The cost of living in Albania in 2021 will be 3.8 percentage points higher than in 2020, according to the latest review by the global price data portal worldwide, Numbeo. Albania was ranked 89th, among 131 listed countries. In relation to 2020, Albania climbed in the ranking with 6 countries. From 36.9 percent that was the index in 2020, in 2021 it will be 40.5%.The basis of the index that Numbeo uses is the cost of living in New York. In a comparison, an American citizen living in New York receives the same services in Albania spending 60 percent less.
The cost of living in Albania is rising, but official indicators show that incomes are not growing at the same pace. Wages in the private and public sector in recent years have grown at rates more or less the same as inflation. The Living Cost Index measured by NUMBEO excludes rent and is a relative indicator of consumer goods prices, including food, restaurants, transportation and public services.
Albania and Montenegro are the most expensive in the region.
Montenegro and Albania were ranked as the countries with the highest cost of living in the region, according to the NUMBEO index. Serbia, Bosnia and Macedonia will have a cheaper cost of living than Albania this year, at a time when wage incomes are at least 30 per cent higher than Albanians.
In whatever sector you choose to work in Albania, the salary per employee is the lowest in the region. The average salary in Albania, in 2019, was 420 euros. Kosovo is ranked after Albania with (602 euros), Macedonia (617 euros), Serbia and Bosnia have an average salary of about 700 euros. Employees in Montenegro are paid the most, at an average of 770 euros. This level of salaries is in line with Eurostat data per capita income, where Albania has one of the lowest in Europe, with 31% of the European average.
Tirana is the most expensive
According to Numbeo, Tirana is the city with the highest cost of living in Albania with almost 18 points higher than the national average. In the capital the cost of living is 58% of the cost of New York. A family with four people in Tirana without rent has a monthly living cost of 182 thousand ALL, while a single person has a monthly cost of 51 thousand 700 ALL, without rent.