• Thursday, July 18, 2024
businessday logo

BusinessDay

10 cities with the least expensive cost of living mid-year 2024

10 cities with the least expensive cost of living mid-year 2024

Living costs vary widely across the globe, but some cities stand out for their affordability.

From the cultural richness of Kolkata to the historical grandeur of Cairo and the modern amenities of Islamabad, these cities offer affordable living options without compromising on quality of life.

According to Numbeo, the Cost of Living Index compares consumer goods prices (excluding rent) relative to New York City, which has a baseline index of 100%.

For example, a city with a Cost of Living Index of 120 is approximately 20% more expensive than New York City for groceries, restaurants, transportation, and utilities, excluding housing costs.

Read also: Top 10 cities with the most expensive cost of living mid-year 2024

Based on the Cost of Living Index, here are the top 10 cities where the cost of living is the least expensive.

1. Karachi, Pakistan – Cost of Living Index: 19.0

Karachi, the largest city in Pakistan, tops the list with the lowest cost of living. Despite being a bustling metropolis with a population of over 15 million, Karachi offers affordable housing, food, and transportation.

The city is a commercial hub, yet it manages to maintain low living expenses due to the relatively low prices of goods and services.

2. Lahore, Pakistan – Cost of Living Index: 19.1

Following closely is Lahore, another major city in Pakistan. Known for its rich cultural heritage and historical landmarks, Lahore is also an affordable place to live.

The cost of essentials like groceries, dining out, and public transportation is quite low, making it an attractive option for residents and expatriates seeking a budget-friendly lifestyle.

Read also: Five most expensive cities in Africa for living mid-year 2024

3. Kolkata, India – Cost of Living Index: 21.1

Kolkata, the cultural capital of India, ranks third. With its colonial architecture, vibrant arts scene, and delicious street food, Kolkata offers a unique living experience at a low cost.

Housing and utilities are particularly inexpensive, allowing residents to enjoy the city’s rich cultural offerings without financial strain.

4. Islamabad, Pakistan – Cost of Living Index: 21.5

The capital city of Pakistan, Islamabad, is known for its high standard of living and well-planned infrastructure. Despite being the political center of the country, Islamabad remains affordable.

The city’s cost-effective housing and low transportation costs contribute to its low cost of living index.

Read also: 10 countries in Africa with highest cost of living in 2024

5. Chennai, India – Cost of Living Index: 21.8

Chennai, located on the southeastern coast of India, is known for its strong economy driven by industries such as information technology and automotive.

The cost of living in Chennai is kept low by affordable housing options and reasonably priced local markets. The city’s coastal location also offers an abundance of fresh seafood at low prices.

6. Cairo, Egypt – Cost of Living Index: 21.9

Cairo, the capital of Egypt and the largest city in the Arab world, offers a mix of ancient history and modern urban life at an affordable cost. The city’s economy benefits from low-priced local produce and inexpensive public transportation, which helps keep the overall cost of living down.

Cairo’s rich cultural history and iconic landmarks like the Pyramids of Giza make it a unique and affordable place to live.

Read also: Here are African countries with the lowest cost of living in 2024

7. Hyderabad, India – Cost of Living Index: 22.8

Hyderabad, known for its historic sites and as a major IT hub, combines a rich cultural heritage with modern infrastructure. The city offers affordable living, with low costs for housing, food, and transportation.

The presence of numerous IT companies also means that there is a steady influx of professionals, helping to keep costs competitive.

8. Ahmedabad, India – Cost of Living Index: 22.8

Ahmedabad, a major city in the Indian state of Gujarat, shares the same cost of living index as Hyderabad.

Known for its thriving textile industry and historical significance, Ahmedabad offers low-cost housing and affordable daily expenses. The city’s efficient public transportation system further contributes to its affordability.

Read also: How the rising cost of living is impacting financial inclusion

9. Delhi, India – Cost of Living Index: 23.9

Delhi, the capital of India, is a bustling metropolis with a diverse population. Despite its status as a major city, Delhi offers a relatively low cost of living.

The city’s extensive public transportation network, affordable housing options in various neighborhoods, and inexpensive local markets make it possible to live comfortably without a high income.

10. Pune, India – Cost of Living Index: 24.1

Pune, known for its educational institutions and growing IT industry, rounds out the list. The city is popular among students and professionals alike for its moderate climate and affordable living costs.

Housing, food, and transportation are all reasonably priced, making Pune a desirable destination for those seeking a cost-effective urban lifestyle.