The cost of living in a country is determined by a variety of factors, including the city in which the person resides, the type of industry dominant in that area, state revenue, taxation policies, and much more.
Rent in Trinidad and Tobago ranges from USD 350 to 650 per month, depending on city and type of accommodation. Living alone is more expensive than living in a shared living space.
The cost of living in Trinidad and Tobago varies greatly between cities. Cities are divided into tiers, and the cost of living varies according to the tier. Tier 1 cities have higher-paying residents, so the cost of living is higher. Tier 2 and Tier 3 cities have different costs depending on their economic status.
Tier-1 status is granted to all major metropolitan and large cities. These cities have higher wages and higher living costs. Some cities, such as Chaguanas, Mon Repos, and Port of Spain, are known as New Tier 1 towns. These are emerging capital cities with rapid growth rates. New Tier 1 towns include Rio Claro, San Fernando, and Arima.
Tier 2 cities are the capital cities of a province or almost all large cities with moderate economic growth. Tier-2 cities include Point Fortin and Marabella, to name a few.
Finally, Tier 3 cities are significantly smaller than Tier 2 cities. These cities have low economic growth and lower living costs.