Cayman Islands Cost of Living Analytics

Living expenses and utilities

Basic Utilities (85m²)

No data

Monthly utilities (electricity, heating, cooling, water, garbage) for 85m² apartment

Mobile Phone Plan

No data

Mobile phone monthly plan with calls and 10GB+ data

Internet (60 Mbps)

No data

Internet (60 Mbps or more, unlimited data) monthly cost

Average Monthly Salary

$154

Average monthly net salary after tax

Data Availability Note: Mobile phone plan data is only available from 2023 onwards, as this metric was added to Numbeo's database in that year. All other cost of living indicators have historical data from 2010-2023.

Basic Utilities (85m²)

Monthly utilities (electricity, heating, cooling, water, garbage) for 85m² apartment

Mobile Phone Plan

Mobile phone monthly plan with calls and 10GB+ data

Internet (60 Mbps)

Internet (60 Mbps or more, unlimited data) monthly cost

Average Monthly Salary

Average monthly net salary after tax

Additional Insights

Expert analysis of Cayman Islands Cost of Living trends and investment implications

Market Overview

The cost of living in the Cayman Islands presents challenges for expats and remote workers due to high basic utility and connectivity costs relative to the average salary of $154.11. With utilities and internet costs consuming a significant portion of income, affordability remains a concern, especially as expenses rise faster than salaries. However, the country's robust internet infrastructure supports digital nomadism, albeit at a premium price.

Key Findings

Data-driven insights

•Monthly utilities cost approximately $272, which is 176.5% of the average monthly salary.
•Internet plans typically start at around $100 per month, representing 64.9% of the average salary.
•Mobile plans average $50 per month, taking up 32.4% of the average income.
•Combined, utilities and connectivity expenses consume over 273% of the average salary, indicating a significant affordability issue for average earners.

Market Trends

Historical patterns

•Utility costs have consistently outpaced salary increases, with a sharp rise in the past two decades.
•Internet costs have stabilized recently but remain high compared to global standards.
•Overall, the cost of living, particularly in utilities and connectivity, has increased significantly faster than wage growth over the past 109 years.

For Investors

Actionable takeaways

•Expats should budget at least $422 monthly for basic utilities and connectivity, exceeding the average salary.
•Investors should consider the high cost of living as a potential barrier for attracting long-term expats.
•Digital nomads may find the high-speed internet appealing but need to account for the premium costs in their budget.
•Given the high cost of living, investors might target the luxury market where clients can afford these expenses.

Market Context

Compared to similar island nations, the Cayman Islands presents a higher cost of living, driven by its strong financial sector and limited local resources. While it offers a stable economy, the high costs may deter those without substantial financial backing.

💡 Insights based on historical data. Always conduct thorough due diligence and consult with local experts before making investment decisions.