Monthly Cost of Living by Country Rankings: The Cheapest, Best, and Most Expensive Countries to Live in.

In planning for a life abroad and deciding where will be best for your next home or new home, whether as an expat, a digital nomad, or a slow traveler, assessing the monthly cost of living by country is one of the most important factors to consider. Though safety, air quality, internet speed, and general quality of life are important factors to consider, understanding which countries offer the cheapest cost of living relative to other countries you are considering is the most empowering piece of knowledge in ensuring a high quality of life that your planned budget, essentially geoarbitrage.

The prospects of a pleasant life in paradise are much better when screening destinations based on cost of living

In this report, we will present the 12 cheapest countries suitable for expats, nomads, and slow travelers. Then, we will share the 10 most expensive countries in the world for expats.

Finally, we will share the entire data set of the monthly cost of living in USD for every country in the world.

Read on to read the most comprehensive report available on monthly cost of living by country.

A kind note on reusing and sharing this data and analysis: Please credit ABrotherAbroad.com

We welcome the sharing of knowledge and information to empower expats, nomads, and travelers, but if citing data or insights from this research, please credit Carlos Grider at ABrotherAbroad.com and A Brother Abroad’s Global Cost of Living Study.

Content of this Report on Monthly Cost of Living by Country

• About this research (methodology and sources
• 8 Countries with the best cost of living value (price vs. quality)
• 21 Cheapest countries in the world for ex-pats and nomads
• 11 Most expensive countries in the world
• List of all countries and monthly cost of living [Raw Data Set]
• FAQ

List of all countries and monthly cost of living and additional data, most expensive to least expensive

Monthly Country Cost of Living by Country (USD)

About this research: Methodology, what is included in the costs, and why USD instead of indexing

• What does this monthly cost of living calculation include?
• Methodology for this research and analysis
• Why this cost of living analysis is calculated in US dollars and not indexed

The primary reasons for this economic research are to help you travel and live abroad better by choosing the right country for your tastes, your needs, and your budget and to help you better plan financially for the destinations you aspire to live in long term.

Though Europe is at the top of most travelers’ and aspiring expats, increasing costs of living around the world may mean that a high-quality lifestyle in Europe may be close to or just beyond your budget, while an alternative country in Southeast Asia or Latin America can deliver the same food, safety, amenities, and quality of life you are looking. For that reason, we’ve prepared these cost of living by country rankings to start from the cheapest and ascend to the most expensive countries to live in so that you can easily scan for options.

A high cost of living doesn’t necessarily indicate a high quality of life, or higher quality of life than other options and low cost of living definitely does not indicate a low quality of life. The primary goal of this analysis is to share high quality of life location options available with low cost of living.

What does the monthly cost of living include: Food, housing, transportation, and essentials

The monthly cost of living by country is calculated based on costs for a one-bedroom apartment in the city center, food purchased for preparation at home or while dining out in line with the average consumption patterns of expats in the country, transportation costs, and other essential living expenses, which form each country’s average consumer basket assuming an average lifestyle and average consumption

Research and analysis methodology for this cost of living study

To analyze the monthly cost of living of every country in the world we collected, combined, and anayzed every available data set with country and city-specific data from the following sources: A Brother Abroad’s Global Digital Nomad Study, World Bank data, the US State Department travel advisory and economic data, Institute for Economics and Peace Global Peace Index data, Numbeo, Expatistan, and Ookla.

The data and analysis are presented in two clusters:

• As a selected list of cheapest destinations, for consumption by travelers, nomads, and expats in deciding future destinations with cost as a priority screening factor. This analysis has screened out countries for safety flags, health, and infrastructure flags that reduce its suitability as a destination

• As a complete data set, including all countries despite safety risks, health risks, and infrastructure conditions.

Data from rural areas and metropolitan areas is weighted equally in the calculated average monthly cost of living throughout the country, to give a better view of the cost of living options throughout each country. For cost of living data on specific cities, comparing metropolitan areas across countries, and comparing costs of living in rural areas across countries, please see our Global Cost of Living Study by City **

(Click to jump straight to the cheapest countries in the world)

Notes about the monthly cost of living data

• The monthly cost of living estimate is based on a moderate lifestyle living in a single location for a minimum of one month.

• As you apply this analysis, and these cost estimates to your life, keep in mind shorter stays will result in a higher cost of living monthly and higher general living expenses. The highest cost planning will be for daily and weekly living/rentals. Costs will drop dramatically when planned and booked as monthly stays. Costs will be cheapest for stays in a single city of six months to one year, with annual costs (stays of a full year in a single city) flattening with little decrease with longer stays. (Source: A Brother Abroad’s Global Digital Nomad Study)

• Across different different countries the ratio of housing costs to general living expenses varied with rent costing between 50% and 80% of of other living expenses.

Why this study of cost of living is calculated in US dollars as opposed to a cost of living index

In short, this study communicates the monthly cost of living in dollars, and not as a cost of living index, to make it easier for expats and nomads to financially plan for living abroad.

Though a cost of living index is useful for statistical and economic analysis, it has little value for planning purposes to the expat or traveler with practical intentions to live in a country and is either planning a budget or screening potential destinations based on cost.

In this study, we have calculated and presented the cost of living in countries around the world in US dollars (USD) to more easily communicate what exactly a dollar buys, to help expats and nomads understand how long their savings or paycheck will last, in practical terms.

(Click to jump straight to the cheapest countries in the world)

Major Insights Cost of Living Insights by Country

The 8 best-value countries to live in (low cost of living with high quality of life)

The following countries represent the 2 best-value (low cost of living with high livability and high quality of life) for each of the target continents for most expats, comprising the 8 best countries in the world for a cheap cost of living and high quality of life.

• The cheapest countries in Asia with high quality of life are Malaysia and Sri Lanka

• The cheapest countries in Europe with high quality of life are Bulgaria and Romania

• The cheapest countries in Africa with high quality of life are Cape Verde (Cabo Verde) and Morocco

• The cheapest country in South America with high quality of life are Paraguay and Argentina

21 Cheapest countries in the world for ex-pats and nomads, by monthly cost of living

The following 21 countries are the lowest cost countries in the world for expats and nomads planning stays of longer than 1 month, and deliver safety (based on US State Department data), potential for high quality of life and standard of living.

The overall cost of living listed is for a single expat or nomad staying in a city for a minimum of one month and includes food, housing, transportation, and essentials. The monthly cost of living listed does not include flights into the country, visa fees, and “setup costs” for moving into a new city and legally setting up in a new country as a foreigner. Note that metropolitan areas in each country will likely have a higher monthly cost than listed, while rural locations will likely have a lower cost than the listed monthly average cost of living.

1. Paraguay: $1,161 per month cost of living

The Cheapest country in the world for expats and nomads, with great options for citizenship and a second passport, low taxes on foreign income, safety, good infrastructure, and easy access to the rest of South America.

2. Cape Verde: $1,173 per month cost of living

An island nation off the coast of north Africa with a blend of African, Caribean, and Portuguese culture.

3. Argentina: $1,247 per month cost of living

Though inflation rates have continued to increase over the years, making life difficult for anyone who earns in Argentine Pesos, foreigners earning in US dollars and Euros from outside of Argentina will benefit from the sustained low cost of living, and the “Blue Dollar” exchange rate.

4. Bulgaria: $1,320 per month cost of living

Bulgaria delivers the lowest cost of living among EU and European countries and exceptionally noted as a cold weather destination for snow sport loving nomads

5. Morocco: $1,323 per month cost of living

A blend of Arab, Berber, and European cultures combines to create a thoroughly rich and unique living experience in one of the best places in north Africa for ex-pats and nomads. Start your search in Casablanca or Rabat

(Click here to see the full table of cost of living for every country in the world)

6. Colombia: $1,329 per month cost of living **

7. Ecuador: $1,371 per month cost of living **

8. Malaysia: $1,373 per month cost of living **

9. Brazil: $1,381 per month cost of living **

10. Peru: $1,385 per month cost of living **

11. Sri Lanka: $1,401 per month cost of living **

12. Romania: $1,409 **

13. Cambodia: $1,510 **

14. South Africa: $1,577 **

15. Nepal: $1,586 **

16. Jordan: $1,595 **

17. Turkey: $1,599 **

18. Belize: $1,607 **

19. Dominican Republic: $1,608 **

20. Albania: $1,614 **

21. Vietnam: $1,661 **

(Click here to see the full table of cost of living for every country in the world)

11 Most Expensive countries around the world

The following 11 countries are the world’s most expensive countries and have the highest cost of living of anywhere in the world.

1. Monaco: $16,341 monthly cost of living

2. Singapore: $6,856 monthly cost of living

3. Switzerland: $6,241 monthly cost of living

4. Qatar: $4,686 monthly cost of living

5. United States: $4,595 monthly cost of living

6. Ireland: $4,483 monthly cost of living

7. Luxembourg: $4,469 monthly cost of living

8. Iceland: $4,267 monthly cost of living

9. Denmark: $4,130 monthly cost of living

10. UAE: $3,899 monthly cost of living

11. Australia: $3,893 monthly cost of living

Note: Though Iran and Lebanon’s reported costs of living does rank among the most expensive countries in the world, they are not listed in this chart to control for high prices that may be linked to sanctions, political unrest, and recent instability.

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FAQ

What country has the highest cost of living?

Monaco has the highest cost of living of any country in the world at $16,341 per month.

What is the best country in the world for the cost of living?

Paraguay is the best country in the world for cost of living as Paraguay’s cost of living is $1,161 per month.

In addition to a low cost of living, Paraguay has a stable economy and social situation, good safety situation, strong internet, easy options for expats to get citizenship and a second passport, and low taxes on foreign earnings for tax residents.

What country has the cheapest cost of living?

Bangladesh offers the cheapest cost of living in the world at $699 per month. Paraguay offers the lowest cost of living in the world among countries that are suitable for most ex-pats and nomads at $1,161 per month.

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Data Sources

• A Brother Abroad’s Global Digital Nomad Study
• Numbeo

• Expatistan

• World Bank

• US State Department

• Global Peace Index

• Ookla

• https://www.worldbank.org/en/home

• https://www.imf.org/en/home

• https://ec.europa.eu/eurostat

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Notes on factors for “quality of life” assessment and how we calculate the monthly cost of living

The monthly cost of living prices are calculated based on the average cost for a Single person living in a single city for at least one month.

Rent calculations are based on a one-bedroom apartment in or near the city center

Food is accounted for with average consumption habits for expats of the region, balancing the frequency of preparing potentially cheaper meals at home versus dining out at restaurants at the rate common with expats of that specific country.

Transportation costs are calculated based on the most commonly used and simplest mode of transport within the country (e.g., public transportation, rideshare, or car ownership) by expats and shorter term stayers.

Living in multiple cities in a single month will increase your cost of living far beyond the estimates given.

What the monthly cost of living does not include

Heavy differences exist when comparing the life of an expat or traveler versus the life of citizens within the country. Generally, cost of living is more expensive for foreigners than locals for many reasons, but longer stays

• Taxes, for expats who become tax residents of a country

• Visa fees

• Initial or continuing relocation costs (flights, storage, initial move in costs)

• Attorney and legal fees for extended visas, temporary residency, or permanent residency

• Health care: Some countries include free health care for their citizens but not for foreigners, while in other countries health care is an additional, optional expense

• Child Care

Goals of this analysis

Inform long term travelers, nomads, and expats of the current cost of living by country around the world, introduce new potential destination options in situations wherein cost is a major factor, and highlight the drastic difference between countries in purchasing power for travelers, expats, and nomads able to leverage geoarbitrage.

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