Listen
Emigrating from one’s home country is not an easy task, especially when one is uncertain about where they can live comfortably, whether they can secure a good job, and if they can afford housing, food, and transportation.
People from various continents have viewed Latin America and its countries as a destination to establish individual or family lives. Certain countries have attracted more nomads due to their stronger economic opportunities for finding work or because housing and food are more affordable. Furthermore, the blend of cultures, access to nature, and some tranquil areas untouched by technology are appealing.
A recent report from the Numbeo platform compared the cost of living across different cities and countries. This data collection, gathered from various users and compared to references such as the cost of living in the United States, revealed that the country with the lowest cost of living in South America is Paraguay.
According to the report, the cost of living in Paraguay is 27.59 compared to New York’s index of 100, considering factors like food, rent, and basic services. The average household in Paraguay spends about US$150 to US$200 per month on food.
Dining out at local restaurants is also inexpensive, with costs ranging from US$12 to US$25 per person at most.
Moreover, the top 10 countries with the lowest cost of living in Latin America, along with their respective scores, include:
Contrary to popular belief, Colombia ranks third on the global list of the most affordable countries to live in.
The country that comes closest, based on the score, to the cost of living in New York is the Bahamas, with a score of 85.03, which illustrates why residents need higher incomes to maintain a good standard of living in that territory.
Light Angela Dominguez Coral
THE TIME (GDA)Learn about The Trust Project
Exploring Affordable Living in Latin America: Top Destinations for Expats
Emigrating from one’s country of origin is not easy, especially when one does not know for sure where one can live comfortably, if one can get a good job to afford housing, food, and transportation.
People from different continents have seen Latin America and its countries as a destination to build an individual or family life. Certain countries have welcomed more nomads because they have more economic opportunities and affordable living conditions. In addition, a mix of cultures, access to nature, and tranquil spots untouched by technology add to the attraction.
The Cost of Living: A Key Factor
According to a recent report from the Numbeo platform, a comprehensive cost of living comparison was conducted across various cities and countries. The data, gathered from numerous users, highlights aspects such as housing, food, and basic services. Notably, it allows expatriates to evaluate their potential new homes effectively.
Top Affordable Country: Paraguay
According to the report, Paraguay has emerged as the country with the lowest cost of living in South America. The overall cost index in Paraguay stands at a striking 27.59 compared to New York’s index, which is set at 100. This statistic encompasses staples like food, housing rent, and essential services.
The average household in Paraguay spends between US$150 to US$200 per month on food. Dining in local eateries is also budget-friendly, with a typical meal costing around US$12 to US$25 per person.
Other Affordable Destinations in Latin America
Paraguay may lead, but it is not alone in offering a low cost of living. The following countries also feature prominently in affordability:
| Country | Cost of Living Index | Ranking in Latin America |
|---|---|---|
| Paraguay | 27.59 | 1 |
| Colombia | 34.96 | 3 |
| Bolivia | 35.40 | 4 |
| Peru | 42.30 | 5 |
| Ecuador | 49.12 | 7 |
| Chile | 68.00 | 9 |
| Argentina | 70.21 | 10 |
Cost of Living Insights: Colombia
Despite many common misconceptions, Colombia ranks number three on the global list regarding affordable countries. The cost of living is significantly lower than in many Western countries, making it an enticing option for expatriates seeking a vibrant culture, beautiful landscapes, and hospitable locals.
Cultural Richness Meets Affordability
Countries like Colombia offer an enriching cultural experience alongside affordable living costs. Major cities like Medellín and Bogotá boast relatively low rent prices, local food markets, and a lifestyle that promotes wellness and outdoor activities.
Reality Check: The Bahamas
On the opposite end of the spectrum, the country closest to the cost of living index in New York is the Bahamas, with a cost index of 85.03. This figure indicates that maintaining a good standard of living requires a higher income, significantly impacting prospective emigrants’ decisions.
Benefits of Living in Latin America
- Affordability: A markedly lower cost of living compared to the United States and Europe, allowing for savings or comfortable lifestyles on modest incomes.
- Immersive Experience: A chance to immerse oneself in diverse cultures and histories, providing enriching personal and professional growth.
- Natural Beauty: Iconic landscapes and climates range from tropical beaches to mountainous regions, offering numerous outdoor activities.
- Community and Support: Thriving expat communities can provide support, resources, and connections for newcomers.
- Growing Economies: Countries like Colombia and Ecuador have burgeoning markets offering numerous job opportunities for expatriates.
Practical Tips for Emigrating to Latin America
- Research: Investigate potential cities and their cost of living, local customs, and job markets before making a move.
- Learn the Language: Familiarize yourself with Spanish; it will facilitate easier integration and enhance daily interactions.
- Connect with Community: Join expat groups on social media platforms to learn from others who have made similar transitions.
- Legalities and Documentation: Ensure you understand visa requirements and residency options for your intended country.
- Budgeting: Create a detailed budget considering housing, food, transportation, and leisure activities.
Personal Experiences: Stories from Expats
Many expatriates who have settled in Latin America share similar positive experiences. For instance, a couple who moved to Medellín noted, “We found the cost of living manageable, and the locals have been incredibly welcoming. We fell in love with the lush mountains and vibrant city life.”
Another expat in Asunción, Paraguay, reported, “The slower pace of life has made us feel at home. We spend less on necessities and have more time to explore our surroundings and indulge in hobbies.”
