Whether you're living in Gambia 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.
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.
The average spending-to-salary ratio in Gambia is 87% This means that on average, people spend around 87% of their income for living. According to the distribution table, 15% of the population spend approximately 60% to 70% of their income every month.
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.
People living in Gambia typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 4,800 GMD with expenditure ranging from 370 GMD to 48,000 GMD. 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 Gambia ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 810 GMD with 62 GMD and 8,100 GMD 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 120 GMD to 16,000 GMD on commuting with 1,600 GMD 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 Gambia is 4,000 GMD. The cost of groceries can range between 310 GMD to 40,000 GMD. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.
People in Gambia 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 87 GMD to 11,000 GMD with 1,100 GMD 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 50 GMD to 6,500 GMD with 650 GMD being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% 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 970 GMD per month with 75 GMD being the minimum spent amount and 9,700 GMD being the maximum.
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