5 Countries with the cheapest cost of living, suitable for retirement – Spending retirement abroad may be a fun alternative. Especially for those who keep the United States dollar (USD) which is relatively higher in value than other currencies.
Quoted from money.com, GoBankingRates provides a list of low-cost countries with four keys to affordability, namely the local purchasing power index, rental price index, groceries index, and consumer price index compared to the cost of living in a big city like New York.
- south Africa
Local purchasing power in South Africa was 26.9 percent higher. The rental price is 87.5 percent cheaper. Groceries are 71 percent cheaper. Prices of goods and services are 65.8 percent cheaper.
South Africa is the country with the lowest cost of living according to a GoBankingRate survey. South Africa is also the world’s largest producer of platinum, gold and chrome, which could enrich the country. This makes local purchasing power increase significantly.
In addition to high local purchasing power, South Africa also offers low prices for consumption and food ingredients, as well as low housing rental prices.
To live in the capital of South Africa, Cape Town, it only costs around USD 400, while the average rent for a one bedroom apartment in Durban is only USD 280 per month.
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Local purchasing power in India is 20.9 percent cheaper. The rental price is 95.2 percent cheaper. Groceries are 74.4 percent cheaper. Prices of goods and services are 74.9 percent cheaper.
India is a country with the most populous population among 50 countries with a low cost of living according to the GoBankingRate survey. India has a population of more than 1.25 billion people.
The main growing industries in India include the textile and food processing industries. India also has relatively high local purchasing power compared to major cities surveyed.
Living in India can be cheap, because India is the country with the second cheapest rental price index after Nepal. Prices for consumer goods and groceries in India are also very cheap, with an average cost of USD 285 per month for one person living in Kolkata.
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Kosovo’s local purchasing power is 33.8 percent cheaper. The rental price is 91.5 percent cheaper. Groceries are 75.8 percent cheaper. Prices of goods and services are 72.6 percent cheaper.
Kosovo is located in Eastern Europe, on the border of Serbia, Albania and Macedonia. Kosovo’s total population is 1.9 million. Mining minerals and construction materials are the main industries in Kosovo.
The cheapest costs in Kosovo are in consumer goods and groceries. In Kosovo’s capital, Pristina, the cost of living for one person is only USD 324 per month. Rent is also cheap, only USD 275 per month for a one bedroom apartment.
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4. Saudi Arabia
Local purchasing power in Saudi Arabia is 33.6 percent higher. Rent is 85.9 percent cheaper and groceries 56.4 percent cheaper. Prices of goods and services are also 49.4 percent cheaper.
The price of foodstuffs is more expensive in this desert country when compared to the prices of foodstuffs in other countries, as well as consumer goods. However, this country in the Middle East is very rich thanks to its natural resources in the form of petroleum and a highly developed oil and petrochemical industry.
Plus, Saudi Arabia has a per capita income of USD 24,161 according to World Bank data. This pushes the purchasing power of the people of Saudi Arabia, higher than New York.
Local purchasing power in Kazakhstan is 38.2 percent lower and rents are 88.9 percent cheaper. Ingredients, food here are also 74.8 percent cheaper, and the price of goods and services is 68.7 percent cheaper.
Kazakhstan is the border between Russia and China, with a total population of 18.2 million. Kazakhstan’s economy is highly dependent on natural resources such as petroleum, coal and iron ore.
The cost of living in Kazakhstan is cheap especially in terms of consumer goods. (mdk/idr)