Armenia is among the 50 cheapest countries of the world to call home, a new GOBankingRates study reveals.

The country is nestled on the 34th position on the list of countries with the cheapest cost of living, with Azerbaijan closely following in the 35th spot and Georgia ranked the 16th.

The study compared 115 different countries, scoring five different metrics that measure affordability: the local purchasing power index, the rent index, the groceries index, the restaurant price index and the consumer price index.

India, Saudi Arabia and Pakistan lead the ranking as the countries with the lowest cost of living.