Cost of living in Fongafale
Fongafale, the largest island in Tuvalu, serves as the country's administrative center. Understanding the cost of living here is crucial for anyone considering relocating or working in this unique Pacific island setting.
This summary provides insights into the cost of housing, average salaries, and financial aspects that influence daily life in Fongafale.
Cost of Living Summary
Housing Costs
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre is approximately $1053.66.
Salaries and Financing
- Average Monthly Net Salary (After Tax) - The average monthly net salary after tax in Fongafale is $5614.35.
- Mortgage Interest Rate - The mortgage interest rate for a 20-year fixed-rate loan is 5% annually.
Cost of Living Data
Buy Apartment Price
Buy Apartment Price
Salaries And Financing
Salaries And Financing
"Key Takeaways"
Fongafale offers relatively affordable housing prices compared to many urban centers, with a cost of $1053.66 per square meter in the city centre.
The average monthly net salary is quite high at $5614.35, which may provide a comfortable standard of living for residents.
Mortgage interest rates are moderate at 5%, which could be favorable for those looking to invest in property.
Conclusion
Fongafale presents a unique living environment with its own set of financial dynamics. The cost of buying property is relatively low, which could be attractive for potential investors.
With a high average salary, residents may find it easier to manage living expenses, although the specifics of daily costs such as groceries and utilities are not detailed here.
Overall, Fongafale could be a viable option for those seeking a balance between income and housing affordability in a Pacific island setting.
Nearby Cities
All cities in Tuvalu