The Cheapest Places to Live in 2020

If you’d love to move to another country to retire, you may be worried about the cost of living.

Tons of places are just too expensive today, so you’ll need quite a bit of savings to purchase a home or to cover rent and other essentials throughout your retirement.

Yet, there is a way to move out of the country, live in a gorgeous place, and to avoid worries about money.

There are a number of places that are surprisingly cheap places to live, and that offer everything you’ll need for a much lower cost than you might spend where you are now.

Read below to learn more about some of the cheapest places to live in 2020 so you can get some ideas for where you may want to spend your retirement.

Ecuador

Everything is less expensive in Ecuador, and many of the major cities will have all of the conveniences you’re used to. The Internet is easily available, there are many new cars on the road, and everyone owns a cell phone. You’ll be able to enjoy fantastic meals when eating out, without spending more than $50 for dinner and drinks for two.

In Ecuador, you can expect to live on less than $2,000 per month and still have everything you might need or want. Plus, due to the location, you’ll enjoy fantastic weather throughout the year, plus have plenty of money left over to travel and truly enjoy your retirement.

Malaysia

Malaysia is another area that offers an incredibly low cost of living. The area offers amazing medical care, plenty of things to see and do, and all you might need for a low cost. The area includes more than 800 islands, so there’s plenty of space on the white-sand beaches to spend your time, as well as the botanic gardens.

With wonderful weather year-round, you’ll have tons of time to enjoy any activities you prefer. Apartment rentals can be as low as $400 per month for a three-bedroom place, and overall, the cost of living is around $1,800 for a couple to live comfortably.

Peru

In Latin America, Peru is one of the best places to live because of the low cost of living. The area features everything someone might need in retirement, at prices far lower than they are in the US. This is another area with plenty to do and amazing views, whether you want to look over the Amazon jungle in the morning or start the day with a beachfront view.

Most people find they can live on between $1,000 to $2,000 per month, depending on the location. With local markets and some areas offering smaller apartments for as little as $300 per month, it’s definitely possible to live on a lot less in Peru.

Mexico

While there are some expensive places to live in Mexico, there are tons of gorgeous places where the cost of living is much lower than someone might expect. The country has something everyone will enjoy, whether you’re looking for a beachfront villa or a home on the clifftop with stunning views. It also has a larger variety of climates, so you can find somewhere to live where the weather’s exactly what you want.

Depending on where you choose to live, it’s possible to live on between $1,500 and $3,000 per month. There are many popular ex-pat locations in Mexico, so you’ll find you fit in with other ex-pats and the locals wherever you choose to live.

Bolivia

Located in South America, Bolivia is a very attractive place to retire. The climate is moderate, and the area features all of the modern conveniences you might need. Internet is available, and there is great cell phone coverage throughout the area. Yet, it’s still a very affordable place to live.

Ready for a night out? Dinner at the nice restaurants costs around $10 per couple. Groceries tend to run around $20 per week, and the rent can be as low as $125 per month for a two-bedroom home. The cost of living tends to be around $500 to $600 per month, and it’s possible to live very well even with a small amount of money per month in Bolivia.

Vietnam

Another inexpensive place to live is Vietnam. The area has a ton of history, plenty of beautiful sights to see, and a low cost of living, whether you’re in the middle of the city, living in the mountains, or right on the beach. It’s also very inexpensive to eat in a restaurant, and most ex-pats can easily hire a housekeeper.

For a comfortable lifestyle, couples can expect to spend around $1,500 per month. In some areas, that amount of money can lead to a much more luxurious lifestyle as well. Many people do report, depending on where they live in Vietnam, living for less than $1,200 per month.

Cambodia

Perhaps one of the best places to live for those on a budget, Cambodia has a ton to offer. It’s going through a huge amount of growth right now, and the area is seeing an influx of travelers. However, for those who want to live in the area, the cost of living is very affordable.

Couples can live in Cambodia comfortably for around $1,000 per month. This includes rent, utilities, cable TV, water, garbage collection, and housekeeping.

The area is known for breathtaking views, temples that draw in large amounts of tourism, and historical landmarks, so there’s always something to see and do in the area.

If you’re getting ready to retire or you have retired and are thinking about moving somewhere else, the places on this list might be the perfect option.

Living abroad doesn’t have to be expensive, and there are plenty of gorgeous places you can call home without spending a ton of money.

If you’d like to live your retirement in luxury without having to pay the high cost that would entail in the US, consider moving to one of the countries on this list.