Discovering an affordable country with a quality lifestyle is essential if you plan to move abroad or seek a retirement destination where your money will go further. There are many opportunities for inexpensive living when you know where you can live pleasantly without breaking the bank. Compared to North America or Western Europe, several countries in 2024 provide comfortable living conditions at far lower costs. This list looks into the top most affordable countries in the world, highlighting their cost of living, quality of life, and expat appeal.
Mexico
Mexico consistently ranks among the most affordable countries for expats. The nation has a lot to entice foreigners regarding culture and beauty. Plus, the relatively low cost of living makes it a top choice for retirees and digital nomads. In Mexico, a middle-class lifestyle can be maintained for as little as $2000 per month, even less in smaller towns. Housing costs are impressively low, with rentals in beach towns starting from $500. Food and healthcare are also affordable, with meals in local restaurants priced at just a few dollars and quality healthcare available at a fraction of U.S. prices.
Spain
Spain remains a popular destination for those seeking affordability in Europe. Known for its pleasant climate, history, and excellent food scene, Spain provides a high quality of life at a lower cost compared to its European neighbors. The cost of living in Spain is approximately 30% lower than in the U.K., with groceries and dining out significantly cheaper. The country is especially appealing to British expats, who find that they can live comfortably on a monthly budget of $1500 to $2000. This includes paying rent, utilities, and eating out.
Ecuador
Ecuador is emerging as a top spot for expats seeking affordability and adventure. It is found in the Andes and offers stunning landscapes from mountain ranges to Amazon rainforests. A single person can live comfortably on about $1000 per month, while a couple can maintain a middle-class lifestyle for around $1500. Housing is remarkably affordable, with rents for a one-bedroom apartment in popular expat areas like Cuenca starting at just $350 monthly. Ecuador’s healthcare system is another draw. It offers comprehensive coverage at reasonable rates, making it an excellent choice for retirees.
Thailand
Thanks to its low cost of living and welcoming expat community, Thailand is a haven for digital nomads and retirees. The country’s culture, beaches, and affordable lifestyle make it a perennial favorite. In cities like Chiang Mai, expats report monthly budgets as low as $800. Even in bustling Bangkok, a couple can comfortably live on $2000 per month, enjoying street food, cultural activities, and a modern lifestyle. The affordable housing, with Thailand’s warm climate and friendly locals, makes it an ideal destination for those seeking a budget-friendly yet high-quality living experience.
Portugal
Portugal, known for its sunny weather and laid-back lifestyle, is one of the most affordable Western European countries. It offers a high quality of life with a low cost of living, particularly in smaller cities and rural areas. Lisbon and Porto, while more expensive than other parts of the country, still offer affordable living compared to other Western capitals. On average, a couple can live comfortably on $2000 per month, which covers rent, food, and leisure activities. The country’s excellent healthcare system, low crime rate, and welcoming expat communities further enhance its appeal as a top affordable destination.
Malaysia
Malaysia has one of the most affordable lifestyles in Southeast Asia. It attracts digital nomads and retirees thanks to its mix of urban excitement and natural beauty. The cost of living is low, with a single person managing comfortably on around $1000 per month. In popular destinations like Penang, a couple can live in a sea-view apartment for as little as $300 per month. The local food scene is diverse and affordable, making dining out a common and inexpensive experience. Malaysia’s strong infrastructure, English-speaking locals, and easy access to other Southeast Asian countries make it a prime location for affordable living.
South Africa
South Africa boasts one of Africa’s most diverse living experiences, from bustling cities like Cape Town to scenic regions like the Garden Route. The cost of living is lower than in many Western countries. Depending on the location, a couple can live comfortably for about $1500 to $2000 per month. Housing costs are reasonable, with a one-bedroom apartment in Cape Town or Johannesburg renting for around $500. The country also has a growing expat community, making it easier for newcomers to settle in.
Vietnam
Vietnam is a top choice for those yearning for an affordable yet culturally immersive experience in Southeast Asia. The country has a very low cost of living. Couples can live well on around $1500 per month. Street food is both delicious and inexpensive, and housing is affordable, especially outside major tourist areas. Vietnam’s friendly locals, landscapes, and cultural history make it an ideal destination for budget travelers and long-term expats. The cities of Hanoi and Ho Chi Minh City provide modern amenities at a fraction of Western costs.
Colombia
Colombia has become a popular destination for expats due to its low cost of living and high quality of life. Expats can live in the country’s famous cities like Bogotá and Medellín or the tranquil coastal towns. Many live comfortably on $1500 monthly, enjoying affordable rent, inexpensive groceries, and a diverse food scene. Colombia’s healthcare system is also cheap and highly rated. The country’s warm climate continues to draw expats seeking a budget-friendly lifestyle in South America.
Ghana
Expats seeking a low-cost way of life in a West African country find Ghana an attractive option. Compared to many Western countries, living costs are much lower here. Accra, the capital of Ghana, is a fusion of contemporary conveniences and authentic African hospitality. Ghana is also well-known for its welcoming citizens, secure government, and lively marketplaces. More and more digital nomads and long-term travelers seeking an affordable African experience are considering the country as an option.
