If you're planning your first trip abroad — or looking for a long-term base — cost of living is probably your top concern. We pulled data from the World Bank, Numbeo, and WHO to rank all 29 countries in our database by how far your dollar actually goes.
This isn't just about the cheapest rent. We factored in cost of living index (benchmarked against New York City at 100), local median income, and cultural friendliness so you're not just saving money — you're also enjoying the experience.
The Top 10 Cheapest Countries
Here are the 10 most affordable countries ranked by cost of living index, from cheapest to most expensive:
| # | Country | COL | Income/mo | Friendliness |
|---|---|---|---|---|
| 1 | Colombia | 27.6/100 | $400 | Very High |
| 2 | Serbia | 30/100 | $1,050 | High |
| 3 | Peru | 30.4/100 | $440 | High |
| 4 | Argentina | 30.7/100 | $400 | High |
| 5 | Vietnam | 31.1/100 | $280 | High |
| 6 | Mexico | 32/100 | $1,600 | Very High |
| 7 | Kenya | 32/100 | $250 | Very High |
| 8 | Brazil | 32.7/100 | $620 | Very High |
| 9 | Philippines | 34/100 | $240 | Very High |
| 10 | Romania | 34.5/100 | $1,250 | High |
Cost of Living Breakdown
The chart below shows how every country in our database compares. A score of 100 means the same cost as New York City — anything below 50 means your dollar goes at least twice as far.
Cost of Living Index (lower = cheaper)
1. Colombia — Best Overall Value
With a cost of living index of just 27.6, Colombia is the most affordable country in our database. Cities like Medellín and Bogotá offer modern infrastructure, fast internet, and a thriving expat community. The friendliness rating is "Very High," and the median local income is only $400/month — meaning even a modest remote salary makes you comfortable.
2. Argentina — The Exchange Rate Play
Argentina's economic volatility is actually an advantage for foreign earners. At a cost of living index of 30.7 and a median income of $400/month, your purchasing power here is enormous. Buenos Aires feels like a European capital at a fraction of the price.
3. Peru — Underrated and Affordable
Peru flies under the radar compared to Colombia and Mexico, but at a cost of living index of 30.4, it's actually cheaper than both. Lima has world-class food and a growing digital nomad scene. The trade-off: English proficiency is lower, so basic Spanish goes a long way.
4. Mexico — The Proximity Advantage
At a cost of living of 32.0, Mexico offers the best combination of affordability and convenience for Americans. Same time zones, short flights home, and "Very High" friendliness. Mexico City and Guadalajara are digital nomad hubs with modern coworking spaces.
5. Vietnam — Southeast Asia's Hidden Gem
Vietnam edges out the Philippines and Indonesia with a cost of living of 31.1 combined with a "High" friendliness rating. Ho Chi Minh City and Da Nang are rapidly becoming popular with remote workers thanks to excellent food, cheap rent, and fast internet.
The Bottom Line
All 10 of these countries have a cost of living index below 35 — meaning your money goes roughly three times further than in New York. The real question isn't just "where is cheapest?" but "where gives the best experience for the price?"
That depends on your priorities: language ease, cultural fit, dating scene, and how rare you are statistically. Use our Compare Tool to see where you stand across all 29 countries at once.