When considering relocation abroad, one of the biggest factors people look at is affordability.
But what exactly does “affordable” mean? In the context of the 2024 U.S. News Best Countries rankings, affordability reflects how global respondents perceive the cost of living in a country, covering essentials like housing, food, transportation, and overall day-to-day expenses.
This ranking isn’t just about exchange rates or average rent; it’s based on global impressions that impact trade, travel, and investment. Countries were rated on 73 unique attributes, and the analysis covered 89 countries that met strict economic, tourism, and development benchmarks, like:
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The top 100 countries in terms of gross domestic product in any year from 2018 to 2022, based on World Bank data.
Top 100 countries in terms of foreign direct investment inflows in any year from 2018 to 2022, based on World Bank data.
Top 100 countries in terms of international tourism receipts or tourism arrivals in any year from 2018 to 2022, based on World Bank data.
The top 150 countries in the U.N.’s Human Development Index in any year from 2018 to 2022.
Countries like Nigeria, which did not reach all four of these benchmarks, were not considered in the analysis. Below are the top 10 most affordable countries to live in, based on this global perception survey, along with insights into why they stand out.
Top 10 Most Affordable Countries to Live In
1. Thailand
Ranked #1 in Affordability
GDP per capita (PPP): $23,423
Population: 71.8 million
Thailand combines a low cost of living with vibrant culture and natural beauty. From street food meals under $2 to affordable healthcare and housing, it remains a favourite for digital nomads and retirees alike.
2. Vietnam
GDP per capita (PPP): $15,194
Population: 98.9 million
Vietnam offers inexpensive urban living, growing infrastructure, and a deliciously cheap food scene. With rising economic development and low everyday expenses, it’s a cost-effective option for expats and entrepreneurs.
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3. India
GDP per capita (PPP): $10,176
Population: 1.43 billion
Despite being the world’s most populous democracy, India remains very budget-friendly. Rent, food, and transportation are extremely low compared to Western countries, especially outside major metros.
4. Philippines
GDP per capita (PPP): $10,755
Population: 117 million
Comprising over 7,000 islands, the Philippines offers affordable coastal living, strong English proficiency, and access to healthcare at a fraction of Western costs. Its welcoming culture and tropical appeal attract remote workers and retirees.
5. Malaysia
GDP per capita (PPP): $37,248
Population: 34.3 million
With a modern economy and strong infrastructure, Malaysia offers excellent value for money. Cities like Kuala Lumpur combine low living costs with high quality of life, attracting both expats and long-term travellers.
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6. Indonesia
GDP per capita (PPP): $15,613
Population: 278 million
From bustling Jakarta to serene Bali, Indonesia offers a mix of affordable housing, local cuisine, and growing business opportunities. It’s an archipelago rich in culture and economic potential, ideal for budget-conscious living.
7. Mexico
GDP per capita (PPP): $25,602
Population: 128 million
Mexico is a leading destination for Americans and Canadians looking for affordable living without being too far from home. Cities like Mérida and Oaxaca offer safety, culture, and a low cost of living.
8. China
GDP per capita (PPP): $24,558
Population: 1.41 billion
While large cities like Beijing or Shanghai can be expensive, many regions in China offer surprisingly low costs for housing, food, and public transport, especially for teachers and professionals with expat packages.
9. Turkey
GDP per capita (PPP): $44,151
Population: 85.3 million
Straddling Europe and Asia, Turkey offers a unique blend of culture and affordability. Despite economic challenges, the Turkish lira’s devaluation has made living expenses even more attractive for foreigners with foreign income.
10. Bangladesh
GDP per capita (PPP): $9,066
Population: 173 million
Bangladesh rounds out the list with one of the lowest GDP per capita figures, yet it remains affordable for locals and foreigners alike. Rural areas, in particular, offer a very low cost of living with a tight-knit community feel.
Affordability is more than just cost; it’s about value. These 10 countries offer a strong mix of low expenses, cultural richness, and expanding infrastructure, making them excellent options for individuals and families looking to stretch their income without sacrificing quality of life.
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