Cost Of Living in Surat 2024

Average monthly spending for singles, couples, students, and families in Surat

Whether you're living in Surat 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.

Singles

The average monthly expense for a single person living in Surat is 50,000 INR. Expenses can range from 7,000 INR at the minimum level to 330,000 INR at the highest end.

Couples

The average monthly spending of couples in Surat is 83,000 INR. Expenditure can range from 28,000 INR to 440,000 INR per month.

Families

The average cost of living for families in Surat is 110,000 INR per month. Families spend anywhere from 39,000 INR to 720,000 INR.

Students

The average monthly expenditure for students in Surat is 37,000 INR. Students spend from 5,600 INR to 250,000 INR per month.

Expenditure to Income Ratio in Surat

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.

Expense to income distribution levels

Interpretation and Analysis

The average spending-to-salary ratio in Surat is 92% This means that on average, people spend around 92% of their income for living. According to the distribution table, 15% of the population spend approximately 60% to 70% of their income every month.

Individual
82%
Spending-Income-Ratio

---

76%

91%

Couple
87%
Spending-Income-Ratio

---

80%

96%

Family
96%
Spending-Income-Ratio

---

88%

110%

How do people spend their money in Surat?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

People living in Surat typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 22,000 INR with expenditure ranging from 1,700 INR to 220,000 INR. 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.

Utility expenditure like electricity, water, and gas in Surat ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 3,600 INR with 280 INR and 36,000 INR being the upper and lower limits.

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 560 INR to 72,000 INR on commuting with 7,200 INR being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

The average outlay on groceries in a month in Surat is 18,000 INR. The cost of groceries can range between 1,400 INR to 180,000 INR. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

People in Surat allocate 5% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 10%. The range of medical expenses range from 390 INR to 51,000 INR with 5,100 INR being the norm.

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 220 INR to 29,000 INR with 2,900 INR being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

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 4,300 INR per month with 330 INR being the minimum spent amount and 43,000 INR being the maximum.

How much money can you save in Surat 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 Surat manage to save money from their income every month?

Almost 61% of the surveyed people in Surat said that they can save some money at the end of each month while 39% said that aren't saving anything.

Percentage of people saving money by population group in Surat

Saving to Income Ratio

Average Monthly Saved Amount

For most people, 11% to 32% of their monthly income is what they can allocate to their savings, with 19% being the average. The amount of money that people can save is approximately 21,000 INR on average with savings ranging from 1,600 INR to 210,000 INR.

61% of surveyed singles reported some of their income going to savings while 55% of couples said the same. 50% of families confirmed their ability to save money.

How much money do people actually save in Surat?

Singles

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for singles

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 14% to 34% of their monthly income to savings, with 23% being the average for most singles. The average amount of money that singles are able to save is 15,000 INR with 1,600 INR and 98,000 INR being the minimum and maximum respectively.

Couples

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for couples

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 12% to 33% of their monthly income, with 21% being the average for most couples. The average amount of money that couples can save is 25,000 INR with 8,200 INR and 130,000 INR being the minimum and maximum respectively.

Families

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for families

Interpretation and Analysis

Families in Surat can save anywhere between 11% to 30% of their monthly income, with 18% being the average for most families. The average amount of money that families can put aside is 33,000 INR with 11,000 INR and 210,000 INR being the minimum and maximum respectively.

Saving Challenges in Surat

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Surat. Listed below are the answers given by the survey participants.

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 13% 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. 21% 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. 13% 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 social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Surat

Where do people choose to put their savings?

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 Surat

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Surat?

Around 52% of surveyed residents think that living in Surat is affordable with proper budgeting while 48% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Surat

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 Surat 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 Surat whether they have an emergency fund and the answers were as follows.

Yes52%

No48%

Based on the survey, 48% of the people living in Surat said that they don't have an emergency fund while 52% said that they do.

Financial Literacy in India

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 Leteracy44%

We asked residents of India whether they acquired any adequate personal financial training in their lives. Approximately 56% 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 44% 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 India have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 46% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 54% said that they have everything under control.

Struggles with finance46%

Easily manages finances54%

Financial goals of people in Surat

In an attempt to understand the economic situation in Surat, 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.

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 43% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% 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 14% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Surat

What does the retirement lifestyle look like in Surat and how much retirement savings are required?

Retirement age

The retirement age for most employees in India 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.

Retirement Income Distribution

We asked residents of Surat about their retirement income sources and below are the results.

Retirement Monthly Expenses in Surat

Debt, loans, and mortgages in Surat

Percentage of people who are in debt

According to the survey, 29% of the people in Surat have some kind of debt, loan, mortgage, or credit card payments while 71% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Surat

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 33% of the people's monthly income in Surat goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Surat pay 60%+ of their income as debt settlement while 18% 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 10% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Surat

8% of debtors in Surat confirm that real estate mortgages constitutes the main part of their outstanding debt while 30% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 15% of people and personal loans rose at 43%. Lastly, student loans are the main source of debt for 4% of debtors in Surat.

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 Surat

Besides measuring the loan-to-income ratio, we asked residents of Surat 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.

Housing costs, accommodation, and housing affordability in Surat

Rent Cost in Surat

Monthly Rent Prices

Studio apartment monthly rent cost

6,000 INR

9,000 INR

24,000 INR

MINIMUM

AVERAGE

MAXIMUM

$72

$110

$290

1-bedroom apartment monthly rent cost

9,000 INR

14,000 INR

36,000 INR

MINIMUM

AVERAGE

MAXIMUM

$110

$170

$430

2-bedroom apartment monthly rent cost

12,000 INR

18,000 INR

48,000 INR

MINIMUM

AVERAGE

MAXIMUM

$140

$220

$580

3-bedroom apartment monthly rent cost

14,000 INR

24,000 INR

65,000 INR

MINIMUM

AVERAGE

MAXIMUM

$170

$290

$790

Furnished apartment monthly rent cost

29,000 INR

72,000 INR

140,000 INR

MINIMUM

AVERAGE

MAXIMUM

$350

$870

$1,700

Townhouse monthly rent cost

24,000 INR

36,000 INR

100,000 INR

MINIMUM

AVERAGE

MAXIMUM

$290

$430

$1,200

House monthly rent cost

29,000 INR

72,000 INR

140,000 INR

MINIMUM

AVERAGE

MAXIMUM

$350

$870

$1,700

Villa monthly rent cost

36,000 INR

90,000 INR

140,000 INR

MINIMUM

AVERAGE

MAXIMUM

$430

$1,100

$1,700

The monthly rental cost of a studio apartment in Surat ranges between 6,000 INR and 24,000 INR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 9,000 INR to 36,000 INR. Two-bedroom rentals rate ranges between 12,000 INR and 48,000 INR per month. The monthly rental for a three-bedroom apartment ranges from 14,000 INR to 65,000 INR. The average rent of a townhouse in Surat is around 36,000 INR while house rental costs can be as high as 72,000 INR per month. Finally, if you want to rent a villa, expect to pay anywhere from 36,000 INR to 140,000 INR per month.

Apartment and house prices in Surat

Cost of buying a property

Studio apartment price

1.2M INR

1.8M INR

3.6M INR

MINIMUM

AVERAGE

MAXIMUM

$14,000

$22,000

$43,000

1-bedroom apartment price

1.4M INR

2.4M INR

9M INR

MINIMUM

AVERAGE

MAXIMUM

$17,000

$29,000

$110,000

2-bedroom apartment price

2.4M INR

7.2M INR

14M INR

MINIMUM

AVERAGE

MAXIMUM

$29,000

$87,000

$170,000

3-bedroom apartment price

8M INR

12M INR

36M INR

MINIMUM

AVERAGE

MAXIMUM

$96,000

$140,000

$430,000

Townhouse price

10M INR

24M INR

90M INR

MINIMUM

AVERAGE

MAXIMUM

$120,000

$290,000

$1.1M

House price

12M INR

72M INR

100M INR

MINIMUM

AVERAGE

MAXIMUM

$140,000

$870,000

$1.2M

Villa price

14M INR

80M INR

120M INR

MINIMUM

AVERAGE

MAXIMUM

$170,000

$960,000

$1.4M

The average price of a studio apartment in Surat can range from 1.2M INR to 3.6M INR depending on location. One bedroom cost can be anywhere from 1.4M INR to 9M INR. A villa can cost you 80M INR on average with prices ranging from 14M INR to 120M INR.

House / apartment prices to income ratio

Property prices in Surat can be x100 to x210 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x100 multiples of the average monthly salary in Surat.

Rent to income ratio

The average rent-to-income ratio in Surat is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 20% 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 Surat

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

Utility Bill Cost / Electricity + Water + Gas / Individual

420 INR

3,000 INR

20,000 INR

MINIMUM

AVERAGE

MAXIMUM

$5.1

$36

$240

Utility Bill Cost / Electricity + Water + Gas / Couple

1,100 INR

3,700 INR

24,000 INR

MINIMUM

AVERAGE

MAXIMUM

$13

$45

$290

Utility Bill Cost / Electricity + Water + Gas / Family

1,900 INR

5,600 INR

36,000 INR

MINIMUM

AVERAGE

MAXIMUM

$23

$67

$440

Internet and cable cost

350 INR

700 INR

930 INR

MINIMUM

AVERAGE

MAXIMUM

$4.2

$8.4

$11

Mobile phone bill and charges

280 INR

470 INR

1,400 INR

MINIMUM

AVERAGE

MAXIMUM

$3.4

$5.6

$17

The average monthly expenditure for individuals on electricty, water, and gas in Surat ranges between 420 INR and 20,000 INR with average being 3,000 INR, meanwhile the expenditure of couples is slightly higher at 3,700 INR with 1,100 INR and 24,000 INR being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 5,600 INR. The cost of internet and WiFi is unchanged among the three groups and ranges from 350 INR to 930 INR with 700 INR being the average internet bill. Finally, the average monthly mobile charges is around 470 INR but can range between 280 INR and 1,400 INR 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 Surat is around 6.4%. This means that people pay 6.4% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.2% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Surat

Prices and cost of goods and services in Surat

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

Fast food combo meal price

70 INR

140 INR

230 INR

MINIMUM

AVERAGE

MAXIMUM

$0.84

$1.7

$2.8

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Surat is approximatly 140 INR with meal cost ranging from 70 INR to 230 INR. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

240 INR

350 INR

710 INR

MINIMUM

AVERAGE

MAXIMUM

$2.8

$4.3

$8.5

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 240 INR and 710 INR with 350 INR being the average price of a plate for one person at a regular restaurant in Surat.

Fine dining meal for one price

470 INR

710 INR

2,800 INR

MINIMUM

AVERAGE

MAXIMUM

$5.7

$8.5

$34

The price range of a meal at fine-dining restaurant is 470 INR to 2,800 INR with the average cost being 710 INR for one person. This is what you would expect to pay a top-tier diner in Surat.

Beverage prices, cappuccino, latte etc..

58 INR

93 INR

140 INR

MINIMUM

AVERAGE

MAXIMUM

$0.70

$1.1

$1.7

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Surat is around 93 INR. Price ranges between 58 INR and 140 INR depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

47 INR

56 INR

70 INR

MINIMUM

AVERAGE

MAXIMUM

$0.56

$0.67

$0.84

The average price of a large bottle of milk in Surat is 56 INR. The maximum what you would pay for milk is 70 INR and the minimum being 47 INR depending on the brand of milk and other properties.

12 eggs price

35 INR

47 INR

70 INR

MINIMUM

AVERAGE

MAXIMUM

$0.42

$0.56

$0.84

A dozen eggs costs around 47 INR on average with 35 INR and 70 INR being the lower and upper limits respectively.

Fresh whole chicken price

79 INR

100 INR

150 INR

MINIMUM

AVERAGE

MAXIMUM

$0.96

$1.2

$1.8

The price range of a fresh whole chicken in Surat is between 79 INR and 150 INR depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 100 INR.

Pack of beef price

93 INR

140 INR

280 INR

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.7

$3.4

The price of a regular pack of beef or meat is around 140 INR. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

38 INR

51 INR

73 INR

MINIMUM

AVERAGE

MAXIMUM

$0.45

$0.62

$0.88

A bag of rice in Surat costs around 51 INR on average with prices rangeing between 38 INR and 73 INR depending on the brand and quality.

Bag of tomatos price

14 INR

19 INR

35 INR

MINIMUM

AVERAGE

MAXIMUM

$0.17

$0.22

$0.42

A bag of tomatoes costs anywhere from 14 INR to 35 INR. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

25 INR

33 INR

54 INR

MINIMUM

AVERAGE

MAXIMUM

$0.30

$0.39

$0.65

A bag of apples costs 33 INR 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 Surat is around 29%. This means that people spend 29% of their income on grocery and basic household items. The expenditure can range from 20% to 35% depending on salary and location.

Expenditure on food and grocery for every population group

A single person living alone spends approximately 8,000 INR per month on grocery and food with expenditure fluctuating between 1,100 INR and 53,000 INR depending on location and the type of person. The average cost of food and groceries for a couple is around 12,000 INR per month. That number can be get as low as 3,900 INR or a high as 62,000 INR. Families' spending on grocery ranges from 7,000 INR to 130,000 INR with the location, income, and size of the family being the most determinite factors.

SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Surat

CoupleAverage monthly living expenditure breaks and spending patterns for couples in Surat

FamilyAverage monthly expenses and break out of spending for families living in Surat

StudentCost of living and expenses break down for students living in Surat