CALIFORNIA: How much money one needs to live comfortably? It cannot be said for sure as cost of living differs markedly from one country to another and from one city to another. Also, living in rural area costs differently than that of urban areas in a country.
A new GOBankingRates study lays out how much one needs to earn to live comfortably. It is also helpful in choosing countries for tour and travel particularly for longer stay more than a week or so extending up to several months. Some countries around the world have a very high cost of living, particularly in cities (urban areas). In the United States, for example, cities like New York and San Francisco have a very high cost of living.
Similarly, cities like Pokhara and Kathmandu in Nepal and New Delhi and Mumbai in India are relatively costlier to stay in relative terms. However, there are nations that have a very low cost of living overall as a result of which many people get attracted to these countries for longer stay, tour and even for permanent settlement.
Among many organizations who used statistics to determine the cheapest countries to live, GoBankingRates Company employed as to four metrics to determine which countries are the most affordable to live. The metrics used by GoBankingRates include: rent index, local purchasing power index, consumer price index and groceries index. The information compiled is compared to the cost of living in New York City (NYC), one of the most expensive cities in the world.
According to the data thus obtained, India is the cheapest country to live. Groceries are 90% cheaper in this nation than in NYC, while rent is 93% lower. Coming in as the next most inexpensive country is Saudi Arabia, which has a cost of living that is over 50% lower than NYC and rent that is 76% lower. The third cheapest country according to GoBankingRates is Pakistan, which is 75% cheaper than NYC. Rent is 94% lower in this nation. Nepal stands at number 18 in the list.
The top 20 cheapest countries to live in based on this data are: 1. India, 2. Saudi Arabia, 3. Pakistan, 4. Tunisia, 5. Zambia, 6. Ukraine, 7. Mexico, 8. Egypt, 9. Bangladesh, 10. Macedonia, 11. Romania, 12. Algeria, 13. Bosnia & Herzegovina, 14. South Africa, 15. Malaysia, 16. Georgia, 17. Bolivia, 18. Nepal, 19. Moldova, 20. Colombia.
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