Do you want to know where you can get cheap groceries , eat cheap food and rent a house for next to nothing? With data from the research website Numbeo we will know the most affordable countries in the world.
The 2016 global cost of living index report, collated by Numbeo, reveals the cheapest countries in the world to live in according to people who actually live there. It crunched the cost of groceries, eating out in a restaurant, rent and local purchasing power.
For the seventh consecutive year, India has been named the world’s cheapest country to live in. With a CPI of 24.14, (24.14% of the cost of living in New York City) it has low rent costs, it’s cheap to buy groceries and it’s the second cheapest place in the world to eat out in.
Coming in second place is Moldova. Sandwiched between Romania and Ukraine, the nation’s economy is dependent on agricultural exports. With a CPI of just 25.70, Moldova is the cheapest country to buy groceries in.
Pakistan is second only to Nepal as the cheapest nation to rent a home in. Its overall cost of living sits at 26.69.
Since gaining independence in 1991, major investment in the country’s oil sector has brought rapid economic growth. However, Kazakhstan remains one of the world’s most affordable nations to live with a CPI of 26.82. It is also the second most affordable country to buy groceries in.
Coming in fifth place on the list, Nepal is one seriously inexpensive place to reside. With a CPI of just 27.34, it’s also the cheapest country in the world to eat out in and the most affordable country to rent a home in.
Ukraine is home to Europe’s second largest country, and has a strong agriculture sector. Despite this, it remains one of the world’s most affordable nations to live in, with a CPI of 28.71. It’s also the third cheapest country to buy groceries in, and has a high level of local purchasing power.
Since 2015’s index, Georgia has become an even cheaper place to live. Down 1.66 points from last year, the current cost of living here is an incredible 28.71. It’s also the fifth most affordable country to buy groceries in.
The gateway between Africa and Europe, Algeria’s economy largely relies on exporting natural gas and energy to Europe. The cost of living here remains extremely low at an index of just 28.89.
The once struggling nation has revived itself over the past two decades thanks to strong oil resources and signing deals with international energy producers. With a CPI of 28.93, Azerbaijan is the fourth cheapest country to buy groceries in.
Despite previously making headlines for violence, since 2002 Colombia has been making significant progress towards improving security. With a CPI rating of 29.25, it’s one of the most affordable countries to buy groceries in.