of their income on grocery and basic household items. The expenditure can range from 16% to 28% depending on salary and location.

Expenditure on food and grocery for students