Are you a resident of the USA or Canada looking for a more affordable lifestyle without sacrificing safety or quality of life? Europe offers a range of budget-friendly countries where you can live comfortably for a fraction of the cost back home. With lower housing costs, cheaper healthcare, and diverse cultural experiences, these destinations are perfect for expats seeking a fresh start or a cost-effective retirement.
In this guide, we will explore the Top 8 Cheapest Countries in Europe for North American residents in 2025, considering cost of living, safety, living standards, currency, capital, and happiness index rankings. Whether you dream of a sunny coastline, a bustling city, or a peaceful countryside, these destinations offer something for everyone. From well-known hotspots to hidden gems, you might just find your ideal new home — and wait until you see #3, which is bound to surprise you!
Affordable European Living: Where North Americans Can Save Big
| Country | Happiness Index | Cost of Living (Monthly) | Safety Rank (Global) | Compared to USA/Canada |
| Turkey | 98th (4.975) | $515 | Moderate | 80% cheaper |
| North Macedonia | 84th (5.369) | $629 | Low Crime Rates | 70% cheaper |
| Moldova | 71st (5.816) | $640 | Safe | 75% cheaper |
| Bosnia & Herzegovina | 65th (5.877) | $655 | Generally Safe | 70% cheaper |
| Romania | 32nd (6.491) | $784 | 38th Globally | 60% cheaper |
| Latvia | 46th (6.234) | $1,002 | 24th Globally | 50% cheaper |
| Slovakia | 45th (6.257) | $1,091 | 55th Globally | 50% cheaper |
| Portugal | 55th (6.030) | $1,180 | 27th Globally | 70% cheaper |
1. Turkey
Turkey is a very rich country, linking Europe and Asia, and boasting a very deep cultural heritage along with affordable standards of living. Its cities are lively, whereas the countryside is quieter and lower in cost of living.
- Currency: Turkish Lira (TRY)
- Capital: Ankara
- Happiness Index: Ranked 98th with a score of 4.975
- Cost of Living: $515/month (vs. $3,500/month in major U.S. cities like New York)
- Safety:
- Safe in urban areas like Istanbul and Ankara.
- Border regions may pose risks due to political instability.
- Living Standards:
- Rich cultural mix with a blend of European and Middle Eastern influences.
- Affordable housing and utilities; many expats live comfortably on modest budgets.
- High-quality healthcare system with both public and private options.
- Wide range of cuisines and historical attractions.
- Additional Perks:
- Citizenship-by-investment program for those purchasing real estate worth $400,000 or more.
Comparison: Housing and utilities are up to 80% cheaper than in the USA or Canada, while healthcare costs are significantly lower without compromising quality.
2. North Macedonia
North Macedonia is a hidden gem in the Balkans, known for its breathtaking landscapes, affordability, and welcoming atmosphere.
- Currency: Macedonian Denar (MKD)
- Capital: Skopje
- Happiness Index: Ranked 84th with a score of 5.369
- Cost of Living: $629/month (vs. $2,800/month in Toronto, Canada)
- Safety:
- Low crime rates, making it a safe environment for residents.
- Living Standards:
- Stunning natural beauty, including mountains, lakes, and national parks.
- Low cost of housing and food.
- Improving infrastructure, though rural areas may still lack some services.
- Limited English-speaking infrastructure; learning the local language can be helpful.
- Additional Perks:
- Citizenship-by-investment programs are available but can be time-consuming.
Comparison: Food and transportation costs are up to 70% lower compared to North America, with housing being exceptionally affordable.
3. Moldova
Moldova offers a quiet and affordable lifestyle, making it ideal for those seeking a slower pace of life.
- Currency: Moldovan Leu (MDL)
- Capital: Chișinău
- Happiness Index: Ranked 71st with a score of 5.816
- Cost of Living: $640/month (vs. $2,500/month in Vancouver, Canada)
- Safety:
- A safe country with low crime rates.
- Living Standards:
- Scenic countryside and traditional wine culture.
- Low costs for housing and daily expenses.
- Healthcare and education systems are improving but still developing.
- Tight-knit communities with a focus on family and tradition.
- Additional Perks:
- Ideal for retirees or those seeking a peaceful life.
Comparison: Moldova’s cost of living is nearly 75% lower than the average in major U.S. or Canadian cities, particularly for food and housing.
4. Bosnia and Herzegovina
Bosnia and Herzegovina combines affordability with rich cultural history, making it a unique destination for expats.
- Currency: Bosnia and Herzegovina Convertible Mark (BAM)
- Capital: Sarajevo
- Happiness Index: Ranked 65th with a score of 5.877
- Cost of Living: $655/month (vs. $3,000/month in Chicago, USA)
- Safety:
- Generally safe, though some areas are still recovering from historical conflicts.
- Living Standards:
- Rich cultural heritage with historic cities like Sarajevo and Mostar.
- Affordable food and housing.
- Stunning natural scenery, including rivers and mountains.
- Developing public services and infrastructure.
- Additional Perks:
- A great choice for nature lovers and those seeking a slower pace of life.
Comparison: Daily expenses, including dining out and groceries, are about 70% cheaper compared to North American standards.
5. Romania
Romania, a member of the EU, offers a mix of modern cities and stunning natural landscapes at affordable costs.
- Currency: Romanian Leu (RON)
- Capital: Bucharest
- Happiness Index: Ranked 32nd with a score of 6.491
- Cost of Living: $784/month (vs. $3,200/month in Los Angeles, USA)
- Safety:
- Ranked 38th globally, making it one of the safest on this list.
- Living Standards:
- Access to high-quality healthcare and education.
- Affordable housing, particularly in smaller cities and rural areas.
- Dynamic cities like Bucharest and Cluj-Napoca with modern amenities.
- Scenic landscapes, including the Carpathian Mountains and Black Sea coast.
- Additional Perks:
- Digital nomad visa available, making it ideal for remote workers.
Comparison: Romania offers EU-quality healthcare and education at costs significantly lower than in North America.
6. Latvia
Latvia is a safe and well-developed country offering a high standard of living at a relatively low cost compared to Western Europe.
- Currency: Euro (€)
- Capital: Riga
- Happiness Index: Ranked 46th with a score of 6.234
- Cost of Living: $1,002/month (vs. $3,800/month in New York City)
- Safety:
- Ranked 24th globally with low crime rates.
- Living Standards:
- Excellent healthcare and public services.
- Affordable housing, especially outside Riga.
- Strong work-life balance with access to forests and lakes for outdoor activities.
- English is widely spoken among younger generations.
- Additional Perks:
- Part of the Schengen Area, allowing visa-free travel across Europe.
Comparison: Housing and healthcare costs are over 50% lower than in the USA or Canada.
7. Slovakia
Slovakia is a centrally located European country with high safety standards and affordable living options.
- Currency: Euro (€)
- Capital: Bratislava
- Happiness Index: Ranked 45th with a score of 6.257
- Cost of Living: $1,091/month (vs. $2,900/month in Calgary, Canada)
- Safety:
- Ranked 35th globally; politically stable and safe.
- Living Standards:
- EU-standard healthcare and education systems.
- Affordable housing and utilities.
- Rich cultural heritage with historic towns and castles.
- Central location ideal for traveling across Europe.
- Additional Perks:
- A growing economy with opportunities for skilled workers and entrepreneurs.
Comparison: Slovakia’s utilities and transportation costs are significantly lower than in North America.
8. Portugal
Portugal is a popular destination for expats due to its mild climate, affordable living, and welcoming locals.
- Currency: Euro (€)
- Capital: Lisbon
- Happiness Index: Ranked 55th with a score of 6.030
- Cost of Living: $1,180/month (vs. $4,000/month in San Francisco, USA)
- Safety:
- Ranked 27th globally; one of the safest countries in Europe.
- Living Standards:
- Mild climate and friendly locals.
- Affordable housing compared to Western Europe, especially in smaller cities and rural areas.
- High-quality healthcare and public services, ranked among the best in Europe.
- Strong focus on sustainability and clean energy.
- Additional Perks:
- Popular for retirees and remote workers with programs like the Golden Visa and D7 visa for financially independent foreigners.
Comparison: Portugal offers a lifestyle similar to California but at one-third of the cost, with excellent healthcare and safety standards.
These countries provide an attractive combination of affordability, safety, and high living standards, making them excellent options for residents of the USA and Canada looking to move abroad.
BL Choudhary is a blogger from India. He holds an MSc in Mathematics from IIT Kharagpur. BL Choudhary enjoys tackling complex mathematical problems and has a passion for cricket.
