New York and London are a few of the most preferable cities to reside in due to the quantity of task chances and the lively home entertainment choices– however citizens are paying a premium.
New York connected with Singapore as the most costly cities worldwide in 2022, according to the Economist Intelligence Unit’s Worldwide Cost of LivingIndex London ranked 28 th.
Lucy Wong is a native New Yorker who relocated to London inFebruary She just recently challenged herself to restrict her weekly costs to $150, something she’s done while residing in numerous cities all over the world.
Tracking your costs “really makes you conscious of how much you’re spending,” Wong stated. “I spent so much more money when I was in New York.”
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“New York is a lot more expensive than London,” stated Lily Slater, who matured in London and relocated to New York for graduate school in2017 “The appetite for price gouging I think is much stronger here.”
“There is much more of a sense of ‘what is the most I can possibly charge here?'”
One of those high-ticket products is lease. A one-bedroom near to the town hall is around $3,700 in New York, according to cost-of-living information collection job Numbeo since June 21, while a similar home in London would cost approximately $2,600
On top of a larger lease payment, groceries are almost 70% more costly in New York, according to Numbeo.
“Every time I go to the grocery store, I am shocked at the prices,” Wong stated. “When I check out, I’m like, in New York, this would be double.”
How incomes, taxes impact acquiring power
New York might be more costly, however citizens tend to make more cash and are taxed less thanLondoners The average New Yorker made a little less than $1,400 weekly since December whereas London’s average has to do with $970, according to theSt Louis Fed and the U.K. Office for National Statistics.
Because of this, regional acquiring power in New York has to do with 23% greater than in London, Numbeo price quotes.
“When I got my most recent job and I got a pretty big pay bump,” Slater stated. “My daddy, who resides in South London, was astonished [at] just how much cash I was going to be making.”
Slater’s daddy quickly understood her income needs to not go extremely far after going to New York.
“He and his girlfriend bought a coffee, and it cost $15 for just two coffees,” Slater stated.
Despite the premium costs, individuals still wish to reside in both cities. New York was the leading city readers imagine relocating to, followed by London, according to a current Time Out publication study.
“I was so excited to come to New York when I moved here, and I get it but I think that people don’t feel that way about London,” Slater stated. “There’s something about New York where individuals are so consumed with living here that they all tolerated how gross it is and how difficult it is and how costly it is anyhow.
“And I do not seem like that holds true in London.”
Watch the video above to find out more about the expense of living in New York and London and why individuals pick to reside in those cities if it’s so costly.
