The Cost of Living in The Bahamas | An Expert Guide

The Bahamas, an archipelagic nation comprising over 700 islands in the Caribbean, is renowned for its pristine beaches, crystal-clear waters, and tropical climate. With a population of about 400,000, The Bahamas offers a unique blend of island living and modern amenities, particularly in urban centers like Nassau and Freeport.

The Bahamian economy is primarily driven by tourism and offshore banking. While the country enjoys a high standard of living compared to many of its Caribbean neighbors, the cost of living can be relatively high, especially in tourist-heavy areas and luxury communities.

The expat community in The Bahamas is diverse and growing, with many foreigners attracted to the country's tax-friendly policies, beautiful landscapes, and laid-back lifestyle. Cities like Nassau, Freeport, and various Family Islands are popular among international residents.

Housing Costs in The Bahamas

Housing costs in The Bahamas vary significantly depending on location, with Nassau and luxury communities being the most expensive areas. As of 2024, the median price of an apartment for sale is BSD 5,336/m2 (Bahamian Dollar, which is pegged 1:1 to the US Dollar).

Rent Prices in Major Areas:

• Nassau: The capital city has some of the highest rental prices in The Bahamas. A one-bedroom apartment in the city center can cost around BSD 1,000-3,000 per month2.
• Freeport: Offers relatively lower rents than Nassau, with monthly rates up to BSD 2,3082.
• Exuma: Popular among tourists and expats, with rental prices starting at around BSD 300 per night for short-term stays2.
• Eleuthera: Rent for a 1-bedroom apartment averages around BSD 800 per month, while a 3-bedroom apartment is about BSD 1,3502.

Real Estate Prices:

• The Bahamas overall: Average home price is around BSD 3.5 million2.
• Exuma: Average property price is about BSD 1.2 million2.
• Nassau: Average property price is approximately BSD 591,8302.
• Eleuthera: Average property price is around BSD 992,7882.
• Bimini: Average property price is about BSD 1.14 million2.

Food Costs in The Bahamas

Food costs in The Bahamas can be relatively high, especially for imported goods. A typical grocery bill for a single person might range from BSD 400 to BSD 600 per month. Dining out can be expensive, particularly in tourist areas.

Transportation Costs in The Bahamas

Transportation costs in The Bahamas can vary:

• Public transportation is limited on most islands.
• Taxis are available but can be expensive.
• Car rentals are popular among tourists and long-term visitors.
• Inter-island travel by boat or plane can add significant costs for those exploring multiple islands.

Healthcare Costs in The Bahamas

The Bahamas has both public and private healthcare options. While public healthcare is available to residents, many expats opt for private health insurance for better access to services and facilities.

Utility Costs in The Bahamas

Utility costs in The Bahamas can be high. The average cost for basic utilities (electricity, water, garbage) in a 900 sq ft apartment is around BSD 250 per month. Additional surcharges on utilities can significantly increase these costs.

Example Table of Household Expenses in The Bahamas