South Africa is the most affordable place in the world to live because of its richest resources of gold, platinum, and chromium. The ability of a person to work enhances when he is living in a foreign country for months at a time. He would also be able to enjoy the new environment. The ideal way to live in a foreign country is by designing, writing, programming, teaching English, or working in the industry. Here you can find a list of the Top 10 Most Affordable Places to Live in the World.
Many people want to live in these faraway lands after their retirement. By studying the most expensive or most livable cities, information about the places to live in, housing costs, etc. can be obtained. Some places in the world are cheap to live in, and these environmental conditions are nice, while some other places are inexpensive. To find the best quality of life in the world, the best places to live, the best climate, and the healthiest environment to live in. Every year the international ranking of the places to live in the world is prepared. Do you know about the Most expensive cities for a living in?
10 – Macedonia
Macedonia is one of the most affordable countries to live having the lowest rents and residences. It is a European country which is located just the north of Greece and has a population of 2.1 million. Textiles, food, and oil processing industries are the major industries of this country.
9 – Czech Republic
Czech Republic European country situated at the country borders of Germany, Austria, and Poland. The population of this country is 10.6 million. According to the estimation of the world bank, this country has higher GDP of 19,5000 dollars per criteria. Suggesting that the locals can afford more things than their income.
8 – Paraguay
Paraguay is located in South America having a population of 6.8 million. The leading industries in this country are sugar, cement, and textiles. In the capital of this country that is Asuncion, a single person may have just the expenses of 360 dollars per month. And the rent of a single-bedroom apartment is 250 dollars.
7 – Oman
This country has borders with Saudi Arabia and the Arabian Sea. Being situated in the Middle East, this country is rich in oil and gas resources. Making a nation of this country wealthy. This country has the highest local purchasing power in the top 10 affordable countries.
6 – Zambia
This country is situated in Africa and is the 6th open state of the world to live or retire, because of its high local purchasing power. For people who want to live in the most affordable country must live in Zambia because Zambia would provide both lower costs and local incomes high enough to help to cover the expenses.
5 – Kazakhstan
This country borders Russia and China, having a population of 18.2 million people. Resources of oil, coal, and iron core enable the economy and nation of this country wealthy. Further, it is an affordable country to live in because the cost of groceries and consumer goods is very small.
4 – Saudi Arabia
In this country the prices of consumer goods are small, but the prices of groceries are comparatively high. The crude oil industry, petroleum refining, and petrochemical industries are the primary cause of the wealth of this country. According to World Bank, this country has higher GDP of 24,161 dollars per criteria.
3 – Kosovo
This is the country of Eastern Europe that borders Serbia, Albania, and Macedonia. The major industries of this country are mineral mining and construction materials. The population of this country is 1.9 million. In the capital of this country Pristina, a single person has expenses of 324 dollars per month and the rent for a single-bedroom apartment is 275 dollars per month.
2 – India
India is the second most populous country in the world having a population of 1.25 billion people. This country relies mainly on the industries of textiles, chemicals, and food processing industries. It has a high local purchasing power, and the cost of consumer goods and groceries is low, with the typical expenses of a single person being 285 dollars per month.
1 – South Africa
It is the most affordable country to live in or retire in. Platinum, gold, and chromium metals are the resources that make this country produces. In Cape Town, the capital of this country a single person may have expenses of 400 dollars per month.
Bases of Ranking of Most Affordable Countries
This ranking of the top 10 most affordable places to live in the world is based on four key accessible metrics provided by online price data. These four factors are
Local Purchasing Power: This measures the purchasing power of salary of the country in New York. A lower purchasing power can buy fewer goods while a high purchasing power can buy more things.
Rent Index: It compares the typical rent prices of the country with New York
Groceries Index: It compares the prices of groceries in New York.
Consumer Price Index: It gives comparison of the prices of utilities and transport facilities in New York’s prices.
The following table gives the comparison of these four key factors for the top 10 most affordable countries to live in a world in descending order about New York.
List of Top 10 Most Affordable Places to Live in the World
|Sr. No.||Country Name||The purchasing power of the Country Relative to New York||Rent Index Relative to New York||Groceries Index Relative to New York||Consumer Price IndexRelative to New York|
|10||Macedonia||49.7% lower||94% lower||73.5 % lower||68.0% lower|
|9||Czech Republic||8.4 % lower||87.8% lower||63.0% lower||57.7% lower|
|8||Paraguay||49% lower||91.7% lower||75.3% lower||69.7% lower|
|7||Oman||57.5% higher||71.7 % lower||48.9% lower||44.4% lower|
|6||Zambia||50 % higher||68.1% lower||59.1% lower||44.6% lower|
|5||Kazakhstan||38.2% lower||88.9% lower||78.4% lower||66.7% lower|
|4||Saudi Arabia||33.6% higher||85.9% lower||56.4% lower||49.9% lower|
|3||Kosovo||33.8% lower||91.5% lower||75.8% lower||72.6% lower|
|2||India||20.9% lower||96.2% lower||74.4% lower||74.4% lower|
|1||South Africa||26.9% higher||87.5% lower||71% lower||65.8% lower|
From the above article, it can be concluded that South Africa is the best affordable place to live regarding purchasing power, rent index, groceries index, and consumer price index.