Jamaica attracts people from all over the globe. Its beaches and comfortable atmosphere make it a dream destination for everyone from tourists to expatriates to some retirees. Due to how quickly currencies can appreciate and depreciate, calculating exact figures for the cost of living in Jamaica is difficult.
As of the time of writing, one USD is worth $128.85 Jamaican Dollars (JMD). As an upper middle-income country, the island’s government has made many efforts to invest in and improve the living conditions of its people. One result of this investment is that buying certain foods (excluding milk) locally instead of importing them is the more economically sound option. However, everyday items such as toothpaste are more expensive on the island.
How much one should expect to pay for rent depends on location and size of the space. According to Expatistan, a site dedicated to helping expatriates by providing indexes of the costs of living around the world, renting a furnished 900-square-foot apartment can cost either $104,114 JMD ($814 USD) in an expensive neighborhood or $59,998 JMD ($469 USD) in a more average neighborhood. These prices drop considerably with a reduction in the size of the dwelling.
Living in a furnished 480-square-foot studio apartment goes for about $82,673 JMD ($646 USD) in an expensive neighborhood or $42,091 JMD ($329 USD) in a more average area. Additional utilities and amenities increase these totals, especially considering that Jamaica’s national minimum wage increased last March to $6,200 JMD per 40-hour work week and $8,854 JMD per week for Industrial Security Guards.
Primary school education in Jamaica is mandatory and free, although other schooling materials do add to the cost of living in Jamaica. Each September, a parent can expect to pay anywhere between $300 and $400 USD per child at the elementary-school level for books, uniforms and mandatory auxiliary fees. These fees allow schools to continue operating and making improvements. A child can be turned away if these charges are left unpaid.
If one is looking to retire in Jamaica, there are many factors to consider. These factors include housing, food, utilities, transportation and healthcare. Some services and appliances such as washers, dryers and dishwashers are uncommon due to import costs and there is not enough power to run them. In that same vein, a backup generator is a recommended investment.
Public transportation in Jamaica is not known to be the most punctual or comfortable. To get around this, having a car of one’s own is also recommended.
As for healthcare, the island’s clinics and hospitals provide their services for free, but they are also frequently described as unreliable. Kingston and Montego Bay are home to the best facilities on the island, so living there and taking out a proper health insurance policy covers quite a few bases.
Overall, Investopedia concluded that, given the cost of living in Jamaica, one could retire comfortably with a savings of $200,000 USD (approximately $25,668,730 JMD).
For those living on the island, the cost of life in Jamaica seems to be somewhat of a struggle to maintain, especially if many obligations need attention (such as children). However, that is not to say it is impossible. Perhaps if the minimum wage increases again like it did last year it will be easier for people to meet their needs.
– Jada Haynes