'I’ve found my own version of the American Dream': 36-year-old teacher moved to China and now pays a quarter the cost with a family of 4

Transportation, another high-cost line item in most American's budgets, is also cheaper. Krae says it costs just 30 cents to get from one side of the city of nearly 18 million to the other via public transportation. In total, he says the family spends $50 a month. Health care in China for his family runs just $90 a month.

All in, Krae told CNBC Make It that he's spending about a quarter of what he spent living alone in the U.S. And considering he now has a family, that's a huge cost difference.

"No one is more surprised than me that I've found my own version of the American Dream here in China," he said (2).

How do those costs compare to the U.S.?

Most people can't just pick up and move to China. But the gap between what Krae spends and what the average American spends is hard to ignore.

The average three-bedroom rental in North Carolina, where Krae flew out from when he headed overseas, now runs about $1,907 a month (3), according to Apartments.com. That's nearly double what he pays in Shenzhen. Food costs in the U.S. are around $10,000 per year (4), more than 8 times more than the $1,200 Krae spends.

Transportation is another big cost for most Americans, partially due to our car-centric infrastructure. Buying a new car, for example, will cost you more than $49,000 (5), according to Kelley Blue Book. Even used car prices are up, averaging around $25,000 (6).

Public transportation isn't an option for many Americans who live in suburban or rural areas — but even in areas where it is available, like the bigger cities in North Carolina, a single one-way bus fare runs $2.00 or more (7).

Health care is another cost to consider. According to the Bureau of Labor Statistics, the average American spends $6,197 (8) per year on health care, including insurance, medical services, drugs and medical supplies. Still, for most of us, moving abroad to lower expenses isn't really an option.

Can't move to China? Here's how to cut expenses

For some, relocating to a lower-cost of living area in the U.S. might be an option. But if it's not, here are a few other ways to cut costs right at home.

Attack your biggest bill: Housing

If you rent, consider whether you need to be where you are or if there's a cheaper neighborhood in the same town or city. If you don't use luxury amenities, for example, consider moving to a lower-cost rental. Sometimes privately owned rentals offer cheaper rates as well.

If you own your home, house hacking is worth considering. The idea is straightforward: rent out part of your property — a spare bedroom, a basement unit, even a parking space — to offset your own costs. You can also go bigger and buy a multi-unit property or a duplex, live in one unit and rent out the rest.

Not ready to be a landlord? Moving in with a family member, taking on a roommate in your current rental or even co-buying (9) a home with a trusted friend or family member can all help cut housing costs. Just make sure the legal paperwork is in order before you sign anything together.

Rethink your car

The biggest step you can take to keep transportation costs down is to never buy new. New cars depreciate, on average, 16% (10) in the first year — which means you could be underwater before you even get home. When you do shop for a car, don't focus on the monthly payment — focus on the overall cost of the car and finance for the shortest term you can manage.

Beyond the car payment, shop around for auto insurance. Rates can vary by providers for the same coverage, and experts recommend shopping around at least every 12 months (11).