Exploring the Top Cities for the Lowest Cost and Highest Quality of Living in 2024
Exploring the Top Cities for the Lowest Cost and Highest Quality of Living in 2024
As we move into 2024, the pursuit of an ideal place to live is shaped by the balance between affordability and quality of life.
With rising costs in many urban centers, finding a city that offers both a reasonable cost of living and a high standard of living is a challenge. Fortunately, there are still places around the globe that strike this balance.
Based on the latest insights from Mercer, here are eight cities that stand out for their low costs and exceptional quality of life in 2024.
1. Montreal, Canada
Montreal is often celebrated for its vibrant culture, diverse population, and rich history. As the largest city in Quebec, Montreal offers a unique blend of European charm and North American convenience.
Despite being a major city, the cost of living in Montreal is relatively low compared to other North American cities. Housing is affordable, healthcare is excellent, and the city is known for its extensive public transportation system.
Montreal's cultural scene is thriving, with numerous festivals, museums, and parks, making it a top choice for those seeking a high quality of life.
- Average Monthly Rent (1-bedroom apartment in city center): CAD 1,500 (~USD 1,110)
- Average Monthly Salary (after tax): CAD 3,500 (~USD 2,590)
- Cost of Living Index (excluding rent): 65.85
- Healthcare Quality: Ranked among the top globally; universal healthcare system.
- Public Transport Cost (monthly pass): CAD 90 (~USD 66)
- Quality of Life Index: 165.2
- Crime Rate: Low; ranked as one of the safest cities in North America.
- Education Quality: High, with multiple top-ranked universities and institutions.
2. Ljubljana, Slovenia
Ljubljana, the capital of Slovenia, is one of Europe’s hidden gems. It’s a small city with a big heart, offering a safe, clean, and green environment.
The cost of living in Ljubljana is remarkably low compared to other European capitals, particularly in terms of housing and daily expenses.
The city is pedestrian-friendly, with a beautiful riverfront, and is known for its sustainable living initiatives.
Ljubljana’s blend of historical architecture, modern amenities, and natural beauty makes it a perfect destination for those looking to enjoy a high quality of life without breaking the bank.
- Average Monthly Rent (1-bedroom apartment in city center): EUR 700 (~USD 760)
- Average Monthly Salary (after tax): EUR 1,500 (~USD 1,630)
- Cost of Living Index (excluding rent): 50.34
- Healthcare Quality: High; public and private healthcare systems available.
- Public Transport Cost (monthly pass): EUR 37 (~USD 40)
- Quality of Life Index: 158.9
- Crime Rate: Very low; Ljubljana is known for being one of the safest cities in Europe.
- Education Quality: Excellent, with strong emphasis on public education and research.
3. Budapest, Hungary
Budapest, Hungary’s capital, is often described as one of the most beautiful cities in the world. Straddling the Danube River, Budapest is a city of stunning architecture, thermal baths, and a rich cultural heritage.
The cost of living in Budapest is significantly lower than in Western European cities, particularly when it comes to housing and dining out.
The city offers a high standard of living with excellent public services, healthcare, and education. For those who value culture, history, and a relaxed lifestyle, Budapest is an ideal choice.
- Average Monthly Rent (1-bedroom apartment in city center): HUF 200,000 (~USD 570)
- Average Monthly Salary (after tax): HUF 350,000 (~USD 1,000)
- Cost of Living Index (excluding rent): 43.79
- Healthcare Quality: Good; mix of public and private healthcare services.
- Public Transport Cost (monthly pass): HUF 9,500 (~USD 27)
- Quality of Life Index: 142.5
- Crime Rate: Low; considered safe with some precautions needed in tourist areas.
- Education Quality: High, with several prestigious universities and educational institutions.
4. Warsaw, Poland
Warsaw has emerged as a vibrant and dynamic city in recent years, combining a rich history with a forward-looking approach.
The cost of living in Warsaw is lower than in many other European capitals, with affordable housing and public transportation. The city offers a high quality of life with excellent healthcare, education, and a thriving cultural scene.
Warsaw’s green spaces, modern infrastructure, and business-friendly environment make it an attractive destination for both expatriates and locals.
- Average Monthly Rent (1-bedroom apartment in city center): PLN 3,500 (~USD 840)
- Average Monthly Salary (after tax): PLN 6,000 (~USD 1,440)
- Cost of Living Index (excluding rent): 45.19
- Healthcare Quality: High; accessible public healthcare system with private options.
- Public Transport Cost (monthly pass): PLN 110 (~USD 26)
- Quality of Life Index: 150.4
- Crime Rate: Low; Warsaw is known for being safe, with minimal crime rates.
- Education Quality: High, with several top-ranked universities and schools.
5. Zagreb, Croatia
Zagreb, the capital of Croatia, is another European city that offers an exceptional quality of life at an affordable cost. Known for its historic buildings, outdoor cafes, and vibrant street life, Zagreb is a city that’s both welcoming and easy to navigate.
The cost of living in Zagreb is lower than in many Western European cities, especially when it comes to housing and everyday expenses. The city is also known for its excellent healthcare and education systems, making it a great place for families and retirees alike.
- Average Monthly Rent (1-bedroom apartment in city center): HRK 4,000 (~USD 570)
- Average Monthly Salary (after tax): HRK 7,500 (~USD 1,070)
- Cost of Living Index (excluding rent): 46.11
- Healthcare Quality: High; well-established public healthcare with private options.
- Public Transport Cost (monthly pass): HRK 400 (~USD 57)
- Quality of Life Index: 146.8
- Crime Rate: Very low; Zagreb is one of the safest cities in the region.
- Education Quality: Good, with a strong emphasis on public education and research.
6. Kuala Lumpur, Malaysia
Kuala Lumpur, the capital of Malaysia, offers a unique blend of modernity and tradition. The city is known for its affordable housing, low cost of living, and high quality of life.
Kuala Lumpur boasts a diverse culinary scene, world-class shopping, and a rich cultural heritage. The city’s infrastructure is well-developed, with excellent public transportation and healthcare facilities.
Kuala Lumpur’s tropical climate, friendly locals, and vibrant atmosphere make it an attractive destination for those looking to live well without spending a fortune.
- Average Monthly Rent (1-bedroom apartment in city center): MYR 2,000 (~USD 430)
- Average Monthly Salary (after tax): MYR 3,500 (~USD 750)
- Cost of Living Index (excluding rent): 39.00
- Healthcare Quality: High; a mix of public and private healthcare services.
- Public Transport Cost (monthly pass): MYR 100 (~USD 22)
- Quality of Life Index: 140.2
- Crime Rate: Moderate; generally safe with some precautions in certain areas.
- Education Quality: Good; Kuala Lumpur offers a wide range of educational institutions, including international schools.
7. Santiago, Chile
Santiago, the capital of Chile, is a city that offers both affordability and a high quality of life. The cost of living in Santiago is lower than in many other major South American cities, with affordable housing, healthcare, and education.
Santiago is known for its stunning natural surroundings, including the Andes Mountains and nearby vineyards. The city offers a high standard of living with modern amenities, a strong economy, and a vibrant cultural scene.
For those who love the outdoors and a cosmopolitan lifestyle, Santiago is an excellent choice.
- Average Monthly Rent (1-bedroom apartment in city center): CLP 500,000 (~USD 550)
- Average Monthly Salary (after tax): CLP 900,000 (~USD 1,000)
- Cost of Living Index (excluding rent): 43.05
- Healthcare Quality: High; robust public healthcare system with private alternatives.
- Public Transport Cost (monthly pass): CLP 30,000 (~USD 33)
- Quality of Life Index: 147.3
- Crime Rate: Moderate; certain areas require caution, but generally safe.
- Education Quality: High; Santiago offers a variety of educational options, including some of Latin America’s top universities.
8. Panama City, Panama
Panama City is a growing hub in Central America, known for its strategic location and thriving economy. The cost of living in Panama City is relatively low, particularly when it comes to housing and daily expenses.
The city offers a high quality of life with modern infrastructure, excellent healthcare, and a stable economy. Panama City’s vibrant culture, tropical climate, and proximity to stunning beaches make it an ideal destination for those seeking both affordability and a relaxed lifestyle.
- Average Monthly Rent (1-bedroom apartment in city center): PAB 1,200 (~USD 1,200)
- Average Monthly Salary (after tax): PAB 1,800 (~USD 1,800)
- Cost of Living Index (excluding rent): 50.47
- Healthcare Quality: High; mix of public and private healthcare services.
- Public Transport Cost (monthly pass): PAB 30 (~USD 30)
- Quality of Life Index: 145.6
- Crime Rate: Moderate; relatively safe with some precautions needed in certain areas.
- Education Quality: Good; Panama City has a range of educational institutions, including international schools.
Conclusion
In 2024, finding a city that offers both a low cost of living and a high quality of life is still possible.
Whether you’re looking for the cultural richness of Europe, the modern conveniences of North America, or the natural beauty of Latin America, these eight cities offer something for everyone.
From Montreal’s cultural vibrancy to Panama City’s tropical charm, these destinations provide an ideal balance of affordability and quality living. As you consider your next move, these cities should be at the top of your list.
Source: Information for this article was derived from the Mercer 2024 Cost of Living and Quality of Life indices, which provide comprehensive data on global living conditions.