Cost of Living in the U.S. vs. the U.K: An Overview

    No one would describe London as an inexpensive place to live , but it's a bargain compared to New York City. You would need an income of $4,700 per month to pay for a modest lifestyle in the capital of the U.K. , compared to $5,822 per month for the equivalent lifestyle in New York, according to 2021 figures from Numbeo, a site devoted to cost-of-living data for destinations around the world.  

    -0.49%

    The average cost of living in the U.K. compared to living in the U.S.

    That figure includes an average rent of $2,328.60 for a one-bedroom in the center of London compared with an average of $3,173.11 in New York.  

    Of course, we are comparing diamonds to diamonds here. Both are notoriously expensive cities. If you moved, for example, from Raleigh, North Carolina, to London, your monthly rent would be an average 95.59% higher and dinner out would be 36.87% more than back home in Raleigh .  

    But in any case, there are some surprising differences in the cost of living between the U.S. and the U.K.

    Cost of Living in the U.K.

    An American moving to the U.K. is in for some surprises. For example:

    • Gasoline costs the equivalent of $6.27 per gallon. The average nationwide price in the U.S. was hovering just below $3 per gallon in February 2021.    
    • Medical care is free through the National Health Service, and prescription medicine costs are heavily subsidized. About 10% of residents and some ex-pats buy private health insurance that enables them to skip long waiting times for some specialist appointments    

    The impact of Brexit on consumer prices in the U.K. is the big unknown.

    • Utility costs can be much more expensive. London costs for basic utilities are approximately 65% higher than in New York.
    • Private school costs are much lower. Monthly fees for pre-school or kindergarten are 26.54% lower in London than in New York.  

    Cost of Living in the U.S.

    New York City food prices generally are higher than those in London, whether you're dining out or shopping in a supermarket. But there's a big cautionary note here: The available price-lists for groceries in the U.K. are all pre-Brexit. According to the most recent data, the U.K. imported nearly 30 percent of its food from European Union countries.   How much those imports will cost after the break is anybody's guess.

    New York City has relatively bargain prices for transportation, by mass transit or taxi.

    However, internet connectivity costs about 55% more in New York than in London.  

    Key Takeaways

    • Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K.
    • You would need $4,700 per month to finance a modest lifestyle in London, compared to $5,822 for the equivalent lifestyle in New York City.
    • Food is substantially cheaper in London than in New York, but that may change as the impact of Brexit kicks in.  

    Special Considerations on Cost of Living

    When economists or statisticians measure the cost of living for a country or region, they look at the amount of money a consumer needs to reach an average lifestyle.

    Put another way, the cost of living measures how much food, shelter, clothing, healthcare, education, fuel, and miscellaneous goods and services can be bought with one unit of currency .

    By that broad measure, the cost of living in the U.K. is 0.49% lower than the cost of living in the United States. Rent overall is about 22.55% lower in the U.K.  

    Those are aggregate figures combining all metropolitan areas in Great Britain, from the pricey cities of London, Reading, and Aberdeen to the lowest-cost towns of Liverpool, Belfast, and Kingston.

    Is it cheaper to live in America or England?
    Key Takeaways. Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K. You would need $4,700 per month to finance a modest lifestyle in London, compared to $5,822 for the equivalent lifestyle in New York City. more
    Is it more expensive to live in America or England?
    Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K. You would need $4,700 per month to finance a modest lifestyle in London, compared to $5,822 for the equivalent lifestyle in New York City. more
    Is it cheaper to live in England or America?
    Key Takeaways. Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K. more
    Is it cheaper to live in England or Ireland?
    The cost of living in Ireland is slightly cheaper than the UK but only by a little. Dublin is the capital and the cost of living is higher in Dublin than in other Irish cities, such as Cork and Galway, where you can find great universities and live more cheaply. more
    Is it cheaper to live in Dubai or England?
    Cost of Living In fact, Dubai is 28% cheaper to live than London! Rent prices in Dubai in 2021 were 32.6% lower than London. Grocery prices were 22.85% lower and consumer prices (without rent) were 24.5% lower too! more
    Is it cheaper to live in England or America?
    Key Takeaways. Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K. more
    Does England own America?
    The first, short-lived British colony in Virginia was organized in 1584, and permanent English settlement began in 1607. The United States declared its independence from Great Britain in 1776. The American Revolutionary War ended in 1783, with Great Britain recognizing U.S. independence. more
    Is it cheaper to live in Ireland or America?
    The cost of living anywhere in the world is higher in bigger cities and not nearly as high in smaller towns and rural areas. This certainly holds true for Ireland. Ireland, overall, tends to be pricier than the average cost of living in the U.S. more
    Is it cheaper to live in England than the US?
    Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K. You would need $4,700 per month to finance a modest lifestyle in London, compared to $5,822 for the equivalent lifestyle in New York City. more
    Is it cheaper to live in America or Europe?
    Overall, Europe has a lower cost of living due to lower healthcare expenses, a weakening euro currency, and low inflation. Europeans, however, tend to pay more of their income to taxes, and average wages tend to be lower than in America. more
    Is America cheaper than England?
    Key Takeaways. Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K. You would need $4,700 per month to finance a modest lifestyle in London, compared to $5,822 for the equivalent lifestyle in New York City. more

    Source: www.investopedia.com

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