I dont think you get to have it both ways- you either pick a place for its cultural and social attributes, or, as Frank Zappa says, CHEEPNIZ.
Its true that, usually for relatively brief periods, there have been some really wonderful cities that were unnaturally cheap at one time or another- but that is not the normal state of affairs.
Prague, for example, was dirt cheap for a couple of years right after the Soviet Union fell, but I dont think it still is- I sure dont hear the buzz I did there for a year or two.
Buenos Aires was probably as cheap as it has ever been, right after the economic collapse in 2000- but that was a temporary, and extraordinary thing, not something you could expect to continue.
But most cities that are cheap are cheap for a reason. Usually they are pretty funky and rundown. For instance, in the USA right now, Detroit is pretty cheap. Pittsburgh was, for a while in the late 80's, but it has come back with a vengance. New Orleans was cheap right after Katrina, but its getting back up there too. NYC was pretty cheap around the time crime peaked, industry completely moved out, and the city defaulted, in 1975. I knew people who bought lofts in Soho for thirty grand. Those same places today are 2 or 3 million. (dollars, not pesos)
And the most desirable places, Paris, Rome, Tokyo, Singapore, LA, NYC, and, yes, Buenos Aires, have historically been pay to play types of places.
Cheap is out there- but I would not say Buenos Aires is going to be cheap again anytime soon.
I am not sure where is, these days- China is pretty cheap, I guess, I have a friend's kid who lives there, teaches in an english language school, and does well- apartment, lots of spending money, travels a lot- but its grim in many ways. Cambodia? Sri Lanka is probably pretty cheap right now- and its a beautiful place- but there aint no opera, or concerts, or designer clothes or spacious parks or cafe life. I hear the STANs are actually pretty pricey these days, not to mention strange and corrupt- did you see that movie War, INC.?
Rural Turkey might be affordable. Maybe parts of eastern europe, still.
However, I think the unique combination of factors that made BsAs so fabulous AND cheap in 2001-2005 or so is very rare, and not very longlasting where ever it happens.
Its kind of a TAZ, to use the concept popularized by the philosopher Hakim Bey. And the "T" stands for Temporary.
