Colombia, Mexico and Ecuador have found themselves in the top three spots of International Living’s Cheapest Places to Live in 2023 index.
Colombia is the best country to live in in terms of cost of living based on the 2023 index. In this year’s index Italy has been ranked fourth, followed by Portugal, which completes the top five.
The three Latin American countries achieved top raking in the index thanks not only to low costs of living. According to International Living, the Latin Americans also offer “first-world comforts” at an affordable price.
In terms of Colombia, the report highlighted that the country offers many of the “world-class amenities and infrastructure” that any individual would expect in a much more expensive country. The report notes that Colombians still enjoy a low cost of living, even as the entire Western Hemisphere suffers from unprecedented inflation.
Nearshore Americas, which published details of the report, points out that, in smaller Colombian cities like Manizales and Pereira, a family can live comfortably on a monthly income of US$1,000, even if they rent a house in an upscale neighbourhood. In large cities such as Bogota and Medellin, living is not as affordable, due mainly to high rent prices.
A lot of Americans are moving to Mexico these days. Aside from a whether that is considered to be among the most accommodating in North America, a couple can live easily in the country on a monthly income of US$2,000. According to the report, some American expats are living on a budget of less than US$1,000.
Whether it is the price of real estate, insurance coverage or health care services, Mexico is far less expensive than the United States. Even housekeeping services can be hired for about US$60 a month, according to the report.
Rental prices in Ecuador are about half of what can be seen in the US or European market. Other homely comforts can be obtained for much lower prices too.
“Local mercados offer fresh fruits and vegetables year-round at prices so low you can’t carry what US$20 buys,” the report notes.
The exceptional climate means that there’s no need for heating or air conditioning.
“I live on $1,800 a month with enough savings left over to travel two to three times a year to visit my family in Florida,” a US expat told Nearshore Americas.