The cheapest countries to live in 2017
lovemoney staff
23 December 2016
30 most affordable nations
Thinking about relocating in 2017? If you're looking for a super-thrifty place to live with dirt-cheap housing, low-cost groceries and wallet-friendly utility bills, look no further than Numbeo's Cost of Living Index, which rates the affordability of each country according to the people who live there. Omitting war-torn nations such as Syria, we count down the cheapest countries worldwide from 30 to one.
Crunching the numbers
The Index, which is based on crowd-sourced rather than government data, takes into account a total of 50 factors from rent to cellphone bills, and compares the Consumer Price Index (CPI) of each country with New York City, which boasts a CPI of 100.
30 – Bolivia
While housing costs in Bolivia have been on the rise, the South American country remains a bargain place to live with a CPI of 37.60. A one-bedroom apartment in the capital Sucre for instance will set you back only $226 (£183) a month, while monthly utility bills for a mid-sized apartment average $42 (£34).
29 – Bulgaria
The refreshingly affordable Eastern European country is the 29th cheapest on the planet with a CPI of 37, up slightly from 2015. A decent one-bedroom property in central Sofia costs around $300 (£243) a month, a three-course restaurant meal averages $11 (£9) and a one-way metro ticket is just 85 cents (70p).
28 – Romania
Bulgaria's neighbor is almost neck and neck in terms of cost of living. Rocking a CPI of 35.73, Romania however has the edge when it comes to affordability. You can expect to pay a mere $355 (£288) a month for a small apartment in central Bucharest and only 32 cents (26p) for a one-kilometer taxi ride.
27 – Morocco
The North African country is the 27th most affordable in the world with a CPI of 35.66. Housing costs in Morocco are low, groceries are inexpensive and eating out is particularly reasonable – you can pay as little as $3 (£2.40) for a restaurant meal in the country.
26 – Russia
In the past year, Russia has become a lot more affordable. Its CPI currently stands at 35.63, down from 44.27 in 2015. Apart from housing in upscale neighborhoods in Moscow and St Petersburg, rental prices are low, and monthly utility bills are fairly cheap at $92 (£75) on average.
25 – Philippines
The Philippines has a CPI of 35.27, a slight decrease from last year's 36.05. Although imported clothing and utility bills are relatively dear, rental costs, property prices and food are ultra-affordable in the country. By way of example, a one-bedroom property in Manila costs just $179 (£145) a month to rent on average.
24 – Bosnia and Herzegovina
Housing costs are especially cheap in the former Yugloslav republic, which has a CPI of 35.13. Renters in Mostar for instance pay an average of around $136 (£110) a month for a one-bedroom apartment.
23 – Bangladesh
Thinking about setting up home in Bangladesh? Given its low CPI of 34.94, you won't have to pay much to live there. A one-bedroom apartment in the suburbs of Dhaka costs an average of $84 (£68) a month and a regular restaurant meal can be had for just $2.53 (£2.05).
22 – Uganda
Uganda is among the most affordable countries in Africa with a CPI of 34.60. While groceries are relatively pricey, pretty much everything else is easy on the wallet. Rental prices for a one-bedroom property in the capital Kampala average only $117 (£95) a month.
21 – Serbia
Another European country that boasts a low cost of living, Serbia has a CPI of 34.55. Eating out and rental prices are particularly affordable – a basic restaurant meal costs just $5.49 (£4.46) and the average one-bedroom apartment just outside central Belgrade averages only $187 (£152) a month.
20 – Belarus
Although housing costs and imported products like clothing and fresh fruit tend to be on the pricey side in Belarus, transportation costs and basic foodstuffs which are regulated by the government are dirt-cheap, hence the low CPI of 34.40.
19 – Armenia
It has become even more affordable to live in Armenia over the past year. The country's current CPI stands at 33.41, down from 38.30 in 2015. Groceries and rental prices are especially cheap in Armenia.
18 – Albania
One of Europe's most affordable countries, Albania is a very cheap place to live. A basic restaurant meal averages just $5.81 (£4.72) and a one-way bus journey costs only 31 cents (25). Rents are also affordable at just $155 (£126) a month for a one-bedroom apartment in the capital Tirana.
17 – Mexico
Tempted to emigrate south of the border? With a CPI of 33.07, the low cost of living in Mexico is a major draw. Even in the relatively pricey capital, rental prices are rock bottom – the average one-bedroom property in Mexico City costs just $286 (£233) a month.
16 – Nigeria
Although renting and buying property in the capital Lagos are expensive, especially on the upscale Victoria Island, the cost of living elsewhere in Nigeria is low – the CPI is just 32.71 and the average rental price for a one-bedroom apartment is just $53 (£43) a month.
15 – Egypt
The cost of living in Egypt has fallen since last year and the current CPI stands at 32.62, down from 36.71 in 2015. Transportation and eating out are especially cheap in Cairo – a one-way bus ticket will cost you just 10 cents (8p) and you can grab a hearty meal for $2.88 (£2.34).
14 – Colombia
South America's most affordable country, Colombia has a low cost of living and a CPI of just 32.40. While rental prices in Bogota are relatively high, dining out and transportation are super-cheap. A restaurant meal can cost as little as $3.34 (£2.72) and a one-way bus ticket just 67 cents (54p).
13 – Mozambique
Amid political tension and a severe drought, the African country's CPI has fallen dramatically since 2015, down from 50.83 to 32.33, but while prices has fallen, wages are depreciating and the country's citizens are more or less worse off.
12 – Sri Lanka
Sri Lanka has a CPI of 32.12 and the South Asian country is one of the most affordable in the region. In the capital Colombo, you can eat out for just $1.68 (£1.37) a head and rent a one-bedroom apartment for just $156 (£127) a month.
11 – Macedonia
A haven for renters, Macedonia is one of the cheapest countries in the world to rent an apartment. The country boasts a CPI of 32.04 and a one-bedroom property in the centre of the capital Skopje costs only $169 (£137) a month.
10 – Georgia
Last year's seventh most affordable country is this year's 10th – the cost of living has risen in Georgia of late. Still, with a CPI of 31.60 , the country is super-cheap. A one-bedroom apartment in Tbilisi is priced at a budget-friendly $151 (£123) on average and a single bus ticket is just 18 cents (15p).
9 – Algeria
More affordable than its neighbor Morocco, Algeria has a CPI of 30.08, up from 28.55 in 2015. Utility bills are ridiculously low in the oil-rich country at just $28 (£23) a month on average, and a one-bedroom property in the capital Algiers costs only $148 (£120) a month.
8 – Azerbaijan
The former Soviet republic is a cheap place to live with a CPI of 29.10. In Baku, the country's capital, you can rent a one-bedroom apartment for just $136 (£111) a month and snap up a single metro ticket for the bargain price of 11 cents (9p) - a monthly travel pass costs just $6.72 (£5.46).
7 – Tunisia
With a CPI of only 28.97, the cost of living in Tunisia is the lowest in Africa. Dining out is ultra-economical in the capital Tunis – a basic meal costs just $2.16 (£1.76) on average and rental costs average $145 (£118) per month for a one-bedroom property.
6 – Nepal
Now the sixth cheapest place to live in the world, Nepal was the third most affordable in 2015. If you're thinking about relocating to Kathmandu, you won't need a lot of cash to get by. You can dine out for $1.66 (£135) a head and rent a one-bedroom apartment for just $76 (£62) a month.
5 – Kazakhstan
Last year, Kazakhstan was the 49th most affordable country in the world – it's now the fifth cheapest. Although food prices are rising, other items and services are becoming cheaper. For instance, a single bus journey costs only 27 cents (22p).
4 – Ukraine
With a CPI of 26.95, the cost of living in the Ukraine is a massive 63.65% lower than the US and more impressively, rental prices in the capital Kiev are 87% lower than New York City. To give you an idea about how cheap it really is, a one-way metro journey costs just 8 cents (7p) and a McDonald's Big Mac costs only $1.55 (£1.26), the cheapest in the world after Venezuela.
3 – Moldova
The most economical country to live in Europe, Moldova is extremely affordable with a CPI of 26.90. Everything from groceries to transportation are cheap in the former Soviet republic, and a one-bedroom property in the capital Chisinau averages just $167 (£136) a month.
2 – Pakistan
Its CPI currently at 26.33, Pakistan has become more affordable in the past year – in 2015 the country was the fourth most affordable on the planet. Even in the Pakistan's largest city Karachi, consumer prices and rents are rock bottom – a one-bedroom apartment will set you back just $100 (£81) a month on average.
1 – India
The world's most affordable country, India boasts a very low CPI of 24.02, which can only be a good thing given 44% of the population live on less than a dollar a day. Rental prices for a one-bedroom property average just $104 (£85) per month and a restaurant meal costs around $2.21 (£1.80).
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