Surprisingly, the cost of living in Lima, Peru isn’t that cheap. This is especially true if you’re living in Miraflores. While Barranco is a little cheaper, you’ll still be shocked at what you pay compared to places like Cali, Colombia or Santiago de Los Caballeros, Dominican Republic.
Lima is expensive by Latin American standards. There’s no way to sugarcoat it. Luckily, you get what you pay for. Miraflores may be one of the safest neighborhoods in latin America.
During the summer months, you’ll enjoy stunning Pacific Ocean views, sunlight all afternoon, and no worries about your safety while roaming the streets. Overall, Miraflores is incredibly livable.
You can walk to everything you’d ever want in the neighborhood. From grocery stores to restaurants to gyms to yoga studios and more bars and clubs than any gringo would need – you have it all here.
There’s a lot to love about Lima, Peru – which is why it costs a little more than other cities in the region. So, let’s dive in and break things down. Here’s my analysis regarding cost of living in Peru’s priciest city…Lima!
Peru’s Most Expensive City
No other city in Peru comes close to costing as much as Lima. In fact, you’ll pay nearly double living in Miraflores for a comparable apartment in other cities throughout Peru.
Lima is the capital of Peru and home to over 10 million people in the metro area. No other city in the country has over 1 million people. So, you’ll pay the price to live in the big city and enjoy all the amenities.
All cities listed below will be significantly cheaper than Lima, specifically Miraflores:
- Arequipa
- Cusco
- Mancora
- Trujillo
- Iquitos
It doesn’t matter where you go in Peru – everywhere will be cheaper than Lima. However, you won’t find the amenities and big city living available in Lima throughout the rest of the country. No other Peruvian city is developed like Lima.
Exchange Rate
On average, you’ll get about three Peruvian Soles for one US Dollar. That’s the rough calculation. During my trip, the exchange was a little better. I believe I got around 3.2 Soles per Dollar while in Lima.
The exact exchange rate right now is 3.24 Soles per Dollar. That’s a great rate for those earning in USD.
Cost of Living in Lima, Peru – Miraflores Edition
Alright, let’s dive into the details. Here’s what it truly costs to live in Lima, Peru:
Apartment Rentals
Renting an apartment will typically be one of your biggest expensive when living in Lima, Peru. Rent isn’t cheap in Miraflores. Well, by Latin American standards.
You can expect to pay at least $750 USD for a studio or one-bedroom monthly rental on Airbnb in Miraflores. You might be able to get something for $600-700, but that would be a steal.
For a decent apartment rental, plan to spend at least $750 if you’re staying near Parque Kennedy or Larcomar. That price is all-inclusive with utilities, cable, Internet, etc.
While $750 may seem like a steal to some, others may be looking to say a little cash while living in Lima. There’s a couple ways to do that.
First, you can get a roommate and split a two-bedroom. Two-bedrooms are fairly well priced in Miraflores. You can get something in a great location between $900-1,200 a month on Airbnb.
You could live in Barranco, too. Barranco apartment rentals tend to be around 10-20% cheaper than a comparable apartment in Miraflores. This means you could get a solid studio or one-bedroom for under $600 a month. Not bad.
Private rooms in boarding houses and hostel-type places tend to start around $300 USD. Depending on the location and furnishing, these places go up to around $700 a month.
Hostels start at $6-9 a night for a dorm bed in Miraflores. You can find hotels for $30 a night, but the quality won’t be great.
Groceries
Groceries aren’t that much cheaper in Peru than they are in the United States. Unless you’re going to the local market, you’ll end up spending a similar amount as you would back home.
The grocery stores in Miraflores are upscale and the prices reflect that. If you want Western foods, like Greek yogurt, you may even pay more for it than back home.
Do note that you cannot drink the water in Lima. So, you’ll need to add a dollar a day to your budget for water from the supermarket.
Looking for more Lima, Peru info? This is the best travel guide I’ve found!
Restaurants
While groceries won’t save you a ton of money, you’ll find eating out to be pretty reasonable.
A breakfast including two-scrambled eggs, a bagel with cream cheese, three sausage links, a fresh pineapple juice, and a cup of coffee cost about $4.50. Not bad, but not great.
Lunch is where you get the best deals! In Peru, you can go to local lunch restaurants and get a menú. These lunches are essentially set meals that cost between 7-15 Soles, or $2-4.50 USD.
These set lunches come complete with a appetizer, salad, main course, drink, and often, a small dessert.
Usually, I would get ceviche as my appetizer and then grab lomo saltado for the main course. Both of these are traditional Peruvian dishes.
Dinner at an average restaurant in Miraflores would run anywhere from $5-10 USD. Most cheap plates cost around $6-8 bucks. Again, not bad, but not super cheap, either.
Gym
One of the most expensive parts of living in Miraflores? The gym. Gyms in Lima can be pricey, especially around the tourist districts.
Unless you plan to stay three months or more, you can expect to spend at least $80 USD for a monthly gym membership. Places like Smart Fit and Body Tech do not cater to tourists and charge a lot for short term memberships.
Co-Working & Cafes
I spent a lot of time exploring the cafes and coffee shops throughout Miraflores. I also spent some time in an incredible co-working space called Residencia.
Miraflores offers digital nomads a number of great places to set up shop and get some work done. As the city is safe, you can haul your laptop from coffee shop to cafe without fear.
A decent Americano costs around 4-6 Soles, while a mocha tends to run 7-11 soles. Compared with Starbucks, coffee seemed to be about half-price compared to back in the USA.
Co-working isn’t. You’ll pay an arm and a leg to work at Residencia, but it’s a fantastic experience. Highly recommended.
Nightlife
The nightlife in Lima, Peru is popping – especially in Miraflores. If you like to party, you’ll love it here.
Drinking in Miraflores can be as expensive or cheap as you’d like. It all depends on where you go and what you want to do.
There are bars in Miraflores that offer three drinks for 20 Soles. That’s roughly three drinks for $6 USD. A great deal! You can also head to a place like Lima Bar in Larcomar and pay 30 Soles for one drink.
So, it really depends on where you go in Lima. Generally, here’s what you’ll pay in and around Miraflores:
- Beer in bar/club: $1-5 USD
- Drink in a bar: $2-5 USD
- Drink in a club: $4-10 USD
- Cover charge: Many places don’t have cover in Miraflores. The ones that do tend to charge between 10-30 Soles.
- Bottle of wine: $15-40 USD
- Bottle of booze at club: $30-150 USD
As you can see, the prices vary greatly depending on venue. At cheap clubs in Miraflores, you can get a bottle of rum or vodka for $30-40 USD.
There are many bars that have specials on a drink called Chilcano. The drink is made with Pisco and most bars have specials where you get two drinks for 20-30 soles – an ideal date idea.
Bottles of wine at a bar in Miraflores usually start at 50 Soles and go up.
Cost of Living in Lima, Peru
So, that’s about it. That’s how much it costs an average gringo to live in Miraflores, one of the safest neighborhoods in Latin America.
Overall, I’d say the cost of living in Lima is reasonable, but it’s not super cheap like some other locales.
You need about $1,500 to live comfortably in Miraflores without a roommate, but you’d be better off bumping the budget up to $1,800 or so.