With the rising cost of living, many Americans are exploring ways to save money, and for some, this means considering a move abroad.
The good news is that you can save a significant amount of money by living in certain places outside the United States.
U.S. News & World Report conducted a global survey of more than 17,000 people to identify countries that are not only affordable but also great travel destinations.
This list isn’t solely about the cheapest countries in the world, but rather focuses on countries that tourists love and that also happen to be economical. The United States didn’t even make the top 50 on this list.
Here are the 17 countries that stand out as budget-friendly and appealing places to live:
1. Thailand
Thailand came out on top as the most affordable country in the world. Its name translates to “land of the free”.
It’s a popular destination known for delicious cuisine and friendly faces, and it ranked high in the adventure, quality of life, and cultural influence categories.
2. Vietnam
Vietnam offers a low cost of living, making it an ideal place for anyone looking to save money. It features plenty of picturesque landscapes, delicious food, and adventurous activities.
While there may be some exceptions, things like rent, public transportation, and street food are significantly cheaper compared to many other countries, especially the US.
3. Philippines
The Philippines, comprised of thousands of islands in the South China Sea, is one of the most affordable countries to reside in. It ranks high in adventure and adaptability.
The Philippines is also noted as a great environment to start a business, partly due to cheap manufacturing costs.
4. Indonesia
Indonesia is another cluster of islands where you can enjoy a vibrant way of life for less cash. Expats can experience the country’s tropical climate, natural beauty, and diverse cultures while benefiting from a relatively low cost of living.
5. India
India rounds out the top five most affordable countries. It is home to the world’s largest democracy and the birthplace of multiple religions.
India has a fast-growing, diverse economy that presents plenty of opportunities for newcomers. However, some expats might prefer countryside settings due to the dense population in many areas.
6. Malaysia
Malaysia is a small country with a rapidly growing economy, making it an appealing place to live. It received high marks for providing a comfortable retirement, suggesting retirees may want to consider settling there.
7. Turkey
Turkey serves as a bridge between Asia and Europe and is also highlighted as one of the most affordable countries in the world.
It ranked number eight on U.S. News and World Report’s Best Countries for Heritage list and received high marks for being culturally accessible. Turkey offers delectable food and many cultural and geographic attractions.
8. China
China has the second-largest economy in the world, only behind the United States. It’s considered an affordable place to live, eat, and explore.
However, the source notes that political freedom in China remains tightly controlled, with restrictions especially on internet usage, which you may want to consider.
9. Mexico
Mexico is a neighbor to the US and a popular vacation spot, but it’s also an affordable place to live. It has the world’s largest population of Spanish speakers and, according to Forbes, one of the largest expat populations globally.
The source mentions that in several places in Mexico, one can live on under $1,250 a month, which includes expenses like rent, groceries, transportation, clothing, utilities, and leisure.
10. Cambodia
Cambodia is predominantly rural and offers an affordable cost of living compared to Western countries.
It has a tropical climate and a growing economy, making it an enjoyable place to live. There is also a strong sense of community support for newcomers.
11. Bangladesh
Bangladesh ranked among the most affordable countries in the world. Living there offers a vibrant experience and lush greenery.
However, the source notes challenges such as dense populations and natural disasters that could be issues for some prospective expats.
12. Argentina
Argentina ranks highly in the adventure and heritage categories and is known as an affordable country to call home.
According to numbeo.com, the cost of living in Argentina is 62% lower than in the US, and rent is 85% lower.
13. Morocco
Morocco, located in North Africa, is another country that is highlighted as being budget-friendly. It offers enchanting mountain scenery, open-air marketplaces, and has seen recent economic progress, making it a fascinating place to live.
14. Brazil
Brazil is described as a thrilling place to live that is also affordable. It ranked number one overall on U.S. News & World Report’s Best Countries for Adventure list.
Occupying a significant portion of South America, Brazil is also noted as one of the top ten countries in which to start a business.
15. Chile
Chile is presented as an appealing option for outdoorsy individuals due to its stunning natural landscape. Besides having a stable economy and decent healthcare, it is listed as one of the most affordable countries to call home. The culture is generally welcoming to newcomers.
16. Sri Lanka
Sri Lanka, located near India, is notably affordable. According to numbeo.com, rent in Sri Lanka is, on average, 87.5% lower than in the States. The overall cost of living is just over half less than in the US.
17. Peru
Peru is an exciting and affordable destination in South America. It offers diverse natural environments from mountains and jungles to coastal beaches. Additionally, low taxes and inexpensive daily living are highlighted as benefits for your wallet.
Alicia Richards