Some countries around the world have a very high cost of living, particularly in areas surrounding large cities. In the United States, for example, cities like New York and San Francisco have a very high cost of living. On the flip side, there are nations that have a very low cost of living, which is why many people are packing their belongings to move to these countries.
There are several different organizations that have used statistics to determine the cheapest countries to live. One of these companies is GoBankingRates. This company uses four metrics to determine which countries are the most affordable. The metrics used include:
- Rent index
- Local purchasing power index
- Consumer price index
- Groceries index
The information compiled is compared to the cost of living in New York City, one of the most expensive cities in the world.
According to this data, India is the cheapest country to live. Groceries are 90% cheaper in this nation than in NYC, while rent is 93% lower.
Coming in as the next most inexpensive country is Saudi Arabia, which has a cost of living that is over 50% lower than NYC and rent that is 76% lower.
The third cheapest country according to GoBankingRates is Pakistan, which is 75% cheaper than NYC. Rent is 94% lower in this nation.