Cheapest Countries To Live In 2020

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.

Cheapest Countries To Live In 2020

Country Cost of Living Index Population 2020
Pakistan18.58220,892,340
Afghanistan24.5138,928,346
India25.141,380,004,385
Syria25.3117,500,658
Tunisia25.4311,818,619
Uzbekistan25.7933,469,203
Venezuela27.2228,435,940
Georgia27.783,989,167
Kyrgyzstan28.136,524,195
Egypt29.09102,334,404
Azerbaijan29.8110,139,177
Kazakhstan30.0618,776,707
Colombia30.2550,882,891
Algeria30.5443,851,044
Nepal30.6929,136,808
Ukraine30.9443,733,762
Uganda31.7245,741,007
Nigeria31.75206,139,589
Macedonia32.272,083,374
Bangladesh32.62164,689,383
Moldova32.634,033,963
Armenia32.72,963,243
Sri Lanka32.9521,413,249
Belarus33.029,449,323
Paraguay33.327,132,538
Rwanda34.0112,952,218
Bolivia34.0711,673,021
Mexico34.29128,932,753
Mongolia34.433,278,290
Morocco34.5936,910,560
Tanzania35.0759,734,218
Zambia35.4918,383,955
Turkey35.6684,339,067
Romania36.0719,237,691
Bosnia And Herzegovina36.193,280,819
Serbia36.38,737,371
Albania36.632,877,797
Indonesia36.86273,523,615
Philippines36.97109,581,078
Bulgaria37.376,948,445
Vietnam38.1797,338,579
Russia38.59145,934,462
Argentina38.7245,195,774
Peru38.8232,971,854
Kenya39.2653,771,296
Botswana39.372,351,627
Montenegro39.37628,066
Poland39.3837,846,611
Malaysia39.4632,365,999
Suriname39.58586,632
Iraq39.8440,222,493
China40.541,439,323,776
Iran41.3983,992,949
Hungary41.79,660,351
Cuba41.7311,326,616
Ecuador41.9917,643,054
Honduras42.349,904,607
Brazil42.64212,559,417
Guatemala43.0417,915,568
Ghana43.1131,072,940
South Africa43.7459,308,690
Namibia44.12,540,905
Brunei44.33437,479
Mozambique44.6531,255,435
Slovakia44.655,459,642
Lithuania45.412,722,289
Czech Republic45.710,708,981
Nicaragua45.876,624,554
Dominican Republic46.1710,847,910
El Salvador47.696,486,205
Cambodia47.8216,718,965
Myanmar48.0654,409,800
Oman48.555,106,626
Saudi Arabia48.7134,813,871
Belize49.06397,628
Chile49.1519,116,201
Latvia49.551,886,198
Fiji49.67896,445
Thailand49.8669,799,978
Croatia50.054,105,267
Kuwait50.334,270,571
Portugal50.7710,196,709
Estonia50.991,326,535
Mauritius51.61,271,768
Panama52.984,314,767
Palestine52.995,101,414
Slovenia54.172,078,938
Trinidad And Tobago54.171,399,488
Zimbabwe54.7214,862,924
Spain54.7446,754,778
Uruguay54.913,473,730
Costa Rica55.095,094,118
Jordan55.3610,203,134
Ethiopia55.52114,963,588
Jamaica56.442,961,167
Greece56.7210,423,054
Bahrain58.361,701,575
Cyprus58.391,207,359
Taiwan58.7723,816,775
Lebanon59.746,825,445
Libya61.256,871,292
Qatar62.222,881,053
United Arab Emirates63.589,890,402
United Kingdom65.3367,886,011
Malta65.43441,543
Germany66.5783,783,942
Puerto Rico66.812,860,853
Canada68.1637,742,154
Italy69.0260,461,826
Sweden70.1110,099,265
United States70.95331,002,651
Austria72.159,006,398
Finland72.185,540,720
Seychelles72.7598,347
New Zealand73.014,822,233
Belgium73.1311,589,623
Australia73.3925,499,884
France74.6265,273,511
South Korea75.1651,269,185
Netherlands75.2217,134,872
Ireland76.334,937,786
Hong Kong79.217,496,981
Israel79.548,655,535
Singapore80.235,850,342
Barbados80.32287,375
Denmark83.885,792,202
Luxembourg84.68625,978
Japan85.52126,476,461
Bahamas85.96393,244
Iceland97.22341,243
United States Virgin Islands97.23104,425
Norway104.495,421,241
Switzerland122.678,654,622
Bermuda138.2262,278
Cayman Islands141.6465,722