Rounding out the top 10 of the cheapest countries to live in or retire are as follow;
- Macedonia
Local buying power is 49.7% lower
Rent is 94% cheaper
Groceries are 73.3% cheaper
Local goods and services are 68.6% cheaper
Macedonia is one of the lowermost rents of the 50 cheapest countries. Groceries and consumer goods are also cheap, which keep costs reasonable, even with an ordinary local buying power.
- Czech Republic
Local buying power is 8.4% lower
Rent is 87.8% cheaper
Groceries are 63% cheaper
Local goods and services are 57.7% cheaper
The Czech Republic lands at No. 9 with a steadiness between lower costs and a higher local buying power. Having a higher GDP per capita (around $19,500), according to the World Bank, this means that residents can buy more with their incomes.
- Paraguay
Local buying power is 49% lower
Rent is 91.7% cheaper
Groceries are 75.3% cheaper
Local goods and services are 69.7% cheaper
The country invests with low budgets across the board on rent, grocery and consumer goods. In the nation’s capital, Asunción, the monthly expense for a single person is only around $360 per month, and the rent for a single-bedroom flat rates $250, approximately.
- Oman
Local buying power is 57.5% higher
Rent is 71.7% cheaper
Groceries are 48.9% cheaper
Local goods and services are 44.4% cheaper
Oman is rich in oil and gas resources just like its Middle Eastern neighbours; this makes it a prosperous nation that has the highest local buying power in the top 10 list.
- Zambia
Local buying power is 50% higher
Rent is 68.1% cheaper
Groceries are 59.1% cheaper
Local goods and services are 44.6% cheaper
This African nation landed at No. 6 amid the economical countries with its high local buying powers. For those considering moving to a cheaper country, well, Zambia would be the best choice to make, offering both lower costs and local incomes high enough to help cover necessary expenses.
- Kazakhstan
Local buying power is 38.2% lower
Rent is 88.9% cheaper
Groceries are 74.8% cheaper
Local goods and services are 68.7% cheaper
Kazakhstan’s cheap living is the most seeming in its costs for groceries and consumer goods; this makes it lower than most of the 10 cheapest nations.
- Saudi Arabia
Local buying power is 33.6% higher
Rent is 85.9% cheaper
Groceries are 56.4% cheaper
Local goods and services are 49.4% cheaper
Middle Eastern countries are fairly wealthy, due to its strong oil industries, petroleum refining and petrochemicals. According to the World Bank, Saudi Arabia has a higher GDP per capita of $24,161/-. This directs Saudi Arabia to becoming a local buying power that even outruns New York City.
- Kosovo
Local buying power is 33.8% lower
Rent is 91.5% lower
Groceries are 75.8% cheaper
Local goods and services are 72.6% cheaper
Kosovo has the best scores on consumer goods and groceries when it comes to costs, where the expenses for a single person are just $324 per month.
- India
Local buying power is 20.9% lower
Rent is 95.2% cheaper
Groceries are 74.4% cheaper
Local goods and services are 74.9% cheaper
Living in India can be cheap and economical; having the second-lowest rent index of the 10 cheapest countries, it has some of the lowest prices for consumer goods and groceries.
- South Africa
Local buying power is 26.9% higher
Rent is 87.5% cheaper
Groceries are 71% cheaper
Local goods and services are 65.8% cheaper
Hence, South Africa is the cheapest country to live or retire. It is also the world’s largest manufacturer of platinum, gold and chromium, which goes far to enrich the country and its economy. This eventually, resulted in a local buying power that significantly got higher than New Yorkers face.
