A few weeks ago we highlighted an increasingly important topic in the Caribbean and around the world, and that was the high cost of living. In that previous video linked below, we covered 10 of the most expensive Caribbean countries to live in 2023. In contrast today, we will look at the cheapest or least expensive Caribbean countries to live in currently.
The Caribbean is a region of diverse and captivating destinations, each offering its own unique cost of living. While some countries in the Caribbean present a comparatively lower cost of living when compared to others, it is essential to consider factors such as location, housing, utilities, groceries, healthcare, and lifestyle choices when assessing expenses.
Consequently, this list does not aim to provide a definitive answer regarding the absolute cheapest place to live, as it ultimately depends on individual preferences. Rather, its purpose is to facilitate easy comparisons between different countries. Ultimately, regardless of the costs of living in any country, proper financial planning and budgeting are vital for effectively managing the cost of living.
Throughout this video, we’ll strive to present an objective and comprehensive view of the cost of living crisis, drawing upon reliable data on current prices on a basket of goods and taking into account the average salaries in each country.
So join us as we embark on this eye-opening journey, where we’ll unveil the intricate details of the economic landscape and highlight some of the cheapest countries in the Caribbean.
However, before delving into the subject, it is crucial to grasp the concept of ranking and its operational mechanism. Our point of reference will be the “Comparison of worldwide cost of living” index published by WorldData. This index relies on two primary factors. Firstly, it takes into account the cost of a basket of goods, which aligns with the calculation of inflation and employs the same set of goods utilized in inflation metrics. Secondly, it considers the average monthly income, distinct from wages or salaries, as it is derived from the gross national income per capita.
By comparing these two figures, we can assess the cost of living in different countries. In other words, it allows us to gauge the affordability of the basket of goods in relation to the average income per person. WorldData has established the baseline for the index at 100 by considering the average cost of living within the USA for 2022. This serves as a helpful reference point, enabling convenient comparisons between countries.
So for example, if a country has a ranking number of 60, it means that it is about 40% cheaper to live in that country when compared to the United States. This way, not only can we compare the cost of living to one country, the United States, but also compare Caribbean countries to each other using the United States as a proxy.
So without further ado, let us get started by counting down the top 8 Caribbean countries with the lowest and least expensive cost of living.
Antigua and Barbuda
Photo by Alec Brunelle on Unsplash
This breathtaking twin-island nation in the middle of the Caribbean offers a cost of living that can be considered moderate. While there can be variations in prices depending on location and lifestyle choices, Antigua and Barbuda generally present a relatively affordable cost of living compared to some other Caribbean destinations.
This nation has a 60.4, meaning it is about 40% cheaper to live in Antigua and Barbuda compared to the United States. Rental prices for apartments, houses, or villas are generally reasonable, especially outside of major tourist areas.
Utilities such as electricity, water, and internet services are generally priced at a moderate level, making them accessible to most residents. And the cost of groceries and dining out in Antigua and Barbuda can also be relatively affordable. Locally produced food items are often reasonably priced, and there are options available to suit different budgets. While imported goods may carry higher price tags, dining at local eateries and street food vendors can provide delicious and cost-effective culinary experiences.
Curacao
Photo by Jorgen Hendriksen on Unsplash
Curacao is a vibrant island in the Dutch Caribbean and a country where the cost of living is considered to be similarly moderate. While the cost of living in Curacao can vary depending on personal choices and preferences, it generally offers an affordable lifestyle.
Coming in with a cost of living index of 58.9, it is similarly as expensive as Antigua and Barbuda. With an average single person estimated monthly costs of US $993 not including rent, the average income in the country is comparatively high, easing the cost of living. Housing costs in Curacao can be relatively reasonable, particularly in areas outside of Willemstad, the capital city.
Saint Kitts and Nevis
Photo by Omar Martin on Unsplash
A charming twin-island nation, whose cost of living is very similar to that of Curacao, moderate. While there can be variations in prices depending on location and lifestyle choices, in Saint Kitts and Nevis, the average single person’s estimated monthly costs is approximately US $987 excluding rent, as the cost of living index places the country with a score of 57.2.
The cost of housing in Saint Kitts and Nevis can vary depending on factors like location, property type, and amenities. Generally, rental prices for apartments, houses, or villas are reasonable, particularly in areas that are not major tourist hotspots, so more inwards and closer to the natural and untouched tropical environs.
The cost of groceries and dining out in Saint Kitts and Nevis can also be relatively affordable. Local markets and supermarkets offer a range of affordable options, particularly for locally produced food items. With its pristine beaches, friendly community, and laid-back atmosphere, Saint Kitts and Nevis offer a balanced lifestyle where residents can enjoy the beauty of the islands while maintaining a reasonable cost of living.
Saint Lucia
Photo by Omar Eagle-Clarke on Unsplash
As we move down on our list, we come to the island of Saint Lucia, where things really begin to get less expensive. While prices can vary depending on location and lifestyle choices, Saint Lucia generally offers quite an affordable cost of living compared to many other Caribbean destinations while at the same time, maintains a relatively high standard as well.
The cost of groceries and dining out in Saint Lucia is considered generally to be manageable, and many local citizens purchase locally produced food to save relative to expensive imported items. Coming in with a cost of living index of 55.8, and an estimated monthly cost per single person of approximately US $895 excluding rent, Saint Lucia offers a pleasant lifestyle where residents can enjoy the island’s beauty while not breaking the bank to do so.
Grenada
Photo by Elaine Brewer on Unsplash
In this captivating spice isle of the Caribbean, the cost of living can be very affordable, with an average single person’s estimated monthly cost only being approximately US $891.6 without rent. This gives the country a similar cost of living index score to Saint Lucia at 54.5.
In Grenada, the highest expense outside of rent for many households is groceries, however, other activities are considered inexpensive. Dining at local restaurants and eateries can provide cost-effective and delightful culinary experiences. Transportation costs, including fuel prices and public transportation fares, are generally manageable and entertainment is also cheap and affordable for many. With its pristine beaches, lush landscapes, and warm hospitality, Grenada deserves its place on our list, offering a pleasant lifestyle while maintaining a comfortable cost of living.
Dominica
Photo by Nario Esprit on Unsplash
One of the most untouched countries in the Caribbean, with the most amazing natural beauty. Dominica is where you can live comfortably, without breaking the bank too much. While prices can vary depending on factors such as location and personal choices, Dominicans can find affordable housing especially when compared to other Caribbean countries.
In Dominica, the average single person’s estimated monthly cost is approximately US $850 excluding rent, and the country’s cost of living index score is 52.5, making it almost half as cheap when compared to the United States. With its lush rainforests, scenic landscapes, and warm community, Dominica’s standard of living and natural beauty is a steal considering how relatively cheap it is to live on the island.
Suriname
Photo by Vincent van Zalinge on Unsplash
Suriname is a culturally diverse country located on the northeastern coast of South America. The relatively affordable cost of living in Suriname can be attributed to several factors.
Firstly, Suriname is rich in natural resources, including gold, bauxite, and oil. The presence of these resources contributes to the country’s economic stability and helps keep the cost of living lower.
Secondly, Suriname’s agricultural sector plays a significant role in providing locally produced food items at affordable prices. The country benefits from fertile soil and a tropical climate, allowing for the cultivation of a variety of crops.
Finally, the government of Suriname has implemented policies aimed at maintaining an affordable cost of living for its citizens. These policies include subsidies on basic goods, utilities, and transportation, ensuring that essential services and commodities remain accessible to the population. This has led to the average single person’s estimated monthly cost being just approximately US $794 excluding rent, and the country’s cost of living index score is 50.2, making it half as cheap when compared to the United States.
Dominican Republic
Photo by Antonella Vilardo on Unsplash
And finally, coming into the #1 spot and the cheapest place to live in the Caribbean, we have the Spanish island of the Dominican Republic. The cost of living in the Dominican Republic is generally considered to be very low and is among the cheapest in the western hemisphere. No wonder it is a major attraction for tourists and expats!
This has led to the average single person’s estimated monthly cost being just approximately US $610.5 excluding rent, and the country’s cost of living index score is a remarkable 41.8, making it 60% cheaper than the United States. The cost of living in the Dominican Republic is relatively cheap due to several factors.
Firstly, the Dominican Republic benefits from a lower cost of labor compared to many developed countries. This leads to lower wages and, consequently, lower prices for goods and services.
Secondly, the Dominican Republic has a strong agricultural sector, which contributes to lower food prices. The country produces a wide range of fruits, vegetables, and other agricultural products locally, reducing the dependence on expensive imported goods. This availability of locally sourced food helps keep grocery costs relatively low.
Finally, the Dominican Republic offers a competitive tourism industry. The country attracts a significant number of visitors each year, leading to not only a variety of affordable accommodation options, including budget hotels, guesthouses, and vacation rentals. But also, high-paying jobs and foreign exchange, which allow persons to have a relatively higher income.
At the end of the day, proper financial planning and budgeting are crucial to navigating the cost of living effectively, even if it is within a cheap place. With careful consideration of individual budgets and income levels, individuals can find a balance between enjoying the Caribbean’s enchanting offerings and managing their expenses.
Let us know in the comments section below if you live in the Caribbean or want to live in the region and your experiences. We would love to hear your thoughts in the comments below.
Jirie Caribbean is your definitive Caribbean channel where we explore the beauty, culture, and today, challenges of the Caribbean.
Visit Our Youtube Channel For More Videos: Caribbean Lifestyle by J-irie