Ever thought about ditching the daily grind, quitting your job, and moving abroad to live your dream life? Well, 2024 could be the year for it! We just got a list of countries that includes some of the most beautiful locales in the world.
International Living released a list of the best places to retire. And frankly, some countries are so inexpensive that you could finally switch to a part-time job without leaving the lap of luxury! Although some places would require you to live on a budget, the cost of living is comparably lower than in the United States.
You know that means – it is time to put your healthy savings account to good use! Here are a few places that we think are so cheap that you could quit your job and move without breaking the bank:
Panama
Why do we have Panama at the top of our list? According to International Living, it is THE best place in the world to retire. But hold up, it isn’t exclusive to retirees. Anyone with a healthy savings account can settle in. The cost of living there is nearly half what it is in the United States. It costs around $1,100, and some change, per month for one person. The rent is around $588 on average, while the cost of food lingers between $350 and $356 per person. With its pristine beaches and mild climate year-round, it is by far the most attractive and serene place to settle if you’re in for a cheap cost of living without depleting your savings.
Costa Rica
Another great option for settling abroad without depleting your savings is Costa Rica. Central America has so much to offer in terms of a rich cultural heritage, tropical destinations, and reliable healthcare. Living in this tropical haven is approximately $1,000 for one person. The rental rates, on average, are $440 to $500 depending on the location, obviously. However, other everyday luxuries are also affordable apart from the already cheap rental rates and food. An individual can enjoy the luxuries of this tropical retreat for a modest $1,600 per month without breaking the bank. Side note – the housing there is very affordable compared to the states.
Spain
Spain is brimming with a rich cultural history and steeped with historical landmarks. The country offers cost-effective healthcare, affordable housing, and many options for a luxurious life. The cost of living in Spain is around $1,200 to $1,250 per month for one person. However, singles with exquisite taste and a knack for Spain’s rich dining scene can expect to spend around $1,500 to $1,600 monthly. Spain’s healthcare is regarded as one of the best among European countries. The extravagant culinary scene in the sun-drenched landscape of Spain, with its wonderful expat community, makes it a great choice for moving abroad.
Portugal
Are you looking for an appealing and lavish yet affordable European lifestyle? Check out the Visa options that Portugal offers to its visitors. It is fairly easy to move and settle in Portugal’s seaside communities and enjoy the architectural heritage of this smaller-than-neighboring Spain but highly welcoming environment. In Portugal, one person’s living cost is approximately $1,070 to $1,100 per month. But just like any other European country, if you want to engage in the luxury scene, the cost of living for singles is still pretty low at $1,700 compared to the US.
Ecuador
Offering a diverse geography and cultural variety, Ecuador is an emerging haven for the expat community, mainly from the US. It is an expat wonderland with a highly satisfying climate. Even Ecuador’s housing markets are diverse, ranging from cozy coastal towns to vibrant inner-city housing. One person’s living cost is around $780 to $1,000, which is very affordable. Anyone moving from the United States will find it extremely easy to live a comfortable life in Ecuador on solely their fixed income. Retirees hoping to quit the daily grind and have a peaceful lifestyle find Ecuador a convenient, budget-friendly option.
Hungary
In Central Europe, Hungary, home to the world-famous city of Budapest, is an excellent option for moving and settling on a fixed income. Anyone from the states can settle in the landlocked country without breaking the bank. Compared to the US, the cost of living is nearly 60% lower for one person, standing at approximately $860. The rental rates are nearly 75% lower than that in the US, making it affordable for retirees. The affordability and access to the housing market of Hungary can also fulfill your dream of owning your first house at a fairly low investment!
Romania
With a coastline on the Black Sea and bordered by Serbia, Moldova, and Bulgaria, Romania has recently gained so much popularity on the internet for its luxurious lifestyle. Anyone moving out of the United States, especially singles looking to settle permanently, will find Romania highly affordable without compromising on the luxuries of life. Surprisingly, Romania contests other cheap countries with its low cost of living, standing at only $710 to $800 per month. And yes, that includes the rental rates, too! However, to afford the luxuries, you must take the cost of living in a slightly large bracket. But don’t worry, Romania is a great choice if you are comfortable living on a budget while saving income.
Uruguay
Since living in the US has become increasingly expensive, especially for people relying on a single income stream, many have turned their attention to the thriving expat communities in Uruguay. Based on the report by International Living, the cost of living in the US is over $2,200 – for one person. In Uruguay, the cost of living stands at an exceptional $1,143, which is half of that in the US. Moreover, the rental rates stay within the range of $520 to $600 per month, another significant drop in the price of basic necessities compared to the US. If you’re planning to move to an affordable country with an enjoyable lifestyle, Uruguay should be on the list for consideration.
Colombia
The expat community expanded massively in the last few years. Apart from the rich biodiversity that pulls tourists and expatriates from different parts of the world, the country has an attractive landscape with access to the Caribbean Sea and the Pacific Ocean.
But when you talk numbers, you will be left dumbfounded because the cost of living in Colombia is a mind-boggling $540 to $650 per month for one person. So, if you are having a tough time making ends meet in the States, consider researching a move to Colombia.
Greece
We end our list with Greece, a country filled with idyllic islands and rustic charm that offers a laid-back lifestyle. Greece offers a versatile lifestyle suited to the tastes and budgets of almost everyone.
The welcoming locale offers a significantly affordable housing market with rental rates as low as 75% compared to the US. According to the list of International Living, the cost of living for one person can be up to 50% less compared to the US.
The rental rates are anywhere between $331 to $552, all while offering an affordable and enjoyable experience without the need to start a side hustle.