The cost of living is the money needed to sustain a certain comfort level in a location. The cost of living covers basics like housing, groceries, taxes, and healthcare. Some countries have a very high cost of living, particularly in areas surrounding large cities. For example, in the United States, cities like New York and San Francisco have a very high cost of living. On the flip side, some nations have a very low cost of living, so many people are packing their belongings to move to these countries.
Several different organizations have used statistics to determine the cheapest countries to live in. 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, Pakistan is the cheapest country to live in, with a cost of living index of 18.58. This is followed by Afghanistan (24.51), India (25.14), and Syria (25.31).
On the opposite end, the most expensive countries to live in are the Cayman Islands (141.64), Bermuda (138.22), Switzerland (122.67), and Norway (104.49). All four of these countries have a higher cost of living than New York City.