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The 50 Cheapest countries to live

With the American dollar strong compared to other currencies, moving or retiring abroad could be a smart strategy to stretch your retirement savings further. To find the cheapest countries to live in, GoBankingRates ranked nations by four key affordability metrics provided by online pricing database Numbeo.

Local purchasing power index: Measures the relative purchasing power of a typical salary in that country compared to New York City. A lower purchasing power buys fewer goods, while a higher purchasing power buys more.

Rent index: Compares typical rental prices in the country to New York City.

Groceries index: Compares typical grocery prices in the country to New York City.

Consumer price index: Compares costs of local goods and services — including restaurants, groceries, transportation and utilities — to New York City.

Even among the 50 cheapest countries, rent is at least 70% cheaper than rent in New York City, groceries are at least 40% cheaper, and consumer goods and services cost less by 30% or more. Local purchasing power does vary greatly among these cheap countries, however.

Here are some of the 50 cheapest countries:

50. Belarus

Local purchasing power is 59.9% lower

Rent is 85.1% cheaper

Groceries are 67% cheaper

Local goods and services are 59.5% cheaper

Belarus is an eastern European country that borders Poland, Ukraine and Russia, and its major industries include metal-cutting machines, tractors and trucks. With about $450 in monthly estimated expenses plus about $440 in monthly rent for a one-bedroom apartment in the center of Minsk, a single person can live comfortably on under $1,000 a month.

 44. Portugal

Local purchasing power is 26.7% lower

Rent is 86.8% cheaper

Groceries are 59.32% cheaper

Local goods and services are 51.6% cheaper

Portugal is a western European country located right next to Spain. With a population of 10.8 million, the local purchasing power in this country is closer to New York City’s than many countries in these rankings, which shows local incomes are higher and go further when paying for the country’s cheap goods, groceries and rent

 40. Bangladesh

Local purchasing power is 56.8% lower

Rent is 93.4% cheaper

Groceries are 64.9% cheaper

Local goods and services are 61.4% cheaper

Known for its jute, cotton, garments and paper industries, Bangladesh is neighbors with India and has a population of 169 million. This country is also known for having mild winters from October to May and hot, humid summers from March to June. Bangladesh has a relatively lower purchasing power, which is likely tied to the nation’s lower GDP per capita ($1,087 in 2014). But, it has the sixth-cheapest rent index of the 50 cheapest countries; a one-bedroom in Dhaka costs just $154 a month.

39. Russia

Local purchasing power is 43.1% lower

Rent is 84.9% cheaper

Groceries are 66% cheaper

Local goods and services are 60% cheaper

Russia is fairly average across the categories this survey measured, offering both cheaper prices and a decent local purchasing power. Living in the major Russian cities of Moscow and St. Petersburg will be pricier, however, than living in other cities like Yekaterinburg and Novosibirsk. With a huge landmass, Russia’s biggest industries center on its natural resources like coal, oil, gas and metals.

35. Germany

Local purchasing power is 51.6% higher

Rent is 74.3% cheaper

Groceries are 42.7% cheaper

Local goods and services are 31.3% cheaper

Germany is among the top 10 countries for expats, according to an HSBC survey that ranked nations on the economy, experience and family-friendly atmospheres. For those looking for a cheap country where they can earn a good living, Germany is a good bet. Local incomes are high enough that Germans can actually buy 50% more with their earnings than New Yorkers can, which is comparable to many U.S. cities like Baltimore, Md., or Lexington, Ky.

33. Spain

Local purchasing power is 1.8% higher

Rent is 82.2% cheaper

Groceries are 55.8% cheaper

Local goods and services are 45.2% cheaper

With a population of 48.1 million, Spain’s main industries are textiles, apparel, food and beverages. Spain could be a smart choice for an expat who plans to work in their country of residence, as wages earn locally will give a worker a purchasing power that’s on-par with what New Yorkers earn. Rent costs in some Spain cities, however, are on par with typical rent prices in the U.S. For example, renting a one-bedroom apartment in Madrid could cost you around $800.

31. Turkey

Local purchasing power is 33.3% lower

Rent is 91.8% cheaper

Groceries are 60.2% cheaper

Local goods and services are 56.4% cheaper

Turkey lands among the cheapest countries to live or retire thanks to having some of the lowest rent costs among this list of 50. Istanbul rentals will be pricier, but rents in other major Turkish cities — like Izmir, Bursa and Ankara — will see cheaper rent prices. With a population of 79.4 million, Turkey’s biggest industries are textiles, food processing and automobiles, which helps this Middle Eastern nation maintain its higher local purchasing power.

21. Romania

Local purchasing power is 47.2% lower

Rent is 92.1% cheaper

Groceries are 70.4% cheaper

Local goods and services are 65.2% cheaper

Romania is an eastern European nation that has a population of 21.7 million. This country’s major industries include footwear, textiles and electric machinery. Rent is cheaper in this country than many other of the 50 cheapest countries. For instance, the rent in the capital of Bucharest is about $364 a month for a one-bedroom apartment. Consumer goods and groceries are also low-cost in Romania.

14. Pakistan

Local purchasing power is 54.5% lower

Rent is 94% cheaper

Groceries are 72.5% cheaper

Local goods and services are 71.3% cheaper

Pakistan is located west of India and south of Afghanistan. It has a population of nearly 200 million people, with its strongest industries including manufacturing of textiles and apparel, food processing and pharmaceuticals. Living in Pakistan is pretty affordable, especially if you move to the city Lahore. Combined typical costs of rent, food and other goods and services for a month come out to about $530 a month.

2. India

Local purchasing power is 20.9% lower

Rent is 95.2% cheaper

Groceries are 74.4% cheaper

Local goods and services are 74.9% cheaper

India is the most populous country among the 50 cheapest, home to 1.25 billion residents. Its major industries include textiles, chemicals and food processing. India also has a relatively high local purchasing power in the major cities surveyed. Living in India can be cheap; it has the second-lowest rent index of the 50 cheapest countries (after neighbor Nepal). India also has some of the lowest prices for consumer goods and groceries, with typical monthly expenses for these priced around $285 a month for a single person living in Kolkata.

1. South Africa

Local purchasing power is 26.9% higher

Rent is 87.5% cheaper

Groceries are 71% cheaper

Local goods and services are 65.8% cheaper

South Africa is the cheapest country to live or retire. It’s also the world’s largest producer of platinum, gold and chromium, which goes far to enrich the country and its economy. This resulted in a local purchasing power that’s significantly higher than what New Yorkers face, which is the most favorable factor that puts South Africa at No. 1.

Along with a higher local purchasing power, South Africa also offers lower prices on consumer goods and groceries, and rent costs that are typical of the 50 cheapest countries. In the major city of Cape Town, for instance, monthly expenses total just under $400 while the average rent costs are reflected by the typical price to rent a one-bedroom in Durban of around $280 a month.



Projects from this area

10 Harbor, USA, Hollywood

10 Harbor will offer 10 exclusive luxury 3 bedroom townhome residences planned by Sunset Harbor Residences.

Each unit will be delivered with flooring throughout. Each residence will feature it’s own private boat/yacht slip, private elevator, and private 2 car garage as well as 3 full baths, a powder room for guests, wood cabinetry in the kitchens by Mia Cucina with high-end gas ranges and appliances, floor to ceiling high impact glass windows, oversized private terraces with private hot tub, summer kitchen, and sweeping views of the Intracoastal Waterway and Hollywood Beach.

LOCATION - 2800 N. OCEAN DRIVE, HOLLYWOOD, FL 33019.

10 Harbor is located on the Intracoastal Waterway in the fast-growing neighborhood of Hollywood. The property is in walking distance from Hollywood Beach overlooking West Lake Park and just 15 minutes from the Fort Lauderdale-Hollywood International Airport. It is also in close proximity to local attractions like Gulfstream Park, South Florida's premier race track, and Aventura Mall, one of Miami’s top destinations for high-end shopping and dining.

UNITS / FLOORS

10 units; 3-stories plus garage. Each unit ranging in sizes from 2,721 sq ft to 2,805 sq ft. Ceiling heights up to 11’-3” in some areas.

BOAT / YACHT

Private boat/yacht slip approximately up to 60' in length and 19' beam.

TIMETABLE

Construction should be underway in the second quarter of 2016 with completion slated for Fall 2017.

PRICE RANGE

Pre-construction finished unit prices starting from $1.419 million residences.

(Prices are subject to change without notice)

10 HARBOR

Nestled between Miami and Ft. Lauderdale, the city of Hollywood is known for its beautiful stretch of beaches and excellent outdoor attractions. From oceanfront hotels to the newly opened Margaritaville Resort, owned by Jimmy Buffet, visitors will find no shortage of accommodations for a weekend getaway or long stay. Experience unique shopping, beachfront restaurants and bars, and a host of activities from sightseeing to live music along

Hollywood's Boardwalk. Hollywood is also seeing a rapidly evolving arts and culture scene, which includes grand murals, art installments, galleries, and the booming Arts Park at Young Circle, which is becoming one of South Florida's premier weekend hot spots. The expansion of the area, from strategic urban development to walkable streets, is catching the attention of locals and out of out-of-towners alike. Those looking for delicious food and a vibrant nightlife will discover much to do in Downtown Hollywood, with its various options perfect for any budget and preference. To make it even easier to take in everything the city has to offer, trolley services are available to transport guests to and from Hollywood Beach to Downtown Hollywood.


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The Manhattan, USA

The Project:

Classic building on the following address: 351 East 82nd  . including 26 units for rent, with high  occupancy.

The project’s condition is required different levels of renovation.

The average rent price in this project is: $1830, comparing to the average rent price in the buildings in the neighborhood: $2590  (for 1 bedroom flat).

The location:

The Upper East Side is located between the 59th St. and  96th St. and is east to Central Park.

Well established classic neighborhood with a wealthy population (including families such as: Kennedy, Roosevelt, Rockefeller and others).

Culture and Leisure: The 5th Avenue, Central Park, The Museums area: Metropolitan, Guggenheim and many more.

Education and Health: The famous University and Hospital: Mount Sinai.

The classic buildings, the wide pavements and the relative quite area attract high quality tenants.

The average household annual income is: $147,000- among the highest in the city.

The Strategy:

1.       Each apartment will become vacant once contract is terminated.

2.       Cosmetic and Gut renovation of all units, bringing them to high end market standards.

3.       Completion of the upgrading process within 24 months.

4.       Realization of the property at updated value, and creating substantial capital gain.


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Click here to see all the projects from this area.