Think You Can Afford to Move Abroad? Think Again.

Deep down, we all understand that moving abroad is a life-changing decision, requiring thoughtful preparation—especially when it comes to understanding the cost of living in your prospective new home. Yet, it's easy to become so enamored with the allure of an exotic locale that we overlook crucial details.

Different places can also dramatically vary in living expenses, and what might seem affordable at first glance could turn out to be quite costly—or vice versa! Whether you're eyeing an apartment in Mexico City, a beachside villa in Thailand, or a busy urban center in Portugal, it's crucial to get a realistic picture of potential costs.

So, do you think you can afford to move abroad? Maybe! Find out by doing in-depth research. This article guides you through some considerations of cost-of-living research with a mix of online resources and firsthand experiences shared by travelers.

Start With These Tools

Before diving into personalized data, tools like Numbeo (Numbeo.com), Expatistan (Expatistan.com), and Earth Awaits (TheEarthAwaits.com) offer a great starting point. These platforms provide general comparisons of the cost of living between cities worldwide.

These sites aggregate user-provided data on everything from the price of a gallon of milk to the cost of a monthly transportation pass to give you an overview. However, remember that these averages might not reflect the nuances of specific neighborhoods or the latest inflation rates.

Additionally, some prospective expats will run country comparisons, forgetting that the cost of living can vary significantly between regions of a country and even within neighborhoods.

Personalize Your Research

After using these tools to get a general idea, your next step will be to customize your research to match your lifestyle and budget. Here are some effective strategies:

• Airbnb And Accommodation Costs

  Many prospective expats recommend starting with Airbnb to gauge rental prices. Monitor daily and monthly rates to understand seasonal price fluctuations and availability. Be cautious in places with high inflation, such as Argentina, as listed prices might not be up-to-date.

• Dining And Everyday Expenses

  Browsing restaurant menus on Google Maps can be pretty revealing when estimating dining and grocery costs. For a deeper look, check if the city has popular food delivery or grocery apps. These platforms often provide current prices and are used frequently by locals.

• Transportation

  Transport costs can vary significantly from one place to another. Checking local public transport sites for ticket prices and passes can provide good insights. Consider the cost of long-distance travel within the country if you plan to explore extensively.

• Engage With Current Residents

  Connecting with people who live or have recently lived in your destination can offer invaluable insights that no website can match. Platforms like Facebook (country-specific expat groups) and Reddit allow you to direct message users for firsthand accounts, which can be more up-to-date and personalized than published data.

• Consider Lifestyle And Regional Differences

  The cost of living can vary dramatically even within the same country, often being higher in major cities than in surrounding areas. Consider whether living on the outskirts of a big city could balance affordability with quality of life. Additionally, universities often provide budget estimates for international students, which can be a helpful reference for understanding living costs in developed countries.

Data Can Differ Across Cost of Living Comparison Platforms

Let's compare Mexico City's cost-of-living data across three platforms. In this example, we compare two cities: Mexico City, Mexico, and Houston, Texas.

• The Earth Awaits: A monthly cost of living of USD 3,950 in Houston would equate to USD 2,382 in Mexico City.

• Numbeo: A monthly cost of living of USD 3,950 in Houston would equate to USD 2,475 in Mexico City.

• Expatistan: A monthly cost of living of USD 3,950 in Houston would equate to USD 2,360 in Mexico City.

These platforms may use different data points and conversation rates and update their data in varying timelines.

Feedback From Other Expats

Here are a few experiences shared by expats:

• Germany: Housing and transportation are costly, with hidden expenses and high bureaucracy. Yet, basic food items are surprisingly affordable.

• France: Housing costs are moderate and include most other expenses (water and electricity). However, expensive long-distance transportation and high food prices are also present.

• Norway: Despite its reputation for being expensive, housing and electricity are relatively affordable. However, dining out can be relatively inexpensive.

My Final Thoughts

Understanding that costs can vary significantly by region, city, and even season is crucial. Always use country-wide averages as a guideline, but be prepared to adjust your budget upwards for cities like Munich or Hamburg, especially during peak rental seasons tied to the academic calendar.

By taking a thorough and measured approach to researching your potential new home's cost of living, you can set realistic expectations and budget accordingly. This proactive research will prevent unwanted surprises and empower you to make well-informed decisions, ensuring a smoother transition to your exciting new life abroad. So, use these tips as your first step towards a successful expat experience—wherever life may take you!

More Resources You'll Love

1. The Digital Nomad Business Starter Kit

2. Download My Free Curated List Of Move-Abroad Research Resources

3. Quiz: Take the Move Abroad Readiness

4. Read: Wanderlust is the Key to Living a Happy Life (Science Confirmed)

5. Ask Me ANYTHING!

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