Top 5 Cities With Lowest Cost of Living In The World

Rosemary November 13, 2023 | 15:55

It's hard to believe that the cost of living in these cities is lower than in many Asian cities, given their reputation for high quality of life. View the world's 5 most affordable major metropolises here.

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

Contents
1. Krakow, Poland (ranked 190 out of 227) 2. Cape Town, South Africa (ranked 194 out of 227) 3. Bogota, Colombia (ranked 205 out of 227) 4. Tbilisi, Georgia (ranked 217 out of 227) 5. Istanbul, Turkey (ranked 222 out of 227) Some key findings of ECA International survey

A list of 227 cities worldwide and their spending rankings has been released by ECA International. The report is based on a number of variables, including the cost of housing, food, transportation, services, shopping, and essential services.

The report indicates that Hong Kong, China, tops the list of the world's most expensive cities based on the aforementioned factors. In this piece, however, we'll focus on the bottom end of the scale, where cities are not as impoverished or underdeveloped as popular misconception suggests, but rather have lower cost of living relative to their location and living standards.

In addition to comparing rental prices in areas commonly inhabited by expatriate employees in over 410 locations worldwide, ECA International also analyzes the cost of consumer goods and services in more than 490 locations worldwide. In 120 countries, the most recent report ranks 207 cities.

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

The second-biggest city in Poland, Kraków, is among the most affordable places to live in Europe. It's not as well-liked, but it has Prague's medieval charm.

The Main Market Square in Kraków is Europe's largest medieval square. Compared to other large European cities, Kraków offers far more affordable lodging, dining, and attraction fees. It also saves money on public transportation because Kraków is a reasonably walkable city.

Krakow is an excellent option for individuals seeking an affordable European city to reside and work in, as one can rent a whole one-bedroom apartment for approximately $600 per month.

A pint of beer can be had for about $2 at many different bars and pubs, so you can enjoy a night out in this fantastic city without going over budget.

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

Real estate-wise, purchasing an apartment in Kraków's city center costs 18,036 zlotys per square meter, whereas purchasing one outside of it costs 11,320 zlotys. The average monthly rent for one-bedroom apartments located within and outside of the city center is 2,752 zlotys and 2,252.5 zlotys, respectively.

When rent is excluded, the average monthly cost of living in Kraków for an individual is 2,603 zlotys, while for a family of four it is approximately 8,779 zlotys.

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

Photo CNN

Cape Town, one of the most visited tourist destinations in South Africa, is undoubtedly a wonderful city with lots to see.

Cape Town is well-known for its harbor, the Cape Floristic Region's natural surroundings, and iconic sites like Table Mountain and Cape Point. The cost of living in Capetown is the eleventh lowest in Africa for foreigners.

And the city is undoubtedly a fantastic option for anyone searching for a place to call "home" that is both affordable and provides a high standard of living.

In terms of lodging, a studio apartment in Cape Town can be rented for as little as $450 per month, and a one-bedroom apartment for about $500.

In addition, there are a ton of cafes, restaurants, bars, and nightclubs in the city, all of which will keep you occupied day and night.

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

Photo Tripadvisor

Bogota, the capital of Colombia, is another place where you can live well on a modest income; you can rent a one-bedroom apartment in the city center for as little as $400 a month.

Being the largest city in the nation, there is literally a ton to see and do, so you will never get bored living here.

A funicular leads to Bogota's teleferico system of Monserrate, which opened in 1955. With a plethora of buildings and trees visible in the background, this striking image illustrates the relationship between the city and the mountain.

You can always find something to keep yourself occupied in Bogata, whether it's exploring the city's numerous museums, taking a stroll through the intriguing La Candelaria colonial center, or venturing a little outside the city for a weekend hike to the stunning La Chorrera and El Chiflón waterfalls.

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

Photo Travel and Destinations

In order to determine the most affordable city destinations in Europe, Bounce evaluated 50 major cities across the continent based on various criteria, including average nightly hotel prices (weekend), average one-way public transportation ticket costs, average taxi fares (1 km), average beer prices, and average meal prices.

When considering expenses like lodging, transportation, taxis, beer, and dining out, Istanbul, the largest city in Turkey, comes out as the most affordable option for European city breaks. Out of 10, Istanbul is ranked 9.19. The study's authors report that, on average, a hotel in the old Constantinople costs 117 USD; public transportation costs 0.43 USD; a taxi fare of 0.30 USD; beer costs 2.38 USD; and meals cost $4.09 USD.

With an affordability score of 9.14, Wroclaw, Poland—the historical capital of Silesia—comes in second place. In "the global city of the future," a hotel costs USD 62; meals cost USD 7.14; public transportation costs USD 0.98; taxis cost USD 0.71; beer costs $2.38.

There are several neighborhoods in Tbilisi to pick from, such as Vake, Saburtalo, Ortachala, and Nutsubidze Plato, where monthly lodging options start at $400.

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

Photo Lonely Planet

Istanbul is a place you should think about living if you're searching for a city that will provide you with a luxurious lifestyle without breaking the bank.

And the city, which has remained one of the most popular tourist destinations in the world in recent years, offers a lot to people who choose to call it home, including a ton of fun and exciting things to do.

Istanbul will not let you down, whether your preference is to spend your free time exploring the local markets and bazaars or strolling around shooting pictures of some of the world's most remarkable and intriguing architecture.

Additionally, there are many options available to families who want to live in the city in terms of international schools, colleges, and universities.

The city also has many wonderful neighborhoods to live in, each with its own distinct character and charm and offering something a little different.

Regarding lodging, one can rent a one-bedroom apartment in the center of the city for approximately $450 per month.

For the second consecutive year, Hong Kong remains the most costly city in which to live as an expat. The Asian city, which conducted its research in March of this year, solidified its position over the course of the previous year due to rising prices and a stronger currency.

"Hong Kong is still the most expensive place in the world, even though it has been less affected by rising global inflation than other regional and global locations over the past year," stated Lee Quane, regional director of ECA International's Asia division.

According to our basket of goods and services, year-over-year price increases of 3% are higher than usual in Hong Kong but lower than rates in comparable cities across the globe. Rather, as other currencies have declined over the past year, Hong Kong's strength as a US dollar-denominated region has allowed it to hold its title as the most expensive place in the world," he continued.

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.