Most affordable capital city in Europe revealed - full list of top cheapest locations
Personal finance experts at Finansvalp gathered data from the cost-of-living website Numbeo in order to create their affordability index, which included every European capital city.
Bucharest, Romania was found to be the most affordable European capital city to live in, followed by Chisinau and San Marino, new research has found.
Personal finance experts at Finansvalp gathered data from the cost-of-living website Numbeo in order to create their affordability index, which included every European capital city.
Each city was scored out of 100 based on eight factors, which included accommodation, utility, transport and lifestyle costs.
The factors within the index included the monthly cost of renting a one-bedroom apartment outside of 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 and were then measured against the average monthly net salary for a person living in each city.
How much disposable income residents are left with at the end of the month was an important factor.
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 |
Using this scale Bucharest came out on top with an impressive score of 59.69 out of 100, due to factors including residents being left with around £438.09 each month in disposable income and the low average city centre monthly rent of £375.15.
The research found that each month, residents in Bucharest take home £1,098.50 on average after tax and can expect to pay around 34 percent of their income on accommodation. The monthly cost of renting a one-bedroom apartment outside of the city centre was found to be £375.15 on average.
Each month, residents can expect to spend £164.57 on household bills, as well as £120.69 on lifestyle expenses, which include dining out as well as fitness and travel passes.
In second place was Chisinau, Moldova, scoring 56.40 and third place was San Marino, with a score of 54.53 out of 100.
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.”
