We recently prepared a comprehensive report of 15 Cheapest Countries to Live Under $1000/Month. In this free report, we have discussed each country in detail.
In this article, we list and discuss the top cheapest country to live in under $1000/month.
According to the Census Bureau, between 2021 and 2022, inflation rose by 7.8% in the United States, which was the largest annual increase in the cost of living ever recorded since 1981. While the post-COVID wave of inflation is finally settling down in the country, affordable living is still out of the question for many Americans across the country. According to the Census Household Pulse Survey (HPS), 36.2% or over 79.4 million adults in the US find difficulty paying for the usual household expenses.
While the US has the strongest economy in the world, citizens of the country are experiencing a rise in the costs of many necessities, like food, housing, and education, making it difficult to attain economic security. Moreover, the United States has the most expensive healthcare in the world, with per capita spending of $12,553 on healthcare topped with no Universal health coverage (UHC). Subsequently, it ranks lowest among the leading industrialized and high-income countries, according to a report published by the Commonwealth Fund.
Furthermore, the US has the most expensive education system in the world, where the average student pays an annual tuition fee of $27,091. The country also has one of the most complicated tax systems worldwide, where US taxpayers spend an average of 13 hours and $240 just to prepare their tax returns, as stated by Senator Elizabeth Warren. Although the tax rate system in the United States is not as bad as other OECD countries, many American households still live in harder financial conditions and rely on credit card debt, which reached $17.5 trillion in 2023.
Given this backdrop, it’s not unexpected that a survey conducted by Monmouth University between February 8, 2024, and February 12, 2024, found that 34% of the participants wanted to settle in another country, which is an increase of 24% from 1974. Despite the growing desire to move out of the US, a cost-effective lifestyle, the American quality of life, and opportunities present within the US are not guaranteed in countries with relatively cheaper costs of living. Therefore, many citizens decide to move out during their retirement instead — 5 million retirees have already done so. Additionally, according to a survey by Aegon published in 2021, living abroad is a retirement ambition for 12% of Americans.
Even so, digital nomads do stand a chance to make the move early on if they wish to do so, thanks to the growing freelance industry and remote work culture. Speaking of remote work and freelancing, Upwork Inc (NASDAQ:UPWK), an American freelancing platform that connects businesses with independent workers, reported that there were 64 million Americans, or 38% of the total US workforce, that worked as freelancers in 2023, which is an increase of 4 million freelancers from 2022. Upwork Inc (NASDAQ:UPWK) is playing a significant role in helping individuals earn in US dollars while they work from anywhere in the world as long as they have an Internet connection. As of 2024, Upwork Inc (NASDAQ:UPWK) study finds data analytics and machine learning as the most in-demand skills.
Meanwhile, remote jobs have also been on the rise since COVID, as many people have now grown accustomed to a WFH lifestyle, and understand its pros. Moreover, some of the leading companies in the US like American Express Company (NYSE:AXP) and Amazon.com Inc (NASDAQ:AMZN) have employees all over the globe, which helps facilitate the dreams of many people to work with more flexibility, from anywhere in the world.
American Express Company (NYSE:AXP), the key player in the credit card industry, has operations across 110 countries and over 60,000 employees working full and part-time. Before COVID, approximately 20% of the US workforce in American Express Company (NYSE:AXP) were already working virtually. In 2022, the company officially launched Amex Flex, offering flexibility for employees to work for up to 4 calendar weeks from anywhere in the world each year.
On the other hand, Amazon.com Inc (NASDAQ:AMZN), a leading American technology and e-commerce corporation, has over 1 million employees across the globe. Andy Jassy, the CEO of Amazon.com Inc (NASDAQ:AMZN) CEO, is pressing on the company’s return-to-office policy, requiring corporate employees to work on-site for three days a week. However, there are some fully remote roles where employees can work full-time from anywhere around the world.
Overall, all three of these companies enable not just digital nomads to work from anywhere in the world and live where they want to, but they also allow retirees to return to work on their own terms if they wish to. Below, we list the cheapest countries to live in with a monthly cost of living below $1000.
Our Methodology
For our list of the 15 Cheapest Countries to Live under $1000/Month, we utilized various sources across the web, including blogs, Quora, Reddit, YouTube, and two of our own previous articles (20 Countries With The Cheapest Cost Of Living For US Citizens and 25 Cheapest Countries in the World) to compile a pool of 50 most affordable countries to live in for US citizens. We then utilized 2 more sources (1,2), to find the cost of living in these countries for one individual who wishes to attain a comfortable lifestyle on a budget. To get more accurate with our data, we aggregated these cost of living figures and then shortlisted the top 15. The list is in ascending order of monthly living costs in USD for each country. Living costs include the average monthly rent for a studio apartment in the city center, groceries, gym memberships, bills, utilities, healthcare, and all other basic necessities to afford a comfortable American lifestyle in these countries.
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The Cheapest Country To Live Under $1000/month
1. Pakistan
Monthly Cost of Living For 1 Individual: $557.09
With home to over 240 million people, Pakistan is the fifth-most populous country in the world. Pakistan is home to the second-highest mountain, K2, as well as the three highest mountain ranges in the world: Hindukush, Karakoram, and Himalayas. Additionally, Pakistan is home to the world’s largest deep-sea port, Gwadar.
To find out the other cheapest countries to live in under $1000 a month, please check out the full free list by visiting the 15 Cheapest Countries to Live Under $1000/Month.
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Disclosure: None. This article is originally published on Insider Monkey.