Two Continents, One Wallet: 12 Ways Living Costs Differ Between the U.S. and Europe
With living costs increasing in the United States, some Americans dream of relocating for a more affordable lifestyle, and Europe is often a contender.
But will being an expat in Europe save you money in the long run? Or does it cost relatively the same once you consider exchange rates?
SmartAsset examined living costs across all 50 states and 38 European countries to determine where it does and doesn’t pay to live across the pond.
Balancing Act
On average, the cost of living in the United States is significantly higher than across Europe. Additionally, the euro has long been more valuable than the American dollar. According to SmartAsset’s report, basic expenses for adults with no children in the US are $2,508. In Europe, that cost drops to $1,746 per month.
The following are some specific differences between the cost of living in the US and Europe.
1: Mind the Gap
Although the median cost of living is higher in the States than in Europe, the gap between Europe’s most expensive and affordable countries is much broader. At $4,059, Switzerland has the highest monthly cost of living in Europe. It’s 4.5 times more expensive than Bosnia, the least expensive country, with a cost of living of $900 per month.
2: Expensive Existence
Meanwhile, in the states, Hawaii is the state with the most expensive cost of living, at $3,167 per month. Unlike in Europe, the state with the lowest cost of living follows less than $1,000 behind; Kentucky is the most affordable, at $2,275 per month.
3: Same Difference
Germany and the Carolinas have more in common than you may think. A single person with no kids in Germany needs about $2,503 monthly. That’s right in the ballpark of what it costs for those in South Carolina ($2,501) and North Carolina ($2,492).
4: Pricey Partners
When you think of the most expensive states to live in the US, New York and California probably come to mind. Each of them has a cost of living of around $3,155 monthly. Denmark is the European country with the closest cost comparison, with an average monthly cost of living of $3,176.
5: Comparing Costs
While snowy Colorado and bustling New Jersey couldn’t be more different, they actually have comparable living costs, at $2,843 and $2,798, respectively. As it turns out, it’s a similar story in the United Kingdom, where the cost of living stands at $2,827.
6: Harsh Reality
Americans, prepare to feel extra down in the dumps about your cost of living. Living in Kentucky, the cheapest state, costs as much as most of the top European vacation destinations. For example, 26 countries, including France, Sweden, Italy, and Spain, have lower living costs than Kentucky.
7: The Netherlands Are for Lovers
Virginia is another state with a nearly identical cost of living as a European country: the Netherlands. In Virginia, a single person with no kids can live off of $2,788 per month. For just $12 more, you could be living in the Netherlands on the same budget.
8: States of Sunshine
Floridians might be happy to know there’s a tiny mountainous country in Europe with a similar cost of living as their home state. Nestled between Switzerland and Austria, Liechtenstein has $2,685 in monthly living costs, coming in at just $4 less than Florida.
9: Similar Situations
What do Finland and Texas have in common? It costs almost the same amount to live in either place. In Texas, the median cost of living is $2,555 per month, very similar to Finland, with basic expenses totaling $2,527.
10: Decisions, Decisions
Think fast: would you rather live surrounded by breathtaking architecture in Belgium or the plains of Arkansas? Believe it or not, they share a similar cost of living. Arkansas and Kentucky have two of the lowest living costs in the US, and Belgium has a comparable cost of living to them, at $2,292 per month.
11: Snow Change
New Englanders acclimated to bitter cold and snowy winters would do well in its similarly priced European counterpart, Norway. Connecticut and Norway share a similar cost of living, averaging $2,656 per month.
12: Georgia on My Mind
Another surprisingly similar cost of living connection comes between Georgia and Norway. It costs around $2,607 per month for a single person with no kids to live in the famous southern state, and its closest European counterpart cost-wise is Norway.
Check the Variables
While these are undoubtedly appealing statistics, SmartAsset noted that the price of goods across Europe and the US differ and are subject to exchange rate fluctuations. So, do your due diligence before becoming an expat across the pond.
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