New York and London are among the best cities to live in, thanks to the abundance of job opportunities and vibrant entertainment options, but residents pay a premium.
According to the Economist Intelligence Unit’s Global Cost of Living Index, New York will join Singapore as the most expensive city in the world by 2022. London ranks 28th.
Lucy Wong is a native New Yorker who moved to London in February.she recently challenged herself Limit her weekly spending to $150which is what she does while living in different cities around the world.
Tracking your spending “really makes you aware of how much you’re spending,” Huang said. “I spent a lot of money when I was in New York.”
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“New York is a lot more expensive than London,” said Lily Slater, who grew up in London and moved to New York for graduate school in 2017. “I think there’s a lot more price gouging here.”
“It’s more of a ‘how much can I charge here?’ feeling.”
One of the high-priced items is rent.Surrounding close to the city center one bedroom New York $3,700according to Numbeo, a cost-of-living data collection project as of June 21., Whereas buying a similar apartment in London would cost about $2,600.
In addition to paying more rent, groceries also Nearly 70% more expensive in New York, According to Numbeo.
“Every time I go to the grocery store, I’m shocked by the prices,” Huang said. “When I checked out, I thought, in New York, this would be double.”
How Income, Taxes Affect Purchasing Power
New York may be more expensive, but residents tend to Earn more money and pay less tax than Londoners. The average New Yorker earned just under $1,400 a week as of December, compared with about $970 in London, according to the St. Louis Fed and the ONS.
Because of this, the local purchasing power in New York About 23% higher Numbeo estimates that figure is even higher than London.
“When I got the most recent job, my salary went up quite a bit,” Slater said. “My dad lived in south London and he was amazed at how much money I could make.”
Slater’s father quickly realized after visiting New York that her paycheck would certainly not be high.
“He and his girlfriend bought a cup of coffee, and it cost $15 for two,” Slater said.
Despite the high prices, people still want to live in these two cities. new york tops the list According to a recent Time Out magazine survey, the city readers dream of moving to is London, followed by London.
“When I moved to New York, I was very excited, and I understand that, but I don’t think people feel that way about London,” Slater said. “In New York, people are so obsessed with living here that they put up with the dirty, hard and expensive things.
“But I don’t think that’s the case in London.”
look at video Use the above to learn more about the cost of living in New York and London, and why people choose to live in these cities (if the cost of living is so expensive).