Asia is becoming increasingly popular as a retirement destination. As Southeast Asia continues to develop, it attracts more foreigners, especially since it offers a very affordable and beautiful exotic location. One person can live without financial worries on $2,000/month, and those who budget carefully could even live with $1,200–$1,500/month. Compared to the US, the cost of living in Thailand is around 52% lower.
Thailand Housing & Utilities
The primary reason living in Thailand is more affordable than in the United States is that housing is, on average, 67% cheaper. If you choose to live in the heart of Bangkok, a one-bedroom apartment costs $560–$980; however, the surrounding areas offer apartments for $280–$420. If you’re considering purchasing a home, prices in Bangkok have been increasing, and affordable properties are becoming increasingly scarce. However, suppose you think of living in Pattaya or Koh Samui. In that case, these areas still offer more affordable prices, ranging from $750 to $850 per square foot.
The price for utilities would, of course, fluctuate. Still, the average cost remains between $80 and $90 for electricity, water, garbage, and internet. Additionally, you will need to factor in the price of a landline, a mobile phone, or both.
Groceries & Dining
Groceries will likely take the most out of your budget, even though prices are generally lower than in the US (except for milk and dairy products). Imported products are obviously more expensive than what you’re used to. Still, if you want to significantly lower your grocery bill, consider buying local products from local markets. You can find almost everything if you learn where to look for it, but cooking at home will, in some cases, be more expensive than dining out.
A meal for one person at an inexpensive restaurant can be as low as $2–$3, and a three-course meal at a mid-range restaurant for two people will cost around $20–$30. These prices are much lower than the ones in the USA, so dining out won’t be a luxury anymore if that’s what you enjoy doing.
How to Get Around Thailand?
The primary mode of transportation in Thailand is by bus, and a significant portion of the population relies on it. A one-way ticket costs under $1, and a monthly pass goes for up to $40. Trains are a popular mode of transportation for those who want to travel between cities. One of the unique forms of transportation is the tuk-tuk, a vehicle with three wheels that is a tourist attraction in itself all over Southeast Asia. They’re not very expensive usually, but scammers operate their business using them. Regular taxis cost around $1.80/mile.
If you prefer driving around in your own car or in a rental, gas costs about $3.50/gallon.
Average Salary & Monthly Budget Breakdown
The average salary in Thailand is under $1,000/month, with many locals earning far less. For foreigners or retirees with an income of $1,500/month, your money will go more or less for the following:
- Housing: 30–35%
- Groceries: 25–30%
- Utilities: 5–7%
- Transportation: 5–10%
- Dining out: 5–10%
- Leisure/miscellaneous: 10–20%
This makes Thailand an overall affordable country to live in, especially for those on an American income, while still enjoying a good quality of life.