Cost Of Living in Surabaya 2024
Average monthly spending for singles, couples, students, and families in Surabaya
Whether you're living in Surabaya or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure23M IDR
per month$1,5001.8M IDR $110
$15,000 230M IDR
Single16M IDR
per month$1,0005.3M IDR $340
$6,700 110M IDR
Couple26M IDR
per month$1,7008.8M IDR $560
$9,000 140M IDR
Family35M IDR
per month$2,20012M IDR $790
$12,000 190M IDR
Student10M IDR
per month$6704.2M IDR $270
$1,200 19M IDR
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Surabaya is 16M IDR. Expenses can range from 5.3M IDR at the minimum level to 110M IDR at the highest end.
Couples
The average monthly spending of couples in Surabaya is 26M IDR. Expenditure can range from 8.8M IDR to 140M IDR per month.
Families
The average cost of living for families in Surabaya is 35M IDR per month. Families spend anywhere from 12M IDR to 190M IDR.
Students
The average monthly expenditure for students in Surabaya is 10M IDR. Students spend from 4.2M IDR to 19M IDR per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Prices and cost of goods and services in Surabaya
Dining, food, and beverages costs
Large bottle of water | 2,500 IDR | 2,900 IDR | 3,300 IDR |
Fast food combo meal | 21,000 IDR | 43,000 IDR | 72,000 IDR |
Restaurant meal for one | 75,000 IDR | 110,000 IDR | 220,000 IDR |
Fine dining meal for one | 150,000 IDR | 220,000 IDR | 900,000 IDR |
Soda or Soft Drink | 3,100 IDR | 3,600 IDR | 4,300 IDR |
Cappuccino or latte | 18,000 IDR | 29,000 IDR | 43,000 IDR |
Grocery and market costs
Milk large bottle | 14,000 IDR | 17,000 IDR | 21,000 IDR |
Loaf of bread | 2,600 IDR | 2,900 IDR | 3,400 IDR |
12 eggs | 11,000 IDR | 14,000 IDR | 21,000 IDR |
Fresh whole chicken | 24,000 IDR | 32,000 IDR | 45,000 IDR |
Beef 1 kg or 1 lb | 29,000 IDR | 43,000 IDR | 86,000 IDR |
Rice 1 kg or 1 lb | 12,000 IDR | 16,000 IDR | 22,000 IDR |
Tomato 1 kg or 1 lb | 4,300 IDR | 5,700 IDR | 11,000 IDR |
Apples 1 kg or 1 lb | 7,700 IDR | 10,000 IDR | 17,000 IDR |
Commute, travel, and transportation costs
20 minutes taxi ride | 19,000 IDR | 22,000 IDR | 45,000 IDR |
Average car full tank | 110,000 IDR | 140,000 IDR | 290,000 IDR |
Average car 1-day rental | 120,000 IDR | 160,000 IDR | 230,000 IDR |
Average car price | 54M IDR | 110M IDR | 140M IDR |
Bus ticket one way | 3,900 IDR | 5,800 IDR | 12,000 IDR |
Car Service | 160,000 IDR | 230,000 IDR | 470,000 IDR |
Utility cost (monthly)
Utility Bill - Individual | 320,000 IDR | 950,000 IDR | 6.4M IDR |
Utility Bill - Couple | 440,000 IDR | 1.3M IDR | 7.1M IDR |
Utility Bill - Family | 370,000 IDR | 1.1M IDR | 5.8M IDR |
Internet and cable | 110,000 IDR | 210,000 IDR | 290,000 IDR |
Mobile phone charges | 86,000 IDR | 140,000 IDR | 430,000 IDR |
Leisure and activities costs
Movie ticket | 54,000 IDR | 72,000 IDR | 110,000 IDR |
One month gym membership | 190,000 IDR | 230,000 IDR | 470,000 IDR |
Cloths and accessories costs
Pair of jeans or pants | 140,000 IDR | 190,000 IDR | 290,000 IDR |
Woman dress | 130,000 IDR | 180,000 IDR | 580,000 IDR |
Woman shoes | 120,000 IDR | 170,000 IDR | 390,000 IDR |
Men's shoes | 110,000 IDR | 130,000 IDR | 260,000 IDR |
Men suit | 120,000 IDR | 150,000 IDR | 780,000 IDR |
Regular t-shirt | 58,000 IDR | 78,000 IDR | 230,000 IDR |
Housing costs / monthly rent
Studio apartment | 1.9M IDR | 2.9M IDR | 7.8M IDR |
1-bedroom apartment | 2.9M IDR | 4.7M IDR | 12M IDR |
2-bedroom apartment | 3.9M IDR | 5.8M IDR | 16M IDR |
Housing costs / Buying
Studio apartment | 390M IDR | 580M IDR | 1,200M IDR |
1-bedroom apartment | 470M IDR | 780M IDR | 2,900M IDR |
2-bedroom apartment | 780M IDR | 2,300M IDR | 4,700M IDR |
| $49,000 | $150,000 | $300,000 |
Furniture Costs
King Size Bed | 2.1M IDR | 2.7M IDR | 3.6M IDR |
Double Bed | 1.4M IDR | 2.1M IDR | 2.7M IDR |
Single Bed | 1.3M IDR | 1.7M IDR | 2.1M IDR |
Living Room | 2.4M IDR | 3.1M IDR | 11M IDR |
Dining Table | 1.1M IDR | 1.4M IDR | 2.7M IDR |
Sofa or Couch Electronics and House Appliance Costs
TV Set | 1.4M IDR | 2.1M IDR | 4.3M IDR |
Fridge or Freezer
Washing Machine | 1.7M IDR | 2.4M IDR | 4.3M IDR |
Stove or Cooker
Mobile Phone | 1.8M IDR | 2.1M IDR | 3.1M IDR |
Laptop or Computer Expenditure to Income Ratio in Surabaya
One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.
Spending to Income Ratio
88%
81% to 97%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 4% |
| 50% - 60% | 8% |
| 60% - 70% | 14% |
| 70% - 80% | 24% |
| 80% - 90% | 21% |
| 90% - 100% | 11% |
| 100% - 110% | 6% |
| 110% - 120% | 4% |
| 120% - 130% | 3% |
| 130% - 140% | 2% |
| > 140% | 2% |
Interpretation and Analysis
The average spending-to-salary ratio in Surabaya is 88%
This means that on average, people spend around 88% of their income for living.
According to the distribution table, 14% of the population spend approximately 60% to 70% of their income every month.
How can spending be more than income?
A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.
Individual
79%
Spending-Income-Ratio
73%
88%
Couple
84%
Spending-Income-Ratio
77%
92%
Family
92%
Spending-Income-Ratio
85%
100%
How do people spend their money in Surabaya?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.
Housing Expenditure23%
23% of total expenses on average (12% to 31%)
| LOW | $34 530,000 IDR |
| AVERAGE | $440 6.9M IDR |
| HIGH | $4,400 69M IDR |
| Per Month |
People living in Surabaya typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 6.9M IDR with expenditure ranging from 530,000 IDR to 69M IDR. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water8%
8% of total expenses on average (5% to 12%)
| LOW | $5.6 88,000 IDR |
| AVERAGE | $73 1.1M IDR |
| HIGH | $730 11M IDR |
| Per Month |
Utility expenditure like electricity, water, and gas in Surabaya ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 1.1M IDR with 88,000 IDR and 11M IDR being the upper and lower limits.
Transport, Fuel, Commute6%
6% of total expenses on average (3% to 10%)
| LOW | $11 180,000 IDR |
| AVERAGE | $150 2.3M IDR |
| HIGH | $1,500 23M IDR |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 180,000 IDR to 23M IDR on commuting with 2.3M IDR being the norm for most people in one month. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 3% or as high as 10%.
Food and Groceries Cost29%
29% of total expenses on average (21% to 35%)
| LOW | $28 440,000 IDR |
| AVERAGE | $360 5.7M IDR |
| HIGH | $3,600 57M IDR |
| Per Month |
The average outlay on groceries in a month in Surabaya is 5.7M IDR. The cost of groceries can range between 440,000 IDR to 57M IDR. People spend on average about 29% on food and groceries with upper and lower bounds of 21% and 35% respectively.
Healthcare and Medical Services11%
11% of total expenses on average (6% to 14%)
| LOW | $7.9 120,000 IDR |
| AVERAGE | $100 1.6M IDR |
| HIGH | $1,000 16M IDR |
| Per Month |
People in Surabaya allocate 6% to 14% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 11%. The range of medical expenses range from 120,000 IDR to 16M IDR with 1.6M IDR being the norm.
Leisure and Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $4.5 71,000 IDR |
| AVERAGE | $58 920,000 IDR |
| HIGH | $580 9.2M IDR |
| 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 71,000 IDR to 9.2M IDR with 920,000 IDR being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.
Education and Schooling5%
5% of total expenses on average (3% to 11%)
| LOW | $6.7 110,000 IDR |
| AVERAGE | $88 1.4M IDR |
| HIGH | $880 14M IDR |
| Per Month |
Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 1.4M IDR per month with 110,000 IDR being the minimum spent amount and 14M IDR being the maximum.
Other Expenses14%
14% of total expenses on average (9% to 21%)
| LOW | $15 230,000 IDR |
| AVERAGE | $190 3M IDR |
| HIGH | $1,900 30M IDR |
| Per Month |
How much money can you save in Surabaya every month?
We asked thousands of people what percentage of their income can they save in a month. Below are the answers.
What percentage of people in Surabaya manage to save money from their income every month?
Almost 62% of the surveyed people in Surabaya said that they can save some money at the end of each month while 38% said that aren't saving anything.
Percentage of people saving money by population group in Surabaya
| Group | Savers | Non Savers |
|---|
| Singles | 62% | 38% |
| Couples | 57% | 43% |
| Families | 52% | 48% |
Savings-to-Income Ratio
The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.
Saving to Income Ratio
Average Monthly Saved Amount
560,000 IDR
$36 | 7.3M IDR
$460 | 73M IDR
$4,600 |
For most people, 11% to 32% of their monthly income is what they can allocate to their savings, with 20% being the average. The amount of money that people can save is approximately 7.3M IDR on average with savings ranging from 560,000 IDR to 73M IDR.
62% of surveyed singles reported some of their income going to savings while 57% of couples said the same. 52% of families confirmed their ability to save money.
How much money do people actually save in Surabaya?
The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
1.7M IDR
$110 | 5.1M IDR
$320 | 34M IDR
$2,100 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 33% |
| 10% - 20% | 26% |
| 20% - 30% | 16% |
| 30% - 40% | 12% |
| 40% - 50% | 9% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 15% to 34% of their monthly income to savings, with 24% being the average for most singles. The average amount of money that singles are able to save is 5.1M IDR with 1.7M IDR and 34M IDR being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
2.8M IDR
$180 | 8.4M IDR
$540 | 45M IDR
$2,900 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 37% |
| 10% - 20% | 28% |
| 20% - 30% | 19% |
| 30% - 40% | 7% |
| 40% - 50% | 6% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 12% to 33% of their monthly income, with 22% being the average for most couples. The average amount of money that couples can save is 8.4M IDR with 2.8M IDR and 45M IDR being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
3.9M IDR
$250 | 11M IDR
$710 | 62M IDR
$3,900 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 40% |
| 10% - 20% | 31% |
| 20% - 30% | 20% |
| 30% - 40% | 4% |
| 40% - 50% | 3% |
| > 50% | 2% |
Interpretation and Analysis
Families in Surabaya can save anywhere between 10% to 30% of their monthly income, with 19% being the average for most families. The average amount of money that families can put aside is 11M IDR with 3.9M IDR and 62M IDR being the minimum and maximum respectively.
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 Surabaya
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Surabaya?
Around 58% of surveyed residents think that living in Surabaya 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 Surabaya
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 residents 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 people living in Surabaya 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
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 residents of Surabaya whether they have an emergency fund and the answers were as follows.
Yes58%
No42%
Based on the survey, 42% of the people living in Surabaya said that they don't have an emergency fund while 58% said that they do.
Financial Literacy in Indonesia
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 Leteracy51%
We asked residents of Indonesia whether they acquired any adequate personal financial training in their lives. Approximately 49% 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 51% 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 residents of Indonesia have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 39% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 61% said that they have everything under control.
Struggles with finance39%
Easily manages finances61%
Financial goals of people in Surabaya
In an attempt to understand the economic situation in Surabaya, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.
| Financial Goal | % People |
|---|
| Emergency Fund | 9% |
| Debt Reduction | 45% |
| Retirement Savings | 11% |
| Education Funding | 6% |
| Homeownership | 19% |
| Investing | 6% |
| Travel or Lifestyle | 6% |
| Healthcare Expenses | 15% |
| Financial Independence | 4% |
Around 9% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 45% said their number one priority is to pay off high-interest debt or loans and improve credit. 11% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 6% reported that their priority is saving for the tuition fees and education costs of their children while 19% choose to buy a home or pay off existing mortgage before other things. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 6% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 15% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Saving Challenges in Surabaya
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Surabaya. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 4% |
| High Expenses | 7% |
| Debt and Loans | 12% |
| Lack of Budgeting Skills | 12% |
| Impulsive Spending | 12% |
| Financial Emergencies | 7% |
| Living the moment | 5% |
| Will do it later | 22% |
| Inflation | 14% |
| Social Pressure | 3% |
| Market Instability | 2% |
Around 4% of the people said that their salary is too low to accommodate a portion for savings while 7% said that the high cost of living leaves little room for savings. 12% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 12% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 22% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 14% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Typical saving choices for people in Surabaya
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 13% |
| Gold | 14% |
| Savings Accounts | 17% |
| Retirement Accounts | 9% |
| Cash Savings | 22% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 4% |
| Bonds | 4% |
| Mutual Funds | 2% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Surabaya
What does the retirement lifestyle look like in Surabaya and how much retirement savings are required?
Retirement age
The retirement age for most employees in Indonesia is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Surabaya:| Age | Amount |
|---|
| 25 | 61M IDR |
| 30 | 120M IDR |
| 35 | 210M IDR |
| 40 | 300M IDR |
| 45 | 450M IDR |
| 50 | 640M IDR |
| 55 | 760M IDR |
| 60 | 940M IDR |
| 65 | 1,100M IDR |
Retirement Income Distribution
We asked residents of Surabaya about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 11% |
| Savings | 24% |
| Investments | 11% |
| Social Security | 6% |
| Annuities | 6% |
| Part-time Job | 16% |
| Real Estate | 19% |
| Dividends and Interest | 6% |
Retirement Monthly Expenses in Surabaya 3.9M IDR
$250 | 12M IDR
$740 | 78M IDR
$5,000 |
Debt, loans, and mortgages in Surabaya
Percentage of people who are in debt
According to the survey, 27% of the people in Surabaya have some kind of debt, loan, mortgage, or credit card payments while 73% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Surabaya
Debt to income ratio
31%
23% to 40%
( monthly debt payment / monthly income ) x 100
Interpretation
The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 31% of the people's monthly income in Surabaya goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 20% |
| 40% - 50% | 15% |
| 30% - 40% | 17% |
| 20% - 30% | 9% |
| 10% - 20% | 10% |
| 0% - 10% | 25% |
According to our data, 3% of the debtors in Surabaya pay 60%+ of their income as debt settlement while 20% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 9% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Surabaya
| Debt | % People |
|---|
| Real Estate Mortgage | 7% |
| Auto Loan | 13% |
| Student Loan | 4% |
| Credit Card | 31% |
| Personal Loan | 45% |
7% of debtors in Surabaya confirm that real estate mortgages constitutes the main part of their outstanding debt while 31% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 13% of people and personal loans rose at 45%. Lastly, student loans are the main source of debt for 4% of debtors in Surabaya.
About credit score and debt managementManaging debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.
Good debt vs. Bad debt
Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.
Loan Affordability Index in Surabaya
Besides measuring the loan-to-income ratio, we asked residents of Surabaya how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.
Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.
| Frequency | % People |
|---|
| Never | 49% |
| Once a year | 24% |
| Twice a year | 13% |
| Three times a year | 9% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Surabaya
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Surabaya
Monthly Rent Prices
Studio apartment | 1.9M IDR | 2.9M IDR | 7.8M IDR |
1-bedroom apartment | 2.9M IDR | 4.7M IDR | 12M IDR |
2-bedroom apartment | 3.9M IDR | 5.8M IDR | 16M IDR |
3-bedroom apartment | 4.7M IDR | 7.8M IDR | 21M IDR |
Furnished apartment
Townhouse
House
Villa The monthly rental cost of a studio apartment in Surabaya ranges between 1.9M IDR and 7.8M IDR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 2.9M IDR to 12M IDR. Two-bedroom rentals rate ranges between 3.9M IDR and 16M IDR per month. The monthly rental for a three-bedroom apartment ranges from 4.7M IDR to 21M IDR. The average rent of a townhouse in Surabaya is around 12M IDR while house rental costs can be as high as 23M IDR per month. Finally, if you want to rent a villa, expect to pay anywhere from 12M IDR to 47M IDR per month.
Apartment and house prices in Surabaya
Cost of buying a property
Studio apartment | 390M IDR | 580M IDR | 1,200M IDR |
1-bedroom apartment | 470M IDR | 780M IDR | 2,900M IDR |
2-bedroom apartment | 780M IDR | 2,300M IDR | 4,700M IDR |
| $49,000 | $150,000 | $300,000 |
3-bedroom apartment | 2,600M IDR | 3,900M IDR | 12,000M IDR |
| $160,000 | $250,000 | $740,000 |
Townhouse | 3,300M IDR | 7,800M IDR | 29,000M IDR |
House | 3,900M IDR | 23,000M IDR | 33,000M IDR |
Villa | 4,700M IDR | 26,000M IDR | 39,000M IDR |
The average price of a studio apartment in Surabaya can range from 390M IDR to 1,200M IDR depending on location. One bedroom cost can be anywhere from 470M IDR to 2,900M IDR. A villa can cost you 26,000M IDR on average with prices ranging from 4,700M IDR to 39,000M IDR.
If you're leasing or purchasing, housing costs in Surabaya 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 | x107 monthly income | 209 |
Property prices in Surabaya can be x107 to x209 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x107 multiples of the average monthly salary in Surabaya.
Rent to income ratio
Rent to income ratio( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Surabaya is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 21% to 41% 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
29% 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.
| 35,000 IDR | 460,000 IDR | 4.6M IDR |
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.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Surabaya
Housing29%
29% of total expenses on average (17% to 41%)
| LOW | $120 1.9M IDR |
| AVERAGE | $360 5.7M IDR |
| HIGH | $2,400 38M IDR |
| Per Month |
Utilities, Electricity, Water9%
9% of total expenses on average (5% to 14%)
| LOW | $20 320,000 IDR |
| AVERAGE | $61 950,000 IDR |
| HIGH | $400 6.4M IDR |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (2% to 10%)
| LOW | $27 420,000 IDR |
| AVERAGE | $81 1.3M IDR |
| HIGH | $540 8.5M IDR |
| Per Month |
Food and Groceries20%
20% of total expenses on average (14% to 25%)
| LOW | $54 850,000 IDR |
| AVERAGE | $160 2.5M IDR |
| HIGH | $1,100 17M IDR |
| Per Month |
Healthcare13%
13% of total expenses on average (7% to 17%)
| LOW | $30 480,000 IDR |
| AVERAGE | $91 1.4M IDR |
| HIGH | $610 9.5M IDR |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (2% to 5%)
| LOW | $17 260,000 IDR |
| AVERAGE | $50 790,000 IDR |
| HIGH | $340 5.3M IDR |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $6.7 110,000 IDR |
| AVERAGE | $20 320,000 IDR |
| HIGH | $130 2.1M IDR |
| Per Month |
Other Expenses22%
22% of total expenses on average (14% to 26%)
| LOW | $61 950,000 IDR |
| AVERAGE | $180 2.9M IDR |
| HIGH | $1,200 19M IDR |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Surabaya
Housing26%
26% of total expenses on average (19% to 36%)
| LOW | $190 2.9M IDR |
| AVERAGE | $560 8.7M IDR |
| HIGH | $3,000 47M IDR |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (6% to 12%)
| LOW | $28 440,000 IDR |
| AVERAGE | $84 1.3M IDR |
| HIGH | $450 7.1M IDR |
| Per Month |
Transport, Fuel8%
8% of total expenses on average (2% to 13%)
| LOW | $67 1.1M IDR |
| AVERAGE | $200 3.2M IDR |
| HIGH | $1,100 17M IDR |
| Per Month |
Food and Groceries18%
18% of total expenses on average (13% to 23%)
| LOW | $79 1.2M IDR |
| AVERAGE | $240 3.7M IDR |
| HIGH | $1,300 20M IDR |
| Per Month |
Healthcare15%
15% of total expenses on average (9% to 19%)
| LOW | $62 970,000 IDR |
| AVERAGE | $190 2.9M IDR |
| HIGH | $990 16M IDR |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (1% to 6%)
| LOW | $34 530,000 IDR |
| AVERAGE | $100 1.6M IDR |
| HIGH | $540 8.5M IDR |
| Per Month |
Education1%
1% of total expenses on average (0.00% to 3%)
| LOW | $11 180,000 IDR |
| AVERAGE | $34 530,000 IDR |
| HIGH | $180 2.8M IDR |
| Per Month |
Other Expenses21%
21% of total expenses on average (15% to 27%)
| LOW | $95 1.5M IDR |
| AVERAGE | $290 4.5M IDR |
| HIGH | $1,500 24M IDR |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Surabaya
Housing25%
25% of total expenses on average (20% to 35%)
| LOW | $250 4M IDR |
| AVERAGE | $720 11M IDR |
| HIGH | $3,900 62M IDR |
| Per Month |
Transport, Fuel4%
4% of total expenses on average (2% to 6%)
| LOW | $63 990,000 IDR |
| AVERAGE | $180 2.8M IDR |
| HIGH | $990 16M IDR |
| Per Month |
Food and Groceries22%
22% of total expenses on average (15% to 28%)
| LOW | $140 2.2M IDR |
| AVERAGE | $400 6.4M IDR |
| HIGH | $2,200 35M IDR |
| Per Month |
Healthcare12%
12% of total expenses on average (8% to 17%)
| LOW | $63 990,000 IDR |
| AVERAGE | $180 2.8M IDR |
| HIGH | $990 16M IDR |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (1% to 6%)
| LOW | $39 620,000 IDR |
| AVERAGE | $110 1.8M IDR |
| HIGH | $620 9.7M IDR |
| Per Month |
Education13%
13% of total expenses on average (6% to 21%)
| LOW | $110 1.7M IDR |
| AVERAGE | $310 4.9M IDR |
| HIGH | $1,700 27M IDR |
| Per Month |
Other Expenses16%
16% of total expenses on average (9% to 21%)
| LOW | $94 1.5M IDR |
| AVERAGE | $270 4.2M IDR |
| HIGH | $1,500 23M IDR |
| Per Month |
StudentCost of living and expenses break down for students living in Surabaya
Housing17%
17% of total expenses on average (12% to 23%)
| LOW | $64 1M IDR |
| AVERAGE | $160 2.5M IDR |
| HIGH | $290 4.5M IDR |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $11 170,000 IDR |
| AVERAGE | $27 420,000 IDR |
| HIGH | $48 750,000 IDR |
| Per Month |
Transport, Fuel3%
3% of total expenses on average (4% to 9%)
| LOW | $19 290,000 IDR |
| AVERAGE | $47 730,000 IDR |
| HIGH | $84 1.3M IDR |
| Per Month |
Food and Groceries24%
24% of total expenses on average (18% to 28%)
| LOW | $53 840,000 IDR |
| AVERAGE | $130 2.1M IDR |
| HIGH | $240 3.8M IDR |
| Per Month |
Healthcare10%
10% of total expenses on average (7% to 13%)
| LOW | $16 250,000 IDR |
| AVERAGE | $40 630,000 IDR |
| HIGH | $72 1.1M IDR |
| Per Month |
Leisure, Shopping2%
2% of total expenses on average (2% to 6%)
| LOW | $13 210,000 IDR |
| AVERAGE | $33 520,000 IDR |
| HIGH | $60 940,000 IDR |
| Per Month |
Education18%
18% of total expenses on average (11% to 23%)
| LOW | $51 800,000 IDR |
| AVERAGE | $130 2M IDR |
| HIGH | $230 3.6M IDR |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $40 630,000 IDR |
| AVERAGE | $100 1.6M IDR |
| HIGH | $180 2.8M IDR |
| Per Month |
