- A new report from International Living highlights Albania, Bulgaria, Romania, Latvia, and Lithuania as the most affordable places to retire in Europe.
- In Albania and Bulgaria, expats report rents often under $700 a month, with smaller cities and coastal towns offering even lower prices.
For many seniors, retirement involves finding a new home base where they can maximize their budget and savings. And that sometimes means relocating abroad.
Earlier this year, International Living published its list of the best places to retire for as little as $1,200 a month. The publication considered both quantitative data, such as rent prices, utility costs, and grocery bills, and insights from its global network of contributors to compile a list of 14 places spanning Europe, Asia, and Latin America.
Those who have always dreamed of a European lifestyle should look to the Balkans and the Baltics, and consider Albania, Bulgaria, Romania, Latvia, or Lithuania.
International Living contributor Norm Bour spoke with several experts based in Albania, who reported that their monthly rent was under $500. Bour’s findings suggest that living on a budget is doable if you’re willing to “live like a local, eat like a local, and seek longer-term rentals.”
In Bulgaria, contributors Mary Charlebois and Kevin Scanlon report that renting a one-bedroom apartment costs between $500 and $686 per month, depending on the city. Smaller communities like Varna, along the Black Sea coast, and Plovdiv, known as one of the oldest cities in Europe, tend to be cheaper than the capital, Sofia. In recent years, Bansko, a small ski resort town at the foot of Pirin Mountain, has emerged as an international expat hub, offering endless mountain views and proximity to some of northern Greece’s best beaches. In January, Bulgaria adopted the euro, which is now the country’s official currency.
Charlebois and Scanlon also provide their insights for Romania, Latvia, and Lithuania. In Romania, rent for a one-bedroom apartment in the capital, Bucharest, averages $555; groceries for two people are estimated at $200, and basic utilities run another $200 a month. Romania and Bulgaria have the lowest cost of living in the European Union.
The cost of living in Latvia also varies by location, with Riga being more expensive than Kuldiga, a UNESCO World Heritage Site. In Cēsis, a medieval town in northeastern Latvia, rent for a one-bedroom apartment costs $290 a month, compared to $965 in Riga. Sticking to a budget in Lithuania is “feasible,” International Living reports, but it’s also best to look outside of Vilnius, the country’s capital.
Read the entire report on InternationalLiving.com.