Cheapest European Countries 2024

For those looking to relocate abroad, Europe is a popular choice. Europe as a whole has 50 countries, 27 of which are part of the European Union. Europe is often associated with high costs of living for travelers, expats, and permanent residents alike, particularly in Western Europe, the Nordic countries, and countries which use the Euro. However, while some European countries are comparatively expensive, many others are quite affordable, particularly when compared to the United States.

Several independent reference sources compile and maintain lists of the cheapest and best European countries to live in, from Forbes and the Global Retirement Index to travel sites such as PlanetWare. These lists can be a valuable resource for retirees and expats moving for work or adventure, as well as for tourists and travelers looking to make the most of their budgets. Most sources evaluate not only the cost of living, but also additional factors including healthcare, entertainment, safety, cultural factors, and the ease of learning the local language (most are not English-speaking countries). This broad analysis pinpoints countries in which newcomers can often live less expensively without sacrificing their quality of life or standard of living. Many are also among the easiest countries to move to.

Thus, here is a list of some of the most affordable countries in Europe that also offer excellent value for the money spent and meet other criteria mentioned above that make them desirable places to visit, live, and explore in 2024.

Bulgaria

One of the Slavic countries, Bulgaria is one of Europe’s hidden gems for both travelers and expats and appears on nearly every list of affordable countries in Europe. In addition to cities rich in history, Bulgaria has beautiful landscapes, including beaches along the Black Sea in the summer and mountains for skiing in the winter. A person’s monthly budget for living in Bulgaria starts as low as $600.

Transportation and dining are quite affordable in Bulgaria, with long-distance train tickets starting at $5 and dinner with a drink at less than $10. It is relatively easy to legally take up residence in the country even if one is not an EU citizen. Bulgaria is the poorest member of the EU and is still working to develop its infrastructure, increase its overall standard of living, and deter corruption. However, it remains one of the most highly recommended destination countries in Europe.

Montenegro

Like Bulgaria, Montenegro is considered to be one of the best countries in the world in which to retire, with an estimated monthly cost of living of just 700 Euros per person. This budget covers rent, healthcare, food, and entertainment. Montenegro is known for its beautiful landscapes, friendly people, and vast countryside full of affordable real estate. The cost of living gets higher closer to the sea, however. The cons of Montenegro are the lack of infrastructure and flights.

Romania

The third near-unanimous recommendation is Romania, another country with beautiful landscapes, colorful cities, and a very affordable lifestyle. The monthly budget for a person living in Romania starts at about 600 Euros in the northern parts of the country, though the cost of living is higher in the country’s capital, Bucharest. Dining out in Romania is very cheap, including lunch menus for $4 and hotels, hostels, and apartments starting at $7 per person.

Non-Europeans can obtain a residence permit in Romania with minimal difficulty. Although it is part of the EU, Romania does not use the Euro, which is considered by some to be one of the reasons the costs of living remain low in the country. However, corruption at various levels of government remains high.

Hungary

Another of the world's best countries to visit is Hungary, where the cost of living ranges from approximately 900 Euros per month in rural areas to 1,400 Euros per month to live in Budapest. Hungary is conveniently located in Central Europe, with access to the Adriatic Sea and other countries including Austria, Slovenia, and Slovakia. Food and travel accommodations are relatively affordable, as well. That said, unlike peoples of other European Union nations, Hungarians speak a non-Indo-European language, which may result in a greater language barrier than in other European countries.

Czech Republic

While costs are higher in its capital city of Prague, the countryside of Czech Republic boasts both beautiful scenery and ample affordable real estate. The monthly budget for a person living in Czech Republic is roughly 950 Euros. Czech Republic is located in Central Europe, granting easy access to other countries such as Austria and Germany. The standard of living in Czech Republic is about the same as Germany but costs about half as much. Meals can be as cheap as $3 to $5 (US$), and those looking to visit can pay as little as $15 a night at a hostel. Czech Republic is also one of the happiest countries in the world.

Portugal

While more expensive than many Eastern European countries on the list, Portugal is the cheapest country in Western Europe. At a monthly budget of about 1200 Euros, Portugal offers a warm climate, access to the ocean, and a high level of safety. Prices in Portugal are about one-half or even one-third of other Western European countries, as long as one does not plan to settle in Lisbon. Although Portugal is relatively affordable, since it has been gaining popularity in recent years, especially among retirees, its prices are expected to rise. Portugal is also one of the world's easiest countries to which to immigrate.

Georgia

One of the less well-known but strongly endorsed European destinations is Georgia, where the monthly budget is an affordable 600-1000 Euros. Residency permits are easy to obtain, and Georgia is also one of the easiest countries in which to become a citizen. Georgia is located in the far southeast of Europe, sharing a border only with Eastern European countries of Russia, Azerbaijan, Armenia, and Turkey.