The 10 Cheapest Places to Move Abroad and Live Like Royalty

Living costs remain a significant concern for many individuals and families worldwide. With inflation, housing prices, and everyday expenses rising, finding a place to live that is affordable and offers a high quality of life has become a top priority.

Whether you’re looking to retire, work remotely, or want a fresh start in a new location, there are still several destinations where your money can go a long way.

In this article, we explore some of the most affordable places to live in 2024, focusing on countries and cities that offer an attractive combination of 1️⃣ low living costs, 2️⃣ good healthcare, 3️⃣ stable economies, and 4️⃣ a welcoming atmosphere.

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Portugal: Charm and Affordability in Western Europe

Portugal has long been a favorite for expats and retirees, and for good reason. The country offers a high quality of life at a relatively low cost compared to other Western European nations.

Whether you choose to live in the bustling capital of Lisbon, the coastal beauty of the Algarve, or the historic city of Porto, you’ll find that Portugal’s cost of living is significantly lower than in other parts of Europe.

💸Cost of Living

According to Numbeo, the cost of living in Portugal is about 30% lower than in the United States, with rent prices being 50% to 70% cheaper.

For example, a one-bedroom apartment in Lisbon’s city center costs around €1,100 ($1200 USD) per month, while in smaller towns, rents can be as low as €500 to €700 ($550 – $780 USD).

Quality of Life

Portugal is known for its warm climate, rich cultural heritage, and excellent healthcare system, ranked among the best in Europe.

The country is also considered one of the safest in the world, making it an ideal choice for families, retirees, and digital nomads alike.

The government’s friendly visa policies include the popular D7 Visa, the Portugal Retirement Visa or Passive Income Visa, and the D8 Digital Nomad Visa.

2. Mexico: Vibrant Culture and Low-Cost Living

Mexico offers a wide range of living environments, from bustling cities to quiet beach towns, all at a fraction of the cost of living in the U.S. or Canada.

Whether you choose the artistic town of San Miguel de Allende, the cultural richness of Mexico City, or the coastal paradise of Tulum, Mexico provides an affordable lifestyle with plenty of amenities.

💸Cost of Living

On average, the cost of living in Mexico is about 50% lower than in the United States.

According to Numbeo, a one-bedroom apartment in Mexico City’s city center costs around $600 monthly. In smaller towns, rents can be as low as $300 to $400. Groceries, dining out, and transportation are also significantly cheaper.

Quality of Life

Mexico offers a diverse culture, stunning landscapes, and a warm climate. The country has a growing expat community, especially in cities like Merida and Puerto Vallarta, where the cost of living is even lower and the quality of life is high.

Mexico’s healthcare system is affordable and accessible, with public and private options available.

3. Colombia: Emerging Affordability in Latin America

With its growing economy, diverse culture, and stunning landscapes, Colombia offers an attractive lifestyle at a low cost.

Cities like Medellin, often referred to as the “City of Eternal Spring” due to its pleasant climate, and Bogota, the capital, offer a blend of modern amenities and affordability.

💸 Cost of Living

The cost of living in Colombia is significantly lower than in North America or Europe. For example, a one-bedroom apartment in the city center costs around $500 per month in Medellin.

Rents in smaller cities can be as low as $200 to $300. Overall, the cost of living is about 60% lower than in the United States.

Quality of Life

Colombia offers a high quality of life, a vibrant culture, excellent healthcare, and a growing expat community.

The country’s healthcare system is ranked among the top in Latin America, and the cost of medical services is significantly lower than in the U.S. or Canada.

4. Vietnam: Southeast Asia’s Affordable Gem

Vietnam continues to be one of the most affordable countries in Southeast Asia. It offers a rich culture, beautiful landscapes, and a low cost of living.

Whether you prefer the bustling streets of Ho Chi Minh City, the historic charm of Hanoi, or the tranquil beaches of Da Nang, Vietnam provides an attractive lifestyle for a fraction of the cost of living in the West.

💸Cost of Living

Vietnam’s cost of living is about 65% lower than that of the United States.

In Ho Chi Minh City, a one-bedroom apartment in the city center costs around $500 monthly. In smaller cities like Da Nang, rents can be as low as $300 to $400.

Quality of Life

Vietnam uniquely blends traditional culture with modern amenities. The country’s healthcare system is affordable, with a mix of public and private options available.

Thanks to its visa-friendly policies and the growing number of co-working spaces, Vietnam is becoming increasingly popular among retirees and digital nomads.

5. Bulgaria: Europe’s Hidden Affordable Haven

With its rich history, stunning natural landscapes, and low cost of living, Bulgaria offers an attractive alternative to more expensive European countries.

Whether you choose Sofia, the capital city, the historic town of Plovdiv, or the Black Sea coast, Bulgaria offers a high quality of life at a fraction of the cost.

Cost of Living

Bulgaria’s cost of living is about 50% lower than in Western Europe. In Sofia, a one-bedroom apartment in the city center costs around €500 per month, while in smaller towns, rents can be as low as €200 to €300.

Food, transportation, and healthcare are also very affordable.

Quality of Life

Bulgaria offers a high quality of life, with a rich cultural heritage, beautiful landscapes, and a warm, welcoming atmosphere. The country’s healthcare system is affordable and accessible, with a mix of public and private options.

Bulgaria’s low cost of living and proximity to other European countries make it an ideal base for those exploring the continent.

6. Cambodia: Southeast Asia’s Affordable Paradise

Cambodia offers a unique blend of rich history, stunning landscapes, and a low cost of living.

Whether you’re drawn to the bustling capital of Phnom Penh, the historic charm of Siem Reap, or the tranquil beaches of Sihanoukville, Cambodia provides an attractive lifestyle at a low cost.

💸Cost of Living

Cambodia’s cost of living is about 60% lower than in the United States. In Phnom Penh, a one-bedroom apartment in the city center costs around $400 per month, while in smaller towns, rents can be as low as $200 to $300.

Quality of Life

Cambodia offers a high quality of life, with a rich cultural heritage, beautiful landscapes, and a warm, welcoming atmosphere.

The country’s healthcare system is affordable and accessible, with a mix of public and private options.

7. Ecuador: Affordable Living in the Andes

Ecuador offers diverse living environments, from the bustling capital of Quito to the tranquil beach towns along the coast.

Whether you’re looking to retire, work remotely, or enjoy a lower cost of living, Ecuador provides an attractive lifestyle at a low cost.

Cost of Living

Ecuador’s cost of living is about 60% lower than that of the United States. In Quito, a one-bedroom apartment in the city center costs around $400 monthly.

In smaller towns, rents can be as low as $200 to $300. Dining out, groceries, and transportation are also extremely affordable.

Quality of Life

Ecuador offers a high quality of life, with a rich cultural heritage, beautiful landscapes, and a warm, welcoming atmosphere. The country’s healthcare system is affordable and accessible, with a mix of public and private options.

8. Malaysia: The Perfect Blend of Modernity and Tradition

Malaysia offers a unique mix of modern cities, rich culture, and stunning natural landscapes.

Kuala Lumpur, the capital, is a bustling metropolis with a skyline that rivals major cities worldwide, yet the cost of living is surprisingly low.

The country’s diverse culture, warm climate, and excellent infrastructure make it a top choice for expats and retirees.

💸Cost of Living

The cost of living in Malaysia is about 50% lower than in the United States. In Kuala Lumpur, a one-bedroom apartment in the city center costs around $500 to $700 monthly.

In smaller cities like Penang or Ipoh, rents can be lower, ranging from $300 to $500.

Quality of Life

Malaysia offers a high standard of living with access to modern amenities, quality healthcare, and a robust public transportation system.

🩺The country’s healthcare system is ranked among the best in the region, with both public and private options available at a fraction of the cost compared to Western countries.

Malaysia’s diverse culture, which includes Malay, Chinese, and Indian influences, offers residents a rich cultural experience.

9. Panama: A Top Choice for Retirees

Panama has consistently ranked as one of the best places to retire, thanks to its affordable cost of living, modern infrastructure, and attractive pensionado program.

The country offers a warm climate, beautiful beaches, and a stable economy, making it a popular choice for those looking to stretch their retirement savings.

Panama City is a bustling urban center with modern skyscrapers and historic architecture, while smaller towns like Boquete offer a more tranquil lifestyle.

💸Cost of Living

Panama’s cost of living is about 40% lower than that of the United States. In Panama City, a one-bedroom apartment in the city center costs around $1,000 per month. Rents in smaller towns like Boquete can be as low as $500 to $700.

The country’s pensionado program offers significant discounts to retirees on everything from healthcare to entertainment.

Quality of Life

Panama offers a high quality of life with access to modern amenities, excellent healthcare, and a strong expat community.

The country’s healthcare system is affordable and accessible, with many doctors trained in the United States.

🇵🇦 Panama’s location also makes it a convenient gateway for travel throughout the Americas.

10. Romania: Affordable Living in Eastern Europe

Romania offers a rich cultural heritage, beautiful landscapes, and a low cost of living, making it an attractive option for those looking to live in Europe without breaking the bank.

Whether you choose the capital city of Bucharest, the medieval town of Sibiu, or the scenic region of Transylvania, Romania provides a high quality of life at a low cost.

💸Cost of Living

The cost of living in Romania is about 50% lower than in Western Europe. In Bucharest, a one-bedroom apartment in the city center costs around €400 to €500 per month ($445-$550 USD).

Rents in smaller towns can be as low as €200 to €300 ($220-$330 USD). Food, transportation, and healthcare are also very affordable.

🍽️ Dining out and groceries cost a fraction of what they would in Western Europe.

Quality of Life

Romania offers a high quality of life, with a rich cultural scene, beautiful landscapes, and a warm, welcoming atmosphere. The country’s healthcare system is affordable and accessible, with a mix of public and private options.

Romania’s central location in Europe also makes it an ideal base for exploring the rest of the continent.

Final Thoughts: Escaping the US

Relocating to a new country is a significant decision, but the right information and planning can lead to a fulfilling and rewarding lifestyle.

These affordable places to live in 2024 allow you to stretch your dollars further, enjoy new experiences, and immerse yourself in a different way of life.

Start planning your move today, and take the first step toward your next adventure.