The Cost of Living Comparison: Top 5 Countries for Expats in 2024
Every expat moves abroad for different reasons. Some move in search of greater job opportunities. Some want a higher quality of life. Some want to live on a tropical beach, or in a big city, or in a small, quaint village where they can relax or retire. Some want to move to a place where the cost of living is lower than what they’re used to.
Because expats move abroad for so many different reasons, everyone has their own opinion as to what the best destination is, but one thing that can’t be disputed is the financial facts. No matter where you choose to move, it’s important to know how the cost of living will impact your life and financial situation.
Based on 2024 data collected from Numbeo and LivingCost, here are five top expat destinations and how much it will cost you to live there.
Singapore
Singapore is a great destination if you’re looking for incredible job opportunities. If you own a business, it’s easy to find skilled, talented workers. If you’re seeking employment, there are many high-paying opportunities available. It also has low crime rates, low tax rates, a great educational system, and a top-quality healthcare system.
But with so much to offer expatriates from around the world, living in Singapore doesn’t come cheap.
According to LivingCost, the monthly expenses for an individual in Singapore, including rent, are approximately $3,000 USD per month. Out of 121 countries, Numbeo ranks Singapore as the 4th most expensive place to live in the entire world.
Check out this article to learn more about the current state of the labor market in Singapore.
New Zealand
You can enjoy an active, peaceful, high quality of life in New Zealand if you can afford it.
With gorgeous landscapes, clean air, excellent healthcare, and ample job opportunities, it’s easy to understand why New Zealand attracts immigrants from around the world. However, its remote location can be a bit off-putting for some, and traveling outside the country often comes with a hefty price tag.
According to LivingCost, the monthly expenses for an individual in New Zealand, including rent, is approximately $1,950 per month, considerably less than in nearby Australia with a cost of living of $2,293 per month. Out of 121 countries, Numbeo ranks New Zealand as the 13th most expensive country in the world to live in. (For comparative purposes, Australia ranks at #10).
Check out this article for an in-depth look at the cost of living in New Zealand.
Spain
Have your heart set on moving to Europe? Spain might be your ideal destination!
With its close proximity to Italy, France, and Portugal, living in Spain allows you the opportunity to travel easily through Europe. It’s a rich culture with fascinating cities throughout, and it offers a great work/life balance with long, leisurely siestas in the afternoon.
According to LivingCost, the monthly expenses for an individual in Spain, including rent, is approximately $1,383 USD per month, less than neighboring France at $1,542 but slightly higher than neighboring Portugal at $1,286. Out of 121 countries, Numbeo ranks Spain as the 40th most expensive country to live in.
Mexico
There are many benefits of moving abroad to Mexico, and a low cost of living is one of them. Whether you desire a party atmosphere with exciting nightlife or a sleepy, laidback lifestyle in a coastal town, Mexico offers all of it.
While the presence of the drug cartel makes many parts of the country unsafe for expats, there are plenty of charming spots to live in where crime rates are low. Plus, it’s perfect for US expats who want to be able to travel home with ease.
According to LivingCost, the monthly expenses for an individual in Mexico, including rent, is approximately $982 per month, far less than its US neighbor with a cost of living of $2,433 per month. Out of 121 countries, Numbeo ranks Mexico as the 60th most expensive country to live in.
Thailand
If you’re looking for a destination with a lower-than-average cost of living, Thailand is an excellent option. It’s home to bustling cities like Bangkok as well as small, remote islands like Koh Samui and Koh Tao, where scuba diving, paddleboarding, and snorkeling is a way of life.
Finding a job in Thailand can be tricky, but if you’re moving abroad as a retiree or a digital nomad, it can be idyllic.
According to LivingCost, the monthly expenses for an individual in Thailand, including rent, are only approximately $790 USD per month. Out of 121 countries, Numbeo ranks Thailand as the 79th most expensive country to live in. Of all the places on this list, it’s by far the most affordable.
In Conclusion
It’s important to note that no matter what a country’s average cost of living is, that figure is just the average. You’ll always find cities and towns within the country that cost far more or far less.
It’s best not to choose a destination to move abroad based on the cost of living alone. Do your research to make sure the country offers the quality of life you’re looking for, the job opportunities you need, or the type of culture, nightlife, entertainment, and recreational activities you enjoy.
Being able to afford the lifestyle you desire should be a top priority, but there’s far more to consider than that.
