Top five cheapest countries to live in
The world’s cheapest countries give great retirement opportunities as they offer the most for your money. And if you are wondering which are the states that will give the best value for your savings, here is a ranking of the cheapest countries by taking into account the cost of living as well as other metrics.
To find the cheapest countries to live in, GOBankingRates ranked nations by four key affordability metrics provided by online pricing database Numbeo.
They looked at the local purchasing power index, which measures the relative purchasing power of a typical salary in that country, and the rent index, comparing typical rental prices in the country to New York City.
Also, the ranking took into account the groceries index, which compares typical grocery prices in the country to New York City and the consumer price index, comparing costs of local goods and services, including restaurants, groceries, transportation and utilities.
Top five cheapest countries in the world
Local purchasing power: 26.9% higher
Rent: 87.5% cheaper
Groceries: 71% cheaper
Local goods and services: 65.8% cheaper
South Africa is the cheapest country to live or retire. What made the country rank first is it’s growing purchasing power as the state’s resources of platinum, gold and chromium bring in a lot in revenue. South Africa also offers lower prices on consumer goods and groceries, and rent costs that are typical of the 50 cheapest countries.
Living in Cape Town could cost you around $400 dollars with rent prices for a two bedroom apartment being set at around $200.
Local purchasing power: 20.9% lower
Rent: 95.2% cheaper
Groceries: 74.4% cheaper
Local goods and services: 74.9% cheaper
India has the cheapest rents in the world, second only to Nepal and it also has low prices when it comes to groceries and services. Is one of the world’s most populous countries with an economy based on the textile industry, chemicals and food processing.
One person could end up spending $300 a month to pay for living expenses in India’s largest cities.
Local purchasing power: 33.8% lower
Rent: 91.5% lower
Groceries: 75.8% cheaper
Local goods and services: 72.6% cheaper
If you are looking for a cheap European country, Kosovo will be the best bet. Bordering Serbia, Albania and Macedonia, this Eastern European country relies on mining and construction to bring in revenue.
Even in its capital, Pristina, expenses will be low, around $300 with rent going for $275 for a single bedroom apartment.
Local purchasing power: 33.6% higher
Rent: 85.9% cheaper
Groceries: 56.4% cheaper
Local goods and services: 49.4% cheaper
Saudi Arabia came in fourth because in the desert country groceries don’t come cheap. But the oil industry makes Saudi Arabia one of the wealthiest nations and the purchasing power here is even higher than in New York City.
Local purchasing power: 38.2% lower
Rent: 88.9% cheaper
Groceries: 74.8% cheaper
Local goods and services: 68.7% cheaper
Kazakhstan borders Russia and China and also relies on its natural resources like oil, coal and iron. And the cost of groceries in Kazakhstan is lower than in 50 of the cheapest nations.