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Arlen Pérez of Hospital Metropolitano Vivian Pellas – Best Places In The World To Retire User Account
The word "cheap" does not give justice to Nicaragua because "cheap" is often correlated to bad quality or a bad experience. Nicaragua has the most attractive prices in the region but that is tied with a great quality experience and great people, excellent food and drinks, and wonderful nights. You can do everything in Nicaragua. You wouldn’t imagine how much less you need to spend to be in paradise.
If you are in Managua, where I live, and you go to a fancy place to have the best meat you can have, you pay US $25 for that, which would consist of a big export quality steak. Lobster is also $25 in a fancy place. If you just want to hang out friends, beer costs $3 per bottle in a nice environment. If you want to go to the beach, you can rent a house for $150 per night and you can take 5 friends with you and split the bill. Most of our tourists come to places where you would pay less, for example, in hostels. They don’t like going fancy so they even pay less than you would expect.
Darrell Bushnell – Best Places In The World To Retire User Account
Nicaragua can be very cheap and it can also be as expensive as you wish to make it. For example, I know some people who pay US $150 per month on house rent but it is a house I could not live in. On the other hand, I know some people who live in a US $600,000 colonial mansion and I could not afford that.
Generally, in comparison with other places, Nicaragua would be one of the cheaper places to live. If I would compare Nicaragua with Charlotte, North Carolina, where I have lived for the last 20 years, the cost to live in Nicaragua is not even 1/3 of the cost to live in Charlotte.
To live in Nicaragua is very cheap, but of course, the bigger consideration is if you would be renting or buying a house. We own our home, so we do not worry about rent. We live on about $2,000 per month.
Tanya Hartill of NicaTour Group – Best Places In The World To Retire User Account
Almost everything is cheaper in Nicaragua than in North America, and specifically cheaper than Toronto, Canada, where I’m from. Rather than go into the specifics on everything, I can give some examples that women in particular may find interesting. Beauty services in Nicaragua are much cheaper. Here are the examples: 
  • Mani-pedi: US $10.
  • Massages: $15 - $20, depending on where you have them.
  • Yoga classes: $15-20 for a 45-minute class.
  • Also much cheaper are hairdressing services.
 (For the cost of items such as the cost of dental services and transportation, please see my other answers.)
Daniel Snider of Snider's Realty Nicaragua – Best Places In The World To Retire User Account
Nicaragua is one of the cheapest places to live in all of the Americas. Everything from groceries to rent and everything in between are relatively low priced.
How inexpensive it is to live in Nicaragua is one of the biggest factors of living in Nicaragua.  Perhaps one of the most defining factors for retired clients moving to Nicaragua we have had is the unbelievably low cost of living in Nicaragua.
In a recent trip visiting neighboring Costa Rica I noticed the huge spike in prices there compared with Nicaragua, even in the most basic of items like produce such as fruits and vegetables, which were 30%-70% in some cases more expensive than in Nicaragua, and sometimes even more than that. I attribute the higher prices in Costa Rica when compared with Nicaragua to the huge influx of American and other foreign investors over long periods of time. The markets in Costa Rica have acclimated to the American wallet and are even more expensive than in the US in some cases. Nicaragua production of good wholesome produce and growing middle class contribute to the (all than more) accessible prices low costs. For anyone visiting Nicaragua the first thing you will notice is how far your dollar can stretch.
Here are some examples.  While always trying to budget expenses with a little more that US $1,000 a month a single person could live very comfortably in Nicaragua. With $1,500 plus per month one could afford luxury amenities like having a full time maid and renting out a very nice apartment (close to or on the ocean) and have money left over to dine out and have other luxuries.
The cost for electricity is the only exception to items being less expensive in Nicaragua.  The cost for much of the electricity in Nicaragua works on a sliding scale. The more one uses the more your bill goes up exponentially. Keeping the air conditioning off at night and minding to turn of the lights help to greatly mitigate this cost.
David Smith – Best Places In The World To Retire User Account
Yep!  Nicaragua is cheap.  That's why most of us are here!  Nicaragua is cheap, stunningly beautiful, sparsely populated and refreshingly non-commercial for the most part.  I've enjoyed a wonderful journey back to yesteryear and with that the clarity of mind to see just how the power of marketing in the developed world creates so many artificial "needs" in my mind!  It indeed IS possible to live on as little as $800 per month.  Some do less.  Most Nicaraguans do a lot less.  I'm getting there!
Martijn Priester of TOTOCO Eco-lodge – Best Places In The World To Retire User Account

As both a visitor and as an investor theConcepcion volcano on Ometepe from the perspective of Totoco – Best Places In The World To Retire – International Living straight answer is that yes, Nicaragua is cheap, very much so if you look beyond the larger resorts and development projects. There are areas of the country that have developed faster than others and where prices have risen more quickly but even in established places like Granada and San Juan del Sur it is still possible to find good value. Emerging destinations such as Ometepe, Leon and some of the smaller pacific coast communities offer excellent investment opportunities.

When I first came to Nicaragua in 2006 to look for land to develop my project I focused my property search on the more established areas along the pacific coast but was eventually tempted to invest in land on Ometepe island precisely because of the cheaper prices coupled with the obvious growth potential.

While prices for many goods and materials may not necessarily be that much cheaper than in the US, labor costs are low and help make it cheaper to build or to run a business. Typically a day-laborer on a construction project will cost less than  US $1 p/hr and you will struggle to pay more than $1.50 for a very decent local beer!

Mike Cobb of ECI Development – Best Places In The World To Retire User Account
Living in Nicaragua is inexpensive for almost all things. Electricity and gasoline are the exceptions. We calculated a budget for Nicaragua that comes to US $1,200 for a couple to have a very nice life including a half time maid, a gardener when needed, meals, taxes, bus travel, and even 2-3 rounds of golf per week (with membership).
This budget does not include a mortgage payment nor rental costs. Rent in the city of Managua runs somewhere between $800 to $1,200 / month for larger accommodations and as little as $300 / month for a studio size apartment. On the coast, a 1,000 square foot home can be rented for $800 / month plus utilities.

If you're interested in Cost of Living in other places, look here...

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