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Survey Reveals Most and Least Affordable Cities for Expat Living
A recent survey has identified the most and least affordable cities for expats around the globe, with a popular holiday destination surprisingly topping the list as the cheapest city for expats. The study, conducted by the expat network InterNations, polled individuals living abroad to evaluate their quality of life based on crucial financial factors. Participants assessed general cost of living, satisfaction with their financial circumstances, and whether their disposable income allowed them to maintain a comfortable standard of living. Read on to discover the most budget-friendly locations for expat life and the cities expats might consider avoiding due to high expenses.
Cheapest Cities for Expats
Valencia, Spain: Number One for Affordability
Valencia, situated on Spain’s picturesque Costa Blanca, emerges as the most affordable city for expats, according to the survey. An impressive 77% of expats residing in Valencia expressed contentment with their financial situation, significantly exceeding the global average of 54%. Furthermore, over 60% reported that their disposable income was “more than sufficient” for a comfortable lifestyle, considerably higher than the global average of 41%.
One American expat shared with InterNations, ‘I appreciate not having to be concerned about living costs, whether it’s housing or healthcare.’
Panama City, Panama: Second Most Affordable
Panama City, the vibrant capital of Panama, secures the second position on the list of cheapest cities for expats. A substantial 76% of expats living in Panama City reported satisfaction with their financial circumstances. Disposable income stretches further in Panama, with a remarkable 91% of expats indicating they have ample resources to enjoy a comfortable life. Panama City is also a favored retirement destination, with 10% of expats citing retirement as their reason for relocating.
A Jamaican expat commented to InterNations, ‘I value the peaceful and budget-friendly lifestyle.’
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Malaga, Spain: Coastal City Among the Cheapest
Spain further solidifies its affordability ranking with Malaga, another coastal gem, securing its place among the top three cheapest destinations for expats. More than 70% of expats in Malaga expressed satisfaction with the city’s cost of living, and 38% described themselves as “completely satisfied” with their financial situation.
Most Expensive Cities for Expats
Vancouver, Canada: The Least Affordable
Conversely, Vancouver is identified as the most unaffordable city for expats in the survey. A staggering 88% of expats perceive Vancouver as excessively expensive, with 65% stating their disposable income is insufficient for a comfortable life. Nearly half (48%) of expats consider the cost of living in this Canadian city to be “very bad.”
A Turkish expat told InterNations, ‘Life is costly, particularly housing. Additional funds are needed for socializing.’
Toronto, Canada: Second Most Pricey
Toronto, another major Canadian urban center, is ranked as the second most expensive city for expats. Over half (53%) of expats residing in Toronto are dissatisfied with their financial standing. Approximately 81% of foreign residents believe the city is too expensive.
A Spanish expat shared in the survey, ‘The cost of living is incredibly high. Dining out or having drinks feels like an extravagance. Overall, it’s impossible for me to maintain the same social life I had in Germany or Spain.’
More than 50% of respondents indicated their disposable income does not adequately support a comfortable lifestyle in Toronto.
London, UK: Third Most Expensive
London secures its position as the third most expensive city for expats, with 70% of individuals characterizing the capital’s cost of living as excessively high. Nearly 40% of expats are unhappy with their personal financial situation in London, and just under half (46%) feel their disposable income is inadequate for a comfortable life.
An American expat remarked to InterNations, ‘I wish our salaries were commensurate with the cost of living here.’
The World’s Cheapest and Most Expensive Cities for Expats (Top Ranks)
Cheapest Cities (Top 10)
- Valencia
- Panama City
- Malaga
- Mexico City
- Bangkok
- Alicante
- Kuala Lumpur
- Ras al Khaimah
- Warsaw
- Vienna
Most Expensive Cities (Top 10)
- Vancouver
- Toronto
- London
- Dublin
- Oslo
- Munich
- Singapore
- Auckland
- New York
- Paris
Dublin, Oslo, Munich, Singapore, Auckland, New York, and Paris also pose significant financial challenges for foreign residents. Conversely, beyond Valencia and Malaga, Alicante also represents Spain among the top ten cheapest cities for expats. Mexico City, Bangkok, Kuala Lumpur, Ras Al Khaimah, Warsaw, and Vienna are also highlighted as favorable options for expats seeking an affordable cost of living.
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