What Does It Cost to Be a Digital Nomad?
It’s important to understand what it costs to be a digital nomad before you dive in. Here’s what you need to know on digital nomad cost of living.
It’s a major question among people who are interested in becoming a digital nomad: What does this all cost? At home, you can easily anticipate your expenses — you’ve got rent or a mortgage, utilities, food, travel expenses, and other bills. But things are slightly different when you’re living out of a suitcase (or backpack). Here’s what you need to know about digital nomad costs, plus the biggest expenses you can expect to face.
The Digital Nomad Cost of Living Can Vary
No shocker here, but it’s important to state that upfront. Your cost of living is going to vary wildly if you’ve posted up in a place like Koh Lanta, Thailand (which is relatively inexpensive) vs. Ibiza, Spain (which is not).
That doesn’t mean you can’t hit up more expensive places — you’ll just need to budget accordingly.
To help give you a little perspective, here are the monthly costs of living in some of the more popular digital nomad destinations, based on a recent study by Website Planet, a company that helps build your digital footprint:
Prague, Czech Republic: $970-$2,420
Koh Lanta, Thailand: $710-$1,620
Playa del Carmen, Mexico: $900-$1,500
Taipei, Taiwan: $1,400-$2,560
Las Palmas de Gran Canaria, Spain: $1,620-$2,420
Belgrade, Serbia: $820-$1,650
Lisbon, Portugal: $1,370-$2,640
Medellin, Colombia: $710-$1,620
Tbilisi, Georgia: $700-$1,550
Tallinn, Estonia: $1,250-$2,450
Buenos Aires, Argentina: $950-$2,300
This Is Where Most of Your Costs Will Be
Everyone’s budget is different, but plan to spend the most money on the following:
This is usually where the bulk of your money will go. Keep in mind that mid-term rentals and coliving spaces are a good way to save (they’re often much cheaper than renting a place by the week). And hey, if you happen to make your way to Portugal, NomadX can help you find a place.
Food is often the second-biggest expense for digital nomads. Many nomads will cook at home to save money but, of course, you’ll want to sample the local cuisine here and there. The cost of food depends a lot on the country so be sure to check it on advance.
Depending on how long you plan to stay in any given area, you may want to invest in a bus or train pass to save. Finding a place to stay in an area with amenities within walking distance can also help. And, of course, you’ll need to pay to travel between locations.
Many digital nomads argue that their lifestyle is cheaper than it was at home, so that’s definitely something to consider. Just do a little research on the cost of living for any location before you go there, so you — and your budget — can plan ahead.
Read also: What Taxes Do Digital Nomads Have to Pay?
NOMADX is a real estate technology platform developed to meet the needs of the rapidly growing global community of location-independent remote workers, or “Digital Nomads”.
As Digital Nomads ourselves, we know what the market is looking for: trusted, affordable accommodations in highly-attractive locations worldwide at 50% less than AirBNB. We also offer educational masterclasses to help master the lifestyle as well as community events to help foster new friendships.
Please join our community of Digital Nomads and remote workers from around the world:
Facebook Group: Support Community for Remote Workers
ABOUT THE AUTHOR
Dave Williams is the CEO and Co-founder of NOMADX with his base in Lisbon, Portugal. Dave is a US pioneer in the digital marketing, advertising, and ad tech industries as a serial digital entrepreneur over the past 20+ years with multiple exits in the early formative stages of the search engine marketing, social media, and ad tech industries.