10 Amazing Inexpensive Countries to Live for a Year
One of the most practical ways of stretching one’s money is to move, and people who are willing to leave their home country temporarily can often save the most on living expenses. Nearly every continent has countries where a shoestring budget is standard, and these deals can be identified by the countries’ consumer price indices (CPI). A country’s CPI depicts the price level of a group of goods and services that its residents need to live such as food, clothing, housing and utilities. Although the categories of these goods and services are subjectively weighted, the general idea is that countries with low CPIs are considered the most cost effective for those who need to save money.
Here are ten of the world’s least expensive cities in which to live that are found on five continents as well as examples about why they are so attractive to thrifty expatriates.
North / Central America
This Central American country has an overall CPI of 47.85 and plenty of natural beauty to attract expatriates who want to escape their home nations on the cheap. Rent and utilities reportedly average $190 per month, and recent travelers disclosed that they were able to get three dish meals for as little as $1.50.
Mexico lays claim to some of the prettiest beaches in the region, and a visitor can temporarily set up their lounge chaise for very little money. The country has a CPI of 41.26, and its corresponding rent index is 11.71. Its immediate northern neighbor has a rent index of 36.17 by comparison.
Ecuador has a CPI of 45.57, and it is ranked as one of the best places to retire on a budget. Reportedly, one can retire there comfortably on as little as $22,000 per year.
The CPI in Colombia is 38.92, and its rent index is 12.91. Apartment rent starts at $400 per month, and a four course restaurant meal can be obtained for about three dollars in the city of Medellin.
Macedonia has a CPI of 37.41, and Skopje has housing that is 82 percent lower than comparable places in London.
Moldova is an Eastern European country that has a CPI of 34.72 and a housing rate that is about 79 percent lower than comparable places in cities like New York.
South Africa has a CPI of 45.58 and a rent index of 16.95 which is about half as expensive as the rent index for the United States.
Ghana’s CPI is 71.83, and lower housing rents and food prices can be found outside of major cities like Accra.
Thailand has a CPI of 46.52, and apartments that include utilities rent for approximately $370 per month.
While India’s economy is changing rapidly, it still has the lowest cost of living with a CPI of 26.27. Monthly rent on a two bedroom and two bathroom apartment is about $190 per month.