Want to know which are the cheapest cities to live in the world right now? If you are looking for ways to stretch your dollar, relocation might just be the way to do it. Although some may think that moving overseas is expensive, it all depends on the place you are migrating to. The cost of living may be substantially reduced if you happen to move to some of the cities in our list.
But it could always be a case of “you get what you pay for” as well. These inexpensive cities might not have the comfortable amenities you are looking for; in fact, low prices usually imply low wages. So, if you were born with a silver spoon in your mouth and you care to maintain your current lifestyle, you should check out our list of the Top 15 Most Expensive Countries in the World – 2014 and decide on which of these luxurious places you would like to move to instead.
In compiling our list, we used the data provided by the Economist Intelligence Unit in their Worlwide Cost of Living Index 2014 report, a biannual survey that covers 131 cities all over the world. Carried out for more than 30 years, the analysis consists of a comparison between the individual prices of 160 services and products (everything from clothing to utility bills.) This report is indeed a fascinating portrayal of how people around the globe actually live.
Are you curious about 2014’s top ten cheapest cities to live in the world? Let’s take a look at the countdown.
10. Tehran, Iran
Capital of the country and the largest city in Western Asia, Tehran is the economic center of Iran. Moreover, people from all over the country have been migrating to this city in the last century, and they are still doing so nowadays. This is clear evidence of why Tehran made it into the list of cheapest cities to live in the world this year.
9. Jeddah, Saudi Arabia
Named Jeddah (‘grandmother’) after the grandmother of humanity, Eve, this city was believed to have held the tomb of Jesus’ mother, Mary. This port city is the gateway to Mecca, Islam’s holy land, and it is also an important trading hub for the region. Interesting fact: 1 liter of unleaded gas is worth $0.13 in this Middle-East city.
8. Panama City, Panama
The only spot in The Americas that made it into the countdown is Panama City. Famous for its Canal and for being a paradisaical retreat, this city’s main income comes from tourism, commerce, and banking.
Our feature on the cheapest cities to live in the world continues with the seventh cheapest city on the next page.
7. Colombo, Sri Lanka
Colombo is not only the largest city in Sri Lanka, but also a strategic trading town. Its harbor is crucial in the East-West trade routes and it represents a large part of its economy. Here a 1 kg loaf of bread is worth $2.27.
6. Bucharest, Romania
Bucharest is the only European city on the list, which shows that this continent is quite expensive to live in. It is one of the main transportation hubs and industrial centers of Eastern Europe and the 6th most populated city in the European Union. Moreover, its architecture has a unique fusion of styles that represent its history.
5. Algiers, Algeria
Bathed by the lovely waters of the Mediterranean Sea, Algiers is sometimes nicknamed ‘La Blanche’ due to the shimmering white buildings that ornament its coastline. Although it is the fifth most inexpensive city to live in the world, here, a bottle of wine is not cheap at all ($11.28).
4. Kathmandu, Nepal
Kathmandu’s affordability shows in the price of a pack of cigarettes ($1.69), among other things. UNESCO lists Kathmandu, together with nearby cities Patan and Bhaktapur, as one of the World Heritage Sites under “Kathmandu Valley”.
3. New Delhi, India
This is the second most populous city in India and it made it to the top three of our countdown. Believe it or not, it is also the second wealthiest city in the country. It seems oxymoronic, I know, but that just shows how deeply immersed in poverty India is.
2. Mumbai, India
The second to most affordable city to live in is Mumbai. This is the wealthiest of the country and a major melting pot of different cultures. Despite its place in the countdown, it offers a rather high standard of living and it is one of the top centers of commerce. Wealthy as it may be, it is still very cheap: a loaf of bread costs just under a dollar.
1. Karachi, Pakistan
Famous for its nightlife and regarded as a city that never sleeps, the so called “City of Lights” is Pakistan’s main financial center and seaport. As evaluated by the Economist Intelligence Unit, it is the cheapest city to live in the world. Now, the question remains: would you choose to move to any of these inexpensive cities?