10 Cheapest Countries to Live in 2024 at Affordable Cost

Relocating to a new country for work can be a challenging and complex process. It involves not only researching the local job market and securing employment but also adjusting to a new culture, language, and lifestyle. However, one of the most crucial factors to consider when moving abroad is the cost of living.

Vietnam has been named the world’s most affordable place to live for the fourth year in a row.

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Top 10 Most Affordable Countries to Live

According to the Expat Insider 2024 survey by InterNations, Vietnam stands out as the most affordable country to live in for the fourth consecutive year. This makes it an increasingly popular destination for those seeking an affordable yet comfortable lifestyle abroad 

To help you decide, we’ve compiled a list of the top 10 cheapest countries to live in based on the Expat Insider 2024 survey by InterNations and other cost-related indexes.

1. Vietnam
2. Colombia
3. Indonesia
4. Panama
5. Philippines
6. India
7. Mexico
8. Thailand
9. Brazil
10. China

Among the top 10 most affordable countries to live in 2024, six are located in Asia: Vietnam (1st), Indonesia (3rd), the Philippines (5th), India (6th), Thailand (8th), and China (10th). These countries consistently score highly across factors such as the general cost of living, satisfaction with financial conditions, and the adequacy of disposable income. This makes them ideal choices for expats seeking a combination of low expenses and a high quality of life.

In contrast, four Latin American countries make the top 10 as well: Colombia (2nd), Panama (4th), Mexico (7th), and Brazil (9th). While these nations also perform well on the index, Brazil ranks lower in terms of cost of living at 18th place, which is the lowest ranking among the group.

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Most Affordable Countries to Live In

1. Vietnam

For the fourth consecutive year, Vietnam tops the list of the most affordable countries. According to the Expat Insider survey, 86% of expats rate the cost of living favourably, with half giving it the highest score. The low living costs, combined with a favourable income-to-living-cost ratio, make it an ideal destination for budget-conscious expats.

2. Colombia

Ranked second, Colombia continues to be a favourite among expats, thanks to its low living costs. Over 85% of respondents highlighted the affordable lifestyle, with many claiming that their disposable income is more than sufficient to live comfortably. Colombia has seen a significant rise in popularity for its vibrant culture and affordable living.

3. Indonesia

Indonesia, another Southeast Asian country, takes third place due to its low living costs and high financial satisfaction among expats. Nearly 72% of expats are happy with their financial situation in Indonesia, with many citing the country’s affordability and attractive living conditions.

4. Panama

Panama is not only popular for its natural beauty but also for its affordability. Expats rank Panama highly for its cost of living and the ease of managing finances. It’s a hotspot for retirees and digital nomads seeking an affordable yet comfortable lifestyle.

5. Philippines

With beautiful islands and a welcoming expat community, the Philippines ranks fifth. Many expats find that their income stretches far in the Philippines, allowing for a good quality of life at a low cost.

6. India

India remains one of the cheapest countries to live in, with a very affordable cost of living. Whether you’re living in a bustling city or a peaceful rural area, you’ll find that daily expenses are much lower compared to Western countries, making it an attractive option for expats and digital nomads.

7. Mexico

Mexico offers a rich cultural experience with a relatively low cost of living. From bustling cities to beach towns, you can enjoy a comfortable lifestyle without overspending. The country is a popular choice for both retirees and young professionals.

8. Thailand

Thailand, often seen as a haven for budget travellers, also ranks high for affordability in long-term living. Its low housing and food costs, along with a high quality of life, make it a favourite for expats.

9. Brazil

Brazil, despite its position in 9th place, still offers a very affordable cost of living for expats. The vibrant culture and low daily expenses make it an excellent choice for those looking to experience South America on a budget.

10. China

Rounding off the list is China, where many expats report that their income comfortably covers living expenses. While larger cities like Beijing and Shanghai can be more expensive, there are plenty of affordable regions where expats can thrive financially.

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