Several regions and cities in Spain are known for their affordability, offering a lower cost of living compared to major cities like Madrid and Barcelona. Some of the cheapest places to live in Spain include:

a) Valencia: This coastal city offers a more affordable living than Barcelona whilst still getting the beachfront and Mediterranean charm.
b) Galicia: Lugo and Ourense are cities in the northwest of Spain are known for their affordability and scenic landscapes.
c) Andalucía: Granada and Almería are some popular coastal destinations that offer a beautiful location at a lower price.
d) Castilla-La Mancha: Toledo and Albacete, known for their historical significance, also offer a low cost of living whilst being in close proximity to the capital city, Madrid.

The cost of living for a student in Spain can vary based on the city you live in, lifestyle, and personal spending habits. For example, the cost of renting a room in Barcelona can be €450, but only €300 in Valencia.

On average, a student might need between €700 and €1,200 per month to cover living expenses.