Economics

Average Rent By City

If you are looking to move to another city, one of the first things you will look for is the price of rent. When it comes to high rent New York is in the lead and takes the number one spot.

Rent plays a huge role in the well being of individuals and especially families. To be able to survive effectively, an individual needs to earn at least three times as much as their rent or opt to share apartments and home space. All over the world rent, inflation and lively costs are rising. People are stressed beyond believe and battle it out every day to cover their lively costs and rent on low vacancy rates.

The rent of top ranking cities such as New York is over 14 times higher than the average rent of Jakarta. The difference is quite remarkable but we should also note that workers in New York earn up to 13 times more than those who live in Jakarta, which basically evens out the rent and earning differences. This is a good indication of what the living cost of these two countries is.

Those living in cheaper rent cities have a better quality life? If you look closely at the lively cost and earnings of lower paying cities and that of higher paying cities, you will notice that the earnings of higher rented cities may seem better but the living cost and rent expenses adds up to just about the same expense coverage compared to the income that people from lower rent cost cities have.

Individuals from both higher earning and rental cities and lower earning and rental cities are only able to do the same things. They manage to survive, pay their rent, purchase groceries, and pay off debt and vehicles and sometimes manage to save a little bit of money for a rainy day. Those who are really equipped at monitoring their expenses are able to invest in property or businesses which can alleviate their status level over a period.

In some large cities such as New York, the balance between rent and earnings has turned to the wellbeing of home owners. Mortgage payments on homes currently cost less than rent checks. You can now make a down payment for your home at nearly the same rate as you would have paid for an apartment. It had always been a place where renting beats buying and now, due to large scale employments, made a turn around which enables more people to invest instead of spend.

We can never simply look at the average rent costs and determine if a country’s population is flourishing or barely surviving. If you would like to make a conclusion about the living costs of a country you need to look at other surrounding factors such as income and costs compared to that income for groceries, rent, medical and educational costs as well as the price of mortgage payments compared to the costs of rent. Once you have considered all aspects you can determine if a country is in good balance or not.

Average Rent By City

Rank City US Dollars
1 New York 3,890
2 Hong Kong 2,590
3 London 2,360
4 Chicago 2,210
5 Luxembourg 2,130
6 Doha 2,050
7 Los Angeles 1,990
8 Miami 1,970
9 Oslo 1,940
10 Taipeh 1,840
11 Sydney 1,780
12 Zurich 1,770
13 Dublin 1,760
14 Tokyo 1,730
15 Copenhagen 1,650
16 Geneva 1,610
17 Paris 1,610
18 Helsinki 1,440
19 Beijing 1,390
20 Dubai 1,380
21 Munich 1,370
22 Brussels 1,340
23 Milan 1,340
24 Rome 1,280
25 Auckland 1,250
26 Amsterdam 1,220
27 Frankfurt 1,220
28 Tel Aviv 1,160
29 Seoul 1,140
30 Toronto 1,120
31 Shanghai 1,090
32 Moscow 1,020
33 Istanbul 970
34 Sao Paulo 910
35 Madrid 900
36 Manama (Bahrain) 890
37 Stockholm 880
38 Vienna 800
39 Lima 800
40 Mexico City 770
41 Athens 770
42 Lisbon 760
43 Barcelona 740
44 Santiago de Chile 710
45 Buenos Aires 710
46 Johannesburg 690
47 Berlin 690
48 Nicosia 690
49 Tallinn 690
50 Lyon 670
51 New Delhi 640
52 Budapest 640
53 Warsaw 630
54 Rio de Janeiro 590
55 Montreal 590
56 Bratislava 580
57 Kuala Lumpur 560
58 Mumbai (Bombay) 550
59 Vilnius 550
60 Prague 550
61 Ljubljana 540
62 Cairo 500
63 Bangkok 500
64 Nairobi 480
65 Kiev 390
66 Bogota 380
67 Bucharest 370
68 Riga 360
69 Sofia 310
70 Jakarta 260
71 Manila 190

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