5 Cheapest Countries To Live in Central and South America

In this article, we will discuss the 5 cheapest countries to live in Central and South America. If you want to read our discussion on the developments in the region, you can go directly to the 15 Cheapest Countries To Live in Central and South America.

5. Brazil

Cost of Living: $661

Brazil is amongst the top tourist destinations in South America. The country is rich in natural resources, and its economy encompasses agriculture, industry, mining, and services. Brazil has a huge variety of plants, mammals, and fish due to its extensive Amazon rainforest. It is 3.15 times cheaper to live in Brazil than in the United States.

4. Nicaragua

Cost of Living: $625

Nicaragua is one of Central America’s poorer countries, with high unemployment and huge international debt. Remittances from foreign-based locals and foreign assistance are its primary means of foreign exchange. A large population of Nicaraguans live under the poverty line. Nicaragua has known mineral deposits, with gold being the primary mineral mined intensively. It is 3.61 times cheaper to live in Nicaragua than in the United States.

3. Argentina

Cost of Living: $576

Argentina stands out as one of the countries with a better quality of life on this list, being a higher-income nation in the region. Its economy is diversified, relying on a mix of industry, exports of cultivated goods, and mineral resources. Services in the country are largely focused on the travel and hospitality industry. It is 3.84 times cheaper to live in Argentina than in the United States.

2. Paraguay

Cost of Living: $555

Paraguay is another high-income country in the region with stable political and economic performance. The country is mainly an agricultural exporter of items like soybeans, beef, and corn. It is also a major energy supplier, producing almost 100% of its electricity through hydropower and supplying approximately 90% of it to Argentina and Brazil.

1. Colombia

Cost of Living: $548

Colombia’s economy is primarily based on agriculture and commodities, with key exports including petroleum, coal, gold, and coffee. Additionally, strong contributions to the economy come from manufacturing sectors such as textiles, telecommunications, and tourism services.