Do you want to know the countries with the lowest costs of living? If so, you’re in luck! This article will give you a list of countries with a low cost of living and some information on how to make the most of your money while living there. Keep reading for more details!
Spain, Portugal, and Italy are all great choices for those looking for a low cost of living. These countries have a lower cost than most Western European countries, but they still offer a high quality of life. For example, in Spain and Portugal, you can expect to spend around $1,500 per month on average, while in Italy, you can expect to spend around $1,700 per month.
If you’re looking for an even lower cost of living, consider heading to Asia or South America. It costs so little you might never have to work another day in your life.
Cost of Living Index (Excl. Rent) is a relative indicator of consumer goods prices, including groceries, restaurants, transportation and utilities. The Cost of Living Index does not include accommodation expenses such as rent or mortgage. If a city has a Cost of Living Index of 120, Numbeo has estimated it is 20% more expensive than New York (excluding rent).
Cost of Rent Index estimates the prices of renting apartments in the city compared to New York City. For example, if the Rent index is 80, Numbeo has estimated that the rent price in that city is 20% less than the price in New York.
Groceries Index estimates grocery prices in the city compared to New York City. Numbeo uses the weights of items in each town’s “Markets” section to calculate this section.
Here Are Countries With The Lowest Cost of Living
10. Georgia
If you’re looking for a place to live where your dollar will go a little further, consider Georgia. According to Numbeo’s Cost of Living Index, as of 2020, Georgia is the country with the lowest cost of living.
In Tbilisi, the capital city, necessities like food, transportation, and utilities are much cheaper than in most other major cities worldwide. So while the quality of life in Georgia may not be as high as in some other countries on this list, it’s hard to beat the low cost of living.
- Cost of Living Index: 28.48
- Cost Of Rent Index: 9.80
- Groceries Index: 23.05
9. Kosovo
Kosovo is a small country located in the Balkan region of Europe. Albania borders it to the west, Montenegro to the north, and Serbia to the east and south. Despite its small size, Kosovo has a lot to offer visitors and residents. The cost of living in Kosovo is one of the lowest in Europe. It is often cited as one of the most affordable places to live globally.
There are many reasons for this low cost of living. One is that Kosovo is still a developing country. Many goods and services are available at lower prices than in more developed countries. Additionally, wages are relatively low compared to other European countries. This makes it possible for people to live comfortably on a modest salary. Another reason for the low cost of living in Kosovo is its location.
- Cost of Living Index: 28.47
- Cost Of Rent Index: 8.47
- Groceries Index: 26.53
8. Venezuela
In a recent study by the website Numbeo, Venezuela was found to have the lowest cost of living of any country in the world. This is likely due to the high levels of inflation and poverty in the country. Other countries with low living costs include India, Pakistan, and Nepal.
- Cost of Living Index: 27.17
- Cost Of Rent Index: 6.81
- Groceries Index: 28.29
7. Tunisia
Tunisia is a North African country with the lowest cost of living in 2020. The cost of living includes food, transportation, and housing. Tunisia is a popular tourist destination, and it is also home to many industries. Tunisian exports include textiles, agricultural products, and petroleum products.
The currency of Tunisia is the Tunisian Dinar (TND). As of January 2020, 1 USD was worth 3.48 TND. The cost of food in Tunisia is very affordable. For example, a meal at a restaurant costs an average of 5 TND, and a litre of milk costs 0.50 TND. Transportation in Tunisia is also very affordable. A bus ticket costs 1 TND, and a taxi fare starts at 3 TND.
- Cost of Living Index: 27.04
- Cost Of Rent Index: 5.51
- Groceries Index: 25.25
6. Kyrgyzstan
When considering the cost of living, Kyrgyzstan is one of the cheapest countries. So for retirees on a fixed income, or anyone looking for an affordable place to call home, Kyrgyzstan should be at the top of your list.
The country’s low cost of living is partly due to its low average monthly salary of $400. Food, rent and utilities are also relatively inexpensive compared to other countries around the world.
- Cost of Living Index: 26.97
- Cost Of Rent Index: 9.18
- Groceries Index: 23.39
5. Uzbekistan
Uzbekistan is a landlocked country in Central Asia. According to the 2019 Worldwide Cost of Living survey, it has the lowest cost of living. The survey compares the cost of over 200 items in 133 cities worldwide. In Tashkent, the capital of Uzbekistan, a loaf of bread costs $0.25, a litre of milk costs $0.40 and a kilo of chicken costs $2.50. Despite its low cost of living, Uzbekistan is one of the poorest countries in the world, with an annual per capita income of only $1,780.
The country has suffered from years of political and economic instability. As a result, unemployment is high, and most people earn their living through subsistence farming. However, there are some signs that things are beginning to improve.
- Cost of Living Index: 26.01
- Cost Of Rent Index: 7.54
- Groceries Index: 21.59
4. Syria (Middle of a Civil War)
Syria is ranked as the 4th cheapest country to live in in 2020. The cost of living is low, and the Syrian Pound is strong compared to other currencies. This makes it a great option for budget-minded ex-pats and retirees. Housing is especially affordable, with rent averaging $190 per month.
Utilities are also very affordable, with most residents spending less than $50 per month on utilities. Food is also relatively cheap, with most people spending under $200 per month on groceries. Although Syria has seen its share of unrest in recent years, it remains a safe and welcoming place to live for those looking for an affordable lifestyle.
- Cost of Living Index: 25.31
- Cost Of Rent Index: 5.68
- Groceries Index: 22.42
3. India
As of January 2020, the cost of living in India is ranked as the lowest in the world. According to the latest Cost of Living Index by Numbeo, a website that crowdsources cost of living data from users worldwide, Mumbai and New Delhi are both in the top 10 cheapest cities to live in.
Renting a one-bedroom apartment in either city will set you back an average of $235 per month, while groceries and other necessities are relatively inexpensive. Mumbai is known for its delicious street food, which can be had for as little as $0.50 per meal.
Of course, there are some drawbacks to living in India. The country suffers from high levels of poverty and pollution, and it can be challenging to find quality healthcare and education.
- Cost of Living Index: 24.58
- Cost Of Rent Index: 5.68
- Groceries Index: 24.55
2. Afghanistan
Afghanistan is a country located in Central Asia. It has a population of about 33 million people. The cost of living in Afghanistan is one of the lowest in the world. A person can live comfortably on a budget of $500 per month.
Housing is very affordable, and food is also very cheap. There are many job opportunities available in Afghanistan, and the cost of living will still be low even if the economy improves.
- Cost of Living Index: 24.24
- Cost Of Rent Index: 4.03
- Groceries Index: 17.70
1. Pakistan
Pakistan is one of the countries with the lowest cost of living in 2020. The cost of living is low because the Pakistani rupee is strong against the U.S. dollar. As a result, rent and groceries are inexpensive, and most locals live a comfortable lifestyle on a modest salary.
However, Pakistan is not without its drawbacks. The country suffers from high levels of poverty and corruption, and travelling can be dangerous due to political instability and terrorism threats.
- Cost of Living Index: 21.98
- Cost Of Rent Index: 4.59
- Groceries Index: 19.08
Source |Numbeo
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