Europe continent has one of the larger economy of the world, and if measured by assets under management, perhaps it is the largest. Its economy comprises about 750 million people in 50 different countries. Most countries have a GDP per capita higher than the world’s average and are very highly developed, but some of them, despite their position over the world’s average in the HDI, are poorer.
In the north and west of the continent, there is a long history of trade, a free market system, a high level of development, more stability and a high level of wealth. In the last years, the gap with the European East and South is converging due to higher growth rates.
This continent is very attractive and there are many great reasons to live and work in Europe. Before moving to Europe continent, it is important to take in consideration the most important objective and subjective factors during the decision-making. One of the most important factors is definitely the cost of living and in this work, we are going to compare the cost of living (excl. rent) and cost of living plus rent in some of the European countries with the cost of living in New York City.
In all the Europe countries, considered in this work, the cost of living (excl. rent) and cost of living plus rent are lower than in NYC. If we consider cost of living index (excl. rent), the most expensive country in Europe is Switzerland, followed by Iceland, Norway, Luxembourg and Denmark, but if we consider cost of living plus rent index the rank changes. Switzerland is the most expensive country, followed by Iceland, Luxembourg, Norway and Ireland.
The chart below shows the ranking of European countries from 21 to 40.
Ukraine is in the penultimate place in cost of living (excl. rent) ranking and cost of living plus rent ranking. Kosovo is the cheapest country in Europe in both of them.
About the data used in this work
Cost of living index (excl. rent) is a relative indicator of consumer goods prices. It includes groceries, restaurants, transportation and utilities, but it does not include accommodation expenses such as rent or mortgage. Cost of living plus rent index includes consumer goods prices and the rent.
These indices are relative to New York City, so it means that for NYC, each index should be 100%. If another country or city has, for example, cost of living index plus rent of 145, it means that on an average in that country or city cost of living plus rent is 45% more expensive than in NYC. If a country or a city has, a cost of living plus rent index of 45 that means on an average in that country or city cost of living plus rent is 45% less expensive than in NYC.
The data used in this work are provided by Numbeo and are relating to 2019.