To find the cheapest countries to live in, GOBankingRates ranked nations by four key affordability metrics provided by Numbeo, an independent, data-driven website that tracks cost of living.

  • Local purchasing power index: Measures the relative purchasing power of a typical salary in that country, compared to New York City.
  • Rent index: Compares typical rental prices in the country to New York City.
  • Groceries index: Compares typical grocery prices in the country to New York City.
  • Consumer price index: Compares costs of local goods and services — including restaurants, groceries, transportation and utilities — to New York City.

The Czech Republic lands at No. 9 thanks to a balance between lower costs and a higher local purchasing power.

  • Local purchasing power is 8.4% lower
  • Rent is 87.8% cheaper
  • Groceries are 63% cheaper
  • Local goods and services are 57.7% cheaper

Top 10 Most Expensive Countries To Live

  1. Mongolia
  2. Singapore
  3. Kuwait
  4. Iceland
  5. Norway
  6. Ghana
  7. Switzerland
  8. Hong Kong
  9. Bahamas
  10. Bermuda

Top 10 Cheapest Countries To Live

  1. South Africa
  2. India
  3. Kosovo
  4. Saudi Arabia
  5. Kazakhstan
  6. Zambia
  7. Oman
  8. Paraguay
  9. Czech Republic
  10. Macedonia

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