Ever dreamt of leaving your job and relocating to a place so affordable that working becomes optional? Or perhaps you’re keen on moving abroad to fulfil your dream life outside the U.S.
For the past eight years, I’ve explored the most cost-effective places to live globally. My previous reports from 2023 back to 2017 have highlighted various destinations where living expenses are significantly lower than in the United States.
For 2024, I consulted experts at International Living, who have just released their Annual Global Retirement Index, ranking the best and most affordable places to retire worldwide.
This list isn’t just for retirees—it’s ideal for anyone seeking a more economical lifestyle or those looking to escape the daily grind, societal pressures, and political strife in the U.S. These countries offer such low living costs that work becomes a choice rather than a necessity.
“Retiring abroad is easier and more affordable than ever,” says Jennifer Stevens, executive editor of International Living. “This Global Retirement Index is a great starting point for anyone comparing and narrowing down the best places to consider.”
For 2024, Costa Rica tops the list. “It remains a place where good-value living is easy,” Stevens notes. “Your dollars stretch far, affording you a lifestyle that would cost much more back home.”
Read on to discover the most affordable destinations where living your dream is not just possible but highly attainable.
Costa Rica
Why: Costa Rica leads the Index thanks to its new 180-day tourist visa, making part-time living easier. Its commitment to environmental sustainability and reputation for safety and political stability make it attractive.
Where to Move: Popular expat areas include Atenas, Grecia, and San Ramón in the Central Valley, offering mild climates and fertile lands. Tamarindo provides modern amenities and beautiful beaches, while Puerto Viejo de Talamanca offers a laid-back Caribbean vibe.
The Cost: A retired couple can live well on $2,000 a month, while singles can thrive on $1,600 a month. Healthcare in Costa Rica is top-notch and significantly cheaper than in the U.S., adding to the savings.
Portugal
Why: Portugal, although slightly lower in the rankings this year due to changes in visa and tax benefits, remains the top European destination for its affordability and charm.
Where to Move: Choices range from Lagos’ maritime heritage to Vilamoura’s sophisticated urban living and Tavira’s serene riverside settings. Up-and-coming areas like the Silver Coast and the island of Madeira are also recommended.
The Cost: Couples can live comfortably starting at $2,200 a month, while singles can do well starting at $1,700 a month. Dining out is affordable, and groceries and services are cheaper than in many parts of the U.S.
Mexico
Why: Mexico offers a wide variety of lifestyle and climate options. Well-established expat communities ease the transition and integration process.
Where to Move: Mexico’s colonial heartlands, Riviera Maya beaches, and vibrant Pacific shores all offer unique experiences. Cities like Querétaro balance historic charm with modern energy.
The Cost: Couples can live comfortably on $1,500 to $2,000 per month, and singles on $800 to $1,200. This budget covers housing, utilities, and food, allowing for a higher standard of living compared to many U.S. cities.
Panama
Why: Panama offers unbeatable residency options and high quality of life. Using the U.S. dollar simplifies finances, and the country’s healthcare is among the best globally.
Where to Move: From Panama City’s modern skyline to Coronado’s beachside luxury and Boquete’s highland tranquility, there’s something for everyone.
The Cost: Couples can enjoy a fulfilling lifestyle starting at $2,000 a month, while singles can start at $1,200. Housing and healthcare are significantly cheaper than in the U.S.
Spain
Why: Spain combines low living costs with exceptional healthcare. Its vibrant lifestyle and culinary excellence come at an affordable price.
Where to Move: Madrid’s historic streets, Costa Blanca’s beaches, Pyrenees’ mountain scenery, and Marbella’s luxury beachfront living offer diverse choices.
The Cost: Couples can live comfortably starting at $2,000 a month, with singles spending between $1,500 and $2,000. Regional costs vary, but overall, Spain offers affordable European living.
Ecuador
Why: Ecuador’s mix of beaches, mountains, and rainforests provides a low-cost, luxurious lifestyle. It’s rich in cultural and geographic diversity with a pleasant climate.
Where to Move: Cuenca’s historic charm, Salinas and Olón’s coastal allure, Quito’s vibrant city life, and Vilcabamba’s mountain tranquillity offer varied living options.
The Cost: Couples can live well on about $2,000 a month, while singles can manage on roughly $1,000 a month. Housing, transportation, and groceries are notably cheaper than in the U.S.
Greece
Why: Greece offers a low cost of living, beautiful destinations, and high-quality, affordable healthcare. Its Golden Visa program provides an accessible path to residency.
Where to Move: Athens offers urban conveniences at lower costs, while Crete and Corfu provide a slower pace and affordable living. The Peloponnese mainland offers rustic charm.
The Cost: Living costs are up to 50% lower than in the U.S. Dining out is affordable, and housing costs range from $331 to $662 monthly for city apartments.
Malaysia
Why: Malaysia is a “hidden gem” with stunning landscapes, friendly locals, and budget-friendly living. It’s a liberal country in the Muslim world, attracting expats for centuries.
Where to Move: Kuala Lumpur offers city buzz and cultural diversity. Penang provides historical charm and great street food, while Langkawi and the Cameron Highlands offer beautiful and tranquil settings.
The Cost: Couples can live comfortably at about $2,000 per month, while singles on around $1,000. Housing and dining out are notably affordable.
France
Why: France offers sophisticated European living at a lower cost, especially outside Paris. The country combines high culture, excellent healthcare, and vibrant lifestyle options.
Where to Move: Toulon offers affordable living near the Côte d’Azur, while Sarlat-la-Canéda in Dordogne and Huelgoat in Brittany provide historical charm and bucolic tranquillity.
The Cost: Comfortable living is possible on a lower budget. A two-bedroom apartment in Toulon can be rented for about €800 monthly, with even lower costs in rural areas.
Colombia
Why: Colombia’s diverse landscapes, welcoming culture, and affordability make it a top choice. It’s the world’s second-most biodiverse country, offering rich urban and natural experiences.
Where to Move: Taganga offers beach life, Bogotá provides a vibrant urban environment, and Medellin blends modern amenities with traditional culture. Smaller cities like Manizales and Pereira are even more affordable.
The Cost: Living costs range from $1,000 monthly in smaller cities to around $2,000 in larger cities like Medellin. Housing, utilities, and daily expenses are all significantly cheaper than in the U.S.
Explore these affordable destinations to turn your dream of living abroad into reality.
