Have you ever fantasized about quitting your job and moving to a place where it’s so affordable that you don’t need to work? Or perhaps you just want to move out of the U.S. to live out your dream life overseas.
For eight years now, I have been reporting on the most cheapest places to live around the globe. Previous reports from 2023, 2022, 2021, 2020, 2019, 2018, and 2017 have showcased a variety of destinations where living costs are just a fraction of what they are in the United States.
For 2024, I have once again turned to the experts at International Living, which just released its Annual Global Retirement Index, ranking the best places to retire around the globe—affordably.
But make no mistake—this list isn’t exclusive to retirees. It’s perfect for anyone seeking a more affordable way of life or those wishing to escape the daily grind, societal pressures and political strife of living in the U.S. These are countries where the cost of living is so low that the need to work could become a choice rather than a necessity.
“Retiring abroad is easier and more affordable than ever before,” Jennifer Stevens, executive editor of International Living, told me in an interview. “This Global Retirement Index makes for an excellent jumping-off point for folks who want to compare and contrast their best options and narrow down the spots where they should be looking.”
For 2024, the world’s top retirement destination is Costa Rica. “It remains a place where good-value living is easy,” says Stevens. “Your dollars really stretch, and they buy you the sort of lifestyle you’d pay two or three times for back home.”
Besides living affordably, the International Living report also rounds up places where you can live a better life. Full stop. “As we head into an election year in the States—the results of which are likely to have a significant impact globally—internationally minded Americans are beginning to think seriously about putting a Plan B in place—and how they can do it quickly,” says Stevens. “This Global Retirement Index makes for an excellent jumping-off point for folks who want to compare and contrast their best options and narrow down the spots where they should be looking.”
Read on to find out about the most affordable destinations where living your dream is not just possible, but highly attainable.
Costa Rica
Why: “This year, Costa Rica tops our Index, in part because its new 180-day tourist visa makes part-time living there easier than ever. What’s more, its continued commitment to environmental sustainability makes it a particularly attractive option in this era when climate change is at the top of people’s minds,” says Stevens. The country’s reputation for safety, political stability and a friendly society also makes it a top choice for expats.
Where to Move: Costa Rica is an expat wonderland where you can you start your day atop a volcano and end it on a beach, with a stop at a cloud forest along the way. International Living recommends the established expat retreats of Atenas, Grecia and San Ramón in the Central Valley, which offer spring-like temperatures and fertile lands, while Tamarindo caters to people in search of modern amenities and beautiful beaches. For a more laid-back vibe, check out Puerto Viejo de Talamanca, which provides a Caribbean feel with less tourist traffic, making it a peaceful sanctuary.
The Cost: “While prices in Costa Rica are the highest in this part of Latin America, the developed infrastructure, healthcare and services you receive here outperform most neighbors and justify the expense,” says Stevens. According to International Living, a retired couple can live well on $2,000 a month, while singles can enjoy the richness of Costa Rica on $1,600 a month. Another selling point: “The healthcare in Costa Rica is top-notch and costs so much less than we’ve used to paying at home—that’s where a significant savings comes in,” says Stevens.
Portugal
Why: Portugal was number one on International Living’s 2023 list, and its slight dip in the rankings this year doesn’t detract from its charm as the prime European destination for expats, according to Stevens. “Portugal remains our top European pick, though it fell slightly in the rankings this year because of changes to their Golden Visa program and impending changes likely to impact the tax benefits certain visa holders have enjoyed up until now,” she says. Despite this, Portugal continues to be a top choice for people seeking an affordable—and appealing—European lifestyle.
Where to Move: Portugal’s allure lies in its variety, offering everything from the traditional charm of Old World towns to relaxed beach life to countrysides dotted with centuries-old vineyards. International Living recommends Lagos, where the cobblestone lanes and marina-side promenades reflect a rich maritime heritage, while Vilamoura’s planned urban sophistication caters to expats seeking a polished, leisure-oriented lifestyle. Tavira provides a picturesque setting for café culture and serene river views. According to International Living, smart investors are also eyeing up-and-coming Portuguese markets such as the Silver Coast, the charming riverside town of Caminha on the northern border with Spain and the island of Madeira.
The Cost: The cost of living in Portugal presents a European experience at an affordable rate. According to International Living, a couple can live comfortably starting at around $2,200 a month, while singles can expect to live well starting at about $1,700 a month. You can have dinner at nice restaurants for $11.50 or less, including drinks. But if you want to eat at home, the cost for groceries and routine services often comes in lower than in many parts of the U.S., making Portugal not just a dream, but a feasible reality for expats.
Mexico
Why: “Mexico lands at number three this year, offering a particularly wide variety of lifestyle and climate options for folks looking to live better while spending less,” says Stevens. With its mix of Colonial cities, tropical beaches and diverse climates, Mexico appeals to a broad spectrum of expats. Another plus: “Well-established expat communities make integrating, making friends and settling in easy,” says Stevens.
Where to Move: International Living recommends checking out Mexico’s colonial heartlands, which offer a blend of cultural riches and modern comforts. The central highlands are adorned with colorful architecture and bustling market squares. Coastal seekers can find solace along the serene beaches of the Riviera Maya or the vibrant Pacific shores, each promising a unique blend of leisure and adventure (established expat communities include Playa del Carmen and Los Cabos). In places like Campeche and Merida, you’ll discover a colonial-tropical charm with modern amenities, while cities like Querétaro balance historic preservation with a dynamic, youthful energy.
The Cost: According to International Living, a modest yet comfortable lifestyle in Mexico can be maintained on a budget of around $1,500 to $2,000 per month for a couple, covering all basic expenses including housing, utilities and food. Singles can expect to live comfortably on $800 to $1,200 per month, depending on lifestyle choices and location. In Mexico, the cost of living is substantially lower than in many U.S. cities, allowing for regular dining out, cultural activities, and travel within the country. Even in popular expat destinations, housing remains affordable, offering a higher standard of living for less, while healthcare services provide excellent quality at a fraction of U.S. prices.
Panama
Why: Panama comes in fourth place on the International Living list, thanks to unparalleled residency options and an enviable quality of life. “Panama’s residency options remain hard to beat, with visas that provide retirees excellent options—whether you’re truly retired or interested in working online,” says Stevens. Panama’s use of the U.S. dollar eliminates currency exchange headaches, and the nation’s healthcare ranks among the best globally. Plus, the country’s size allows for quick transitions from idyllic beaches to the buzz of Panama City.
Where to Move: Across the country, from the cosmopolitan capital to the tranquil highlands, expats can find their perfect setting, whether they’re drawn to urban sophistication, beachside relaxation or mountainous retreats. “Because it’s a relatively small country—you can go from beachy escape to big-city vibrancy quickly and easily,” says Stevens. “Expats like that—they can enjoy that easy, beachy lifestyle but still have access to all the big-city conveniences they might want.” Panama City blends modern skyscrapers with the charm of the colonial old town and a rainforest right within the city limits. For beach enthusiasts, Coronado’s luxury gated community offers a mix of high-end amenities and tropical beauty, while Boquete appeals to people seeking a cooler climate amid lush highland scenery.
The Cost: According to International Living, a couple can enjoy a fulfilling lifestyle in Panama on a budget starting at $2,000 a month, covering all basic living expenses and some luxuries. Singles might find their costs starting at $1,200 a month, allowing for a comfortable and often upscale standard of living. Housing in Panama can be significantly less expensive than in the United States, whether renting in the city, near the beach or in the cooler regions of the highlands. Comprehensive healthcare at a low cost and discounts available to retirees stretch the affordability even further, making Panama an economically wise choice for many expats.
Spain
Why: According to International Living, Spain’s appeal lies not only in its sun-drenched landscapes but also in its world-renowned healthcare system. And with one of the lowest costs of living in Europe, this means expats can indulge in Spain’s vibrant lifestyle and culinary excellence without breaking the bank. The nation’s healthcare, accessible to residents after certain periods (depending on their visa status) adds to its allure.
Where to Move: Expats are spoiled for choice in Spain, where International Living, recommends the historic streets of Madrid and the tranquil beaches of the Costa Blanca. In the north, the Pyrenees offer stunning mountain scenery and skiing, while the southern coast is famed for its white sandy beaches and warm climate. Cities like Marbella combine the luxury of beachfront living with the convenience and charm of a bustling town. Denia is another appealing expat spot, offering a balance of city attractions and laid-back coastal life.
The Cost: Life in Spain can be surprisingly affordable. According to International Living, a couple can live a comfortable lifestyle starting at $2,000 a month, while singles may spend between $1,500 and $2,000. These figures cover housing, healthcare and enjoying Spain’s rich dining scene and cultural offerings. The cost of living varies by region, with more affordable options in the countryside and higher costs in major cities like Madrid and Barcelona. The Spanish real estate market is welcoming to foreigners, with straightforward processes for both buying and renting. Prices for a two-bedroom home can start as low as €85,000 in rural Andalusia, reaching up to €300,000 in popular coastal areas. In metropolitan areas, prices start around €300,000 and can go higher based on location and amenities. Renting is a practical option for people looking to explore different regions, with monthly costs ranging at around €700 in less touristy areas.
Ecuador
Why: With its stunning blend of beaches, mountains and rainforests, it’s no wonder International Living named Ecuador an emerging haven for expats. The cost of living here is low enough that a fixed income can provide a comfortable, even luxurious lifestyle. Ecuador is not just budget-friendly, it’s also rich with cultural variety and geographic diversity. Plus, it has a comfortable climate.
Where to Move: Ecuador offers a place for every preference, according to International Living, from the historic grandeur of Cuenca to the relaxed rhythms of coastal towns like Salinas and Olón to the vibrant city life in Quito to the tranquility of mountain villages like Vilcabamba. For those seeking eternal spring, the Andean highlands provide temperate climates and breathtaking scenery, while beach lovers can bask in the coastal warmth of places like Manta.
The Cost: In Ecuador, the dollar stretches far. According to International Living, a couple can live well on about $2,000 a month, while singles can manage on roughly $1,000 a month. Housing costs are significantly lower than in the U.S., with rentals in charming expat towns starting as low as $300. Public transport is reliable and inexpensive, healthcare is accessible and affordable, and the cost of groceries is astonishingly low. Plus, retirees enjoy substantial discounts on a range of services and utilities, adding to the financial appeal of this equatorial paradise.
Greece
Why: According to International Living, Greece offers “the quintessential example of a lifestyle so many retirees seek: a low cost of living in a beautiful, warm destination with high-quality, affordable healthcare.” Living costs in Greece can be significantly lower than in the United States (think, housing up to 75% less). Adding to the appeal—a laidback and healthy Mediterranean lifestyle, plus a Golden Visa program that offers residency with a real estate investment that’s surprisingly reasonable.
Where to Move: Whether it’s the idyllic islands with their laid-back lifestyle and iconic white-washed villages or the rustic charm of the Peloponnese mainland, Greece offers a locale for every taste and budget. International Living recommends Athens, which provides urban conveniences at a fraction of the cost found in other European capitals. For a quieter life, check out the islands of Crete or Corfu, which offer a slower pace where the cost of living allows for a comfortable lifestyle that can be tailored to suit modest budgets.
The Cost: Living in Greece can significantly lower your cost of living compared to the United States: International Living estimates that you’ll save up to 50%. Eating out, a staple of Greek life, is notably affordable, with delicious local meals in casual tavernas averaging around $11 to $16 (€10 to €15) a person. Monthly rent for a one-bedroom apartment in a city center can range from $331 to $662 (€300 to €600), while outside city centers, it drops to $276 to $552 (€250 to €500). For those contemplating property, the Golden Visa beckons with a threshold of granting residency and a gateway to the European lifestyle with an investment of €250,000 (around $276,265).
Malaysia
Why: When it comes to places where you can quit your job and live affordably in Asia, International Living calls Malaysia a “hidden gem” With its “unique blend of stunning landscapes, friendly locals and budget-friendly living,” the country has been luring expats from around the world for over 400 years. When it comes to the Muslim world, International Living says that there’s “probably no more liberal country.”
Where to Move: For those seeking the buzz of city life—complete with soaring skyscrapers and cultural diversity—International Living recommends Kuala Lumpur as the go-to. Penang, with its historical allure and renowned street food, has a slower pace of life, along with beautiful beaches. Other appealing spots include the island of Langkawi and the cool, tranquil Cameron Highlands.
The Cost: A couple can live comfortably in Malaysia on about $2,000 per month, while singles can enjoy a fulfilling lifestyle on around $1,000 a month, according to International Living. Housing costs are a fraction of what you’d pay in the US or Europe, with luxury rentals available at astonishingly low prices. Eating out is a cultural pastime and is both delicious and affordable, with local meals at casual eateries averaging just a few dollars per person. Utilities and transportation are also notably inexpensive, adding to the overall affordability of the Malaysian lifestyle.
France
Why: France is more than just a picturesque dream destination, it’s a place where the cost of living can be significantly lower than in the United States, particularly if you avoid the upscale neighborhoods of Paris. International Living hails France as the essence of sophisticated European living, offering everything from alpine skiing to vineyard-rich regions and the fashion capital, Paris. This country offers a blend of high culture, excellent healthcare and a lifestyle that’s both vibrant and affordable.
Where to Move: International Living recommends budget-friendly locales like the sun-drenched southern city of Toulon (known for its affordable living and proximity to the Côte d’Azur) and the historical charm of Sarlat-la-Canéda in the Dordogne region (ideal for those who love medieval architecture and bucolic charm). For a more rural and serene setting, the picturesque Breton village of Huelgoat in Brittany offers a peaceful lifestyle amid stunning natural beauty.
The Cost: In France, a comfortable lifestyle is attainable at a lower cost than many expect. According to International Living, a two-bedroom apartment in Toulon can be rented for about €800 ($847) a month, offering sea views and proximity to beaches. In Sarlat-la-Canéda, a town with year-round vibrancy, living costs are even more reasonable, with rentals and everyday expenses being surprisingly affordable. In Huelgoat, property prices are among the lowest in France. The healthcare system in France is also a major draw, offering high-quality care at significantly reduced costs compared to the United States, making it an excellent choice for those seeking a high-quality, affordable European lifestyle.
Colombia
Why: International Living celebrates Colombia for its diverse natural beauty, welcoming people and affordability. The country is recognized for its range of landscapes: green coffee plantations, snow-capped mountains, soft beaches. Another thing going for it—Colombia is the world’s second-most biodiverse country, offering rich experiences in both urban settings and natural environments. The warm and accepting culture of Colombians ensures that expats feel welcome.
Where to Move: For those who love the beach, International Living recommends Taganga, which offers a relaxing coastal lifestyle. Meanwhile, the capital city of Bogotá presents a culture-rich environment with a more fast-paced lifestyle. Cities like Medellin offer a blend of modern amenities and traditional Colombian culture at a lower cost of living compared to many U.S. cities. For a more tranquil setting, smaller cities like Manizales and Pereira provide beautiful landscapes and a comfortable lifestyle at an even more affordable cost.
The Cost: Living in Colombia can be incredibly affordable. The cost of living is significantly lower than in the United States, with a comfortable lifestyle available from $1,000 per month in smaller cities and around $2,000 in more popular cities like Medellin, according to International Living. Housing in cities like Bogotá can be found for around $1,000 a month for a two-bedroom home, with costs varying depending on the city and neighborhood. Utilities are affordable due to the tiered estrato system, and other daily expenses like food and transportation are also reasonably priced. Health insurance is accessible and affordable, with high-quality care available throughout the country. Entertainment and leisure activities offer a range of options for all budgets, enhancing the overall quality of life in Colombia.
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