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How does the cost of living in each US state compare to the nations of Europe?
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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. However, individual states and nations run the gamut in terms of costs.
With this in mind, SmartAsset examined the cost of living across all 50 states and the 38 countries in Europe to get a sense of how they compare on a one-to-one basis.
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Key findings
A color-coded US map showing How Cost of Living in Each State Compares to European Countries
- The cost of living gap is wider in Europe than the U.S. While the median cost of living in the U.S. ($2,508) is higher than Europe ($1,746), there is a wider gap between the most expensive European countries and the most affordable ones. Switzerland, which has Europe’s highest monthly cost of living ($4,059), is 4.5 times more expensive than Bosnia, Europe’s least expensive country ($900). In the U.S., Hawaii’s cost of living is the highest ($3,167) and Kentucky is the most affordable ($2,275).
- Costs in the Carolinas are comparable to Germany. A single person with no children needs about $2,503 per month in Germany – similar to what the same person would need in South Carolina ($2,501) and North Carolina ($2,492).
- California and New York costs are most similar to Denmark. The median cost of living in the second- and third-most expensive states in the U.S. is $3,155 and $3,126, respectively. That’s only slightly less than the $3,176 that’s needed to get by in Denmark.
- Colorado and New Jersey have similar costs to the U.K. The median cost of living in the U.K. ($2,827) is comparable to both Colorado and New Jersey, where a single person with no kids spends $2,843 and $2,798 per month, respectively.
- It’s more expensive to live in the cheapest U.S. states than most of Europe. Twenty-six countries, including France ($2,240), Sweden ($2,100), Italy ($1,743) and Spain ($1,719), have lower costs of living than Kentucky ($2,275), which has the lowest cost of living in the U.S.
- Costs in Virginia and the Netherlands are nearly identical. A single person with no children can live on $2,788 per month in Virginia, just $12 more per month than in the Netherlands ($2,776).
- The Florida of Europe? Liechtenstein, a tiny mountainous country between Switzerland and Austria, is the European nation with a cost of living that’s most comparable to the Sunshine State. The basic monthly living costs for a single person with no kids in Florida is $2,689, just $4 more than in Liechtenstein.
- Finland and Texas share a similar cost of living. The median cost of living in Texas is $2,555 per month, which is most comparable to the basic costs of Finland ($2,527).
- Belgium has a comparable cost of living to the most affordable states. Basic costs for a single person with no children in Belgium ($2,292) are most similar to those of Arkansas ($2,278) and Kentucky ($2,275) – the two states with the lowest costs of living in the U.S.
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Here’s a detailed breakdown of how all 50 states compare
A chart showing a breakdown of how all 50 US states compare to European countries by cost of living estimates
Data and methodology
Basic costs for a month for a single adult with no children in 2023 are compared across European nations and U.S. States. Data for the U.S. comes from MIT’s Living Wage Calculator and includes housing, food, medical, transportation and miscellaneous costs. Self-reported European data comes from Expatistan.com and includes housing, food, clothing, transportation and personal care items. All currencies are converted into USD based on September 2023 conversion rates.
Limitations: Basket of goods across Europe and the U.S. differ. All cost estimates come from self-reported data. Exchange rate fluctuations and other factors may affect cost comparisons.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.
FAQs
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, compared to an average $1,746 per month in Europe.
How does Europe compare to the US? ›
Despite this similar land area, Europe is much more densely populated, with over twice the population of the US. Additionally, although Europe has a larger land area, the US economy is slightly larger, surpassing Europe's by approximately $4.6 trillion.
How expensive is it to live in the US compared to other countries? ›
Cost of living and purchasing power related to average income. We adjusted the average cost of living inside the USA (based on 2023) to an index of 100. All other countries are related to this index. Therefore with an index of e.g. 80, the usual expenses in another country are 20% less then in the United States.
Is food more expensive in Europe than the USA? ›
A quantity of bread and cereals items that cost $100 in the United States would cost $156 in Denmark, but only $85 in Portugal, and only $40 in the Czech Republic. Meat costs are higher in most EU countries than in the United States, but are much lower in the Eastern European countries.
How is the US economy compared to the EU? ›
The United States was the second largest, with 15.5% of world GDP. The EU was in third place, with 15.2%. Among the 20 countries in the world with a share larger than 1% of the world GDP expressed in PPS, there were 5 EU countries: Germany (3.4%), France (2.4%), Italy (1.9%), Spain (1.4%) and Poland (1.0%).
Does US pay more than Europe? ›
However, with the average US salary now standing at $59,228 (over €54,000), in more than a dozen European countries, including Switzerland, Iceland, Luxembourg, Norway, Belgium, Austria, Germany, the Netherlands, Denmark, Finland, Sweden, Ireland and France, are surpassing their American counterparts when it comes to ...
Is EU or USA richer? ›
By this metric, the EU as a whole was 75% as affluent as the U.S. in 2022. The OECD gives less favorable, but still fathomable, figures: in 2021, the average household in the European Union had 61% of the gross disposable income of the average household in the United States.
Which European country is the most expensive to live in? ›
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.
What European country is most like the US? ›
For the US, only four countries are seen as similar by at least half of Americans. Parent country the UK (66%) and sibling Canada (70%) are seen as alike the US by notable majorities of Americans, with third and fourth-placed Australia and Germany much further behind on 53% and 51% respectively.
Is living in Europe worth it? ›
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.
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.
What is the cheapest American friendly country to live in? ›
This makes Vietnam a prime destination for Americans seeking affordability and a high quality of life. Colombia follows as the second most affordable country. In Colombia, 85 percent of expats view the cost of living favorably, and 91 percent believe their income is enough to live comfortably.
Do Europeans eat healthier than Americans? ›
The European diet is much less processed than the Standard American Diet. But that's not to say there aren't any unhealthy factors — it all boils down to your food habits.
Is food cheaper in Italy than America? ›
Insights and Comparisons. The comparison revealed that, dollar for dollar, Italy is approximately 20% cheaper than the USA when considering food, rent, transportation, and other categories.
Are groceries more expensive in USA or UK? ›
UK grocery prices are 33.6% lower than in the US, and UK restaurant prices are 7.2% lower than in the US. That said, the UK's local purchasing power is 13.8% lower than in the US.
What is the median income in the US compared to the EU? ›
According to the Organization for Economic Co-operation and Development, the average annual salary in the US was $77,000 in 2022, compared with $52,700 (PPP) in France. The purchasing power parity adjustment is reassuring but incomplete. Above all, the higher cost of living reflects stronger economic development.
Does the US pay more taxes than Europe? ›
Are US taxes higher than in Europe? As for who pays more in taxes, it depends on a particular country. The US has higher rates compared to Eastern European countries (Poland, Bulgaria, Romania, Hungary), but lower rates in contrast with Western European states (France, Germany, Denmark, and the UK).
How much of the US is housing affordability compared to Europe? ›
On the other hand, property prices in Europe are much more affordable compared to the U.S. In fact, while property prices in the hottest U.S. markets jumped by 30% between early 2021 and the first quarter, prices in Paris and London rose just 5%, and in Florence, they dropped by 1.6%.
