In this article, we will explore the 15 countries to live outside the US that are so cheap you could quit your job.
Countries with lower costs of living and economic stability are usually easier to live in, as there is more value for money and a greater amount that residents get to pocket at the end of the year.
Inflation & Cost of Living Crisis in the United States
According to 2024 stats from Forbes, Americans today rank inflation as one of the most important problems facing them. The research finds out that Hawaii is the most expensive state in terms of cost of living, with residents spending an average of $55,491 annually and having the lowest disposable income at $5,929. Mississippi has the lowest cost of living, with residents spending $32,336 per year on essentials. Despite New York having the fourth-highest cost of living, its residents enjoy the highest disposable income of $25,427 annually. Transportation costs in Hawaii have also sky-rocketed and are currently at $7,458 annually. California has seen a surge in housing costs with median monthly rates at $2,111.
With rising inflation costs in the US, many residents feel the financial pinch more than ever. The cost of living has surged, making everyday expenses like groceries, housing, and healthcare increasingly burdensome. This economic strain is driving a significant number of Americans to explore living abroad in countries where the cost of living is remarkably lower. A recent Monmouth University poll revealed that one-third of Americans now express a desire to settle in another country, a significant increase from the 12% who expressed the same sentiment in a 1995 Gallup poll.
The lower cost of living and economic growth in other countries can be appealing, enabling residents to stretch their income further. For many, the prospect of quitting their job and living more economically abroad is becoming an increasingly attractive option in the face of soaring US inflation.
Relocating to a Cheaper Country? Plan Ahead!
Relocating to a cheaper country can be an exciting and financially smart move. However, it’s important to keep the following factors in mind:
- Cost of Living: Research the cost of living in your desired country. This includes housing, food, transportation, healthcare, and entertainment. Make sure it aligns with your budget and lifestyle expectations.
- Healthcare: Investigate the quality and availability of healthcare services. Check if you need international health insurance and what it covers in your new country.
- Visa and Residency Requirements: Understand the visa and residency requirements for the country. Some countries offer long-term visas for retirees or remote workers, while others might have stricter immigration policies.
- Language Barrier: Consider the primary language spoken in the country. Learning the local language can significantly improve your experience and ease communication in everyday situations.
- Cultural Differences: Be prepared for cultural differences and varying social norms. Understanding and respecting the local culture will help you integrate better and enjoy your new environment.
- Safety and Security: Research the safety and security situation in the country. Look into crime rates, political stability, and any travel advisories issued by your home country.
- Job Opportunities and Income: If you plan to work abroad, investigate income opportunities and the local job market. Alternatively, if you’re moving to retire, ensure your income sources are stable and sufficient.
- Housing and Accommodation: Look into the housing market and find out whether it’s better to rent or buy. Consider the location, cost, and availability of suitable accommodation.
- Tax Implications: Understand the tax laws of both your home country and the new country. Double taxation agreements and local tax laws can significantly impact your finances.
- Social and Expat Community: Check if there is an active expatriate community. Having a support network of fellow expats can make the transition easier and provide valuable resources and social opportunities.
Upwork: The Go-To Digital Marketplace for Job Shifters?
Platforms like Upwork Inc. (NASDAQ:UPWK) provide a global marketplace for freelancers, enabling them to find clients and projects from anywhere in the world. This means you can live in a country with a low cost of living, and still tap into higher-paying markets in the US or Europe. This financial advantage drives many to consider relocating to more affordable destinations.
Upwork Inc. (NASDAQ:UPWK) recently added GoDaddy Inc. (NYSE:GDDY), a premier website hosting and domain platform, to its Upwork Partners Program to enhance its tech network. This makes GoDaddy Inc. (NYSE:GDDY) its first web presence partner.
Businesses and clients can now go through the Experts page on GoDaddy Inc. (NYSE:GDDY) to find relevant freelancers on Upwork Inc. (NASDAQ:UPWK) who specialize in the kind of extensive development work they require. All Upwork Inc. (NASDAQ:UPWK) freelancers added to the GoDaddy Inc. (NYSE:GDDY) platform will have to meet a stringent criteria, which will work to enhance customer trust in the platform and also open more business opportunities. Hedge funds tracked by Insider Monkey are bullish on UPWK stock because of the growing trend of remote work and the increasing reliance on freelancers by businesses for tasks ranging from software development to graphic design. Collectively hedge funds owned nearly 17% of UPWK’s outstanding shares at the end of March. Upwork shares lost more than a third of their value since peaking in early January and currently trade at a forward PE of only 13. While we acknowledge Upwork’s potential, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than UPWK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Methodology
To rank the 15 most affordable countries outside the US, we used data from Livingcost.org for cost of living, the World Bank for GDP growth rates, and Speedtest.net for internet infrastructure. Our primary focus was on affordability, prioritizing countries with the lowest expenses.
To ensure economic stability and reliable internet connectivity, we excluded countries with GDP growth rates below 3% in 2022 and internet speeds under 15 Mbps. This ensures that potential movers have access to strong economic conditions and sufficient internet speeds for remote work and daily activities.
We emphasized internet infrastructure because reliable connectivity is essential for remote work, particularly for those quitting their full-time office jobs and opting for freelance or remote work. It is crucial for maintaining productivity, communication, and accessing online services. The final list is ranked in an ascending order. While we publish business and retirement related articles, our expertise is in hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
15 Countries to Live Outside the US That Are So Cheap You Could Quit Your Job
15. Philippines
Cost of living: $614
Internet connectivity speed: 93.91 Mbps
GDP growth rate (2022): 7.6%
The Philippines is an affordable destination with a moderate cost of living. With a GDP growth rate of 7.6% in 2022 and internet speeds averaging 93.91 Mbps, it offers economic stability and excellent connectivity. The archipelago is renowned for its beautiful beaches, vibrant culture, and friendly locals, making it an attractive place for expatriates.
14. Vietnam
Cost of living: $611
Internet connectivity speed: 109.12 Mbps
GDP growth rate (2022): 8.0%
Vietnam boasts a low cost of living and robust GDP growth of 8.0% in 2022. Internet connectivity is strong at 109.12 Mbps. The country is famous for its rich history, diverse landscapes, and delicious cuisine, making it a compelling choice for those looking to relocate.
13. Kyrgyzstan
Cost of living: $593
Internet connectivity speed: 57.06 Mbps
GDP growth rate (2022): 6.3%
Kyrgyzstan offers a cost-effective living option with a GDP growth rate of 6.3% in 2022 and decent internet speeds at 57.06 Mbps. Known for its mountainous terrain and nomadic culture, Kyrgyzstan provides a unique living experience for those seeking adventure.
12. Malaysia
Cost of living: $582
Internet connectivity speed: 114.00 Mbps
GDP growth rate (2022): 8.7%
Malaysia combines affordability with a high GDP growth rate of 8.7% in 2022 and excellent internet speeds at 114.00 Mbps. It is a melting pot of cultures with modern amenities and beautiful natural attractions, making it an attractive destination for expatriates.
11. Indonesia
Cost of living: $567
Internet connectivity speed: 29.37 Mbps
GDP growth rate (2022): 5.3%
Indonesia, with its low cost of living and GDP growth rate of 5.3% in 2022, offers a balance of economic opportunity and affordability. Internet speeds average 29.37 Mbps. The country is known for its diverse culture, stunning islands, and vibrant cities.
10. Argentina
Cost of living: $563
Internet connectivity speed: 80.88 Mbps
GDP growth rate (2022): 5.0%
Argentina provides a low-cost living environment with a GDP growth rate of 5.0% in 2022 and internet speeds of 80.88 Mbps. Known for its rich cultural heritage, tango music, and impressive landscapes, Argentina is a fascinating destination for expatriates.
9. Djibouti
Cost of living: $547
Internet connectivity speed: 17.43 Mbps
GDP growth rate (2022): 3.1%
Djibouti offers an affordable cost of living with a GDP growth rate of 3.1% in 2022 and internet speeds at 17.43 Mbps. This small country on the Horn of Africa is strategically located and offers unique landscapes such as salt lakes and volcanic formations.
8. Madagascar
Cost of living: $535
Internet connectivity speed: 41.49 Mbps
GDP growth rate (2022): 3.8%
Madagascar, with its low cost of living and GDP growth rate of 3.8% in 2022, presents an affordable option for expatriates. Internet speeds average 41.49 Mbps. The island nation is known for its unique wildlife, rainforests, and beautiful beaches.
7. Mali
Cost of living: $509
Internet connectivity speed: 21.71 Mbps
GDP growth rate (2022): 3.7%
Mali offers an affordable cost of living with a GDP growth rate of 3.7% in 2022 and internet speeds of 21.71 Mbps. Known for its rich history and cultural heritage, including the ancient city of Timbuktu, Mali offers a unique experience for expatriates.
6. Egypt
Cost of living: $503
Internet connectivity speed: 65.54 Mbps
GDP growth rate (2022): 6.6%
Egypt, with its low cost of living and a GDP growth rate of 6.6% in 2022, is an attractive destination. Internet speeds average 65.54 Mbps. Famous for its ancient civilization and iconic landmarks such as the pyramids and the Sphinx, Egypt is a culturally rich country.
5. Ghana
Cost of living: $478
Internet connectivity speed: 43.01 Mbps
GDP growth rate (2022): 3.1%
Ghana offers a low cost of living and a GDP growth rate of 3.1% in 2022, with internet speeds at 43.01 Mbps. Known for its warm hospitality, diverse wildlife, and historic sites, Ghana is an appealing destination for expatriates looking for affordability and cultural richness.