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Price increases in cities worldwide have raised the cost of living to record highs. The Economist Intelligence Unit’s 2023 Worldwide Cost of Living Report found that goods and services grew 7.4% year over year. That’s a big change from the five-year average of 2.9%.
Not everywhere has been affected equally. This research rates 173 cities on food, clothes, rent, transportation, and other 200+ products and services prices. Singapore and Zurich matched for the most expensive cities in the report’s worldwide ranking, although other locations remain affordable. A slower economic recovery lowered the ranks of 46 of 58 Asian cities, making them cheaper.
Some cities are unexpectedly cheaper than their neighbors. These locales provide big-city facilities at a lesser cost for travelers and digital nomads. Residents and recent visitors to the cities that fared worse on the annual EIU index compared to their continent’s other cities shared their tips on how to make living cheaper andtravel money go farther.
Lisbon, Portugal
Lisbon is the least costly city in Western Europe, according to the EIU rankings, and its 2022 digital nomad visa permits freelancers and remote workers remain for one to two years has made it a popular destination for digital nomads. Its inexpensive expenses (56% lower than comparable Western European towns, according to Expatistan) also attract tourists.
“Lisbon was one of my bucket list cities, and this summer, I finally got to visit this vibrant city,” said Asaptickets’ Mercedes Zach. “It is not only beautiful, welcoming and fun, but also full of budget-friendly things to do.”
Zach advises visiting bohemian Bairro Alto for street art, city vistas, and sunset meetings with locals. She also loved visiting the free Parque Eduardo VII center park, which has estufas (greenhouses) with exotic Portuguese and tropical plants. The free Museu do Teatro Romano displays theater remains from the city’s Roman heritage.
To hear true fado, Zach recommends the cheap Tasca do Chico. “The old, cosy tavern is adorned with photos, posters and clippings of the soulful fado singers and performers and the atmosphere there is genuinely authentic,” said. “It also offersamazing live fado shows without any entrance fees.” She advises Mondays or Wednesdays for local singers and less people.
Buenos Aires
With the world’s highest inflation and falling currency values, Buenos Aires ranked 163 out of 173 in the index’s bottom 10. The currency destabilisation has strengthened the US dollar, which residents want to protect their money. Ground travelers use Western Union to take advantage of the “blue dollar rate” or dólar blue.
Money today goes farther than five years ago, but intelligence helps. “One thing I picked up is that it’s way better to pay in cash rather than using a foreign credit card,” Writer and digital nomad Josephine Remo Finderup remarked. “It’s one of those little tricks that really makes a difference in how far your money goes.” She plans to remain six months before returning to Europe since rent and food are cheaper here.
The correct neighborhood may reduce expenses. After staying in San Telmo, Career Gappers travel writer Alex Trembath found it great for cheap activities. “There’s a lively weekly market on Sundays, many affordable places to eat and drink, and some fantastic free walking tours to explore the art and culture of the area and the nearby Boca neighbourhood,” added he.
He attended a milonganight, where tourists may learn tango with locals. “It’s a lot cheaper than going to one of the touristy tango shows,” remarked. “And a more authentic experience.”
Toronto, Canada
North American inflation has moderated, although New York and Los Angeles remain among the top-10 most expensive cities. Meanwhile, northern Canadian communities have lower cost-of-living rankings. Toronto, at 27, is the most cheapest Canadian city.
Toronto is one of the world’s most liveable cities, making it inexpensive and family-friendly.
Toronto native Stephanie Ciccarelli, co-founder of vacation rental platform Lake, advises a Lake Ontario boat trip, the Hockey Hall of Fame, or the CN Tower. “A fan favourite is going up the tower in its high-speed elevator to walk the iconic observation deck for a panoramic view of the cityscape and waterfront,” Ciccarelli.
Toronto is “the City within a Park” with abundance of green space for outdoor activities. “I love being able to leave my place and go for a good stroll or trek and appreciate the outdoors,” said Toronto resident Natalia Buia. High Park, Trinity Bellwoods, and Toronto Island Park are her favorites.
She believes inflation is still felt here, although food is available at all prices. “Whether you want to grab a bite at a local dive or spoil yourself with fine dining, you can find literally any type of food you want at any time of day,” Buia. “Much like in New York, there’s no shortage of exquisite restaurant options – but I argue it’s a tad bit more affordable here!”
Tokyo, Japan
Tokyo, Japan’s most costly city, dropped three spots this year to 60 and is now cheaper than Singapore and Hong Kong. Japan has fought deflation for years to retain the yen’s value while other nations fight inflation. In addition, Japan just recently reopened to tourism after Covid, making it an inexpensive time to visit.
“The cost of living in Tokyo ranks well behind cities like New York City, London and Singapore,” said Mori senior manager of corporate communications Masa Yamamoto, a Tokyo resident. That makes urban attractions and big-city experiences more accessible, while the city’s abundant environment may lower expenses.
Yamamoto invites people to explore the 24,000 sq m of urban gardens and public art in Azabudai Hills’ new neighborhood for free. “Visitors will be surrounded by 320 species of plants and can enjoy an orchard with 11 types of fruit trees, including mandarin oranges, blueberries, lemons, apples, peaches and plums,” stated.
He advises the modern art Mori Art Museum and its Tokyo City View, which gives a 250m-high view of the city for 2,000 yen.
Perth, Australia
Perth is cheaper than Sydney and Melbourne and provides a laid-back lifestyle made easy by its moderate temperature, magnificent beaches, and rich environment. Perth has a lot of mining workers, therefore earnings are higher, giving inhabitants greater buying power.
I can rest in Perth since it’s affordable. Nadia Cuthbertson, Perth resident and Perth Weekend creator, stated my Sydney flat rent would increase or triple. “I’ve got more disposable income to get out and about and enjoy activities like cocktails at rooftop bars and seafood dinners overlooking the ocean.”
She loves the Rooftop at QT for its view and Mechanics Institute for its laid-back vibe, but she also advises fish and chips at Cottesloe Beach as the sun sets. She suggests hiring a catamaran from South Perth Foreshore to cruise the Swan River or snorkeling at Mettams Pool, a natural lagoon with starfish and molluscs.
