Budgeting for Life in Chiang Mai
Consider settling down in Chiang Mai, where a retired couple can live for as little as $1,055 per month for basic expenses.
We know a single man, an American, who lives on only $200 a month, with half of that for rent. He gets around on a bicycle and eats at noodle stalls--or for free when a temple offers lunch. He makes a sport out of spending as little as possible. We know a Thai American woman who bought an apartment in a small town 15 k.m. from Chiang Mai. She manages on $600 a month Social Security and, as she is Thai and over 60, she has free government health care. But those are special cases, exceptions. You should start with a bigger budget, below.
House and apartment rentals can vary a great deal. We know a couple who rent a place in the countryside 12 kilometers from old town Chiang Mai and pay only $135 for a small home and garden. You will certainly pay more for larger, newer places in town.
Foreigners can own apartments/ condos in Thailand but, unless they go through hoops, not real property. So we show living costs assuming the purchase of an apartment/ condo.
House or Apartment Rental
| Rent |
$400 |
Can vary greatly |
| HOA Fees |
$0 |
Not usually required of renters in Thailand |
| Property Taxes |
$0 |
|
| Transportation |
$0 |
Local buses $.60 per person, taxis average $2,50 per ride |
Gas
|
$0 |
|
| Electricity |
$50 |
Average value, depends on air-con |
| Telephone |
$15 |
Cell phone, depending on use |
| Internet |
$25 |
|
| Cable TV |
$50 |
Includes English language movies |
| Household Help, fulltime |
$50 |
Once or twice a week |
| Food |
$125 |
|
| Entertainment |
$250 |
Includes meals away from home |
| Homeowner's Insurance |
$0 |
If you are in a house, I'd suggest insurance, about $54 monthly |
|
|
Exchange Rate: $1=35 baht (Jan 09) |
| TOTAL |
$965 |
|
Apartment Ownership
| Rent |
$0 |
|
| HOA Fees |
$75 |
|
| Property Taxes |
$0 |
|
| Transportation |
$100 |
Local buses $.60 per person, taxis average $2.50 per ride |
| Gas |
$0 |
Used for hot water and cooking |
| Electricity |
$50 |
Average value, depends on air-con |
| Telephone |
$15 |
Cell phone, depends on use |
| Internet |
$25 |
|
| Cable TV |
$50 |
Includes English language movies |
| Household Help, fulltime |
$50 |
Once or twice a week |
| Food |
$125 |
|
| Entertainment |
$250 |
Includes meals away from home |
| Homeowner's Insurance |
$35 |
|
|
|
Exchange Rate: $1=35 baht (Jan 09) |
| TOTAL |
$775 |
|
Owning a Car
| Car Registration |
$20 |
Based on a $23,000 SUV |
| Insurance |
$20 |
Full coverage on a $23,000 SUV |
| Maintenance |
$40 |
|
| Fuel |
$100 |
|
| Car Total |
$180 |
|
If you have a car you'll largely eliminate the $100 a month budgeted for local transportation.
Costs skyrocket if you want to live in Bangkok , figure you'll pay double for rent, transportation, eating out and entertainment.
Paul Terhorst
For Live and Invest Overseas
