With the surging costs of necessities like healthcare and housing, many Americans are encouraged to move to another country overseas that won’t break the bank. Even some countries are so affordable that you can stop working or work part-time while getting much more bang for your buck.
However, determining the “best” countries to live in outside the U.S. where you could potentially stop working depends on a few factors. Most people prioritize language, culture, jobs, food, scenery, people, safety, weather, and, above all, the cost of living.
Considering the common factors, here are the top 5 countries to consider relocating to:
Mexico
Many expatriates find Mexico appealing due to its diverse culture and proximity to the United States. The cost of housing, food, and other basic goods and services is generally lower than in the United States. According to Remoteyear, the cost of living in Mexico is 45.7% lower than in the U.S. You can thus get by on $600 to $2,000 a month.
Ecuador
Ecuador boasts a low cost of living, a diverse landscape, and a mild climate in many areas. Cities like Cuenca and Quito are popular among expatriates for their affordability. Usually, the cost of living is more than half of what it is in the States at $789. In Cuenca, you can easily find a nice 2-bedroom apartment for anywhere between $300 to $500 per month.
Thailand
Known for its beautiful beaches, rich culture, and low living costs, Thailand is a popular destination for retirees and digital nomads. The cost of living in Thailand can vary depending on your city or region. Major cities like Bangkok tend to be more expensive than rural areas. Still, the average living cost is around 36.73% lower than in the U.S., according to Numbeo.
Vietnam
Cheaper than Thailand or Malaysia, Vietnam offers delicious cuisine, vibrant street food culture, and stunning landscapes, making it an attractive destination for budget-conscious expatriates. You can find an abundance of inexpensive locally grown fruits and vegetables in Vietnam. According to 2022 data, the cost of living in Vietnam is around 63.5% lower than in the United States. You can easily find a decent studio or 1 bedroom apartment for around $400 per month. However, schools and hospitals with Western standards can be a little pricey.
Portugal
Portugal has gained popularity for its affordability, tranquil pace of life, friendly people, pleasant climate, and rich history. Also, the country has a relatively simple residency process for EU non-citizens, which includes Americans. Other than two major cities Lisbon and Porto, most cities in Portugal are very affordable to live in. On average, housing costs in Portugal are around 50 percent lower than in the USA.
Panama
Panama is the perfect place to live without depleting your savings if you enjoy a simple life with warm weather year-round, beautiful beaches, and mountains as far as the eye can see. An average one-bedroom apartment rents from $600 to $1000 per month. The cost of living in the country is $1,112, which is as much as 47% less expensive than in the US. The best part? Panama uses the US dollar, so you don’t have to deal with a potentially unstable country’s currency.
Spain
Spain checks many boxes for those wanting to live in a place with a lower cost of living, excellent food, and warm weather. You can easily immerse yourself in the Spanish culture if you try to learn Spanish. Public transport in Spain is also one of the best in Europe, meaning you may not have to purchase a car ever. Outside of major cities like Barcelona and Valencia, rent for a house is around $550-$680 per month.
Bulgaria
Bulgaria offers a low cost of living in Eastern Europe, with picturesque landscapes and historic towns like Sofia and Plovdiv. In Bulgaria, most everyday essentials, including food, healthcare, and transport, are quite cheap. With just around $1000, you can easily lead a quality life. Overall, the cost of living in Bulgaria is 47.9% lower than in the United States.
Turkey
Turkey is a beautiful and culturally rich country with a long history and many interesting sights to see. It is where Europe meets Asia and you see influences from both regions in different degrees depending on where you live. The living cost is around $700, which is 73% less expensive than in the United States.
Colombia
Colombia has become a popular destination for expats in recent years, offering affordable living costs, beautiful landscapes, and a rich cultural experience. With about $1000 per month, you can live pretty well. According to Numbeo, the cost of living in Colombia is around 64% lower than in the United States.
Remember that a country’s suitability for specific needs depends on language, healthcare, safety, and cultural compatibility. Additionally, economic and political conditions can change, so it’s crucial to conduct thorough research and possibly visit the countries of interest before deciding.
