How Cost of Living in Each State Compares to European Countries – 2023 Study (2024)

FAQs

Is it cheaper to live in Europe or the USA? ›

Europe is cheaper than the U.S. based on variables such as prices of goods and services, exchange rates, and market conditions. Being savvy and knowledgeable about local customs, price patterns, and international financial matters can help a visitor maximize the advantages.

Monaco is the most expensive country to live in, with a cost of living of $3,585 per month.

EU Countries: Most to Least Expensive

Luxembourg has the highest prices among EU countries, at 52% higher than the EU average. In particular, education is pricier than anywhere else in the EU at 276% above average. The country also has the highest wages in Europe, which helps support higher costs. Data is as of 2023.

Comparing the Cost of Living in the U.S. to Your Home Country. America ranks 20th in CEOWorld Magazine's 2019 rating of the most expensive countries to live in. So, if you're from Switzerland, Iceland, or Norway (Nos. 1, 2, and 3), you might not feel a pinch.

In general, taxes in Europe vs US tend to be higher. When considering Denmark's taxes vs US, the income tax can vary from 8 to 56.5 percent. In the case of German tax rates vs US, it can be anything from 9 to 45 percent plus a 5.5 percent solidarity surcharge if applicable.

Best place to live by region

Currently, the top 10 most expensive countries are Switzerland, Bahamas, Iceland, Singapore, Barbados, Norway, Denmark, Hong Kong (China), United States, and Australia. The lowest cost of living countries are Pakistan, Libya, Egypt, India, and Bangladesh.

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

What is the most affordable European country to visit? ›

Spain, France and Austria are often hailed as the best European places to live in and work. However, we suggest doing plenty of research, as with 44 countries in the EU to pick from, choosing the best home will depend on your particular priorities and preferences.

While the Euro has long been more valuable than the American dollar, the cost of living in the United States is significantly higher than across Europe on average. Basic expenses for a single adult with no children in the U.S. is $2,508 per month, compared to an average of $1,746 per month in Europe.

Many foods are less expensive in the United States than in the wealthier countries of the EU, but food is somewhat more expensive in the United States than in the less wealthy countries of the EU.

Vienna consistently tops of the list not just of the best places to live in Europe but in the entire world. We can see why.

To legally reside in a European country long term, you need a foreign residence and/or work permit. The first step is usually applying for a visa from your home country. Once approved, that visa allows you to enter the country you're moving to with your U.S. passport. You can then apply for a residence or work permit.

Living in Europe offers attractive opportunities to explore diverse cultures, bask in ancient architectural wonders, and truly immerse yourself in the local customs and traditions. Even then, it's important to have a realistic view of what to expect when you move abroad to Europe.