10 of the World's Most Affordable Cosmopolitan Cities

Cities around the world vary widely in terms of cost of living which dictated the affordability of living in the cities. There are specific indices used to establish the rank of affordability in the world’s cities and according to a report published by Numbeo, the city of Hamilton in Bermuda is the most expensive city to live in with a cost of living index of 141.84. The report also outlines ten cities which are the most affordable in the world.

10. Granada, Spain - 53.26

Granada is a city located in Spain. With a cost of living index of 53.26, Granada is the tenth most affordable city in the world and is 44% cheaper than San Diego and 46% cheaper than Los Angeles. The average price of a basic lunch in Granada which includes a drink is about $12 while a combo meal in a fast food restaurant costs an average of $8.

9. Tallinn, Estonia - 51.37

Tallinn is the largest city in Estonia and is also the nation’s capital city. With a cost of living index of 51.37, Tallinn is the eighth most affordable city in the world and with the city being 30% cheaper to reside compared to Berlin. The average cost of a combo meal in the city’s fast food restaurants is $5.76 while the average price of one pound of a boneless chicken breast is $3.15. The average rent for a furnished 480 square-foot studio apartment in the central neighborhood of Tallinn is $410.

8. Florianopolis, Brazil - 50.60

Florianopolis is a city situated in Brazil and is the capital of the Santa Catarina State. According to Numbeo, Florianopolis is the second most affordable city in South America with a cost of living index of 50.60. Florianopolis’ cost of the living index makes the city 17% cheaper than the city of Sao Paulo. The average price of one pound of apples in Florianopolis is $0.80 while that of one pound of potatoes in the city is $0.46. The average rent for a furnished 480 square-foot studio apartment in the normal neighborhood of Florianopolis is $320.

7. Quito, Ecuador - 48.34

Quito is the capital city of Ecuador. The city is the country’s economic and trade hub and is home to many Ecuadorian industries. With a cost of living index of 48.34, Quito is the most affordable city in South America and is 47% cheaper compared to Cuban capital, Havana. The average price of a pound of boneless chicken breast in the city is $2.99 while a combo meal in a fast-food restaurant in the city costs an average of $6. The average monthly rent for a 480 square-foot furnished studio apartment in the normal area of Quito is $350 while the average monthly cost of utilities is $77 for one person.

6. Prague, Czechia - 43.63

Prague is both the biggest city and the capital city of the Czech Republic. The city is one of the most affordable cities to live in with a cost of living index of 43.34 which makes Prague 57% cheaper than London and 40% cheaper than Madrid. The average price of a monthly ticket for public transport is $23 while the price of a gallon of gas is $5.20.

5. Kuala Lumpur, Malaysia - 42.85

Kuala Lumpur is the biggest city in Malaysia and is the country’s business and financial capital. The cost of living index in Malaysia’s capital is 42.85 which put Kuala Lumpur as the most affordable city in Asia and the fifth most affordable city in the world. Kuala Lumpur’s cost of living index is 51% lower than that of Dubai. The price of a basic lunch in the city (including a drink) averages $4.24 while the price of a loaf of bread in the city averages at $0.73. The cost of a gallon of gas in Kuala Lumpur averages at $2.

4. Lodz, Poland - 38.37

Lodz is a city located in central Poland which was once the textile hub of the country. The small city has a cost of living index of 38.37 making Lodz the most affordable city to reside in Poland and ranks fourth globally. The price of basic commodities in Lodz is relatively low with one pound of boneless chicken breast costing $2.48 while a pound of tomatoes costing $0.89. The average monthly rent for a 480 square-foot furnished studio apartment in the ordinary part of Lodz is $307 while that of a studio apartment in an expensive part of the city averaging at $466.

3. Yerevan, Armenia - 34.60

Yerevan is the capital city of Armenia and it is also the largest city in the country. Numbeo puts the cost of living index of Yerevan at 34.60 making the city the third least expensive city to live. The cost of living index of Yerevan is 34% lower than that of Beijing and 43% lower than that of Florence. As a testament to the city’s affordability, the average monthly rent for a furnished studio apartment in the ordinary part of the city is about $207 while the average cost of monthly utilities used by one person is about $104.

2. Mexico City, Mexico - 33.59

Mexico City is the largest city in Mexico and is also the country’s capital city. With a cost of living index of 33.59, Mexico City is the world’s second most affordable city to live. The city’s cost of living is 145% lower than that of London. The average price of most commodities is relatively low in the city with the cost of one-month utilities for one person being about $113 while the average monthly rent for a 900 square-foot furnished house in a ordinary area of the city being about $706. The average price of a quarter gallon of gas in Mexico City is about $0.85.

1. Tirana, Albania - 33.47

According to Numbeo, Tirana is the most affordable city in the world. The city has a cost of living index of 33.47 which is 63.22% lower than that of New York. Tirana is the capital city of Albania and is also the country’s largest city. The city is the financial and business center of Albania and is an important trade hub of the country. The price of valuable commodities is relatively low in Tirana. For instance, the average cost of one-month utilities for one person is around $45 while the average monthly rent for a 480-square-foot furnished studio apartment in a ordinary area of the city is $193.