Whether you are close to retirement and want to see the world or are young and simply itch to live abroad, finding an inexpensive place to explore is the key to making your dreams a reality. So, it only makes sense to think about where you can live a richer life for less.
Using online pricing database Numbeo, GOBankingRates.com ranked nations by four key affordability metrics. Each metric is measured against what you would find in New York City:
Local purchasing power index: Measures the relative purchasing power of a typical salary in that country. A lower purchasing power buys fewer goods, while a higher purchasing power buys more.
Rent index: Includes typical rental prices in the country.
Groceries index: Includes typical grocery prices in the country.
Consumer price index: Includes costs of local goods and services — including restaurants, groceries, transportation and utilities.
Click through to see the best places for your money, starting with the least cheap.
KENYA
Local purchasing power is 69.1% lower
Rent is 90.32% cheaper
Groceries are 62.35% cheaper
Local goods and services are 61% cheaper
First on our list of the cheapest countries to live in is the Republic of Kenya on the east coast of Africa. It sits right on the equator, which means anyone thinking of moving here should enjoy warm weather. The country is home to 42.7 million people, and its ethnic diversity makes the culture fascinating and colorful. However, it also brings conflict, and the country has seen a number of terrorist attacks over the years. The primary languages are Swahili and English.
IRAN
Local purchasing power is 56.82% lower
Rent is 82.95% cheaper
Groceries are 66.47% cheaper
Local goods and services are 61.74% cheaper
Iran’s full name is the Islamic Republic of Iran, which hints at important features of life that might impact your decision to relocate here. The principal religion is Islam, the official language is Persian and Supreme Leader Ayatollah Ali Khamenei has authority over the judiciary, armed forces and state-controlled media. As the media faces tight regulations, moving to Iran might not be your first choice if you value a free press.
ESTONIA
Local purchasing power is 31.52% lower
Rent is 86.02% cheaper
Groceries are 63.26% cheaper
Local goods and services are 50.5% cheaper
Estonia was part of the Soviet Union until 1991. Geographically, Estonia is wedged between Russia and Latvia just across the Baltic Sea from Finland. Its 1.3 million people speak Estonian and Russian. The country is a member of the European Union as well as NATO and has done quite well economically, making it a good country for stretching your retirement savings .
PERU
Local purchasing power is 58.8% lower
Rent is 82.77% cheaper
Groceries are 63.83% cheaper
Local goods and services are 60.53% cheaper
Located on the west coast of South America, Peru is famous for cultural relics like the ancient Incan capital of Cuzco and the lost city of Machu Picchu. The country has soaring mountains, a lovely coastline and the highest navigable lake in the world. The almost 30 million residents primarily speak Spanish, but also Quechua and Aymara.
SLOVENIA
Local purchasing power is 21.77% lower
Rent is 85.94% cheaper
Groceries are 56.52% cheaper
Local goods and services are 46.76% cheaper
Since Slovenia broke with Yugoslavia in 1991, the country has joined the European Union. After suffering through a recession in 2012, the economy rebounded, and the country is now on stronger financial footing. In fact, by 2015 nearly 73 percent of the population of 2 million residents were online. The official language is Slovenian.
OMAN
Local purchasing power is 11.86% higher
Rent is 72.08% cheaper
Groceries are 50.66% cheaper
Local goods and services are 47.41% cheaper
Located on the southeastern coast of the Arabian Peninsula, Oman has a long and beautiful shoreline on the Arabian Sea. This proximity to the sea has allowed Oman to develop a fishing industry and contributes to the rise of tourism in this country. Visitors appreciate the rich geographic diversity, with its mountains, deserts and ocean. But the real economic backbone of the nation is oil. The country is Islamic, and the population of almost 3 million speak Arabic.
CHINA
Local purchasing power is 32.16% lower
Rent is 81.33% cheaper
Groceries are 52.26% cheaper
Local goods and services are 55.24% cheaper
The People’s Republic of China has the biggest population of any nation in the world at 1.35 billion. But that doesn’t mean the country is densely populated, given its huge size of 3.7 million square miles. You’ll find huge cities like China’s capital, Beijing, teeming with markets and tourist attractions, but beware of high pollution levels. Unfortunately, rural areas have not benefited as much from this country’s fast-growing economy.
CROATIA
Local purchasing power is 39.29% lower
Rent is 89.91% cheaper
Groceries are 60.09% cheaper
Local goods and services are 52% cheaper
If you’ve ever visited Italy’s eastern coastline, you’ve seen the beautiful Adriatic Sea. Right across that body of water lies Croatia, a small country with an equally picturesque coastline. This member of the European Union is popular among tourists, and the scenery makes it attractive for expats as well. The capital is Zagreb, and most people speak Croatian.
CYPRUS
Local purchasing power is 4.08% lower
Rent is 87.72% cheaper
Groceries are 55.94% cheaper
Local goods and services are 45.93% cheaper
Cyprus is an island nation in the far eastern Mediterranean Sea and a member of the EU. It is populated by Turkish Cypriots in the north and Greek Cypriots in the south. The warm Mediterranean climate and beautiful beaches have attracted a fairly large expat population that help make it one of the best places to retire. Although the official languages are Turkish and Greek, English is widely spoken.
HUNGARY
Local purchasing power is 52.48% lower
Rent is 87.33% cheaper
Groceries are 66.38% cheaper
Local goods and services are 57.23% cheaper
Hungary is a landlocked country in Eastern Europe, with Budapest its famous capital. It joined the EU in 2004. The largest lake in central Europe, Lake Balaton, attracts tourists to Hungary. Retirees will discover spa towns and hot springs, as well as a rich musical tradition.
Read more here: http://www.msn.com/en-us/money/realestate/50-cheapest-countries-to-live-in/ss-AAmJ7cX#image=11
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