In this article, we will look at the 20 cheapest countries to live in Europe. If you wish to skip our detailed analysis on migrating to Europe and the cheapest European countries, you may go to 5 Cheapest Countries to Live in Europe.
Migrating to Europe
In 2020, the USA witnessed 6,707 Americans giving up on their citizenship and moving abroad, marking a 237% increase year-over-year. The US government’s Federal Register further noted that a total of 3,815 Americans expatriated officially in 2022, marking it as the sixth major year for renunciations of US citizenship statuses.
High-net-worth individuals have also been migrating to Europe, further amplifying the demand for citizenship programs and residence permits. About 2,872 of these high-net-worth individuals revoked their US citizenship by the end of 2022. A big reason many individuals are doing so is to reduce their tax payments. Yet many others seek to enjoy a relaxed lifestyle, as well as a higher quality of life.
Most countries offering citizenships or residence permits require expats to invest in real estate. Due to this reason, cross-border capital investment from the US real estate market is likely to increase. Many countries are already witnessing this impact. For instance, Portugal has seen the number of US participants in its residence permit program more than double from 2021 to the first half of 2022. The Immigration Services confirmed that over 124 Americans had become residents in the country.
One major reason to move to Europe is the escalating property prices in the US. Rising by 18.7% in 2022, the EU’s cost of residential real estate grew by 10.5% only in the same period. Speaking of real estate and costs of living, some of the most expensive countries to live in Europe include Denmark, Sweden, Switzerland, Norway, and Iceland. On the other hand, countries with the cheapest rent in Europe in 2023 include, but are not limited to, places such as in Ukraine, Romania, and North Macedonia. Not only do these places offer the cheapest rent, but also offer affordable costs of living.
Another major cause Americans are buying real estate in Europe has been the Euro’s depreciation in July 2022, for the first time in 20 years. Besides, Europe offers its residents the best of healthcare, education, culture, and work-life balance. No wonder high-net-worth individuals are flocking to Europe to live a better life than they did in the US.
Cheapest Countries to Live in Europe
High-net-worth individuals aren’t the only people flocking to Europe. The average individual is just as interested, with many looking for cheaper options to travel and explore the best places in Europe. For those interested in moving, Ryanair Holdings plc (NASDAQ:RYAAY) can be used by individuals to catch a flight to Europe. Ryanair Holdings plc (NASDAQ:RYAAY) is a low-cost airline that individuals can use to travel to Europe and explore the various countries within. Other airlines include British Airways, Lufthansa, etc.
Speaking of exploring European countries, Ryanair Holdings plc (NASDAQ:RYAAY) notes that customers haven’t been shifting to booking trips to cooler climates or canceling flights due to the heatwave in Europe, further affirming the demand for visiting and living in the continent. For those who do wish to settle in the West, particularly Europe, there are many affordable places to choose from. Some of the cheapest Western countries to live in include Portugal, Montenegro, Romania, and Ukraine.
During our research on European countries, we also hunted down countries with high salaries and low costs of living in Europe on various forums such as Reddit and Quora. Countries include Portugal, Poland, Hungary, Czech Republic, and Latvia. Many individuals also wish to come to Europe for studying purposes. As such, some European countries with low living costs for international students include Poland, Hungary, the Czech Republic, and Greece.
Whatever your reason for choosing to live in Europe is, affordable options must be your top priority. Due to this reason, we’ve crafted a list of some of the cheapest countries to live in Europe.
Methodology
To compile the list of the cheapest countries to live in Europe, we began by listing affordable European countries sourced from Numbeo. The countries were then assessed on their cost of living index, crime index, rent index, and local purchasing power index from Numbeo to assess their viability as safe and affordable destinations for living.
Next, we summed up the scores of each factor analyzed and ranked them in ascending order from the lowest to the highest scores.
Here are the cheapest countries to live in Europe:
20. Spain
Insider Monkey Score: 6
Rich cultural heritage, vibrant traditions, and a high quality of life attracts individuals to Spain. Residents love the country for the beach lifestyle it offers, the diverse expat community it is home to, and the delectable Spanish cuisine. Popular cities like Barcelona, Madrid, and Seville offer the right mix of modern amenities and centuries-old architecture.
19. Czech Republic
Insider Monkey Score: 9
The Czech Republic is another one of the cheapest countries to live in Europe, offering the best amalgamation of historical charm, modern amenities, and well-preserved architecture. The country is also highly famous for its beer culture, having one of the highest consumption rates per capita. A single individual can expect to live on $1,545, making life affordable yet high-quality.
18. Slovenia
Insider Monkey Score: 11
Whether you wish to enjoy picturesque lakes, lush green countryside, or the beauty of the Julian Alps, Slovenia has it all. Not only does the country enjoy beautiful natural landscapes, but it also offers an affordable cost of living. Slovenian cuisine is quite famous among residents, with jota (bean and sauerkraut soup) and štruklji (dumplings) being famous traditional dishes. The country promises its residents a high quality of life, along with modern amenities, social benefits, and a rich culture.
17. Lithuania
Insider Monkey Score: 14
Several features make Lithuania an appealing destination for individuals. The country offers a rich cultural heritage, natural beauty, and a high quality of life. The average cost of living in the country is around $1,000 for a single individual, making it an affordable place to live in. Beautiful sandy beaches line up the Baltic Sea coast, attracting individuals from around the world.
16. Portugal
Insider Monkey Score: 19
Portugal is a hidden gem of affordability, offering a laid-back lifestyle and an affordable cost of living. The country is revered for its warm climate, beautiful beaches, and charming cities. A single individual can easily live on $1,073, making it an attractive destination to enjoy a high quality of life. Those moving to Portugal will find the locals to be very welcoming, the food experience delectable, and the healthcare of high quality.
15. Slovakia
Insider Monkey Score: 21
Rich cultural heritage, stunning natural beauty, and vast economic opportunities attract individuals to Slovakia. Home to the High Tatras Mountain Range, residents enjoy diverse activities such as skiing, hiking, and mountaineering. Hearty dishes like bryndzové halušky (potato dumplings with sheep cheese), goulash, and others are the essence of Slovak cuisine. The country is overall safe to live in, and offers a lower cost of living than other Western countries. A single individual can live on $1,476 per month.
14. Poland
Insider Monkey Score: 21
Poland is a great place to work and live, offering diverse employment opportunities and well-regarded universities and institutions. Consumer prices in the country are 41.53% more affordable than in the United States, and an individual can live easily on $1,379. The country has a great food and drink culture, is home to friendly and hospitable people, and boasts beautiful architecture too. From the sandy beaches of the Baltic Sea to the stunning Tatra Mountains in the south, residents enjoy the country’s scenic natural beauty.
13. Latvia
Insider Monkey Score: 21
Latvia is an appealing destination for individuals seeking a high quality of life and affordable living costs. Strategically located in the Baltic region, the country provides significant economic opportunities and access to Eastern and Western markets. Pristine beaches along the Baltic coast, well-preserved Art Nouveau architecture, and the famous Midsummer Festival (Jāņi) are the highlights of living here. A single individual can expect to live on $1,000 per month.
12. Croatia
Insider Monkey Score: 22
One of the cheapest countries to live in Europe is Croatia. Picturesque beaches, charming coastal towns, and a pleasant Mediterranean climate makes the country an appealing destination for individuals. The country’s diverse landscapes, nature reserves, national parks, and mountains allow residents to indulge in water sports, hiking, and other activities. A single individual can live in Croatia for $1,100.
11. Hungary
Insider Monkey Score: 28
Beautiful cities, rich culture, and an affordable cost of living draws people to Hungary from all over the world. An individual can live on $1,345 in the country, allowing them to enjoy an affordable lifestyle. International students are attracted to its well-established universities, while its strategic location in central Europe makes it a lucrative business destination too. Moreover, the country enjoys picturesque landscapes like the Danube River, Lake Balaton, and the Hungarian countryside.
10. Montenegro
Insider Monkey Score: 33
This small country on the Adriatic Sea attracts people for all the right reasons. Stunning beaches, such as Mogren Beach and Jaz Beach, picturesque coastal towns of Kotor and Budva, and spectacular national parks, such as the Durmitor National Park, span across the country. The country actively promotes foreign investment, boasts a cost of living lower than Croatia, and enjoys easy access to other European countries.
9. Bulgaria
Insider Monkey Score: 34
Bulgaria is one of the cheapest countries to live in Europe, offering a relaxed pace of living, a rich cultural heritage, and stunning natural beauty. The country offers various economic opportunities for individuals, as well as educational opportunities at affordable costs. Bulgarian cuisine is delectable in itself, and the famous Rose Valley forms an important part of the country, producing a significant portion of the world’s rose oil.
8. Romania
Insider Monkey Score: 37
Romania boasts one of the lowest costs of living in Europe. Not only is the country an active ground for employment opportunities, but it also has some of the best universities and educational institutions that attract students from other parts of the world. An individual can expect to live comfortably at $1,323 while enjoying affordable housing, transportation, and other low-cost goods. The beautiful country in the Balkans boasts some serious natural beauty, friendly people, and a good quality of life.
7. Serbia
Insider Monkey Score: 42
Serbia enjoys a low cost of living when compared to other European countries. The country offers a high quality of life and a nice blend of modern amenities and laid-back lifestyle. The atmosphere is very welcoming and friendly, with good educational opportunities available at affordable costs. Belgrade, the capital of Serbia, is especially popular for its historical landmarks and nightlife.
6. Albania
Insider Monkey Score: 48
Another affordable European country worthy of note is Albania. Residents are attracted to the country for its distinctive Albanian cuisine, warm hospitality, and growing expat community. Beautiful beaches and cultural attractions add to its appeal and potential for tourism and investments. Basic necessities such as food, accommodation, and utilities only cost around $400-$500.
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Disclosure. None. 20 Cheapest Countries to Live in Europe is originally published in Insider Monkey.