April 18th 2024.
London, the playground of the rich and famous, has officially been deemed less affordable than Monte Carlo's glamorous district of Monte Carlo. As much as we adore the bustling city, the housing and rental market has reached alarming heights. According to data from Zoopla, the average property price in London has reached a staggering £731,910.
Unfortunately, these high costs don't stop there. After factoring in daily living expenses like bills, transportation, dinner, and entertainment, it can feel like we're constantly splurging without even trying. The finance experts at Finansvalp have crunched the numbers and found that London is the most expensive European capital to live in, scoring 41.04 out of 100 on the affordability index.
To create this index, the experts gathered data from the cost-of-living website Numbeo and compared accommodation costs, bills, and food prices. Each city on the list, including Dublin and Bucharest, was given a score based on eight factors such as accommodation, utility, transport, and lifestyle costs.
Shockingly, London topped the list ahead of its flashy rival, Monte Carlo. The city, which is known for its extravagant lifestyle and playground for the wealthy, scored 41.23 out of 100. Residents in London earn an average of £4,169.68 after tax, but can expect to pay around 49.5% of this for a one-bedroom apartment in the city, with an average rent price of £2,064.91.
Meanwhile, in Monte Carlo, where locals are known for driving sports cars, enjoying the stunning views of the French Riviera, and indulging in hedonism on boats and yachts, the cost of living is also sky-high. Residents earn an average of £8,406.99 per month, but a one-bedroom apartment in the area will set you back £3,126.29, making it the third most expensive capital city in Europe.
But it's not just London and Monte Carlo that are facing exorbitant living costs. Dublin, Ireland comes in at third place with a score of 42.24 out of 100. Residents in Dublin earn an average of £3,591.95 after tax and can expect to pay around 53% of this for a one-bedroom apartment in the city at a cost of £1,929.82. The index also takes into account monthly household bills and lifestyle expenses like meals, fitness, and travel.
On the other hand, Bucharest, Romania ranks as the most affordable European capital city to live in, with a score of 59.69 out of 100. Residents there earn an average of £1,098.50 after tax and can expect to pay around 34% of this for a one-bedroom apartment in the city, at an average cost of £375.15.
But despite the high costs, many Londoners are still choosing to stay in the city. A survey conducted by QMUL revealed that only a quarter of residents plan on leaving in the next five years, with the majority citing the high costs of rent and housing as the main reason for wanting to move elsewhere.
Although living in London can be financially challenging, it seems that the city still holds a special place in the hearts of its residents. As Olle Pettersson, CEO of Finansvalp, puts it, "Understanding the financial landscapes of European capitals is crucial for individuals, which is why our data experts have analyzed the living factors driving costs. We hope this will empower locals and immigrants alike to make informed choices about their finances and lifestyles in an increasingly interconnected world."
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
