These are the 20 cheapest countries to live

1. South Africa

If you live in a major city in South Africa like Cape Town, your monthly expenses could come under Rs 27,000. Rent for a typical one bedroom apartment averages to Rs 17,000. Groceries and consumer goods are also cheaper as compared to cities such New York.

South Africa is the world's largest producer of platinum, gold and chromium which complements the emerging economy and boosts the country's purchasing power.

(Source: GoBankingRates)

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2. India

India is second on the list with cheaper rents, local goods and services.  The purchasing power is 20.9 per cent lower as compared to New York. Groceries and consumer durables are also comparatively cheaper.

(Source: GoBankingRates)

3. Kosovo

Located in Eastern Europe, Kosovo shares borders with Serbia and Albania and has a population of 1.9 million. If you live in the capital city of Pristina, your expenses as a single would come up to Rs 22,000. Rent for a single bedroom apartment is as low as Rs 18,000.

(Source: GoBankingRates)

4. Saudi Arabia

Falling fourth is Saudi Arabia that has a wealthy economy because of its rich oil and petroleum business which earns the country a high GDP per capita of $24,161. This in turn gives Saudi Arabia a 33.6% higher purchasing power that off sets the prices of groceries and consumer durables which are higher than most of the countries in this category.

However, fuel prices are dirt cheap in Saudi Arabia!

(Source: GoBankingRates)

5. Kazakhstan

Kazakhstan's cost of rent is 88.9 per cent cheaper compared to New York with a monthly rent for a furnished studio apartment in a downtown area at about Rs 25,000.

A loaf of bread is just Rs 19 and a litre of milk is a little above Rs 60.

(Source: GoBankingRates)

6. Zambia

This African nation lands on the sixth spot due to the fact that it has a 50 per cent higher purchasing power amid low cost consumer goods and services. Even as rent expenses are high, the disposable income earned is high enough to cover costs.

(Source: GoBankingRates)

7. Oman

Like other Middle Eastern countries, Oman is rich in oil and gas that make it a wealthy economy with the highest purchasing power in the list at 57.5 per cent with cost of goods that are comparatively cheaper.

(Source: GoBankingRates)

8. Paraguay

If you live in Asuncion, the country's capital, your monthly living expenses will fall to Rs 24,000 a month.

Rent in this country is 91.7 per cent cheaper, thus making a one bedroom apartment cost less than Rs 17,000.

(Source: GoBankingRates)

9. Czech Republic

Czech Republic has a fine balance between low cost of goods and high purchasing power with a per capita GDP of $19,500 meaning locals can buy more, pay cheap rent with their disposable incomes.

(Source: GoBankingRates)

10. Macedonia

Macedonia, located just north of Greece, is a country home to ancient towns of the Ottoman Empire.

Rent is Macedonia is 94 per cent cheaper compared to New York along with low cost of goods and services which make it an ideal spot for inexpensive living.

(Source: GoBankingRates)

11. Bosnia and Herzegovina

This East European country laced with rivers and mountains is a popular destination for mountaineers and nature enthusiasts.

The country has a 40.3 per cent lower purchasing power coupled with low prices of goods and services. Rent is 92.9 per cent cheaper compared to New York.

In the country's capital, Sarajevo combined expenses of goods and rent for a single person falls between Rs 40,000-46,000.

(Source: GoBankingRates)

12. Poland

Poland is a great travel destination. Consumer goods, groceries and services are very cheap coupled with 26 per cent lower purchasing power.

(Source: GoBankingRates)

13. Colombia

The South American country provides low cost living with rent being 93 per cent cheaper. A typical single bedroom apartment in the city of Medellin will cost you Rs 10,000 a month while other expenses will account for over Rs 23,000!

(Source: GoBankingRates)

14. Pakistan

Sharing the border with India, Pakistan's commercial city of Lahore is very affordable to live in. The combined costs of rent, food and consumer goods and services for a month is little over Rs 35,000 a month.

(Source: GoBankingRates)

15. Moldova

In the East European country of Moldova, purchasing power is about 67 per cent lower.

In Chisinau, rent comes to Rs 14,000 for a month for a single-bedroom apartment and other expenses round up to Rs 22,000.

(Source: GoBankingRates)

16. Chile

The country's high local purchasing power ranks it only a few places behind New York City. However, the cost of rent, groceries and consumer goods are largely cheaper.

(Source: GoBankingRates)

17. Malaysia

Malaysia has a better-than-average local purchasing power which makes it a economy strong.

Living standard is high and cost of living is cheaper than average. Rent is 89.3 per cent cheaper in the South Asian country.

(Source: GoBankingRates)

18. Serbia

The East European country's major industries include automobiles, base metals and furniture.

Serbia has the third-lowest rent index among the countries in the study with an average rent for a one bedroom apartment at Rs 11,000.

(Source: GoBankingRates)

19. Greece

Located along the exotic Mediterranean coastline, Greece is a popular tourist destination with beautiful landscapes.

The city of Patras has a median rent price of Rs 16,000 for a one bedroom apartment. However, the consumer goods and groceries are on the higher side.

(Source: GoBankingRates)

20. Bulgaria

Bulgaria borderlines Greece, Turkey and Romania and its major industries include electricity, gas, food, beverages and tobacco.

Rent price in Bulgaria is about Rs 15,470 a month for a single bedroom apartment. Food and consumer goods are cheaper compared to many other countries.

(Source: GoBankingRates)