Colombia among the most affordable countries to live in the world

On March 5, Gobakingrates.com came out with its ranking of the cheapest – as in most economical – countries to live in the world. The compared 115 different countries and determined that India is the cheapest country, but hep in the right mind would want to live there considering the distance from North America and many other issues.

In Latin America Mexico is the most affordable, however you can’t equate the costa of living with personal safety. Mexico has some of the most violent cities in the world.

Colombia is ranked as the 20th most affordable country to live in the world. Medellín offers almost all of the amenities of home, a year-round spring-like climate, friendly people and a whole lot more.

Live in Colombia Tours offers one-of-a-kind exploratory tours for those who want to visit Medellín and learn all about moving there. A valuable seminar by the local experts is included. At the conclusion of the tour you will have all of the information and contacts to move there successfully.

If you are you struggling to make ends meet, you could do what most people would suggest and put together a comprehensive budget to ensure that you’re carefully tracking your spending. But, based on the results from the latest GOBankingRates study, you could be overlooking a potential solution: moving to a different country. Colombia just might be the country you are seeking.

Simple, the cost of living can be much lower outside the United States, Canada or Europe. So if you’re really that fed up with the high cost of living the place you call home, moving elsewhere could solve your problem.

The study scored five different metrics that measure affordability: the local purchasing power index, the rent index, the groceries index, the restaurant price index and the consumer price index.

If you’re looking for a new place to call home and you’re ready to think outside the box, the study’s results provide a range of options.

Here are the 20 cheapest countries to call home, with No. 1 being the cheapest (Latin American countries are highlighted):

1. India
2. Saudi Arabia
3. Pakistan
4. Tunisia
5. Zambia
6. Ukraine
7. Mexico
8. Egypt
9. Bangladesh
10. Macedonia
11. Romania
12. Algeria
13. Bosnia and Herzegovina
14. South Africa
15. Malaysia
16. Georgia
17. Bolivia
18. Nepal
19. Moldova
20. Colombia

Methodology
Using information from online pricing database Numbeo.com, GOBankingRates assessed foreign nations to determine which were the most budget-friendly. Measuring each against prices found in New York City, we weighted and ranked countries based on these key affordability metrics: 1) Local purchasing power index: Measures the relative purchasing power of a typical salary in the country. A lower purchasing power buys fewer goods, while a higher purchasing power buys more; 2) Rent index: Includes typical home rental prices in the country; 3) Groceries index: Includes typical grocery prices in the country; 4) Cost of living index: Includes costs of local goods and services, such as restaurants, transportation and utilities; and 5) Restaurant price index: A comparison of prices of meals and drinks in restaurants and bars.