Gizane Campos
Grenada is a wonderful Caribbean island whose popularity has increased in the last few years. Renowned for its beauty and the warmth of its population, the ‘Spice Island’ is the new Caribbean destination. This guide introduces you to the cost of living in Grenada.
Here’s what we’ll cover in this article:
- The estimated monthly costs in Grenada
- Real estate prices in Grenada
- The local transport costs
- Frequently asked questions about living in Grenada, and more.
Understanding the Cost of Living in Grenada
In Grenada, the Caribbean cost of living is affordable and relatively cheap compared to most other Caribbean islands. The cost of groceries, restaurants, education, and real estate is especially advantageous compared to the UK or the USA. Grenada also has a favorable tax regime since it doesn’t have taxes on worldwide income, capital gains, and inheritance tax. The country occupies the 70th place in the Quality of Life Index of the Global Passport Index, with high levels of happiness and freedom.
If you are not looking to relocate but only visit, the average low-budget traveler can expect to pay around $110 to $130 a day per individual in Grenada. This includes the cost of accommodations, food, transportation around the island, and tourist activities in Grenada. If you have a higher budget, you can expect to pay between $250 to $350 a day per individual.
Here are some key Grenada cost of living estimates:
Meals: An inexpensive meal at a low-cost restaurant costs about 20 Eastern Caribbean Dollars (EC). A three-course meal for two people at a mid-range restaurant costs about 200 EC. A combo meal at McDonald’s or Burger King costs about 25 EC.
Beer: A domestic pint of beer costs around 5 EC, and an imported 330ml can costs 8 EC.
Housing: The average cost of a Grenada home is $118,497.
Salary: The average monthly wage in Grenada is about 2,000 to 2,500 EC (about $740 to 9$25 USD).
Eating and Dining out in Grenada
In Grenada, there are a variety of bars and restaurants to pick from. St George’s, the capital city, and Prickly Bay Marina are famous for their concentration of international restaurants. According to data from Numbeo, you can have a three-course meal for two people in a mid-range restaurant for around $79.
You can also find amazing local food anywhere on the island for cheap prices. A meal in an inexpensive restaurant amounts to around $7.40.
Grenada’s local cuisine is famous for its freshness and unique spices. Make sure to try Grenada’s national dish, the ‘oil down’ — a stew of breadfruit, meat, vegetables, coconut milk, and spices.
Grenada’s Transport Costs
Grenada has very good roads and an efficient public transportation system.
It has one international airport located in St George’s — Maurice Bishop International Airport — with direct flights to the US, Canada, and Europe. According to quotes from Google Flights, the average price for a return flight to Miami International Airport is around $450.
On the island, public transports are colored buses traveling everywhere — a one-way ticket costs $1.11. Taxis are also available and widely used.
Take a look at our guide on Why You Should Invest in Grenada
The Cost of Health Care in Grenada
We know how much healthcare expenses can raise the average costs of living in the US. The good news is that Grenada has one of the best healthcare systems in the Caribbean. You can find thirty medical stations, six health centers, and eight hospitals in Grenada.
The island’s main medical facility is the St George’s General Hospital. Even though the hospital has efficient medical infrastructure, evacuation might be needed in serious cases. It is therefore highly recommended that evacuation insurance is obtained in Grenada. Different private health insurance is available on the island. The Grenada government offers universal primary healthcare at the cost of approximately $535 per resident, constituting five percent of the nation’s GDP. Additionally, citizens contribute a nominal supplementary fee for the service.
The Cost of Groceries in Grenada
Grenada is one of the cheapest Caribbean islands to live on regarding the cost of food, which is is very affordable, especially if you consume local products. In Grenada’s markets and grocery stores, you can find locally produced food, fruits, and vegetables at low prices — such as spices. Here are the average prices for everyday food products:
Item | Price |
White rice 1kg | $1.65 |
Fresh white bread (500g) | $2.65 |
Local cheese (1kg) | $12.29 |
Bananas (1kg) | $2.26 |
Oranges | $2.28 |
Eggs (12) | $3.69 |
Onions (1kg) | $2.10 |
Potatoes (1kg) | $2.12 |
Tomatoes (1kg) | $4.62 |
However, imported products, such as gasoline, milk, beef, and foreign clothes, are more expensive than average.
Study Costs in Grenada
In Grenada, education is free and compulsory for children between the ages of 6 and 14.
- Monthly fees for private kindergarten amount to around $200.
- Yearly fees for international primary school amount to $1,650.
Grenada’s most famous university is St George’s University School of Medicine. The tuition rates for 2023 to 2024 are $20,055 per term for preclinical courses and $30,000 to $32,500 for School of Medicine courses. Housing and books are additional costs.
The Cost of Real Estate in Grenada
Renting in Grenada
Rent is a significant part of the cost of living, and many properties in Grenada are affordable for all budgets. Prices will vary depending on the type of property and its location.
For example, you can rent a one-bedroom apartment in the city center for around $780 per month and a three-bedroom apartment for around $1,700.
Outside the city center, prices are lower in some of the best cities to live in Grenada, such as St George’s, Carriacou, Grand Anse, and Lance aux Epines. You can find a one-bedroom apartment for around $435 per month and a three-bedroom apartment for around $660.
Buying property in Grenada
Grenada’s real estate market offers fantastic property options. From historic colonial homes and charming family bungalows to brand-new apartments and luxury villas, there are plenty of properties to purchase in Grenada. Prices vary from $160,000 to $7,000,000. Foreigners must apply for the Alien Landholding License to purchase Caribbean real estate – which amounts to ten percent of the property value.
The Cost of Living in Grenada vs the US
Average living costs in the US are higher than in Grenada for a single person and a family of four, including monthly rent and daily expenses.
Item | United States | Grenada |
Monthly living cost for a single person (without rent) | $1,170 | $955 |
Monthly living cost for a family of four (without rent) | $4,175 | $4,175 |
Monthly rent for a one-bedroom apartment | $1,620 | $610 |
Monthly rent for a three-bedroom apartment | $2,690 | $1,180 |
Grenada Citizenship by Investment Cost
Investors can buy Grenada pre-approved real estate or donate to the country’s government fund through the Grenada Citizenship by Investment and obtain citizenship for themselves and their family members.
The cost to purchase Grenada real estate is $270,000 for a joint investment and $350,000 for an individual investment. Investors can donate $235,000 to the National Transformation Fund (NTF) and obtain a Grenada passport in nine months.
Calculate the cost of citizenship for you and your family, including all associated fees.
Frequently Asked Questions about the Cost of Living in Grenada
Is the cost of living in Grenada expensive?
Grenada living costs are affordable and cheaper than in the USA and the UK. The cost of restaurants, groceries, education, and real estate is especially advantageous.
What are the best places to live in Grenada?
Some of the best cities to live in Grenada with affordable Caribbean real estate are St George’s, Carriacou, Grand Anse, and Lance aux Epines.
Is Grenada safe?
Grenada is a very safe country with a low crime rate.
How can I get a Grenada passport?
You can get a Grenada passport provided that you invest at least $235,000 in the country’s economy. Investments can be made to the National Transformation Fund or in pre-approved real estate.
How much do I need in US dollars to live in Grenada?
The budget necessary to live in Grenada depends on where you live and your lifestyle. Roughly speaking, the estimated living expenses for a single person would be around $950, excluding rent, whereas the family of four estimated monthly costs would be around $3,337. Expect to pay around $48 monthly for internet, $0.20 for one minute of prepaid mobile tariff, and $55 for a monthly pass to the gym.
How much money do you need to retire in Grenada?
To obtain Grenada citizenship via investment, you must invest a minimum of $235,000 in the country. To live in Grenada, the estimated monthly cost for a couple of retirees is about $1,500 a month, without housing costs.
How much does it cost to rent a house in Grenada?
House rents in Grenada vary according to the location and size of the property. Rent for a three-bedroom house outside the city center costs about $660 per month, and outside the center, about $1,700.
What is the average salary in Grenada?
The average salary in Grenada usually ranges between $800 and $1,200 per month. However, the average salary can vary depending on your industry, job role, and individual qualifications.
What are the estimated monthly costs in Grenada?
The cost of living in Grenada will depend on your lifestyle choices, personal circumstances, and location. On average, a family of four estimated monthly costs are of 3,369.7$ (9,106.9EC$) without rent.
