Cost of living and prices in Mongolia, prices of food, rent, shopping, etc 🇲🇳 Updated Jul 2023
Mongolia is an Asian country that shares borders with China and Russia, covering an area of 1,565,000 square kilometres. With a population of 3,086,918 and a population density of 1.97 people per square kilometre, Mongolia has a unique culture and a thriving economy. The official language is Mongolian and the currency used is the Mongolian tögrög, with the top-level domain .mn. One of the advantages of living in Mongolia is its low cost of living. Housing, food, and transportation are affordable, allowing residents to enjoy a comfortable life. The country’s GDP of $11,140,000,000 and GDP per capita of $3609 indicate a robust economy that provides ample opportunities for entrepreneurs and investors. Mongolia’s strategic location also makes it an ideal base for business operations in neighboring countries. Mongolia is a landlocked country with vast natural resources and a rich history. Visitors can explore its stunning landscapes, including the Gobi Desert, the Altai Mountains, and the grassy steppes. Its nomadic people, ancient traditions, and Buddhist monasteries provide an unforgettable cultural experience. Whether you’re looking for adventure, business opportunities, or a peaceful way of life, Mongolia has something to offer.
Cost of Living Estimate in Mongolia
You can calculate cost of living in Mongolia by changing quantity using input near each good or service. Resulting total will appear in a floating box in the bottom of your screen.
Mongolia offers a unique experience when it comes to restaurants and eating options. One of the most popular dishes is Buuz, which are steamed dumplings filled with meat or vegetables. Another must-try dish is Khorkhog, which is a traditional Mongolian barbecue. The meat is cooked with hot stones inside a metal container, which creates a flavorful and juicy dish. For those looking for a vegetarian option, Tsuivan is a dish made with stir-fried noodles and vegetables. Overall, Mongolia provides an interesting culinary experience that is worth exploring.
In addition to traditional dishes, tourists can also find international restaurants in the capital city of Ulaanbaatar. There are various options such as Italian, Chinese, Korean, and Indian cuisine. For those wanting to experience Mongolian culture, the country has yurt restaurants where you can taste traditional dishes while sitting on a floor cushion. These restaurants often offer performances such as Mongolian throat singing or horsehead fiddle music. Whether you are looking for a new culinary experience or international cuisine, Mongolia has something for everyone.
The market prices in Mongolia can vary greatly depending on the product or service in question. The country is known for its vast mineral resources, so commodities like coal, copper, and gold can have a significant impact on the overall economy and market prices. Additionally, the country has a booming tourism industry, which can affect prices for travel and accommodations.
One unique aspect of the Mongolian market is the prevalence of nomadic herding and traditional crafts. Products like cashmere, felt, and traditional Mongolian clothing are often available in markets and can have varying prices depending on quality and origin. It's important to keep in mind that bargaining is a common practice in Mongolia's markets, so prices may not always be fixed. Overall, the market prices in Mongolia reflect the country's unique blend of traditional and modern industries and cultures.
When traveling in Mongolia, there are a few transportation options to consider. One popular option is the local bus system, which is inexpensive and offers a chance to interact with locals. However, these buses may not always be timely or reliable. For a more comfortable and reliable option, travelers can consider hiring a private driver or using a ride-sharing app. This allows for more flexibility in scheduling and the ability to explore remote areas off the beaten path.
An iconic mode of transportation in Mongolia is the horse. Horseback riding provides a unique way to experience the country's vast and stunning landscapes and is popular among tourists and locals alike. For those interested in a longer trek, multi-day horseback riding trips are available with trained tour guides. Another option is to explore the country on foot. There are a variety of trekking trails throughout the country, ranging from short day hikes to multi-day treks. Both hiking and horseback riding offer an exciting way to experience Mongolia's natural beauty up close.
Utilities Per Month prices
If you're traveling to Mongolia, it's worth noting that utilities cost in the country can vary depending on the location and the season. In urban areas such as Ulaanbaatar, electricity and gas costs tend to be higher compared to rural areas. During the winter season, when temperatures can drop significantly, heating costs can also add up. Therefore, it's important to factor in these expenses when planning your trip. However, despite the variations in utility costs, the country's vast and scenic landscapes make it worth every penny.
One interesting point to note about utilities cost in Mongolia is that traditional methods of living off the grid are still widely practiced. Many nomadic families rely on solar power, wind turbines, and wood-burning stoves for their energy needs. These practices are not only sustainable but also embody the country's deep-seated cultural traditions. Additionally, you can experience living off the grid by staying in remote ger (yurt) camps, which are equipped with solar panels and offer a unique and authentic way of living while reducing environmental impact.
Sports And Leisure prices
Mongolia offers a unique blend of adventure and leisure sports for travelers. For those seeking a thrill, the country is home to one of the most challenging horse races in the world, the Naadam Festival. This annual event in July celebrates Mongolia's independence and features traditional sports such as horse racing, wrestling, and archery. For those who prefer more serene activities, you can try bird-watching in the Khustai National Park or embark on a hike in the stunning Altai Mountains. Additionally, visitors can enjoy a relaxing soak in one of the country's hot springs or indulge in some traditional Mongolian spa treatments.
In Mongolia, you can also witness the unique spectacle of eagle hunting. This ancient practice involves using trained eagles to hunt foxes and other small game in the mountains. Visitors can observe this traditional sport in action during the annual Golden Eagle Festival in Bayan-Ulgii. Another popular leisure activity in Mongolia is fishing in one of the many rivers and lakes, where you can catch fish such as taimen and lenok. Overall, Mongolia offers a diverse range of sport and leisure activities that cater to all types of travelers, making it a must-visit destination for nature lovers and thrill-seekers alike.
Salaries And Financing prices
Salaries and financing in Mongolia can be quite different from what travelers are used to in their home country. Salaries in Mongolia tend to be lower than in many other countries, and the cost of living can vary depending on where you are located. Ulaanbaatar, the capital city, tends to have higher costs of living than more rural areas. However, despite lower wages, many Mongolians are able to make ends meet thanks to a lower overall cost of living. Travelers may want to consider this as they plan their budget for their trip.
When it comes to financing in Mongolia, travelers should be aware that credit cards are not always widely accepted. Cash is often preferred, especially outside of major cities. It's a good idea to have some local currency on hand as well as U.S. dollars for larger purchases. ATMs can be found in Ulaanbaatar and the larger towns, but travelers should be aware of potential fees and limits on withdrawals. Overall, it's important to plan ahead and be prepared with multiple forms of payment when traveling in Mongolia.
In Mongolia, childcare prices can vary greatly depending on the quality of the school or kindergarten. Generally, private schools and kindergartens have higher fees than public ones. Many schools and kindergartens offer a variety of programs and activities, which can also impact the price. However, despite the cost, many parents in Mongolia place a high value on education and are willing to invest in their children's early development.
Public kindergartens and schools in Mongolia are generally more affordable, but they may not offer the same level of resources and programs as their private counterparts. Private schools and kindergartens often have smaller class sizes and more individualized attention for students, which can be reflected in the price. Some schools and kindergartens also offer boarding options, which can add to the overall cost. Overall, the cost of childcare in Mongolia may be higher than in some other countries, but the investment in education is seen as a top priority for many families.
Clothing And Shoes prices
Clothing and shoes may vary in prices throughout Mongolia. One can find affordable items in local markets or thrift stores, while more expensive brands can be found in shopping centers or high-end boutiques. The country offers a wide range of options to suit different budgets and preferences, ranging from traditional Mongolian outfits to western-style clothing.
With the increasing development of the retail industry, many international fashion brands have also opened their stores in Mongolia. The popular shopping areas are typically located in Ulaanbaatar, the country's capital, where fashion enthusiasts can browse through a variety of clothing and shoe options from various local and international brands. From chic and trendy to practical and durable, there are plenty of styles to choose from in Mongolia.
Rent Per Month prices
If you're planning a trip to Mongolia and want to experience living like a local, short rent and stay options are a great choice. From cozy apartments to traditional gers, there are plenty of options to choose from. Short term rentals are perfect for those who want to be flexible with their travel plans and stay for a few nights or weeks. The prices for these short stays may vary depending on the type of accommodation and location. However, they often prove to be less costly than hotels, especially for those travelling in groups.
Short rent and stay options in Mongolia give you the chance to enjoy the country's unique culture, traditions and hospitality. You can choose to stay in the bustling city of Ulaanbaatar or somewhere more remote, surrounded by nature and breathtaking landscapes. Moreover, some rentals may offer additional services like airport pick-up, meals, and tours. With short-term rentals, you'll have the opportunity to stay in different parts of the country, and thus experience Mongolia in a variety of ways, which is a fantastic way to discover the hidden gems the country has to offer.
Buy Apartment prices
If you're considering buying real estate in Mongolia, there are a few options available to you. One popular choice is urban apartments, which can range in size and amenities. These apartments can be found in a variety of locations, from bustling city centers to quieter residential neighborhoods. Alternatively, you may choose to purchase a rural property, such as a traditional nomadic dwelling or a larger plot of land. Whatever your preference, it's important to consult with a local real estate expert who can guide you through the buying process and help you find a property that fits your needs and budget.
Real estate prices in Mongolia can vary depending on several factors, such as location, size, and condition. However, overall, the market is considered to be relatively affordable compared to other countries in the region. It's worth noting that foreign nationals may face some restrictions when purchasing real estate in Mongolia, so it's important to do your research and comply with all relevant laws and regulations. Additionally, it's important to factor in additional costs such as taxes and fees when calculating the total cost of ownership for any property you may consider purchasing.