Cost Of Living Guides


Index names Paris as the cheapest place for young people to live

by Ray Clancy on November 12, 2014

When young people move abroad, the cost of living can be a major consideration. While Paris is known as the city of love, it has also been named as the most affordable city for younger people to live.

The French capital tips the list of the Youthful Cities Affordability Index compiled by Toronto-based Decode group, which ranks 25 of the world’s biggest cities according to costs associated with young people up to age 30 such as wages, rent, cinemas, fast food prices and transport costs.

france eiffel tower

Paris was named the most affordable city for young people out of 25 international cities

In second place is Toronto, then Los Angeles, Chicago and Berlin. The rest of the top 10 is Dallas, Rome, New York, Tokyo and London. The bottom five cities are Manila, Shanghai, Mexico City, Nairobi and Kinshasa.

One reason Paris came out top is that it has the highest minimum wage at €9.53 per hour, topping Berlin in second place and Rome in third. ‘Even with local cries about it being too [little], it’s hard to criticizethe wage in Paris, considering the range of minimums observed around the world,’ the report said.

Although Berlin topped four categories, it was let down by its lower minimum wage. ‘We know affordability is the top priority for young people. And the results of this index prove the important role that a fair minimum wage plays in a city’s overall affordability. Paris, the most affordable city, sits in the top spot largely because of its high base wage,’ the report says.

‘In fact, each of the top five cities in this Index have seen minimum wage become a hot button political issue recently. But a fair minimum wage is just one way municipal governments can make cities more affordable for the important youth demographic,’ it adds.

The lowest rent prices can be found in Berlin, with Paris ranked in sixth place. This may come as a surprise to many who think housing costs in Paris are astronomical, but the difference is due to subsidies that are available for students in France. Students across the country can access the APL housing subsidy whether they are a citizen of France, the European Union or otherwise.

When it comes to transport costs, Buenos Aires is the cheapest where only 2.62 hours of work at the minimum wage are needed to buy a monthly transport pass. In Paris, it’s 7.99 hours, putting the city in fourth place for transport costs.

The report also points out that young people in Paris benefit from the city’s bike sharing scheme. ‘Youth in Paris can take advantage of reduced rates for the popular, privately owned ‘Vélib’ bike sharing programme, as well as cheaper municipal public transit fares on all weekends,’ the report says.

When it comes to fast food, Paris is the second cheapest place to get a meal, with Berlin the cheapest and Chicago in third place. If you then go out to the cinema, the cheapest tickets are in Rome, with Berlin second and Paris third.

Musical entertainment also contributes to a city’s liveability. The cheapest concert tickets are found in Berlin, Paris and Rome, respectively.

The report also highlights a number of initiatives being undertaken in various countries to making living costs for young people cheaper, including students. For example, there are plans in Germany to get rid of tuition fees, making university education free for domestic and international students. In Italy, young people under 35 who can’t afford the deposit for a home can access funding to cover 5% of their first mortgage. Also in Italy, people earning under €20,000 a year get an automatic 50% reduction on public transport costs.

{ 0 comments }

Thumbnail image for London overtakes Hong Kong as most expensive place to live and work

London overtakes Hong Kong as most expensive place to live and work

September 23, 2014 Cost Of Living Guides

When an employee is sent overseas to work, the cost is usually met by the employer. Now, they face paying even more for moving people to London, one of the world’s most popular expat locations. London has become the world’s most expensive city for companies to relocate employees, overtaking Hong Kong, which had previously topped [...]

Read the full article →
Thumbnail image for Majority of world’s most expensive cities for expats in Europe and Asia

Majority of world’s most expensive cities for expats in Europe and Asia

July 14, 2014 Cost Of Living Guides

African, European, and Asian cities are the most expensive for expats due to currency fluctuations and the impact of inflation on goods and services, a new survey has found. Two African cities top the list of most expensive cities, according to Mercer’s 2014 Cost of Living Survey. Although not typically recognized as wealthy cities compared [...]

Read the full article →
Thumbnail image for Day-to-day living costs for expats set to rise

Day-to-day living costs for expats set to rise

June 6, 2014 Cost Of Living Guides

The dream of moving abroad just got a whole lot more expensive with the latest annual price index showing that popular expat destinations such as France and Spain are becoming pricier. The annual Overseas Living Price index from the Overseas Guides Company shows that living in Europe is not as cheap as many people might [...]

Read the full article →
Thumbnail image for New tax report shows the burden in 34 countries around the world

New tax report shows the burden in 34 countries around the world

May 26, 2011 Cost Of Living Guides

People living in the Netherlands, Spain and Iceland saw their tax and social security payments increase the most in 2010 while those in Denmark, Greece, Germany and Hungary experienced the biggest drops, a new report shows. The annual Taxing report from the Organisation for Economic Co-operation and Development (OECD) shows that tax burdens rose in [...]

Read the full article →
Thumbnail image for Vienna judged best place in the world for expats workers to live

Vienna judged best place in the world for expats workers to live

June 2, 2010 Cost Of Living Guides

Vienna is the best place in the world to live if you are an expat, followed by Zurich and Geneva with Europe judged to have the best quality of living, according to a new report. Outside of Europe Canada and New Zealand are judged great places to live with Vancouver and Auckland in joint fourth place, the [...]

Read the full article →
Thumbnail image for Job market for expats in the Gulf is improving, survey shows

Job market for expats in the Gulf is improving, survey shows

March 4, 2010 Cost Of Living Guides

The job market in the Gulf region is improving despite the global economic slowdown and average pay rises have exceeded the increase in the cost of living for the first time, according to a new survey. Many foreign workers have seen an improvement in their quality of life and saving potential particularly in Dubai and Doha where rents [...]

Read the full article →
Thumbnail image for Euro tipped to fall further in coming months by Economic researchers

Euro tipped to fall further in coming months by Economic researchers

February 3, 2010 Cost Of Living Guides

The Euro may be poised to fall further in coming months after a bad few weeks when it has lost out against other major currencies, according to a report from an economic research unit. A resurgent dollar could put further pressure on the Euro which has also declined against Sterling in recent weeks, according to [...]

Read the full article →
Thumbnail image for Cost of Living in the United States

Cost of Living in the United States

August 10, 2009 Cost Of Living Guides

Cost of living in the United States can differ depending on location and lifestyle. Big cities like Los Angeles, New York and Chicago tend to have high costs and quality of goods and other commodities but there are also a number of states offering lower standards of living. Several people from all over the world [...]

Read the full article →
Thumbnail image for Cost of Living in the United Kingdom

Cost of Living in the United Kingdom

August 10, 2009 Cost Of Living Guides

The United Kingdom has been known to hold supreme world power for the past two centuries. Although the two world wars have greatly affected its status, it still remains as one of the most influential, wealthiest and most powerful countries in the modern era. It is the first industrialized country in the world, which has [...]

Read the full article →
Thumbnail image for Cost of Living in Thailand

Cost of Living in Thailand

August 10, 2009 Cost Of Living Guides

Thailand has a very low cost of living. Several expatriates have been planning to move to the beautiful Southeast Asian country since it offers a whole lot more at very low rates. Thailand is a newly industrialized country and has been steadily showing progress in economic status for over two decades. It did experience some [...]

Read the full article →
Thumbnail image for Cost of Living in Spain

Cost of Living in Spain

August 10, 2009 Cost Of Living Guides

Every year, thousands of Britons are making the move to finally live in the land of their dreams, Spain. The cost of living in Spain can be both high and low depending on the location and type of lifestyle. Numbers are looking up for the Mediterranean destination since it recently ranked 9th worldwide in terms [...]

Read the full article →
Thumbnail image for Cost of Living in South Africa

Cost of Living in South Africa

August 10, 2009 Cost Of Living Guides

Living in South Africa can be cheaper compared to most parts of the United Kingdom and the world. Of course, living in urban areas and Cape Peninsula is significantly higher in terms of costs of commodities, rentals and leisure activities since more people are also situated there. Rural areas tend to offer more of the [...]

Read the full article →