As a result of the soaring cost of living in the U.S., many Americans are considering relocating to more affordable countries, where their dollars stretch further. But where to go? The latest Expat Insider report from InterNations has some answers. This report includes a Personal Finance Index, evaluating countries based on the general cost of living, satisfaction with financial situations, and whether disposable household income is sufficient for a comfortable life.
Based on that, here are some of the most affordable destinations for Americans in 2024. Expats rated three different factors on a scale of one (very bad) to seven (very good): general cost of living, satisfaction with their financial situation, and whether their disposable household income is enough to lead a comfortable life. In order to be featured, a country had to have a minimum of 50 respondents. In 2024, 53 destinations made this threshold, including Canada, the U.K., and Mexico.
Leading the list for the third consecutive year is Vietnam, with over 86 percent of expats rating the cost of living positively, and 50 percent rating it as very good. Furthermore, 68 percent of expats in Vietnam find their disposable income sufficient for a comfortable life. This makes Vietnam a prime destination for Americans seeking affordability and a high quality of life.
Top Affordable Destinations for Americans
Following Vietnam, Colombia secures the second spot as the most affordable country. In Colombia, 85 percent of expats view the cost of living favorably, and 91 percent believe their income is enough to live comfortably. The country's diverse landscapes, vibrant culture, and low living costs make it a highly attractive option for American expats. According to InterNations' chief marketing officer Kathrin Chudoba, Americans make up 27 percent of Colombia's expat community.
Indonesia ranks third on this list, praised for its low cost of living and expat-friendly environment. About 72 percent of expats in Indonesia report satisfaction with their financial situation, while 69 percent rate the cost of living positively. With its beautiful islands and rich cultural heritage, Indonesia continues to be a popular choice among expats.
Benefits of Living Abroad
Another appealing destination is Panama, particularly popular among retirees. A significant 42 percent of expats in Panama are Americans, second only to neighboring Costa Rica. Known for its Pensionado Visa, Panama attracts many with its tax exemptions and various discounts for retirees. The use of the U.S. dollar eliminates currency exchange concerns, making it a convenient option for many.
Lastly, the Philippines rounds out the top five most affordable countries. It combines affordability with a welcoming environment for expats. The country features numerous islands, friendly locals, and an English-speaking population, making it easy for many Americans to transition. The cost of living is notably low, especially outside urban centers, appealing to retirees and digital nomads alike.
Other Notable Countries for Americans
Beyond these top five, countries like Mexico (36 percent of expats are American) and Brazil (32 percent) are also popular choices. Countries such as Japan (28 percent), South Korea (26 percent), Portugal (22 percent), and Chile (20 percent) further illustrate the diverse options available for Americans looking to relocate abroad.
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