Cost of Living in the U.S. vs. the U.K: An Overview
Although no one would describe London as being cheap, it is still a great deal compared to New York City. According to 2021 numbers from Numbeo, a website devoted to cost-of-living data for locations throughout the world, you would need a salary of $4,700 per month to pay for a modest lifestyle in the capital of the U.K., as opposed to $5,822 per month for the comparable lifestyle in New York.
In comparison to the average rent of $3,173.11 in New York, the average rent for a one-bedroom in central London is $2,328.60.
Naturally, we are contrasting diamonds in this instance. Both cities are well-known for being pricey. For instance, if you relocated from Raleigh, North Carolina, to London, your average monthly rent would be 95.59 percent more and the cost of a meal out would be 36.87 percent higher.
In any case, there are some unexpected differences between the cost of living in the United States and the United Kingdom.
Cost of Living in the U.K.
There will be some surprises for an American going to the UK. For instance:
- The corresponding price of gasoline is $6.27 per gallon. In February 2021, the national average price in the US was almost $3 per gallon.
- The National Health Service provides free medical treatment, and prescription drug prices are generously subsidized. About 10% of locals and some expatriates purchase private health insurance, allowing them to avoid lengthy waits for some specialist visits.
- Utility expenses may run substantially higher. Basic utility prices in London are around 65% more expensive than in New York.
- Costs for private schools are much lower. Preschool or kindergarten tuition is 26.54 percent less per month in London than it is in New York.
Cost of Living in the U.S.
Generally, the cost of food in New York City is more expensive than it is in London, whether you are eating out or shopping at a supermarket. However, there is a strong word of warning here: In the United Kingdom, all of the price lists for foodstuffs are from before Brexit. The United Kingdom imports roughly 30% of its food from nations in the European Union, according to the latest recent statistics. Nobody knows how much such imports will cost following the rupture.
The cost of traveling in New York City, whether by taxi or public transportation, is relatively affordable.
However, internet access in New York is around 55% more expensive than in London.
Special Considerations on Cost of Living
When economists or statisticians assess the cost of living in a nation or region, they consider how much money a consumer would require to maintain an average standard of living.
In other words, the cost of living refers to how much one unit of money can buy in terms of fuel, food, shelter, clothing, healthcare, education, and other non-essential goods and services.
By that wide standard, the U.K. is 0.49 percentage points more affordable to live in than the US. In the UK, rent is generally 22.55 percent less expensive.
These are total costs for all metropolitan locations in Great Britain, including the priciest locales like London, Reading, and Aberdeen as well as the least expensive ones like Liverpool, Belfast, and Kingston.
