Digital nomads are fleeing the high cost of living for less expensive parts of the world where they can find an improved quality of life and better value for money while remaining on the same salary.
The price of costly living
Inflation is at its highest rate in decades. We’re spending almost 10% more on the same lifestyle.
Price increases in 2022
The good news is, it’s never been easier to change WHERE we spend our hard-earned cash. The remote work movement has taken the post-pandemic world by storm. Thanks to these more flexible or hybrid working arrangements, knowledge workers can now keep their jobs and prioritise affordability elsewhere.
Fuelling the fast-growing global digital nomad community, professionals are flocking to cheaper destinations like Buenos Aires, Croatia, Vietnam, Bali, or Costa Rica, among many others, to stop spending and start living. Here, they can continue earning US dollars or pounds and spend it on a better lifestyle abroad where the cost of living can be up to 50% cheaper.
Getting more value for your money
Accommodation is typically the single biggest expense. Location flexibility empowers remote workers to cut that in half. A one-bedroom apartment in the middle of London typically costs US$2,100 per month. In popular digital nomad destinations like Lisbon in Portugal or Spilt in Croatia, the equivalent costs between 50% and 75% less while the quality of life, according to World Data, is considerably higher.
1 BR apartment US$2,100 US$453 US$1,146 Quality of life rankings #43 #30 #14 Cost of living index 107.9 60.8 76.4
In the US, the comparable cost of a centrally located, one-bedroom apartment in remote working destinations like Buenos Aires in Argentina and Guanacaste in Costa Rica is hugely enticing for anyone with location flexibility. Both destinations are not only popular among tourists with warm weather year-round, but they also rank high for health and safety as indicators for quality of life.
1 BR apartment US$4,000 US$318 US$1,200 Quality of life ranking #23 #62 #55 Cost of living index 100 66* 57.7
The benefits of low-cost living
Significantly lower rent and food prices will give you the freedom to live the life you want and be happier for it. Swap brick walls and walk-ups for sea views and infinity pools. Or simply enjoy the temperate climate, interesting culture, and better value for money across every aspect of life. Compared to London or New York, digital nomads living in cheaper locations can expect to save roughly 30 to 35% on groceries, public transport, and eating out. What’s more, many jurisdictions are introducing lower taxes for digital nomads which increases disposable income.
Travel & work, work & travel
In addition to visas and time zones, one of the biggest considerations for digital nomads is internet quality. When your livelihood depends on staying connected, it’s vital to ensure that your accommodation can support your work needs, uninterrupted. It’s the most significant barrier to taking advantage of a cheaper life abroad.
Speedy’s world-first Wi-Fi verification platform is plugged in onsite to continuously measure internet speed, reliability, and the likelihood of outages. Real-time scores published on direct booking sites give digital nomads the answer to their most pressing question – is the internet good enough to keep me seamlessly connected?
Thanks to Speedy, digital nomads can now set sail for new adventures (and better value for money) while maintaining business as usual.