The cost of living in the US is going up steadily. Since many US cities were already some of the most expensive places in the world to live, paying rent is becoming unaffordable. If you’ve been casting your gaze further afield for this reason, you’re not alone.
As a renter here, you are likely to pay at least $1,000 every month. You may also need to take care of other monthly expenses like utilities. In addition to the costs of renting, basic necessities are very expensive as well.
When you are renting you also need to consider insurance, but this should not have too big an impact on your budget. Your apartment insurance policy falls into the category of renters insurance. You need it to cover your possessions, but it does not cover the cost of the property or building, and as such is very affordable.
We’re used to paying high rent, but it is not so expensive everywhere in the world. While the US, Canada, and most European countries are extremely expensive for renters, you can find cheap rent in the following countries.
For this list, we are looking only at countries which offer high quality of life where you might actually want to live.
Vietnam
A popular destination for many Westerners, Vietnam is an exciting place to live. It has the perfect combination of modernity and traditional culture, with many international companies opening offices in the country. It also happens to be an extremely cheap country, especially when you have dollars to spend.
A one-bedroom apartment near the city center in Hanoi will cost you just $360 a month. If you prefer Ho Chi Minh City, you will pay a little bit more, at around $500 a month. Even when you take into account the lower salaries available in Vietnam, rent is still cheap, as is the general cost of living.
Vietnam is not for everyone, especially if you want to live in a place where English is the native language. However, with beautiful cities, countryside, and beaches, it is an incredible country in which to spend a few years.
South Africa
South Africa has 11 official languages, but just about everyone speaks English. This is particularly true in big cities like Johannesburg, Durban, and Cape Town. It is an interesting country, because people live very similarly to Americans and Europeans. There will be a culture shock, but it is not nearly as significant as when moving to most other foreign countries.
Rent is also extremely cheap in South Africa. A one-bedroom in a central part of Johannesburg will cost you just $360. Groceries and entertainment are also very affordable. If you want to live in the beautiful and extremely vibrant city of Cape Town, you will have to pay a bit more, with rent coming to around $650 a month. You’ll still spend very little on groceries in comparison to the US.
Quality of life in these cities is high, although you do have to be alert regarding crime. Depending on where you live and your personality, high crime rates could leave you feeling isolated and vulnerable.
Peru
Peru is one of the cheapest countries in the world. However, it attracts far fewer foreign residents. This is likely because there is not as much work available in cities that are a little less globalized. Nonetheless, if you are a digital nomad and can work from anywhere, Peru should be on your list.
Living in Lima is cheap, both in terms of rent and cost of living as a whole. A one-bedroom apartment will cost you around $480 a month, if you want to live close to the city center. If you want to stay in a smaller town like Arequipa, you will not pay much more than $200 for your apartment.
Peru is an ideal place to stay for digital nomads with a sense of adventure. Machu Picchu is the obvious attraction for hikers, but there are many more beautiful spots to visit and explore.
The above countries are some of the cheapest in the world when it comes to rent. If you are earning in dollars, you can live an incredibly comfortable life in these countries while saving a lot of money each month. The decision to live in these countries does require you to have the ability to embrace different cultures and enjoy exploring places unlike your home.
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