London: living in the city is now more accessible
The essential cost of living has been decreasing over the years in the English city.
Renters living in London have enjoyed one of the most significant increases in ‘livability’ in terms of cost of rent and living, according to the latest research from the Spot-a-home rental market.
Using data on basic costs of living in 27 European capitals, Spot-a-home calculated what percentage of the average net monthly salary this total cost of living represented in each city and how it has changed in the last three years.
The research revealed that Warsaw, Lisbon, and Budapest had the highest costs of living today, with total costs accounting for between 92% and 96% of average monthly income.
However, Helsinki is one of the most affordable cities for renters, and the essential cost of living accounts for only 47% of the average monthly salary. More than three-quarters (76%) of the average monthly salary is required in London to cover necessary living costs, yet the capital has seen the second-largest drop in the last three years due to positive wage growth.
In 2017, 89% of the average monthly salary was required to cover the basic cost of living. Vilnius, the capital of Lithuania, is the only city that has seen a more considerable decline, with the cost of living now accounting for 76% of monthly salary, up from 94% in 2017.
“The quality of life in London is higher than many other European capitals.”
Nadia Butt, Spot-a-home UK & Ireland Country Manager, said: “We tend to pay a lot of attention to the high cost of living in many of the major European cities, which is driven primarily by the price of insuring a rental property.”
“However, the good news is that in many cities, the level of income required to cover this cost of living has decreased in the last three years.”
“This is primarily the result of steady salary growth that outpaced the increase in the cost of daily expenses and shows why many are still eager to travel to foreign countries to advance their careers.”
“Not only they can earn more, but they spend less than their monthly income to get it, so they have a much better chance of saving for future investments, like buying a home of their own.”
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