Home » Bahamas » Bahamas – Cost of Living

Bahamas – Cost of Living

The Bahamas is a tropical paradise located in the Caribbean, known for its beautiful beaches, crystal clear waters, and vibrant culture. However, how does the cost of living in the Bahamas compare to that of other countries? In this article, we will answer this question and provide a breakdown of costs for singles, couples, and families of four in the Bahamas.

Local Currency in the Bahamas

The official currency of the Bahamas is the Bahamian dollar (BSD). The Bahamian dollar is widely accepted in the Bahamas, and major credit cards are also accepted in many businesses. ATMs are widely available, and currency exchange services are also available in many locations.

Cost of Living in the Bahamas vs UK and USA

The cost of living in the Bahamas is generally higher than that of the UK and the USA. According to Numbeo, a website that provides information on the cost of living in countries around the world, the cost of living in the Bahamas is 28.57% higher than in the UK and 7.73% higher than in the USA. This means that it is generally more expensive to live in the Bahamas than in the USA but much more expensive than in the UK.

Breakdown of Costs in the Bahamas

To provide a more detailed understanding of the cost of living in the Bahamas, we will break down costs for singles, couples, and families of four in the following categories: housing, food, utilities, leisure, transport, clothing, and household goods. All costs are approximate and based on current prices as of 2023.

Housing

The cost of housing in the Bahamas can vary widely depending on the location and size of the property. According to Numbeo, the average monthly rent for a one-bedroom apartment in the city center is BSD 1,200-1,800, while a three-bedroom apartment in the same location can cost BSD 2,500-3,500 per month. For those looking to buy property in the Bahamas, the average cost per square meter in the city center is BSD 3,500-4,500.


Get Our Best Articles Every Month!

Get our free moving abroad email course AND our top stories in your inbox every month


Unsubscribe any time. We respect your privacy - read our privacy policy.


Food

The cost of food in the Bahamas can be relatively expensive due to the country’s reliance on imported goods. A loaf of bread costs approximately BSD 4, a liter of milk is around BSD 4, and a dozen eggs cost BSD 4.50. A meal for two in a mid-range restaurant can cost between BSD 60 and BSD 100. Grocery prices can be higher than in the UK and the USA due to the cost of transportation and import duties.

Utilities

Utilities such as electricity, water, and gas can be relatively expensive in the Bahamas. The average monthly cost for these services is around BSD 150-250. Internet and mobile phone plans are also reasonably priced, with unlimited internet plans starting at around BSD 70 per month.

Leisure

The Bahamas is known for its beautiful beaches and outdoor activities, and the cost of leisure pursuits in the country can vary depending on the activity. A day trip to a nearby island can cost between BSD 100 and BSD 200 per person, while a visit to a local attraction like the Pirates of Nassau Museum can cost around BSD 20. A cinema ticket costs around BSD 15, and a fitness club membership is approximately BSD 80-100 per month.

Transport

The cost of transportation in the Bahamas can vary depending on the mode of transportation. A liter of gasoline costs around BSD 0.90, and a monthly public transportation pass is around BSD 40-60. Taxis are also available, with an initial charge of BSD 4 and a cost of around BSD 2 per kilometer.

Clothing

The cost of clothing in the Bahamas can vary widely depending on the type of clothing and the location. High-end fashion brands can be relatively expensive, while other clothing items can be more affordable. A pair of jeans costs around BSD 60, while a business suit can cost between BSD 800 and BSD 1,500.

Household Goods

The cost of household goods in the Bahamas can vary widely depending on the type of goods. A basic set of furniture for a one-bedroom apartment can cost around BSD 3,000-4,000, while a washing machine costs approximately BSD 1,000-2,000. Electronics such as televisions and laptops can also be relatively expensive in the Bahamas due to import duties.

Forms of Payment in the Bahamas

The most common forms of payment in the Bahamas are cash and credit cards. The Bahamian dollar is widely accepted, and many businesses also accept major credit cards such as Visa and Mastercard. However, it is recommended to carry cash as some smaller businesses may not accept cards. ATMs are widely available throughout the country, and currency exchange services are also available.

The cost of living in the Bahamas is generally higher than that of the UK and the USA due to the country’s small size and reliance on imported goods. The cost of housing, utilities, and transportation can be relatively expensive, while food and leisure activities are generally affordable. Cash and credit cards are the most common forms of payment, and the Bahamian dollar is widely accepted. As with any country, the cost of living in the Bahamas can vary widely depending on individual circumstances and lifestyle choices. However, for those looking for a tropical paradise with stunning beaches and a vibrant culture, the Bahamas can be an attractive option.


Latest Videos

In this short video, we dive into the significant health care updates and changes happening globally in 2024. From Germany's insurance cost adjustments to Cyprus's renewed COVID-19 precautions, we cover the essential news you need to know.  Germany's Health Insurance Update:  Starting in 2024, residents in Germany will see a slight increase in their health insurance costs, with a 0.1% rise to a maximum of 1.7%. This adjustment aims to expand coverage for medical care not currently included in statutory health insurance, such as select dental treatments, IVF, and early cancer screenings.  COVID-19 Measures Reintroduced in Cyprus:  With over 3000 new COVID-19 cases, Cyprus is stepping up its game by reintroducing health measures. Requirements now include proof of a negative COVID-19 test for entry into various facilities, emphasizing the importance of vaccination, especially for the elderly, to combat the evolving virus strains.  Free Health Trials in Trieste, Italy:  Trieste launches an initiative for free health screenings, including echocardiograms and blood tests, focusing on preventive care against non-communicable diseases. This move underscores the city's commitment to improving public health through early detection and prevention.  Spain's New Health Advice App:  Madrid introduces a groundbreaking app offering reliable health advice to counteract the widespread misinformation online. This app, part of the 'Madrid Te Cuida' initiative, will guide users to accurate information, from diet tips to medical queries, ensuring the advice is vetted by health professionals.  Expat Satisfaction with Healthcare in Mexico:  A study reveals that expat retirees in Mexico are largely content with the healthcare quality and costs, with many citing significant savings compared to the United States without compromising on care quality. This insight sheds light on the growing trend of healthcare tourism and relocation for medical reasons.  Stay tuned as we unpack these updates, providing you with the insights and implications of these healthcare changes. Whether it's the impact on your wallet or the quality of care you can expect, we've got you covered in this comprehensive overview of health care in 2024. Don't forget to like, share, and subscribe for more health news around the globe!

In this short video, we dive into the significant health care updates and changes happening globally in 2024. From Germany's insurance cost adjustments to Cyprus's renewed COVID-19 precautions, we cover the essential news you need to know.

Germany's Health Insurance Update:

Starting in 2024, residents in Germany will see a slight increase in their health insurance costs, with a 0.1% rise to a maximum of 1.7%. This adjustment aims to expand coverage for medical care not currently included in statutory health insurance, such as select dental treatments, IVF, and early cancer screenings.

COVID-19 Measures Reintroduced in Cyprus:

With over 3000 new COVID-19 cases, Cyprus is stepping up its game by reintroducing health measures. Requirements now include proof of a negative COVID-19 test for entry into various facilities, emphasizing the importance of vaccination, especially for the elderly, to combat the evolving virus strains.

Free Health Trials in Trieste, Italy:

Trieste launches an initiative for free health screenings, including echocardiograms and blood tests, focusing on preventive care against non-communicable diseases. This move underscores the city's commitment to improving public health through early detection and prevention.

Spain's New Health Advice App:

Madrid introduces a groundbreaking app offering reliable health advice to counteract the widespread misinformation online. This app, part of the 'Madrid Te Cuida' initiative, will guide users to accurate information, from diet tips to medical queries, ensuring the advice is vetted by health professionals.

Expat Satisfaction with Healthcare in Mexico:

A study reveals that expat retirees in Mexico are largely content with the healthcare quality and costs, with many citing significant savings compared to the United States without compromising on care quality. This insight sheds light on the growing trend of healthcare tourism and relocation for medical reasons.

Stay tuned as we unpack these updates, providing you with the insights and implications of these healthcare changes. Whether it's the impact on your wallet or the quality of care you can expect, we've got you covered in this comprehensive overview of health care in 2024. Don't forget to like, share, and subscribe for more health news around the globe!

YouTube Video UCB21b-C4O2aXm7H18_GsXMQ_nC_Fs6gU22U

Expat Focus International Healthcare Update January 2024

Expat Focus 31 January 2024 10:36 am

This error message is only visible to WordPress admins

Important: No API Key Entered.

Many features are not available without adding an API Key. Please go to the YouTube Feed settings page to add an API key after following these instructions.