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Top 5 Cities In The World With Lowest Cost Of Living . Photo KnowInsiders

ECA International has published a list of spending rankings of 227 cities in the world in 2022. The report is based on many factors such as housing costs, meals, transportation, services, essential services, shopping.

Based on the above factors, the report reveals that Hong Kong (China) is at the top of the list of the most expensive cities in the world. However, in this article, we will look at the bottom end of the ranking, where cities have lower cost of living than their living standards and location, but are not as poor or underdeveloped as what people commonly misunderstand.

ECA International analyses the cost of consumer goods and services in more than 490 locations worldwide, while accommodation data is also factored in, comparing rental costs in areas typically inhabited by expatriate staff in over 410 locations worldwide. The latest report ranks 207 cities in 120 countries.

You need under $600 to live in one of 5 cheapest cities in the world. Here is a list of 5 cities with the lowest cost of living in 2022.

1. Krakow, Poland (ranked 190 out of 227)

Photo The Indepedent
Photo The Indepedent

One of the cheapest cities to live in Europe is Kraków, the second largest city in Poland. Although not as popular, it has a similar medieval appeal to Prague.

Kraków’s Main Market Square is the largest medieval square in Europe. The costs of lodging, meals, and attractions in Kraków are far lower than those in other major European cities. Plus, you won’t have to spend any money on public transit since Kraków is relatively walkable.

It is also a great choice for anyone looking for a cheap European city to live and work in – with it possible to rent an entire one-bedroom apartment in Krakow for a month from around $600.

You’ll also be able to enjoy a night out on the beers in this great city without breaking the bank too – as it is possible to grab a pint at a wide variety of bars and pubs for around $2.

READ MORE: Top 30 Most Expensive Cities Across the World Right Now

A meal at an inexpensive restaurant in Kraków is estimated to cost 35 Polish zlotys (US$7.33) while a mid-range restaurant can charge 166 zlotys for a three-course meal for two, according to global cost of living data aggregator Numbeo.

In terms of real estate, the cost per square meter for buying an apartment within Kraków’s city center is at 18,036 zlotys, while that outside of the area is at 11,320 zlotys. Rent for one-bedroom apartments inside and outside the city center cost 2,752 zlotys and 2,252.5 zlotys on average per month, respectively.

The overall monthly cost of living in Kraków for one person can hit 2,603 zlotys on average, while it can cost about 8,779 zlotys for a family of four, both excluding rent.

2. Cape Town, South Africa (ranked 194 out of 227)

Photo CNN
Photo CNN

As one of South Africa’s most popular tourist hotspots, Cape Town is certainly a city that offers some great places to visit.

Cape Town is known for its harbour, for its natural setting in the Cape Floristic Region, and for landmarks such as Table Mountain and Cape Point. Capetown has the eleventh lowest cost of living for expatriates in Africa.

And, for those looking for somewhere that is affordable – yet also offers a good quality of life – the city is certainly a great choice when looking for that place to call ‘home’.

When it comes to finding accommodation, it is possible to find a studio apartment to rent in Cape Town from as little as $450 a month – and a one-bedroom apartment from around $500.

The city also offers plenty of cafes, restaurants, bars and nightclubs – which are sure to keep you entertained both during the day time and at night.

3. Bogota, Colombia (ranked 205 out of 227)

Photo Tripadvisor
Photo Tripadvisor

Colombia’s capital, Bogota is yet another city that allows you to live a good quality of life for low expense – with it possible to rent a one-bedroom apartment in the center of the city from as little as $400 per month.

And, being the country’s largest city – you are sure to never be bored when living here, with literally so much to see and do.

A funicular arrives at the teleferico system of monserrate in Bogota, which was opened in 1955, many buildings and trees can be seen behind, this dramatic shot shows the relationship between the mountain and the city.

So, whether you’re looking to find out more about Bogata’s history and heritage at its many museums, take a walk around its fascinating colonial center, La Candelaria, or venture a little out the city to have a weekend hike at the beautiful La Chorrera and El Chiflón waterfalls – you are sure to find an activity at all times to keep you entertained.

4. Tbilisi, Georgia (ranked 217 out of 227)

Photo Travel and Destinations
Photo Travel and Destinations

Bounce ranked 50 major cities in Europe on factors such as average nightly hotel price (weekend), average one-way public transport ticket cost, average taxi tariff (1km), average pint of beer cost and average meal cost to reveal the cheapest city destinations in Europe.

When looking at the cost of things such as a hotel room, taxi, transport, beer and meal in a restaurant, it’s the Turkey’s largest city Istanbul that works out as the cheapest of European city breaks. Istanbul ranks 9.19 out of 10. Pursuant to the authors of the study, the average cost of a hotel in the former Constantinople is 117 USD; Public transport - USD 0.43; Taxi (1 km) 0.30 USD; Beer - US$ 2.38, and meals - US$ 4.09.

With 9.14 affordability score, the second in the list is the historical capital of Silesia, Poland’s Wroclaw. A hotel price in ‘the global city of the future’ is USD 62; Public transport - US$ 0.98; Taxi - US$ 0.71; Beer - US$ 2.38; Meals - US$ 7.14.

Tbilisi offers a number of neighborhoods to choose from – including the likes of Vake, Saburtalo, Ortachala and Nutsubidze Plato – which offer monthly accommodation options from as low as $400.

5. Istanbul, Turkey (ranked 222 out of 227)

Photo Lonely Planet
Photo Lonely Planet

If you’re looking for a city to live in that will offer you a high quality lifestyle without hitting your pocket too hard, then Istanbul is a place for you to consider.

And the city – which has continued to be one the world’s most visited throughout recent years – certainly offers so much to those that decide to live there, including many cool and interesting things to do.

Whether you enjoy spending your free time at local markets and bazaars, or like to walk around taking photographs of some of the most outstanding and interesting architecture on the planet, Istanbul is sure to not disappoint.

And, for families looking to live in the city there is also plenty of choice when it comes to international schools, colleges and universities.

The city also offers a number of great neighborhoods to reside in, all offering something a little different – with their own sense of uniqueness and charm.

When it comes to the cost of accommodation, it is possible to find a one-bedroom apartment right in the heart of the city center for around $450 a month.

Hong Kong continues to be the most expensive city to live in as an expat for the second year in a row. The position of the Asian city was cemented by higher prices and a stronger currency over the past year, which carried out its research in March this year.

“Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world," said Lee Quane, the regional director, Asia at ECA International.

“Year on year price rises of 3%, as measured by our basket of goods and services, are higher than we typically see in Hong Kong, but are lower than rates in similar cities both within the region and globally. Rather, it has been the strength of the Hong Kong dollar, which is pegged to the US dollar, in the past year which has enabled it to maintain its position as the most expensive location worldwide as other currencies have weakened," he added.

Some key findings of ECA International survey

•A cup of coffee at $5.21, a liter of petrol at $3.04 and a kilo of tomatoes at $11.51 were just a few of the prices that took Hong Kong to the top of the list

•​​​​​​​Petrol prices have climbed on average 37% compared to a year earlier across all cities, while Beirut recorded a 1,128% increase.

•​​​​​​​War in Ukraine saw cooking oil prices rise an average of 25% last year across cities in the ranking.

•​​​​​​​Tehran’s fuel prices were the cheapest, with a liter of petrol costing just $0.09.

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