New York and London are renowned for their abundant career opportunities and lively entertainment scenes, making them highly desirable places to live. However, the residents of these cities pay a premium for their lifestyles.
According to the Economist Intelligence Unit’s Worldwide Cost of Living Index, New York and Singapore tied as the most expensive cities globally in 2022, while London ranked 28th.
Lucy Wong, a native New Yorker who recently relocated to London, set a challenge for herself to limit her weekly spending to $150. She has successfully accomplished this in various cities worldwide and believes that tracking expenses makes one more conscious about their spending habits. Wong noted that she spent significantly more money when living in New York.
Lily Slater, who grew up in London and moved to New York for graduate school in 2017, affirms that New York is much more expensive than London. She believes that there is a stronger inclination towards price gouging in New York, with a mindset of maximizing what can be charged.
Rent is one of the major expenses in both cities. A one-bedroom apartment located close to the city center costs around $3,700 in New York, whereas a comparable apartment in London would cost approximately $2,600.
In addition to higher rent prices, groceries are nearly 70% more expensive in New York compared to London, according to Numbeo’s cost-of-living data.
Although New York may be more expensive, its residents tend to have higher incomes and face lower taxes compared to Londoners. The average New Yorker earned slightly less than $1,400 per week, whereas London’s average was about $970. Consequently, Numbeo estimates that local purchasing power in New York is approximately 23% higher than in London.
Despite the premium prices, both cities remain highly desirable. A recent survey by Time Out magazine revealed that New York was the top dream city for readers, followed by London. There is something about New York that captivates people and makes them willing to endure the city’s drawbacks, such as its high costs and challenges. This obsession with living in New York is not as strong in London.
For more insights into the cost of living in New York and London, and why people choose to reside in these cities despite the expenses, watch the video above.
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