To find the cheapest countries to live in, GOBankingRates ranked nations by four key affordability metrics provided by Numbeo, an independent, data-driven website that tracks cost of living.
- Local purchasing power index: Measures the relative purchasing power of a typical salary in that country, compared to New York City.
- Rent index: Compares typical rental prices in the country to New York City.
- Groceries index: Compares typical grocery prices in the country to New York City.
- Consumer price index: Compares costs of local goods and services — including restaurants, groceries, transportation and utilities — to New York City.
The Czech Republic lands at No. 9 thanks to a balance between lower costs and a higher local purchasing power.
- Local purchasing power is 8.4% lower
- Rent is 87.8% cheaper
- Groceries are 63% cheaper
- Local goods and services are 57.7% cheaper
Top 10 Most Expensive Countries To Live
- Hong Kong
Top 10 Cheapest Countries To Live
- South Africa
- Saudi Arabia
- Czech Republic