Countries With The Lowest Cost of Living 2024

Kosovo
Kosovo

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!

In 2024, the global economy presents a varied landscape of living costs. While some countries have high expenses, others offer remarkably low living costs. We will explore Countries With The Lowest Cost of Living 2024 with the lowest cost of living, providing insight into each nation’s living expenses.

Cost of Living Index: 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.

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 in New York.

Groceries Index: estimates grocery prices in the city compared to New York City. The Numbeo uses the weights of items in each town’s “Markets” section to calculate this section.

The Countries With The Lowest Cost of Living 2024

 

1. Pakistan

Pakistan
Pakistan

Pakistan tops the list with the lowest cost of living in 2024. The country offers exceptionally affordable housing and grocery costs. This affordability, combined with its rich cultural heritage and diverse landscapes, makes Pakistan an attractive destination for cost-conscious residents and expatriates.

  • Cost of Living Index: 18.5
  • Cost of Rent Index: 2.9
  • Grocery Index: 16.4

 

2. Nigeria

Nigeria
Nigeria

Nigeria, Africa’s largest economy, surprisingly ranks high in affordability. The low grocery index is particularly noteworthy, suggesting that day-to-day essentials are very accessible price-wise. However, rent costs are relatively higher than other countries on this list.

  • Cost of Living Index: 19.0
  • Cost of Rent Index: 14.4
  • Grocery Index: 16.8

 

3. Libya (Civil unrest)

Libya oil
Libya

Despite its political instability and civil unrest, Libya has a low cost of living. The reduced costs in housing and groceries reflect the country’s current economic state, influenced by ongoing conflicts. It’s crucial to consider safety and stability when contemplating living in Libya.

  • Cost of Living Index: 21.7
  • Cost of Rent Index: 4.5
  • Grocery Index: 21.9

 

4. India

India
India

With its diverse culture and rapidly growing economy, India presents a surprisingly low cost of living. The balance between affordable groceries and housing costs makes it an appealing destination for those seeking a cost-effective lifestyle without compromising access to amenities and cultural experiences.

  • Cost of Living Index: 22.2
  • Cost of Rent Index: 6.0
  • Grocery Index: 23.5

 

5. Afghanistan

Afghanistan
Afghanistan

Afghanistan, while facing its challenges, offers a low cost of living. The affordability of groceries and rent is a positive aspect, but it’s important to consider the overall socio-political environment when evaluating the living conditions.

  • Cost of Living Index: 24.6
  • Cost of Rent Index: 6.9
  • Grocery Index: 23.5

 

6. Kenya

Diani Beach, kenya
Kenya

Kenya, renowned for its wildlife and scenic landscapes, also boasts a low cost of living. The grocery and rent indices indicate that food and accommodation are reasonably priced, providing an economical living situation in urban and rural areas.

  • Cost of Living Index: 24.6
  • Cost of Rent Index: 6.9
  • Grocery Index: 23.5

 

7. Bangladesh

Bangladesh
Bangladesh

Bangladesh offers affordable living with one of the lowest rent indices globally. This, combined with a moderate grocery index, makes daily life and housing very accessible in terms of cost. The country’s bustling cities and rich cultural heritage add to its appeal.

  • Cost of Living Index: 24.8
  • Cost of Rent Index: 2.7
  • Grocery Index: 26.3

 

8. Syria (war-torn, Not Safe)

Syria
Syria

Despite its ongoing conflict and safety concerns, Syria has a low cost of living. The extremely low rent index reflects the dire housing market situation, influenced by the country’s instability. Grocery costs are also minimal, but these figures should be viewed in the context of the challenging living conditions.

  • Cost of Living Index: 25.0
  • Cost of Rent Index: 4.3
  • Grocery Index: 15.0

 

9. Madagascar

Madagascar
Madagascar

Madagascar, an island nation famed for its unique wildlife and natural beauty, presents a low cost of living. The grocery and rent indices suggest that both accommodation and everyday necessities are quite affordable, making it an attractive option for those looking to live economically.

  • Cost of Living Index: 25.5
  • Cost of Rent Index: 7.9
  • Grocery Index: 23.5

 

10. Rwanda

Rwanda
Rwanda

Rwanda, known for its lush landscapes and vibrant culture, offers an affordable cost of living. The country’s low grocery index indicates reasonably priced food items, making daily essentials accessible. The rental costs are also notably low, appealing to those seeking affordable housing options.

  • Cost of Living Index: 25.8
  • Cost of Rent Index: 9.2
  • Grocery Index: 25.7

 

The Countries With The Lowest Cost of Living 2024

  1. Rwanda
  2. Madagascar
  3. Syria
  4. Bangladesh
  5. Kenya
  6. Afghanistan
  7. India
  8. Libya
  9. Nigeria
  10. Pakistan

The list of countries with the lowest cost of living in 2024 is diverse, encompassing nations from different continents and cultural backgrounds. From Rwanda’s lush landscapes to Pakistan’s rich heritage, each country offers unique appeal and economic affordability.

While some, like Syria and Libya, present lower costs due to political instability, others, like India and Kenya, balance economic living with cultural richness.

This list serves as a guide for those seeking affordable living options, though weighing economic benefits against other factors like safety, political stability, and quality of life is crucial.