Port Elizabeth is a medium city located in South Africa with a metropolitan area population of 775,255. A couple could live a moderate lifestyle in Port Elizabeth on a budget of $1,431 per month, or $17,168 per year.
Cost of Living in Port Elizabeth, South Africa
As noted above, the cost of living in Port Elizabeth, South Africa is $1,431 per month for a couple living a moderate lifestyle. This budget consists of $559 for housing related costs, $310 for food, and $562 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Port Elizabeth is estimated to cost $410
- Basic utilities including electricity, water, and gas will run about $104
- High-speed internet averages $44
- Typical grocery costs of $219 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $38
- Frequent coffees in a neighborhood café are estimated to be about $54
- Meals out are estimated to be $356 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $102 for public transport passes and occasional taxis
- Fitness center memberships of $73
- Cinema tickets of $31 include several outings for international releases
Note that Port Elizabeth, South Africa is a not very walkable city with a Walk Score of 12/100, which means you definitely need a car if you are living in the city center and public transportation may not be very accessible or convenient.
Amount of Money Needed to Retire in Port Elizabeth, South Africa
Many people searching the internet for the cost of living in Port Elizabeth, South Africa are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $429,195 to live a moderate lifestyle in Port Elizabeth, South Africa.
Annual expenses of $17,168 ÷ 4% = $429,195 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Port Elizabeth, South Africa is affordable coming in at $1,431 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $429,195.