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Bucharest – the most affordable European capital to live in, study finds

A new research compared living costs to incomes to create an affordability index. Bucharest tops the list.

The Romanian Athenaeum, Bucharest Photo: Mariana Chirita/RRI
The Romanian Athenaeum, Bucharest Photo: Mariana Chirita/RRI

, 31.03.2024, 16:00

A new research looked at Europe’s capital cities, ranking them based on the affordability of 8 living costs, including rent, utilities and travel. Bucharest was found to be the most affordable European capital to live in.

 

 

Personal finance experts at Finansvalp gathered data from the cost-of-living website Numbeo to create their affordability index, which included every European capital city, scored out of 100 based on 8 factors.

 

 

The factors in the index include the monthly cost of renting a one-bedroom apartment outside the city centre, electricity and water bills, monthly mobile phone and broadband plans, fitness club fees, a travel pass and the price of a meal out for two. These expenses were measured against the average monthly net salary for a person living in each city.

 

 

In light of these factors, Bucharest, Romania, was found to be the most affordable European capital city to live in, scoring 59.69 out of 100. Next in the list come Chisinau and San Marino.

 

 

The study found that residents in Bucharest pay around 34% of their monthly incomes (on average £1,098.50 after tax) on accommodation. The average rent for a one-bedroom apartment outside of the city centre was found to be £375.15.

 

 

Another £164.57 a month is spent on household bills and £120.69 goes on lifestyle expenses, such as dining out, fitness and travel passes. This means residents are left with around £438.09 each month in disposable income.

 

 

The second most affordable capital city in Europe is Chisinau, Moldova, scoring 56.40 out of 100,  followed by San Marino, with a score of 54.53 out of 100.

 

 

The 10 most affordable European capital cities to live in

Rank Capital city Country Affordability Score / 100
1. Bucharest Romania 59.69
2. Chisinau Moldova 56.40
3. San Marino San Marino 54.43
4. Vilnius Lithuania 53.68
5. Vaduz Liechtenstein 53.19
6. Warsaw Poland 53.10
7. Helsinki Finland 53.00
8. Skopje North Macedonia 52.98
9. Budapest Hungary 52.75
10. Madrid Spain 52.03

 

 

At the opposite pole, the study revealed that the most expensive European capital to live in is London, England, which scored 41.04 out of 100. Average incomes in the English capital are around £4,169.68 after tax, with nearly half of that (49.5%) going on rent (£2,064.91 for a one-bedroom apartment).

 

 

The second-costliest capital city is Monte Carlo, Monaco, with a score of 41.23 out of 100, while Dublin, Ireland, which scored 42.24 out of 100, comes third.

 

 

Speaking on the findings, Olle Pettersson, CEO of Finansvalp, said:

 

 

“Living in Europe’s capital cities can be a financial tightrope, requiring strategic budgeting and savvy decision-making to thrive in a cosmopolitan lifestyle.

 

“As such, understanding the financial landscapes of European capitals is crucial for individuals, which is why our data experts have analysed the living factors driving costs.

 

“We hope this will empower locals and emigrants alike to make informed choices about their finances and lifestyles in an increasingly interconnected world.”

 

 

Credits: https://finansvalp.se

Sources: Numbeo

 

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