Cost Of Living in Turkey 2024

cost of living chart - average monthly expenditure in Turkey

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

Whether you're living in Turkey 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 Expenditure

Currency: TRY
4,100 53,000 530,000
MINIMUM AVERAGE MAXIMUM
$130 $1,700 $17,000

Monthly Expenditure ▶ Single

Currency: TRY
5,100 37,000 240,000
MINIMUM AVERAGE MAXIMUM
$160 $1,200 $7,700

Monthly Expenditure ▶ Couple

Currency: TRY
20,000 61,000 320,000
MINIMUM AVERAGE MAXIMUM
$640 $1,900 $10,000

Monthly Expenditure ▶ Family

Currency: TRY
28,000 81,000 530,000
MINIMUM AVERAGE MAXIMUM
$900 $2,600 $17,000

Monthly Expenditure ▶ Student

Currency: TRY
4,100 27,000 180,000
MINIMUM AVERAGE MAXIMUM
$130 $860 $5,700
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Turkey is 37,000 TRY. Expenses can range from 5,100 TRY at the minimum level to 240,000 TRY at the highest end.


Couples

The average monthly spending of couples in Turkey is 61,000 TRY. Expenditure can range from 20,000 TRY to 320,000 TRY per month.


Families

The average cost of living for families in Turkey is 81,000 TRY per month. Families spend anywhere from 28,000 TRY to 530,000 TRY.


Students

The average monthly expenditure for students in Turkey is 27,000 TRY. Students spend from 4,100 TRY to 180,000 TRY 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 Turkey


Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Turkey

Dining, food, and beverages costs


Fast food combo meal

53 TRY 110 TRY 180 TRY
MINIMUM AVERAGE MAXIMUM
$1.7 $3.3 $5.5

Restaurant meal for one

180 TRY 260 TRY 530 TRY
MINIMUM AVERAGE MAXIMUM
$5.5 $8.3 $17

Fine dining meal for one

350 TRY 530 TRY 2,100 TRY
MINIMUM AVERAGE MAXIMUM
$11 $17 $66

Cappuccino or latte

44 TRY 70 TRY 110 TRY
MINIMUM AVERAGE MAXIMUM
$1.4 $2.2 $3.3

Grocery and market costs


Milk large bottle

35 TRY 42 TRY 53 TRY
MINIMUM AVERAGE MAXIMUM
$1.1 $1.3 $1.7

12 eggs

26 TRY 35 TRY 53 TRY
MINIMUM AVERAGE MAXIMUM
$0.83 $1.1 $1.7

Fresh whole chicken

60 TRY 77 TRY 110 TRY
MINIMUM AVERAGE MAXIMUM
$1.9 $2.4 $3.5

Pack of beef

70 TRY 110 TRY 210 TRY
MINIMUM AVERAGE MAXIMUM
$2.2 $3.3 $6.6

Medium bag of rice

28 TRY 39 TRY 55 TRY
MINIMUM AVERAGE MAXIMUM
$0.89 $1.2 $1.7

Bag of tomatos

11 TRY 14 TRY 26 TRY
MINIMUM AVERAGE MAXIMUM
$0.33 $0.44 $0.83

Bag of apples

19 TRY 25 TRY 40 TRY
MINIMUM AVERAGE MAXIMUM
$0.59 $0.78 $1.3
Chart showing the prices and cost of commute, travel, and transportation in Turkey

Commute, travel, and transportation costs


20 minutes taxi ride

44 TRY 53 TRY 110 TRY
MINIMUM AVERAGE MAXIMUM
$1.4 $1.7 $3.3

Average car full tank

260 TRY 350 TRY 700 TRY
MINIMUM AVERAGE MAXIMUM
$8.3 $11 $22

Average car 1-day rental

260 TRY 350 TRY 530 TRY
MINIMUM AVERAGE MAXIMUM
$8.3 $11 $17

Average car price

130,000 TRY 260,000 TRY 350,000 TRY
MINIMUM AVERAGE MAXIMUM
$4,100 $8,300 $11,000

Bus ticket one way

8.8 TRY 13 TRY 26 TRY
MINIMUM AVERAGE MAXIMUM
$0.28 $0.41 $0.83

Car Service

350 TRY 530 TRY 1,100 TRY
MINIMUM AVERAGE MAXIMUM
$11 $17 $33
Chart showing the prices and cost of utility, energy, water, and gas for a family in Turkey

Utility cost (monthly)


Utility Bill - Individual

310 TRY 2,200 TRY 15,000 TRY
MINIMUM AVERAGE MAXIMUM
$9.7 $69 $460

Utility Bill - Couple

810 TRY 2,700 TRY 18,000 TRY
MINIMUM AVERAGE MAXIMUM
$26 $87 $560

Utility Bill - Family

1,400 TRY 4,100 TRY 26,000 TRY
MINIMUM AVERAGE MAXIMUM
$45 $130 $830

Internet and cable

260 TRY 530 TRY 700 TRY
MINIMUM AVERAGE MAXIMUM
$8.3 $17 $22

Mobile phone charges

210 TRY 350 TRY 1,100 TRY
MINIMUM AVERAGE MAXIMUM
$6.6 $11 $33

Leisure and activities costs


Movie ticket

130 TRY 180 TRY 260 TRY
MINIMUM AVERAGE MAXIMUM
$4.1 $5.5 $8.3

One month gym membership

420 TRY 530 TRY 1,100 TRY
MINIMUM AVERAGE MAXIMUM
$13 $17 $33
Chart showing the prices and cost of clothing and accessories in Turkey

Cloths and accessories costs


Pair of jeans or pants

310 TRY 440 TRY 660 TRY
MINIMUM AVERAGE MAXIMUM
$9.8 $14 $21

Woman dress

290 TRY 400 TRY 1,300 TRY
MINIMUM AVERAGE MAXIMUM
$9.2 $13 $41

Woman shoes

280 TRY 380 TRY 880 TRY
MINIMUM AVERAGE MAXIMUM
$8.7 $12 $28

Men's shoes

240 TRY 290 TRY 580 TRY
MINIMUM AVERAGE MAXIMUM
$7.5 $9.2 $18

Men suit

260 TRY 330 TRY 1,800 TRY
MINIMUM AVERAGE MAXIMUM
$8.3 $10 $55

Regular t-shirt

130 TRY 180 TRY 530 TRY
MINIMUM AVERAGE MAXIMUM
$4.1 $5.5 $17
Chart showing the prices and cost of housing, accommodation, and rent in Turkey

Housing costs / monthly rent


Studio apartment

4,400 TRY 6,600 TRY 18,000 TRY
MINIMUM AVERAGE MAXIMUM
$140 $210 $550

1-bedroom apartment

6,600 TRY 11,000 TRY 26,000 TRY
MINIMUM AVERAGE MAXIMUM
$210 $330 $830

2-bedroom apartment

8,800 TRY 13,000 TRY 35,000 TRY
MINIMUM AVERAGE MAXIMUM
$280 $410 $1,100

Housing costs / Buying


Studio apartment

880,000 TRY 1.3M TRY 2.6M TRY
MINIMUM AVERAGE MAXIMUM
$28,000 $41,000 $83,000

1-bedroom apartment

1.1M TRY 1.8M TRY 6.6M TRY
MINIMUM AVERAGE MAXIMUM
$33,000 $55,000 $210,000

2-bedroom apartment

1.8M TRY 5.3M TRY 11M TRY
MINIMUM AVERAGE MAXIMUM
$55,000 $170,000 $330,000
Chart showing the prices and cost of furniture in Turkey

Furniture Costs


King Size Bed

5,300 TRY 6,600 TRY 8,800 TRY
MINIMUM AVERAGE MAXIMUM
$170 $210 $280

Double Bed

3,500 TRY 5,300 TRY 6,600 TRY
MINIMUM AVERAGE MAXIMUM
$110 $170 $210

Single Bed

3,100 TRY 4,000 TRY 5,300 TRY
MINIMUM AVERAGE MAXIMUM
$98 $130 $170

Living Room

5,800 TRY 7,500 TRY 26,000 TRY
MINIMUM AVERAGE MAXIMUM
$180 $240 $830

Dining Table

2,600 TRY 3,500 TRY 6,600 TRY
MINIMUM AVERAGE MAXIMUM
$83 $110 $210

Sofa or Couch

3,500 TRY 4,800 TRY 11,000 TRY
MINIMUM AVERAGE MAXIMUM
$110 $150 $330
Chart showing the prices and cost of electronic devices and appliances in Turkey

Electronics and House Appliance Costs


TV Set

3,500 TRY 5,300 TRY 11,000 TRY
MINIMUM AVERAGE MAXIMUM
$110 $170 $330

Fridge or Freezer

3,100 TRY 4,800 TRY 6,600 TRY
MINIMUM AVERAGE MAXIMUM
$98 $150 $210

Washing Machine

4,000 TRY 5,800 TRY 11,000 TRY
MINIMUM AVERAGE MAXIMUM
$130 $180 $330

Stove or Cooker

3,800 TRY 4,800 TRY 6,600 TRY
MINIMUM AVERAGE MAXIMUM
$120 $150 $210

Mobile Phone

4,400 TRY 5,300 TRY 7,500 TRY
MINIMUM AVERAGE MAXIMUM
$140 $170 $240

Laptop or Computer

4,800 TRY 5,800 TRY 11,000 TRY
MINIMUM AVERAGE MAXIMUM
$150 $180 $330

Expenditure to Income Ratio in Turkey

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.

Cost of living and expenditure to income ratio in Turkey

Spending to Income Ratio

86%

80% to 95%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%9%
60% - 70%16%
70% - 80%25%
80% - 90%19%
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 Turkey is 86% This means that on average, people spend around 86% of their income for living. According to the distribution table, 16% 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
77%
Spending-Income-Ratio
72%
86%

Couple
82%
Spending-Income-Ratio
76%
90%

Family
90%
Spending-Income-Ratio
84%
100%
Distribution of monthly cost of living expenses in Turkey

How do people spend their money in Turkey?

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 Expenditure24%

24% of total expenses on average (13% to 32%)

LOW$39   1,200 TRY
AVERAGE$500   16,000 TRY
HIGH$5,000   160,000 TRY
Per Month

People living in Turkey typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 16,000 TRY with expenditure ranging from 1,200 TRY to 160,000 TRY. 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, Water, Internet, Mobile7%

7% of total expenses on average (4% to 11%)

LOW$6.4   200 TRY
AVERAGE$83   2,600 TRY
HIGH$830   26,000 TRY
Per Month

Utility expenditure like electricity, water, and gas in Turkey ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 2,600 TRY with 200 TRY and 26,000 TRY being the upper and lower limits.

Transport, Fuel, Commute7%

7% of total expenses on average (3% to 11%)

LOW$13   410 TRY
AVERAGE$170   5,300 TRY
HIGH$1,700   53,000 TRY
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 410 TRY to 53,000 TRY on commuting with 5,300 TRY 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%.

Food and Groceries Cost28%

28% of total expenses on average (20% to 34%)

LOW$32   1,000 TRY
AVERAGE$420   13,000 TRY
HIGH$4,200   130,000 TRY
Per Month

The average outlay on groceries in a month in Turkey is 13,000 TRY. The cost of groceries can range between 1,000 TRY to 130,000 TRY. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

Healthcare and Medical Services10%

10% of total expenses on average (5% to 13%)

LOW$9   280 TRY
AVERAGE$120   3,700 TRY
HIGH$1,200   37,000 TRY
Per Month

People in Turkey 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 280 TRY to 37,000 TRY with 3,700 TRY being the norm.

Leisure and Shopping5%

5% of total expenses on average (2% to 9%)

LOW$5.1   160 TRY
AVERAGE$67   2,100 TRY
HIGH$670   21,000 TRY
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 160 TRY to 21,000 TRY with 2,100 TRY being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.

Education and Schooling5%

5% of total expenses on average (3% to 11%)

LOW$7.7   240 TRY
AVERAGE$100   3,200 TRY
HIGH$1,000   32,000 TRY
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 3,200 TRY per month with 240 TRY being the minimum spent amount and 32,000 TRY being the maximum.

Other Expenses14%

14% of total expenses on average (9% to 21%)

LOW$17   530 TRY
AVERAGE$220   6,900 TRY
HIGH$2,200   69,000 TRY
Per Month
Percentage of people who manage to save money from their income every month in Turkey

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


Saving Money
53%
Not Saving
47%

Almost 53% of the surveyed people in Turkey said that they can save some money at the end of each month while 47% said that aren't saving anything.


Percentage of people saving money by population group in Turkey

GroupSaversNon Savers
Singles57%43%
Couples52%48%
Families47%53%

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.


Savings to income ratio in Turkey

Saving to Income Ratio

10% 17% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,200 TRY
$38
15,000 TRY
$490
150,000 TRY
$4,900
MINIMUM AVERAGE MAXIMUM

For most people, 10% to 30% of their monthly income is what they can allocate to their savings, with 17% being the average. The amount of money that people can save is approximately 15,000 TRY on average with savings ranging from 1,200 TRY to 150,000 TRY.

57% of surveyed singles reported some of their income going to savings while 52% of couples said the same. 47% of families confirmed their ability to save money.


How much money do people actually save in Turkey?

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

13% 21% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,200 TRY
$38
11,000 TRY
$340
71,000 TRY
$2,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%31%
10% - 20%24%
20% - 30%16%
30% - 40%14%
40% - 50%11%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 13% to 32% of their monthly income to savings, with 21% being the average for most singles. The average amount of money that singles are able to save is 11,000 TRY with 1,200 TRY and 71,000 TRY being the minimum and maximum respectively.


Couples

Saving to Income Ratio

11% 19% of income 31%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

5,900 TRY
$190
18,000 TRY
$560
95,000 TRY
$3,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%35%
10% - 20%26%
20% - 30%19%
30% - 40%9%
40% - 50%8%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 11% to 31% of their monthly income, with 19% being the average for most couples. The average amount of money that couples can save is 18,000 TRY with 5,900 TRY and 95,000 TRY being the minimum and maximum respectively.


Families

Saving to Income Ratio

9% 16% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

8,300 TRY
$260
24,000 TRY
$750
150,000 TRY
$4,900
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%38%
10% - 20%29%
20% - 30%20%
30% - 40%6%
40% - 50%5%
> 50%2%

Interpretation and Analysis

Families in Turkey can save anywhere between 9% to 28% of their monthly income, with 16% being the average for most families. The average amount of money that families can put aside is 24,000 TRY with 8,300 TRY and 150,000 TRY being the minimum and maximum respectively.

Reasons that make it difficult for people to save money in Turkey

Saving Challenges in Turkey

Reasons that make it difficult for people to save money

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


Reason% People
Low Income5%
High Expenses8%
Debt and Loans14%
Lack of Budgeting Skills11%
Impulsive Spending11%
Financial Emergencies7%
Living the moment6%
Will do it later20%
Inflation13%
Social Pressure3%
Market Instability2%

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. 14% of the residents said that they are burdened with debt and find it challenging to save money. 11% 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. 11% 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. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 20% 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.

Where do people choose to put their savings in Turkey

Typical saving choices for people in Turkey

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold12%
Savings Accounts17%
Retirement Accounts10%
Cash Savings20%
Real Estate9%
Investment5%
Stocks4%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%
A typical and healthy budgeting structure. The 50-30-20 rule

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.

Income and cost of living compatibility. Is it affordable or economical to live in Turkey

Affordable living in Turkey

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Turkey?


Yes
46%
No
54%

Around 46% of surveyed residents think that living in Turkey is affordable with proper budgeting while 54% reported that it is just too expensive and not affordable even with frugality and thriftness.

How easily is cost-cutting. Are there plenty of low-cost options in Turkey

Low-cost alternatives in Turkey

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 options54%

Few low-cost options46%


Based on the survey, 54% of the people living in Turkey have no problem finding low-cost alternatives to support a frugal lifestyle while 46% 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 Turkey whether they have an emergency fund and the answers were as follows.

Yes44%

No56%


Based on the survey, 56% of the people living in Turkey said that they don't have an emergency fund while 44% said that they do.

Financial literacy and difficulty in budgeting and financial planning in Turkey

Financial Literacy in Turkey

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 Leteracy41%


We asked residents of Turkey whether they acquired any adequate personal financial training in their lives. Approximately 59% 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 41% 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 Turkey have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 55% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 45% said that they have everything under control.

Struggles with finance55%

Easily manages finances45%

Financial goals and targets of people living in Turkey

Financial goals of people in Turkey

In an attempt to understand the economic situation in Turkey, 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 Fund8%
Debt Reduction41%
Retirement Savings10%
Education Funding7%
Homeownership18%
Investing7%
Travel or Lifestyle7%
Healthcare Expenses13%
Financial Independence5%

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 41% 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. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 7% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 13% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Turkey

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

Retirement age

The retirement age for most employees in Turkey 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:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Turkey:
AgeAmount
25140,000 TRY
30270,000 TRY
35480,000 TRY
40680,000 TRY
451M TRY
501.4M TRY
551.7M TRY
602.1M TRY
652.5M TRY

Retirement Income Distribution

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

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job14%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Turkey

3,000 TRY
$95
27,000 TRY
$860
180,000 TRY
$5,700
MINIMUM AVERAGE MAXIMUM
Chart showing the percentage of people who are in debt in Turkey

Debt, loans, and mortgages in Turkey


Percentage of people who are in debt


In Debt
31%
Debt Free
69%

According to the survey, 31% of the people in Turkey have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.


Chart showing debt-to-income ratio in Turkey

Debt-to-income ratio in Turkey

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 Turkey goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%17%
40% - 50%14%
30% - 40%16%
20% - 30%11%
10% - 20%13%
0% - 10%26%

According to our data, 3% of the debtors in Turkey pay 60%+ of their income as debt settlement while 17% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 14% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 16% dedicated 30% to 40% of income for same. Things are looking brighter for 11% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Turkey

Debt% People
Real Estate Mortgage9%
Auto Loan16%
Student Loan4%
Credit Card29%
Personal Loan42%

9% of debtors in Turkey confirm that real estate mortgages constitutes the main part of their outstanding debt while 29% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 16% of people and personal loans rose at 42%. Lastly, student loans are the main source of debt for 4% of debtors in Turkey.


About credit score and debt management

Managing 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 Turkey

Besides measuring the loan-to-income ratio, we asked residents of Turkey 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
Never51%
Once a year24%
Twice a year12%
Three times a year9%
Four times a year4%
Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Turkey

Housing costs, accommodation, and housing affordability in Turkey

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Turkey

Monthly Rent Prices

Studio apartment monthly rent cost

4,400 TRY 6,600 TRY 18,000 TRY
MINIMUM AVERAGE MAXIMUM
$140 $210 $550

1-bedroom apartment monthly rent cost

6,600 TRY 11,000 TRY 26,000 TRY
MINIMUM AVERAGE MAXIMUM
$210 $330 $830

2-bedroom apartment monthly rent cost

8,800 TRY 13,000 TRY 35,000 TRY
MINIMUM AVERAGE MAXIMUM
$280 $410 $1,100

3-bedroom apartment monthly rent cost

11,000 TRY 18,000 TRY 48,000 TRY
MINIMUM AVERAGE MAXIMUM
$330 $550 $1,500

Furnished apartment monthly rent cost

21,000 TRY 53,000 TRY 110,000 TRY
MINIMUM AVERAGE MAXIMUM
$660 $1,700 $3,300

Townhouse monthly rent cost

18,000 TRY 26,000 TRY 75,000 TRY
MINIMUM AVERAGE MAXIMUM
$550 $830 $2,400

House monthly rent cost

21,000 TRY 53,000 TRY 110,000 TRY
MINIMUM AVERAGE MAXIMUM
$660 $1,700 $3,300

Villa monthly rent cost

26,000 TRY 66,000 TRY 110,000 TRY
MINIMUM AVERAGE MAXIMUM
$830 $2,100 $3,300

The monthly rental cost of a studio apartment in Turkey ranges between 4,400 TRY and 18,000 TRY, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 6,600 TRY to 26,000 TRY. Two-bedroom rentals rate ranges between 8,800 TRY and 35,000 TRY per month. The monthly rental for a three-bedroom apartment ranges from 11,000 TRY to 48,000 TRY. The average rent of a townhouse in Turkey is around 26,000 TRY while house rental costs can be as high as 53,000 TRY per month. Finally, if you want to rent a villa, expect to pay anywhere from 26,000 TRY to 110,000 TRY per month.



Apartment and house prices in Turkey

Cost of buying a property

Studio apartment price

880,000 TRY 1.3M TRY 2.6M TRY
MINIMUM AVERAGE MAXIMUM
$28,000 $41,000 $83,000

1-bedroom apartment price

1.1M TRY 1.8M TRY 6.6M TRY
MINIMUM AVERAGE MAXIMUM
$33,000 $55,000 $210,000

2-bedroom apartment price

1.8M TRY 5.3M TRY 11M TRY
MINIMUM AVERAGE MAXIMUM
$55,000 $170,000 $330,000

3-bedroom apartment price

5.8M TRY 8.8M TRY 26M TRY
MINIMUM AVERAGE MAXIMUM
$180,000 $280,000 $830,000

Townhouse price

7.5M TRY 18M TRY 66M TRY
MINIMUM AVERAGE MAXIMUM
$240,000 $550,000 $2.1M

House price

8.8M TRY 53M TRY 75M TRY
MINIMUM AVERAGE MAXIMUM
$280,000 $1.7M $2.4M

Villa price

11M TRY 58M TRY 88M TRY
MINIMUM AVERAGE MAXIMUM
$330,000 $1.8M $2.8M

The average price of a studio apartment in Turkey can range from 880,000 TRY to 2.6M TRY depending on location. One bedroom cost can be anywhere from 1.1M TRY to 6.6M TRY. A villa can cost you 58M TRY on average with prices ranging from 11M TRY to 88M TRY.


If you're leasing or purchasing, housing costs in Turkey 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


32 x91 monthly income 195
MINIMUM AVERAGE MAXIMUM

Property prices in Turkey can be x91 to x195 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x91 multiples of the average monthly salary in Turkey.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


19% 29% of income 39%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Turkey is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 19% to 39% 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
27%

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.


FROM
1.9%
AVERAGE
2.9%
TO
3.9%

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.


81 TRY 1,100 TRY 11,000 TRY
MINIMUM AVERAGE MAXIMUM

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 Turkey

Utilities expenditure can vary slightly between different areas and locations.


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

Utility Bill Cost / Electricity + Water + Gas / Individual

310 TRY 2,200 TRY 15,000 TRY
MINIMUM AVERAGE MAXIMUM
$9.7 $69 $460

Utility Bill Cost / Electricity + Water + Gas / Couple

810 TRY 2,700 TRY 18,000 TRY
MINIMUM AVERAGE MAXIMUM
$26 $87 $560

Utility Bill Cost / Electricity + Water + Gas / Family

1,400 TRY 4,100 TRY 26,000 TRY
MINIMUM AVERAGE MAXIMUM
$45 $130 $830

Internet and cable cost

260 TRY 530 TRY 700 TRY
MINIMUM AVERAGE MAXIMUM
$8.3 $17 $22

Mobile phone bill and charges

210 TRY 350 TRY 1,100 TRY
MINIMUM AVERAGE MAXIMUM
$6.6 $11 $33

Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.


The average monthly expenditure for individuals on electricty, water, and gas in Turkey ranges between 310 TRY and 15,000 TRY with average being 2,200 TRY, meanwhile the expenditure of couples is slightly higher at 2,700 TRY with 810 TRY and 18,000 TRY 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 4,100 TRY. The cost of internet and WiFi is unchanged among the three groups and ranges from 260 TRY to 700 TRY with 530 TRY being the average internet bill. Finally, the average monthly mobile charges is around 350 TRY but can range between 210 TRY and 1,100 TRY depending on consumption. Mobile charges include both calling minutes as well as data packages.


Energy / Utility expense to income ratio


( monthly utility expenses / monthly income ) x 100


3% 6% of income 10%
MINIMUM AVERAGE MAXIMUM

The average utility-to-income ratio in Turkey is around 6%. This means that people pay 6% of their income for energy, water, internet, and mobile charges. Those figures can range from 3% to 10% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Turkey

Grocery / Food expenditure and prices can vary drastically between different areas and locations.


Prices and cost of goods and services in Turkey

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

Fast food combo meal price

53 TRY 110 TRY 180 TRY
MINIMUM AVERAGE MAXIMUM
$1.7 $3.3 $5.5

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Turkey is approximatly 110 TRY with meal cost ranging from 53 TRY to 180 TRY. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

180 TRY 260 TRY 530 TRY
MINIMUM AVERAGE MAXIMUM
$5.5 $8.3 $17

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 180 TRY and 530 TRY with 260 TRY being the average price of a plate for one person at a regular restaurant in Turkey.

Fine dining meal for one price

350 TRY 530 TRY 2,100 TRY
MINIMUM AVERAGE MAXIMUM
$11 $17 $66

The price range of a meal at fine-dining restaurant is 350 TRY to 2,100 TRY with the average cost being 530 TRY for one person. This is what you would expect to pay a top-tier diner in Turkey.

Beverage prices, cappuccino, latte etc..

44 TRY 70 TRY 110 TRY
MINIMUM AVERAGE MAXIMUM
$1.4 $2.2 $3.3

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Turkey is around 70 TRY. Price ranges between 44 TRY and 110 TRY depending on the type of beverage, the size, and optional add-ons.



Grocery and market costs

Large bottle of milk price

35 TRY 42 TRY 53 TRY
MINIMUM AVERAGE MAXIMUM
$1.1 $1.3 $1.7

The average price of a large bottle of milk in Turkey is 42 TRY. The maximum what you would pay for milk is 53 TRY and the minimum being 35 TRY depending on the brand of milk and other properties.

12 eggs price

26 TRY 35 TRY 53 TRY
MINIMUM AVERAGE MAXIMUM
$0.83 $1.1 $1.7

A dozen eggs costs around 35 TRY on average with 26 TRY and 53 TRY being the lower and upper limits respectively.

Fresh whole chicken price

60 TRY 77 TRY 110 TRY
MINIMUM AVERAGE MAXIMUM
$1.9 $2.4 $3.5

The price range of a fresh whole chicken in Turkey is between 60 TRY and 110 TRY depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 77 TRY.

Pack of beef price

70 TRY 110 TRY 210 TRY
MINIMUM AVERAGE MAXIMUM
$2.2 $3.3 $6.6

The price of a regular pack of beef or meat is around 110 TRY. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

28 TRY 39 TRY 55 TRY
MINIMUM AVERAGE MAXIMUM
$0.89 $1.2 $1.7

A bag of rice in Turkey costs around 39 TRY on average with prices rangeing between 28 TRY and 55 TRY depending on the brand and quality.

Bag of tomatos price

11 TRY 14 TRY 26 TRY
MINIMUM AVERAGE MAXIMUM
$0.33 $0.44 $0.83

A bag of tomatoes costs anywhere from 11 TRY to 26 TRY. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

19 TRY 25 TRY 40 TRY
MINIMUM AVERAGE MAXIMUM
$0.59 $0.78 $1.3

A bag of apples costs 25 TRY on average. A bag of apples denotes 1Kg or 1lb depending on location.


Grocery and food expenditure to income ratio


( monthly grocery expenses / monthly income ) x 100


19% 27% of income 33%
MINIMUM AVERAGE MAXIMUM

The average grocery-to-income ratio in Turkey is around 27%. This means that people spend 27% of their income on grocery and basic household items. The expenditure can range from 19% to 33% depending on salary and location.


Expenditure on food and grocery for every population group

A single person living alone spends approximately 5,800 TRY per month on grocery and food with expenditure fluctuating between 820 TRY and 39,000 TRY depending on location and the type of person. The average cost of food and groceries for a couple is around 8,500 TRY per month. That number can be get as low as 2,800 TRY or a high as 45,000 TRY. Families' spending on grocery ranges from 5,100 TRY to 95,000 TRY with the location, income, and size of the family being the most determinite factors.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Turkey

Housing cost for a single person30%

30% of total expenses on average (18% to 42%)

LOW$58   1,800 TRY
AVERAGE$420   13,000 TRY
HIGH$2,800   88,000 TRY
Per Month

Utilities, Electricity, Water, Internet, Mobile8%

8% of total expenses on average (4% to 13%)

LOW$9.7   310 TRY
AVERAGE$69   2,200 TRY
HIGH$460   15,000 TRY
Per Month

Transport and Fuel Cost5%

5% of total expenses on average (3% to 11%)

LOW$13   410 TRY
AVERAGE$92   2,900 TRY
HIGH$620   19,000 TRY
Per Month

Food and Groceries Cost19%

19% of total expenses on average (13% to 24%)

LOW$26   820 TRY
AVERAGE$180   5,800 TRY
HIGH$1,200   39,000 TRY
Per Month

Healthcare Cost12%

12% of total expenses on average (6% to 16%)

LOW$15   460 TRY
AVERAGE$100   3,300 TRY
HIGH$690   22,000 TRY
Per Month

Leisure and Shopping Expenditure3%

3% of total expenses on average (2% to 6%)

LOW$8.1   260 TRY
AVERAGE$58   1,800 TRY
HIGH$390   12,000 TRY
Per Month

Education Cost1%

1% of total expenses on average (0.00% to 3%)

LOW$3.2   100 TRY
AVERAGE$23   730 TRY
HIGH$150   4,900 TRY
Per Month

Other Expenses22%

22% of total expenses on average (14% to 26%)

LOW$29   920 TRY
AVERAGE$210   6,600 TRY
HIGH$1,400   44,000 TRY
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Turkey

Housing cost for a couple27%

27% of total expenses on average (20% to 37%)

LOW$220   6,900 TRY
AVERAGE$650   21,000 TRY
HIGH$3,500   110,000 TRY
Per Month

Utilities, Electricity, Water, Internet, Mobile7%

7% of total expenses on average (5% to 11%)

LOW$26   810 TRY
AVERAGE$87   2,700 TRY
HIGH$560   18,000 TRY
Per Month

Transport and Fuel Cost9%

9% of total expenses on average (3% to 14%)

LOW$77   2,400 TRY
AVERAGE$230   7,300 TRY
HIGH$1,200   39,000 TRY
Per Month

Food and Groceries Cost17%

17% of total expenses on average (12% to 22%)

LOW$90   2,800 TRY
AVERAGE$270   8,500 TRY
HIGH$1,400   45,000 TRY
Per Month

Healthcare Cost14%

14% of total expenses on average (8% to 18%)

LOW$71   2,200 TRY
AVERAGE$210   6,700 TRY
HIGH$1,100   36,000 TRY
Per Month

Leisure and Shopping Cost4%

4% of total expenses on average (1% to 7%)

LOW$39   1,200 TRY
AVERAGE$120   3,700 TRY
HIGH$620   19,000 TRY
Per Month

Education Cost1%

1% of total expenses on average (0.00% to 3%)

LOW$13   410 TRY
AVERAGE$39   1,200 TRY
HIGH$210   6,500 TRY
Per Month

Other Expenses21%

21% of total expenses on average (15% to 27%)

LOW$110   3,500 TRY
AVERAGE$330   10,000 TRY
HIGH$1,700   55,000 TRY
Per Month


Family
Average monthly expenses and break out of spending for families living in Turkey

Housing cost for a family26%

26% of total expenses on average (21% to 36%)

LOW$290   9,100 TRY
AVERAGE$820   26,000 TRY
HIGH$5,300   170,000 TRY
Per Month

Utilities, Electricity, Water, Internet, Mobile5%

5% of total expenses on average (3% to 8%)

LOW$45   1,400 TRY
AVERAGE$130   4,100 TRY
HIGH$830   26,000 TRY
Per Month

Transport and Fuel Expenses5%

5% of total expenses on average (3% to 7%)

LOW$90   2,800 TRY
AVERAGE$260   8,100 TRY
HIGH$1,700   53,000 TRY
Per Month

Food and Groceries Cost21%

21% of total expenses on average (14% to 27%)

LOW$160   5,100 TRY
AVERAGE$460   15,000 TRY
HIGH$3,000   95,000 TRY
Per Month

Healthcare Expenses11%

11% of total expenses on average (7% to 16%)

LOW$81   2,600 TRY
AVERAGE$260   8,100 TRY
HIGH$1,300   42,000 TRY
Per Month

Leisure and Shopping Cost3%

3% of total expenses on average (1% to 7%)

LOW$45   1,400 TRY
AVERAGE$130   4,100 TRY
HIGH$830   26,000 TRY
Per Month

Education Cost13%

13% of total expenses on average (6% to 21%)

LOW$130   4,000 TRY
AVERAGE$360   11,000 TRY
HIGH$2,300   74,000 TRY
Per Month

Other Expenses16%

16% of total expenses on average (9% to 21%)

LOW$72   2,300 TRY
AVERAGE$210   6,500 TRY
HIGH$1,300   42,000 TRY
Per Month


Student
Cost of living and expenses break down for students living in Turkey

Housing costs for Student18%

18% of total expenses on average (13% to 24%)

LOW$31   970 TRY
AVERAGE$210   6,500 TRY
HIGH$1,400   43,000 TRY
Per Month

Utilities, Electricity, Water, Internet, and Mobile Expenses6%

6% of total expenses on average (4% to 10%)

LOW$5.1   160 TRY
AVERAGE$34   1,100 TRY
HIGH$230   7,200 TRY
Per Month

Transport and Fuel Cost4%

4% of total expenses on average (4% to 10%)

LOW$9   280 TRY
AVERAGE$60   1,900 TRY
HIGH$400   13,000 TRY
Per Month

Food and Groceries Expenditure23%

23% of total expenses on average (17% to 27%)

LOW$26   810 TRY
AVERAGE$170   5,400 TRY
HIGH$1,100   36,000 TRY
Per Month

Healthcare Cost9%

9% of total expenses on average (6% to 12%)

LOW$7.7   240 TRY
AVERAGE$51   1,600 TRY
HIGH$340   11,000 TRY
Per Month

Leisure and Shopping Cost3%

3% of total expenses on average (2% to 7%)

LOW$6.4   200 TRY
AVERAGE$43   1,400 TRY
HIGH$290   9,000 TRY
Per Month

Education Cost18%

18% of total expenses on average (11% to 23%)

LOW$24   770 TRY
AVERAGE$160   5,100 TRY
HIGH$1,100   34,000 TRY
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$19   610 TRY
AVERAGE$130   4,100 TRY
HIGH$860   27,000 TRY
Per Month
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