Armenia among 50 cheapest countries to live or retire

PanARMENIAN.Net - Armenia was included in GOBankingRates' top 50 cheapest countries to live or retire, ranking 42nd, the portal said on February 18.

To find the corresponding countries, GOBankingRates ranked nations by four key affordability metrics provided by online pricing database Numbeo:

Local purchasing power index: Measures the relative purchasing power of a typical salary in that country, compared to New York City. A lower purchasing power buys fewer goods, while a higher purchasing power buys more.

Rent index: Compares typical rental prices in the country to New York City.

Groceries index: Compares typical grocery prices in the country to New York City.

Consumer price index: Compares costs of local goods and services — including restaurants, groceries, transportation and utilities — to New York City.

In Armenia, the local purchasing power is 65.6% lower, rent is 89.3% cheaper, groceries and local goods and services cost 71.4% are 63.3% less respectively, compared to those in New York City.

Also, Turkey (31st place) , Georgia (29th), Azerbaijan(23rd) were included in the list, with South Africa claiming the title of the cheapest country to live or retire.

Even among the 50 cheapest countries, rent is at least 70% cheaper than rent in New York City, groceries are at least 40% cheaper, and consumer goods and services cost less by 30% or more.