Cost of Living in Chiang Mai

Several guys have asked me about the costs of living in Chiang Mai.
So, I put together this Cost of Living video.

Here is the video

I shot the video from my condo in Chiang Mai.
I got to use my new whiteboard for the first time, like my days teaching at university.

I address three categories of costs: Upfront Costs, Monthly Fixed Expenses, and Monthly Variable Expenses.
Note the costs don’t include traveling here as a tourist to explore the possibility of living here. Those are separate costs.

I also did not address Medical Insurance expenses. To be honest, I have not researched that enough yet.
Currently, in the U.S. I have both Medicare coverage and a supplemental plan through United Healthcare. 
The supplemental plan provides some coverage outside of the U.S., but I doubt the coverage is sufficient for something catastrophic. 

To keep it simple, I converted everything to U.S. dollars.
The current exchange rate is roughly 32 THB (Thai Baht) to 1 USD (U.S. dollar).
And the costs I discuss are for me personally, what I actually pay out of pocket.

1. Upfront Costs – there are four of them

Condo - $160,000
In the video, you can see some footage of my condo and the condo building.
I own a condo in the Nimman area of Chiang Mai, an area that is more expensive than other parts of Chiang Mai.
My condo is a great homebase from which to explore Asia. I love my condo. It has a balcony with a beautiful view of Doi Suthep mountain.
I bought it furnished with some nice furniture. I got rid of a couple pieces and bought a couple others.
To rent a place comparable to my condo would cost around $750/month.

Retirement Visa - $25,000
I have a “Retirement Visa.” On one of the pages in my passport there's a stamp that shows I have a Retirement Visa.
Retirement visa requirements - need to be over 50 years of age, show proof $2,000/month income or keep $25,000 in a Thai bank account.
There are other types of visas – Education, Work, Marriage, Elite, Digital Nomad. ChatGBT can give you a rundown of these with relevant links to more information.
Note that I did not "spend" that $25,000 but I do need to keep that amount deposited in a Thai bank for the duration of my visa.

Motorbike - $3,000
I bought a new Yamaha Nmax, 155 cc.
It's a small bike but perfect for getting around Chiang Mai, especially good for the narrow streets of the old city. Exploring the mountains, jungles, waterfalls, etc. is an adventure.

Household items - $3,000
I bought a mattress, linens, kitchen and bathroom supplies, etc.

Total Upfront Costs = $191,000.
I round it off, and call it $200,000 to get situated in a nice condo, in a great location. 

2. Monthly Fixed Expenses

Restaurants - $500/month
I consider this a fixed costs since it's something I enjoy very much.

Groceries - $400/month
I shop at local markets, vendors, and Rimping (a higher-end supermarket). 

Utilities - $100/month
For the wireless network (for my cell phone) and internet (for my condo), I pay AIS.
For electricity, I pay PEA. 

HOA (Homeowners association) Condo fees - $40/month
Super cheap especially considering I pay $1,000/month for my townhouse in Miami Beach (which is cheap by Miami Beach standards).

Yoga studios - $100/month
I practice in studios that I can walk to or take my motorbike.

Gyms - $100/month
I belong to both Jett's Fitness and Maxx's gyms. 

Supplements - $50/month
Protein powder, BCAA, creatine, vitamins, etc. I'm sort of a health nut. 

Total Monthly Fixed Expenses = $1,300/month

 If you were to rent a condo instead of buy one, then the monthly expenses would rise to around $2,000/month.

3. Monthly Variable Expenses

Travel
I like to travel a lot.
Traveling outside of Thailand can be expensive. I've been to Japan, Maldives, Bali, and Vietnam. I look forward to going to Korea, Cambodia, and other countries.
Traveling inside Thailand is less expensive. I've been to Bangkok and several beach locations (Krabi, Phuket, Hua Hin, Koh Samui, Koh Tao).

Restaurants
When I'm traveling outside of Thailand, restaurants can be expensive.
In Thailand, you can find expensive, fancy restaurants and less expensive, local Thai restaurants with excellent, healthy food.

Entertainment
This can be a variety of activities, festivals, and events.
Last weekend, we went to the Women’s World Volleyball Championship at the Chiang Mai International Convention Center.
We saw China defeat Mexico, and Dominican Republic defeat Colombia. The women are amazing athletes.
Last week in the gym, I saw both the Greece and Mexico teams training there.

Business supplies
For video equipment, computer equipment, office supplies and other expenses.
I still have some business activity in the U.S. and it seems I buy business supplies on a regular basis.

In summary
Upfront costs - $200K
Monthly Fixed Expenses - $1300/month ($2,000/month if I was renting)
Monthly Variable Expenses - depends.....

Currently, I'm in the northern part of Phuket island.
Who knows, maybe someday I’ll have a place near the beach.
It's easy to get to Phuket from Chiang Mai. It's a two-hour direct flight.

I hope you found that helpful.

Thank you,
Peter

Here is the video