Cost Of Living in Venezuela 2025
Average monthly spending for singles, couples, students, and families in Venezuela
Whether you're living in Venezuela 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: VES
Monthly Expenditure ▶ Single
Currency: VES
Monthly Expenditure ▶ Couple
Currency: VES
Monthly Expenditure ▶ Family
Currency: VES
Monthly Expenditure ▶ Student
Currency: VES
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Venezuela is 26,000 VES. Expenses can range from 3,700 VES at the minimum level to 180,000 VES at the highest end.
Couples
The average monthly spending of couples in Venezuela is 44,000 VES. Expenditure can range from 15,000 VES to 230,000 VES per month.
Families
The average cost of living for families in Venezuela is 59,000 VES per month. Families spend anywhere from 21,000 VES to 380,000 VES.
Students
The average monthly expenditure for students in Venezuela is 20,000 VES. Students spend from 2,900 VES to 130,000 VES per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Housing costs, accommodation, and housing affordability in Venezuela
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Venezuela
Monthly Rent Prices
Studio apartment monthly rent cost
| 3,100 VES | 4,700 VES | 13,000 VES |
1-bedroom apartment monthly rent cost
| 4,700 VES | 7,500 VES | 19,000 VES |
2-bedroom apartment monthly rent cost
| 6,300 VES | 9,400 VES | 25,000 VES |
3-bedroom apartment monthly rent cost
| 7,500 VES | 13,000 VES | 34,000 VES |
Furnished apartment monthly rent cost
| 15,000 VES | 38,000 VES | 75,000 VES |
Townhouse monthly rent cost
| 13,000 VES | 19,000 VES | 54,000 VES |
House monthly rent cost
| 15,000 VES | 38,000 VES | 75,000 VES |
Villa monthly rent cost
| 19,000 VES | 47,000 VES | 75,000 VES |
The monthly rental cost of a studio apartment in Venezuela ranges between 3,100 VES and 13,000 VES, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 4,700 VES to 19,000 VES. Two-bedroom rentals rate ranges between 6,300 VES and 25,000 VES per month. The monthly rental for a three-bedroom apartment ranges from 7,500 VES to 34,000 VES. The average rent of a townhouse in Venezuela is around 19,000 VES while house rental costs can be as high as 38,000 VES per month. Finally, if you want to rent a villa, expect to pay anywhere from 19,000 VES to 75,000 VES per month.
Apartment and house prices in Venezuela
Cost of buying a property
Studio apartment price
| 630,000 VES | 940,000 VES | 1.9M VES |
1-bedroom apartment price
| 750,000 VES | 1.3M VES | 4.7M VES |
2-bedroom apartment price
| 1.3M VES | 3.8M VES | 7.5M VES |
| $35,000 | $100,000 | $210,000 |
3-bedroom apartment price
| 4.2M VES | 6.3M VES | 19M VES |
| $120,000 | $170,000 | $520,000 |
Townhouse price
House price
Villa price
The average price of a studio apartment in Venezuela can range from 630,000 VES to 1.9M VES depending on location. One bedroom cost can be anywhere from 750,000 VES to 4.7M VES. A villa can cost you 42M VES on average with prices ranging from 7.5M VES to 63M VES.
If you're leasing or purchasing, housing costs in Venezuela 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
| 27 | x74 monthly income | 184 |
Property prices in Venezuela can be x74 to x184 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x74 multiples of the average monthly salary in Venezuela.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Venezuela is around 27%. This means that people pay 27% of their income for rent. Those figures can range from 17% to 37% 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
25% 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.
Expenditure to Income Ratio in Venezuela
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%
82% to 96%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 3% |
| 50% - 60% | 8% |
| 60% - 70% | 14% |
| 70% - 80% | 24% |
| 80% - 90% | 22% |
| 90% - 100% | 12% |
| 100% - 110% | 6% |
| 110% - 120% | 4% |
| 120% - 130% | 3% |
| 130% - 140% | 3% |
| > 140% | 2% |
Interpretation and Analysis
The average spending-to-salary ratio in Venezuela 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
74%
86%
Couple
84%
Spending-Income-Ratio
78%
91%
Family
92%
Spending-Income-Ratio
86%
100%
How do people spend their money in Venezuela?
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 Expenditure22%
22% of total expenses on average (11% to 30%)
| LOW | $24 880 VES |
| AVERAGE | $320 11,000 VES |
| HIGH | $3,200 110,000 VES |
| Per Month |
People living in Venezuela typically spend from 11% to 30% of their total monthly expenditure on housing with 22% being the average. The average spend on housing is 11,000 VES with expenditure ranging from 880 VES to 110,000 VES. 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, Mobile8%
8% of total expenses on average (5% to 12%)
| LOW | $4.1 150 VES |
| AVERAGE | $53 1,900 VES |
| HIGH | $530 19,000 VES |
| Per Month |
Utility expenditure like electricity, water, and gas in Venezuela ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 1,900 VES with 150 VES and 19,000 VES being the upper and lower limits.
Transport, Fuel, Commute6%
6% of total expenses on average (3% to 10%)
| LOW | $8.1 290 VES |
| AVERAGE | $110 3,800 VES |
| HIGH | $1,100 38,000 VES |
| 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 290 VES to 38,000 VES on commuting with 3,800 VES 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 | $20 730 VES |
| AVERAGE | $260 9,500 VES |
| HIGH | $2,600 95,000 VES |
| Per Month |
The average outlay on groceries in a month in Venezuela is 9,500 VES. The cost of groceries can range between 730 VES to 95,000 VES. 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 | $5.7 210 VES |
| AVERAGE | $74 2,700 VES |
| HIGH | $740 27,000 VES |
| Per Month |
People in Venezuela 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 210 VES to 27,000 VES with 2,700 VES being the norm.
Leisure and Shopping4%
4% of total expenses on average (2% to 8%)
| LOW | $3.3 120 VES |
| AVERAGE | $42 1,500 VES |
| HIGH | $420 15,000 VES |
| 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 120 VES to 15,000 VES with 1,500 VES 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 | $4.9 180 VES |
| AVERAGE | $63 2,300 VES |
| HIGH | $630 23,000 VES |
| 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 2,300 VES per month with 180 VES being the minimum spent amount and 23,000 VES being the maximum.
Other Expenses15%
15% of total expenses on average (10% to 22%)
| LOW | $11 380 VES |
| AVERAGE | $140 5,000 VES |
| HIGH | $1,400 50,000 VES |
| Per Month |
How much money can you save in Venezuela 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 Venezuela manage to save money from their income every month?
Almost 52% of the surveyed people in Venezuela said that they can save some money at the end of each month while 48% said that aren't saving anything.
Percentage of people saving money by population group in Venezuela
| Group | Savers | Non Savers |
|---|
| Singles | 55% | 46% |
| Couples | 50% | 51% |
| Families | 45% | 56% |
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
820 VES
$23 | 11,000 VES
$290 | 110,000 VES
$2,900 |
For most people, 7% to 27% of their monthly income is what they can allocate to their savings, with 14% being the average. The amount of money that people can save is approximately 11,000 VES on average with savings ranging from 820 VES to 110,000 VES.
55% of surveyed singles reported some of their income going to savings while 50% of couples said the same. 45% of families confirmed their ability to save money.
How much money do people actually save in Venezuela?
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
820 VES
$23 | 7,300 VES
$200 | 49,000 VES
$1,400 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 33% |
| 10% - 20% | 26% |
| 20% - 30% | 17% |
| 30% - 40% | 12% |
| 40% - 50% | 9% |
| > 50% | 3% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 10% to 29% of their monthly income to savings, with 18% being the average for most singles. The average amount of money that singles are able to save is 7,300 VES with 820 VES and 49,000 VES being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
4,100 VES
$110 | 12,000 VES
$340 | 65,000 VES
$1,800 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 37% |
| 10% - 20% | 28% |
| 20% - 30% | 20% |
| 30% - 40% | 7% |
| 40% - 50% | 6% |
| > 50% | 2% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 8% to 28% of their monthly income, with 16% being the average for most couples. The average amount of money that couples can save is 12,000 VES with 4,100 VES and 65,000 VES being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
5,700 VES
$160 | 16,000 VES
$450 | 110,000 VES
$2,900 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 40% |
| 10% - 20% | 31% |
| 20% - 30% | 21% |
| 30% - 40% | 4% |
| 40% - 50% | 3% |
| > 50% | 1% |
Interpretation and Analysis
Families in Venezuela can save anywhere between 7% to 26% of their monthly income, with 13% being the average for most families. The average amount of money that families can put aside is 16,000 VES with 5,700 VES and 110,000 VES being the minimum and maximum respectively.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Venezuela
Housing cost for a single person28%
28% of total expenses on average (16% to 40%)
| LOW | $37 1,300 VES |
| AVERAGE | $260 9,500 VES |
| HIGH | $1,800 63,000 VES |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile9%
9% of total expenses on average (5% to 14%)
| LOW | $6.1 220 VES |
| AVERAGE | $44 1,600 VES |
| HIGH | $290 11,000 VES |
| Per Month |
Transport and Fuel Cost4%
4% of total expenses on average (2% to 10%)
| LOW | $8.2 290 VES |
| AVERAGE | $59 2,100 VES |
| HIGH | $390 14,000 VES |
| Per Month |
Food and Groceries Cost20%
20% of total expenses on average (14% to 25%)
| LOW | $16 590 VES |
| AVERAGE | $120 4,200 VES |
| HIGH | $780 28,000 VES |
| Per Month |
Healthcare Cost13%
13% of total expenses on average (7% to 17%)
| LOW | $9.2 330 VES |
| AVERAGE | $66 2,400 VES |
| HIGH | $440 16,000 VES |
| Per Month |
Leisure and Shopping Expenditure2%
2% of total expenses on average (2% to 5%)
| LOW | $5.1 180 VES |
| AVERAGE | $37 1,300 VES |
| HIGH | $240 8,800 VES |
| Per Month |
Education Cost1%
1% of total expenses on average (0.00% to 3%)
| LOW | $2 74 VES |
| AVERAGE | $15 530 VES |
| HIGH | $98 3,500 VES |
| Per Month |
Other Expenses23%
23% of total expenses on average (15% to 27%)
| LOW | $18 660 VES |
| AVERAGE | $130 4,800 VES |
| HIGH | $880 32,000 VES |
| Per Month |
Saving Challenges in Venezuela
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Venezuela. 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 | 2% |
| 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 2% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Monthly costs and expenses of energy and basic utilities in Venezuela
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Venezuela
Utility Bill Cost / Electricity + Water + Gas / Individual
| 220 VES | 1,600 VES | 11,000 VES |
Utility Bill Cost / Electricity + Water + Gas / Couple
| 590 VES | 2,000 VES | 13,000 VES |
Utility Bill Cost / Electricity + Water + Gas / Family
| 1,000 VES | 2,900 VES | 19,000 VES |
Internet and cable cost
Mobile phone bill and charges
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 Venezuela ranges between 220 VES and 11,000 VES with average being 1,600 VES, meanwhile the expenditure of couples is slightly higher at 2,000 VES with 590 VES and 13,000 VES 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 2,900 VES. The cost of internet and WiFi is unchanged among the three groups and ranges from 190 VES to 500 VES with 380 VES being the average internet bill. Finally, the average monthly mobile charges is around 250 VES but can range between 150 VES and 750 VES 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
The average utility-to-income ratio in Venezuela is around 7%. This means that people pay 7% of their income for energy, water, internet, and mobile charges. Those figures can range from 4% to 11% depending on salary and location.
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Venezuela
Housing cost for a couple25%
25% of total expenses on average (18% to 35%)
| LOW | $140 5,000 VES |
| AVERAGE | $420 15,000 VES |
| HIGH | $2,200 80,000 VES |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile8%
8% of total expenses on average (6% to 12%)
| LOW | $16 590 VES |
| AVERAGE | $55 2,000 VES |
| HIGH | $360 13,000 VES |
| Per Month |
Transport and Fuel Cost8%
8% of total expenses on average (2% to 13%)
| LOW | $49 1,800 VES |
| AVERAGE | $150 5,300 VES |
| HIGH | $780 28,000 VES |
| Per Month |
Food and Groceries Cost18%
18% of total expenses on average (13% to 23%)
| LOW | $57 2,100 VES |
| AVERAGE | $170 6,200 VES |
| HIGH | $910 33,000 VES |
| Per Month |
Healthcare Cost15%
15% of total expenses on average (9% to 19%)
| LOW | $45 1,600 VES |
| AVERAGE | $130 4,800 VES |
| HIGH | $720 26,000 VES |
| Per Month |
Leisure and Shopping Cost3%
3% of total expenses on average (1% to 6%)
| LOW | $24 880 VES |
| AVERAGE | $73 2,600 VES |
| HIGH | $390 14,000 VES |
| Per Month |
Education Cost1%
1% of total expenses on average (0.00% to 3%)
| LOW | $8.1 290 VES |
| AVERAGE | $24 880 VES |
| HIGH | $130 4,700 VES |
| Per Month |
Other Expenses22%
22% of total expenses on average (16% to 28%)
| LOW | $69 2,500 VES |
| AVERAGE | $210 7,500 VES |
| HIGH | $1,100 40,000 VES |
| Per Month |
Low-cost alternatives in Venezuela
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 options53%
Few low-cost options47%
Based on the survey, 53% of the people living in Venezuela have no problem finding low-cost alternatives to support a frugal lifestyle while 47% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Food Prices, Dining Expenses, and Grocery Costs in Venezuela
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Venezuela
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Venezuela is approximatly 75 VES with meal cost ranging from 38 VES to 130 VES. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 130 VES and 380 VES with 190 VES being the average price of a plate for one person at a regular restaurant in Venezuela.
Fine dining meal for one price
| 250 VES | 380 VES | 1,500 VES |
The price range of a meal at fine-dining restaurant is 250 VES to 1,500 VES with the average cost being 380 VES for one person. This is what you would expect to pay a top-tier diner in Venezuela.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Venezuela is around 50 VES. Price ranges between 31 VES and 75 VES depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Venezuela is 30 VES. The maximum what you would pay for milk is 38 VES and the minimum being 25 VES depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 25 VES on average with 19 VES and 38 VES being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Venezuela is between 43 VES and 78 VES depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 55 VES.
Pack of beef price
The price of a regular pack of beef or meat is around 75 VES. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Venezuela costs around 28 VES on average with prices rangeing between 20 VES and 39 VES depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 7.5 VES to 19 VES. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 18 VES 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
The average grocery-to-income ratio in Venezuela is around 28%. This means that people spend 28% of their income on grocery and basic household items. The expenditure can range from 20% to 34% depending on salary and location.
Expenditure on food and grocery for every population group
A single person living alone spends approximately 4,200 VES per month on grocery and food with expenditure fluctuating between 590 VES and 28,000 VES depending on location and the type of person. The average cost of food and groceries for a couple is around 6,200 VES per month. That number can be get as low as 2,100 VES or a high as 33,000 VES. Families' spending on grocery ranges from 3,700 VES to 69,000 VES with the location, income, and size of the family being the most determinite factors.
Prices and cost of goods and services in Venezuela
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
| 250 VES | 380 VES | 1,500 VES |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 94,000 VES | 190,000 VES | 250,000 VES |
Bus ticket one way
Car Service
Utility cost (monthly)
Utility Bill - Individual
| 220 VES | 1,600 VES | 11,000 VES |
Utility Bill - Couple
| 590 VES | 2,000 VES | 13,000 VES |
Utility Bill - Family
| 1,000 VES | 2,900 VES | 19,000 VES |
Internet and cable
Mobile phone charges
Leisure and activities costs
Movie ticket
One month gym membership
Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
| 190 VES | 230 VES | 1,300 VES |
Regular t-shirt
Housing costs / monthly rent
Studio apartment
| 3,100 VES | 4,700 VES | 13,000 VES |
1-bedroom apartment
| 4,700 VES | 7,500 VES | 19,000 VES |
2-bedroom apartment
| 6,300 VES | 9,400 VES | 25,000 VES |
Housing costs / Buying
Studio apartment
| 630,000 VES | 940,000 VES | 1.9M VES |
1-bedroom apartment
| 750,000 VES | 1.3M VES | 4.7M VES |
2-bedroom apartment
| 1.3M VES | 3.8M VES | 7.5M VES |
| $35,000 | $100,000 | $210,000 |
Furniture Costs
King Size Bed
| 3,800 VES | 4,700 VES | 6,300 VES |
Double Bed
| 2,500 VES | 3,800 VES | 4,700 VES |
Single Bed
| 2,200 VES | 2,900 VES | 3,800 VES |
Living Room
| 4,200 VES | 5,400 VES | 19,000 VES |
Dining Table
| 1,900 VES | 2,500 VES | 4,700 VES |
Sofa or Couch
| 2,500 VES | 3,400 VES | 7,500 VES |
Electronics and House Appliance Costs
TV Set
| 2,500 VES | 3,800 VES | 7,500 VES |
Fridge or Freezer
| 2,200 VES | 3,400 VES | 4,700 VES |
Washing Machine
| 2,900 VES | 4,200 VES | 7,500 VES |
Stove or Cooker
| 2,700 VES | 3,400 VES | 4,700 VES |
Mobile Phone
| 3,100 VES | 3,800 VES | 5,400 VES |
Laptop or Computer
| 3,400 VES | 4,200 VES | 7,500 VES |
Financial Literacy in
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 Leteracy38%
We asked residents of whether they acquired any adequate personal financial training in their lives. Approximately 62% 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 38% 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 have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 56% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 44% said that they have everything under control.
Struggles with finance56%
Easily manages finances44%
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 whether they have an emergency fund and the answers were as follows.
Yes41%
No59%
Based on the survey, 59% of the people living in Venezuela said that they don't have an emergency fund while 41% said that they do.
Financial goals of people in Venezuela
In an attempt to understand the economic situation in Venezuela, 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 | 46% |
| Retirement Savings | 11% |
| Education Funding | 6% |
| Homeownership | 19% |
| Investing | 6% |
| Travel or Lifestyle | 5% |
| 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 46% 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 5% 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.
Affordable living in Venezuela
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Venezuela?
Around 43% of surveyed residents think that living in Venezuela is affordable with proper budgeting while 57% reported that it is just too expensive and not affordable even with frugality and thriftness.
Debt, loans, and mortgages in Venezuela
Percentage of people who are in debt
According to the survey, 31% of the people in Venezuela have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Venezuela
Debt to income ratio
33%
26% to 41%
( 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 33% of the people's monthly income in Venezuela goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 4% |
| 50% - 60% | 20% |
| 40% - 50% | 16% |
| 30% - 40% | 18% |
| 20% - 30% | 9% |
| 10% - 20% | 10% |
| 0% - 10% | 25% |
According to our data, 4% of the debtors in Venezuela 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. 16% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 18% 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 Venezuela
| Debt | % People |
|---|
| Real Estate Mortgage | 7% |
| Auto Loan | 13% |
| Student Loan | 4% |
| Credit Card | 31% |
| Personal Loan | 45% |
7% of debtors in Venezuela 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 Venezuela.
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 Venezuela
Besides measuring the loan-to-income ratio, we asked residents 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 | 25% |
| Twice a year | 13% |
| Three times a year | 9% |
| Four times a year | 5% |
Typical saving choices for people in Venezuela
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 13% |
| Gold | 14% |
| Savings Accounts | 16% |
| Retirement Accounts | 9% |
| Cash Savings | 22% |
| Real Estate | 9% |
| Investment | 5% |
| Stocks | 3% |
| Bonds | 4% |
| Mutual Funds | 2% |
| Certificates of Deposit | 2% |
FamilyAverage monthly expenses and break out of spending for families living in Venezuela
Housing cost for a family24%
24% of total expenses on average (19% to 34%)
| LOW | $180 6,600 VES |
| AVERAGE | $520 19,000 VES |
| HIGH | $3,400 120,000 VES |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile6%
6% of total expenses on average (4% to 9%)
| LOW | $28 1,000 VES |
| AVERAGE | $81 2,900 VES |
| HIGH | $530 19,000 VES |
| Per Month |
Transport and Fuel Expenses4%
4% of total expenses on average (2% to 6%)
| LOW | $57 2,100 VES |
| AVERAGE | $160 5,900 VES |
| HIGH | $1,100 38,000 VES |
| Per Month |
Food and Groceries Cost22%
22% of total expenses on average (15% to 28%)
| LOW | $100 3,700 VES |
| AVERAGE | $290 11,000 VES |
| HIGH | $1,900 69,000 VES |
| Per Month |
Healthcare Expenses12%
12% of total expenses on average (8% to 17%)
| LOW | $51 1,800 VES |
| AVERAGE | $160 5,900 VES |
| HIGH | $850 31,000 VES |
| Per Month |
Leisure and Shopping Cost2%
2% of total expenses on average (1% to 6%)
| LOW | $28 1,000 VES |
| AVERAGE | $81 2,900 VES |
| HIGH | $530 19,000 VES |
| Per Month |
Education Cost13%
13% of total expenses on average (6% to 21%)
| LOW | $80 2,900 VES |
| AVERAGE | $230 8,200 VES |
| HIGH | $1,500 53,000 VES |
| Per Month |
Other Expenses17%
17% of total expenses on average (10% to 22%)
| LOW | $46 1,600 VES |
| AVERAGE | $130 4,700 VES |
| HIGH | $850 31,000 VES |
| Per Month |
Retirement, pension plans, and life after work in Venezuela
What does the retirement lifestyle look like in Venezuela and how much retirement savings are required?
Retirement age
The retirement age for most employees in 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 Venezuela:| Age | Amount |
|---|
| 25 | 98,000 VES |
| 30 | 200,000 VES |
| 35 | 340,000 VES |
| 40 | 490,000 VES |
| 45 | 730,000 VES |
| 50 | 1M VES |
| 55 | 1.2M VES |
| 60 | 1.5M VES |
| 65 | 1.8M VES |
Retirement Income Distribution
We asked residents 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 Venezuela 2,200 VES
$61 | 20,000 VES
$550 | 130,000 VES
$3,600 |
StudentCost of living and expenses break down for students living in Venezuela
Housing costs for Student16%
16% of total expenses on average (11% to 22%)
| LOW | $20 700 VES |
| AVERAGE | $130 4,700 VES |
| HIGH | $870 31,000 VES |
| Per Month |
Utilities, Electricity, Water, Internet, and Mobile Expenses7%
7% of total expenses on average (5% to 11%)
| LOW | $3.3 120 VES |
| AVERAGE | $22 790 VES |
| HIGH | $150 5,200 VES |
| Per Month |
Transport and Fuel Cost3%
3% of total expenses on average (4% to 9%)
| LOW | $5.7 210 VES |
| AVERAGE | $38 1,400 VES |
| HIGH | $250 9,200 VES |
| Per Month |
Food and Groceries Expenditure24%
24% of total expenses on average (18% to 28%)
| LOW | $16 590 VES |
| AVERAGE | $110 3,900 VES |
| HIGH | $730 26,000 VES |
| Per Month |
Healthcare Cost10%
10% of total expenses on average (7% to 13%)
| LOW | $4.9 180 VES |
| AVERAGE | $33 1,200 VES |
| HIGH | $220 7,900 VES |
| Per Month |
Leisure and Shopping Cost2%
2% of total expenses on average (1% to 6%)
| LOW | $4.1 150 VES |
| AVERAGE | $27 980 VES |
| HIGH | $180 6,600 VES |
| Per Month |
Education Cost18%
18% of total expenses on average (11% to 23%)
| LOW | $15 560 VES |
| AVERAGE | $100 3,700 VES |
| HIGH | $690 25,000 VES |
| Per Month |
Other Expenses20%
20% of total expenses on average (14% to 26%)
| LOW | $12 440 VES |
| AVERAGE | $82 2,900 VES |
| HIGH | $550 20,000 VES |
| Per Month |
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.
