25 Of The World’s Cheapest Places To Live

Posted by on May 15, 2013

When the words cheap and inexpensive are thrown around, people may be a bit skeptical as to what they are applied to. You know what they say – “you get what you pay for”. While this is normally a justified position, price does not necessarily imply quality. This is especially true when it comes to choosing a place to live.  There are a great number of variables that goes into calculating the value of a place;  from a city’s policies to a city’s urban design.  These variables make delineating value from a city a little complex.  However, thanks to the Economist’s Intelligence Unit report, there is a list available ranking the top 25 of the world’s cheapest places to live.  Now the question is, would you live in any of these places?


Kiev, Ukraine

As Eastern Europe’s crucial center for industrial, educational, scientific and cultural development; Kiev boasts of a diverse means of economic sustenance since it doesn’t depend on just one industry. Although it is a middle income city and poverty is evident in other parts of the country; Kiev virtually has nonexistent slums which is pretty good for such an inexpensive place to live.


Bogota, Colombia

Bogotá is the most populous city in Colombia with 7,363,782 inhabitants as of 2010. Because of its numerous universities and libraries, Bogota became known as “The Athens of South America”. Other than that, it is also one of Latin America’s industrial centers. Because of it’s successful fight against its crime riddled image in the 90′s, multinational companies have built their regional operations here over the years.


Santiago, Chile

Formally called Santiago de Chile, this is the industrial and financial seat of the country. It is located in the country’s central valley at an elevation of 520 m (1,706.04 ft) above mean sea level.  Founded in 1541, Santiago has been the capital city of Chile since colonial times. Moreover, because of its steady economic growth over the past few decades, Santiago has been transformed into a modern metropolis. Consequently, Santiago  is now home to theater and restaurant scenes; extensive suburban developments; shopping centers; and a rising skyline which includes the tallest building in Latin America; the Gran Torre Santiago.


Johannesburg, South Africa

One of the 50 biggest metropolitan areas in the world, Joeys as it is sometimes called is a huge source for the gold and diamond trade, and is one of the world’s leading financial centers. Strangely enough, however, the cost of living is relatively low compared to other similar cities.


Mexico City, Mexico

Ciudad de Mexico or Mexico D.F.is a federal entity and not part of the 31 Mexican states belonging to the federation. Over time, this important financial center has evolved from a colonial territory of the Spanish empire to an independent and world class city. It still maintains it’s low cost of living, however, and if you can get past the crowds and smog you may find your wallet is a bit heavier here.


Vilnius, Lithuania

Located in the southeast of Lithuania, Vilnius is the capital city and  is one of the European capitals of culture with a population of  535,091. Vilnius is considered a Gamma global city and it’s known for its old town beautiful architecture.  Also, solar and laser technology manufacturing centers have set up shop here and in spite of its relatively low cost of living it is still an economically competitive city.


Lima, Peru

Formerly known as Ciudad de los Reyes, Lima is the capital and the largest city of Peru. It is home to one of the oldest institutions of higher learning in the world, the National University of San Marcos which was founded on May 12, 1551. The city leads in the economic development of the country due to the readily available and quality workforce and cheap infrastructure.


Nairobi, Kenya

The Green City in the Sun is the capital of Kenya and has the highest population in the country at 3 million. One specific area within the city called Upper Hill has become promising because of the inexpensive costs of land and cheap maintenance which has attracted international investors and other businesses.


Cairo, Egypt

Commonly referred to as Masr by the locals, Cairo is the largest city in the Arab world and Africa. Monikered “The City of a Thousand Minarets” with the prevalence of Islamic architecture, its metropolitan area is the 16th largest in the world.


Sofia, Bulgaria

Situated at the foot of Mount Vitosha, Sofia is the economic center of Bulgaria. It was declared the capital in 1879 and is the fifth largest city in the entire European Union. This beta city experienced a decline in its apartment prices in 2009 by 26% as opposed to the 30% increase the year before.


Quito, Ecuador

Formally known as San Fransisco de Quito, it is home to a popular historic district. With a laid back pace you get a lot of bang for your buck here and Quito has become a popular retirement destination as a result.


Tunis, Tunisia

The heart of the Tunisian economy, this city is both the capital of the Tunisian Republic and the Tunis Governorate. Despite attracting foreign investors, poverty and unemployment is rampant especially in the urban areas.


Manila, Philippines

Historically known as Gintô (gold) by neighboring settlements and later on officially named the Kingdom of Maynila, it has since then become one of sixteen cities to constitute the national capital region. Tourism and business process outsourcing (BPO) are just two of the economic boosters of the city.


Muscat, Oman

A chief trading port in the east and west, the capital of Oman is home to an multi-ethnic society engaged in trading, petroleum, and porting. Over the years, Muscat has experienced promising economic growth.


Dhaka, Bangladesh

With 400,000 rickshaws being pulled around its streets everyday, this megacity is the Rickshaw Capital of the World. Not only that, it is also called the City of Mosques owing to a population that is roughly 90% Muslim.