Yahoo Finance 7 Places To Live in Europe That Are So Expensive Only the Rich Can Afford It
Europe is a dream destination for many Americans, even for those who choose to live overseas. From the great food and culture to the historic monuments and beautiful beaches, Europe has plenty to offer. Unfortunately, in some countries, these riches come at a high price. In fact, some places are so expensive to live in Europe that only the rich can afford it.
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For example, the average cost of living in the United States, according to LivingCost.org, is $2,317 per month for a single person, or $5,291 for a family of four. But LivingCost.org lists many European countries and cities that cost much more than this. Here are some of the most popular that you probably can’t afford without a hefty bank account.
Monaco
Monaco is a sovereign city-state, and one of the smallest in the world, but it crams an awful lot of luxury into a small package. The average cost of living in Monaco is 71% above that in the United States, making it the most expensive country in the world according to LivingCost.org data. Rents in particular are pricey, running more than double the cost in the United States. For some, however, this may be more than worth it, as Monaco has a life expectancy of a whopping 13.4 years longer than the 76.3-year average in the U.S.
Geneva
Known for its mountains, watches, chocolate and cheese — among many other things — Switzerland seduces many expats with its world-class luxuries. Quality of life simply doesn’t get any better than in Switzerland, which scores an almost perfect 94 on the LivingCost.org scale vs. 86 in the U.S. But it costs a pretty penny to live in this European wonderland, especially in Geneva. Here, a family of four can expect to pay an incredible $7,937 per month, 50% higher than the average in the United States. Food costs run more than 50% higher, while rents are closer to 37% more.
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Zurich
It may be hard to believe, but costs in Zurich are even higher than in its sister city Geneva. While overall costs are “only” 23% higher in Switzerland as a whole than in the United States, in Zurich, a family of four can expect to pay closer to 55% more than the average American. Every month, a family in Zurich can expect to pay $2,383 on food vs. just $1,534 in America, while transportation costs are more than double, at $556 in Zurich vs. $275 in the U.S.
Basel, Switzerland
Switzerland is a relatively small country, meaning if its overall cost of living is high, it’s likely that most of its cities are also expensive. Basel is no exception. While not quite as unaffordable as Zurich or Geneva, it’s well out of reach of most average earners. Families of four pay about $7,273 in expenses monthly, 37% more than the average American family. Rents are actually fairly comparable to the United States, but other expenses, such as transportation and food, run considerably higher.
Lausanne, Switzerland
Sensing a trend here? Lausanne, like all of its sister cities in Switzerland, ranks in the top 1% of the most expensive cities in the world. Transportation costs are relatively similar to the United States, but food is more than 50% more expensive in Lausanne. Rent prices, while not runaway expensive, are still roughly 15% more than what you’d pay in the United States. Overall, a family of four can expect to pay 36% more in monthly living costs in Lausanne.
London
London is a dream destination for American expats, as it’s an easy country to assimilate to thanks to a shared language and, to some degree, a shared culture. But living in the heart of the city can be a back-breaker in terms of expenses. Living costs for a family of four reach $6,932 in London, vs. just $5,291 in the United States. That’s a whopping 31% increase. Rents run $3,238 monthly for a family of four in London vs. $2,509 in the U.S., but that’s not even as bad as the difference in transportation costs, which run $995 for a family in London but just $275 in America.
Dublin
The Emerald Isle is one of the most beautiful destinations in the world, but Irish culture and conviviality are what draw many Americans to live there. Most congregate around the country’s capital city of Dublin, but they have to dig deep in their pockets to do so. Dublin ranks in the top 3% of the most expensive cities in the world, with average monthly living expenses for a family of four reaching $5,850. That’s $559 more per month than you’d pay on average in the U.S., or $6,708 per year. Transportation costs are $177 per month for individuals vs. just $104 in America, while rents are about 20% higher as well.
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