The cheapest (and most expensive) cities to stay in right now
From Dr. Steve Sjuggerud, Editor, True Wealth:
If you were going to live somewhere else for a few months – somewhere interesting – where should you go right now?
It’s fun to dream… but most people don’t have an unlimited budget. So in addition to sharing the cheapest and most expensive, we will also answer this:
Where can you get the highest standard of living for the lowest cost these days?
The answer will likely surprise you…
Before I share my answer, let’s take a look at the world’s most expensive and cheapest cities…
Based on rents and property prices, the world’s most expensive cities are no surprise: London, New York, and Hong Kong.
The world’s best values in real estate right now (in places you and I might want to visit) are Eastern Europe’s capitals… including Prague (Czech Republic) and Budapest (Hungary). Rents are cheap! I truly loved my visits to these places… The “Old World” feel is everywhere.
The next-cheapest areas (that you and I might want to visit) are the coasts of Spain, Portugal, and Greece. The coastal towns were hit incredibly hard in the global financial crisis, and prices and rents are a good value.
But none of these are the winners.
So where is the best quality of life, relative to the cost of living, right now?
Today, it’s in Montreal, Canada…
Montreal is a stunning combination of old Europe and modern convenience. It’s a real city… but it’s small and walkable. And these days, it’s cheap! (I stayed at the unique Le Place d’Armes when I visited last year. Old Montreal is right out the front door.)
My “pick” of Montreal isn’t based on my opinion, though. It’s based on the numbers. Let me share a few of them with you…
Montreal ranked second overall in the world’s Best Places to Live, according to a major study by the Economist Intelligence Unit (“EIU”). The EIU looked at six factors in determining its overall best place: safety, livability, cost of living, business environment, democracy, and food.
So your standard of living is high in Montreal… but your cost of living is low. To show you, let’s take a look at rent in the world’s most expensive cities and see where Montreal stacks up. Here’s the typical rent for a two-room apartment:
In short, one month’s rent in Montreal is about the same as one night’s stay at a decent hotel in New York City!
I can confirm from personal experience that you won’t be disappointed…
If you want the most bang for your travel buck today – whether you’re staying a few nights or a few months – then Montreal should top your list. Check it out…