10 Cheapest Places to Live in the World, Is it Affordable?

TEMPO.CO, Jakarta - Finding an affordable place to live without sacrificing quality of life is a dream for many. Some countries have a fairly low cost of living, providing you the opportunity to view work as an option rather than a necessity.

In this article, we will discover ten of the cheapest places to live in the world where low costs may actually meet a high quality of life.

The Cheapest Places to Live in the World

According to Forbes and International Living's 2024 Annual Global Retirement Index, here are some of the cheapest countries to live in the world.

1. Costa Rica

Costa Rica has been named one of the countries with a low cost of living and high quality of life. The Central American country offers a plethora of visually appealing natural scenery, including pristine tropical beaches and stunning waterfalls. Meanwhile. Forbes dubbed Costa Rica's new 180-day tourist visa as the main attractive feature for visitors seeking extended stays or digital nomads.

Nevertheless, the cost of living in Costa Rica is relatively high in comparison to other Latin American countries, with an estimated monthly expenditure of up to $1,600 for a single person. However, the high cost is worth the quality of infrastructure and healthcare you will get in Costa Rica.

2. Portugal

Portugal might not be the first country that comes to mind when thinking of affordable living, but it offers one of the best balances between cost and quality of life. The countryside and its picturesque beaches represent a significant appeal for visitors to this European country.

Expats can stay in Portugal for a monthly cost of $1,700. Eating out for dinner at a nice restaurant may cost around $11. If you enjoy cooking at home, you'll often find that grocery shopping can be more affordable than dining out.

3. Mexico

Mexico is known for its vibrant culture. International Living recommends visitors explore Mexico's colonial heartland, which offers a unique blend of cultural heritage and modern comforts.

Singles can live comfortably on a budget of $800 to $1,200 in Mexico. Despite its lower cost of living, the country's popular expat areas maintain excellent standards for housing and healthcare.

4. Panama

Another country with a low cost of living and high quality of life is Panama. This Central American country would be an economically wise choice in case you're planning to live abroad.

Panama offers a comfortable lifestyle for $1,200 per month, with significantly lower rental costs compared to many Western countries. Its compact size also allows for easy travel between beachside and urban areas

5. Spain

Spain stands out as a favorite travel destination offering breathtaking landscapes. However, the cost of living there is surprisingly affordable. For just $1,500 to $2,000 a month, you can enjoy a comfortable lifestyle in Spain, with even lower expenses in the countryside.

The country is also renowned for its excellent healthcare system, accessible to residents after a certain period (depending on one's visa status).

6. Ecuador

Ecuador offers a low cost of living combined with alluring natural beauty. The country's diverse landscapes offer endless opportunities for exploration.

Ecuador is indeed one of the cheapest places to live in the world. With affordable housing, groceries, healthcare, and transportation, many people can comfortably live on a monthly budget of $1,000."

7. Greece

Beyond the iconic Santorini, Greece offers a surprisingly affordable and enchanting experience. The Golden Visa program provides a pathway to residency and a chance to invest in real estate at a competitive price.

8. Malaysia

Malaysia is a go-to for a lower cost of living. The Southeast Asian gem offers a mouthwatering delicacy at a reasonable price. Transportation is remarkably inexpensive, allowing you to travel across the country without any worries.

Forbes calculated that with a budget of approximately $1,000, you already have a fulfilling lifestyle in Malaysia. Overall, the country's modern infrastructure and multicultural society add to its appeal for expats and retirees alike.

9. France

Alongside Spain, you may want to check out France for a combination of affordable living and picturesque destinations to stop by. While you should avoid the upscale neighborhood of Paris, its countryside offers a more budget-friendly setting, like the southern city of Toulon.

Forbes mentioned you can rent a two-bedroom apartment in Toulon for $847 a month. Furthermore, the healthcare system of France is undeniably top-notch, making it an exceptional alternative to a country with a low cost of living and high quality of life.

10. Colombia

Last on the list of cheapest places to live in the world is Columbia. Cities like Medellín offer an overall low cost of living. You can manage a life on $1,000 every month in smaller cities in Colombia.

Editor's Choice: Thailand's Hat Yai, Yogyakarta Among Cheapest Cities in Asia

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