We thought that a comment about the current cost of living in Armenia would be a subject to review as we move into a new year. There are many youtube videos about that, most are fairly accurate but are generalities, we want to provide the actual numbers of our expenditures for the last billing cycle. For ease of conversion, we have used a rate of 5,000 COP to the dollar, as we write this, USDCOP is trading at 4,934, 5,000 is just around the corner. On that note, our foreign exchange forecasters, eight of them with large North American banks and foreign exchange clearing houses, are predicting 5,400 to 5,600 at year end 2023, about a ten percent devaluation. As long as inflation does not exceed ten percent, converting foreign currency will become even more attractive than it is now. Our impetus for this blog is the fact that we have had calls from clients with an income of $1200 to $2000 US wondering if that would give them the lifestyle they would like as opposed to what, in many cases, they are suffering through now. Please read on.
We live in a three bedroom, three bath, office. two story townhouse, of about 115 square meters, in a gated community with 24 hour security in one of the best barrios in Armenia. For that we pay exactly two million COP, $400 US monthly. Others for a little less can be found, but for budgeting purposes $350 to $400 is a good place to start.
Services are as follows, for one month, the actual amount that we paid is converted once again to US dollars, rounded up. Electricity, $17, water, $19, gas for cooking and hot water, $7, and 300 meg of internet with 160 channels of TV is $21. Speaking of gas, gasoline, we filled up a few days ago, and paid $2.09 a gallon. Food is subjective, we like our own cooking and when we eat out it is usually for breakfast. We won’t go into all the details, suffice it to say that we average around $180 a month, we have never spent more than $200. Much of it comes directly from fincas, eggs laid the previous day is the norm, fresh fruit and vegetables are available year round, one’s diet is infinitely better in Armenia. Breakfast in a modern, clean, cafe style restaurant is between $2 and $4, $2 gets you pancakes with four varieties of sliced fruit, banana, apple, strawberries, blueberries and sometimes mango.
Everyone has a cellular, we pay just under $7 a month for an all inclusive plan for calls to Colombia, Venezuela and all of North America, that’s not a typo, $7 a month. The caveat is that one needs three people on the plan so the total would be $21, a fantastic deal. We often talk to the United States and Canada for twelve to twenty hours a month, still just under $7.
So, all in, rent, services, food and cellular, living very well, totals $671 US a month, $1,200 a month is more than sufficient. In many places in North America, $671 a month would be the rent for a studio apartment, maybe in some areas a one bedroom, but not much more than that. For anyone stressed about their financial situation, Armenia has to be a place to consider for retirement, google it and the surrounding area, Salento, Circasia, Filandia, Quimbaya, Montenegro, all close by and beautiful places to call home. If Armenia becomes your preferred destination, contact us for our property questionnaire whereby we have you narrow down your living choices, we send our recommendations back and then make a personal inspection of your top three. Our position concerning real estate will not change, we suggest that if you are not familiar with Armenia, you rent for at least six months, buying cold should not be a consideration. We can help with whatever you decide, our previous blogs cover many subjects that we believe you will find helpful. Contact us at your convenience.