Cost of Living London vs. New York

Sarang Ahuja’s latest post:new-york-vs-london

The debate over which city is better to live in, New York City or London, has been a raging dispute for a long period of time. In a recent article in The Economist, the author highlights a variety of sound points that could potentially put this discuss to end. Regardless of how you feel, both cities will provide you with a new vibrant cosmopolitan metropolis that will fill your every wish. The only question to consider is, which city will give you the most bang for your buck?

When examining cities like New York City and London, you need to consider all of the variety of factors that make a city great such as its diversity, culture, aesthetics, housing, and last but not least cost. But when given the choice in choosing between two of the greatest, that is where things get difficult. For London and New York, Mayfair and Manhattan, the culture, diversity, and aesthetics, though different in each city, impact the overall atmosphere through its luxurious parks, iconic buildings, and overall dynamism. This does not mean they are the same, especially in regards to cost. Each has a couple of strengths over the other.

For New York, its first advantage lies in the amount of money it raises. Overall, homeowners in New York City pay 40% more than Londoners do. The Economists argues that a good tax should focus on revenue stream. Furthermore, New Yorkers pay higher property taxes, which greatly benefits its residence. The more revenue that can be raised on an immobile home, the less the government needs to tax other activity, whether that is work, investment, or consumption.

As much as New York has had a strong advantage, London’s property tax is more progressive meaning London collects more than twice the rate on homes worth over $16 million that it does on those worth less than $1 million. This type of approach is better than New York’s where cheap homes are seen to pay high rates.

Now when considering cost of living, both London and New York City are notorious for being incredibly expensive for both inhabitants and tourist. . In a recent study by TripAdvisor, however, London was ranked number one is the most expensive city for tourist which was broken down by cost of food, transportation, and lodging, with New York City coming in third. Further adding to this, the Independent reported a study last year that the cost of living for its inhabitants was higher in London that it was in New York.

In regards to house, London is seen to be the more expensive of the two cities. Its cost of $34,531 per square meter to buy in London is significantly higher than the $18,499 per square meter in New York City.

While there is much more to consider such as transportation, unemployment, eateries, nightlife, and schools, it is safe to say that New York has the best bang for your buck.

from Sarang Ahuja


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