Standard of living in London and New York.?

Question

If I was to earn either £35,000 in London or $70,000 in New York, which would allow me a better quality of life. So what are the differences in the take home pay after tax, what would the comparison of rent be, eating out, etc. Please base answers on a lively, 27 year old wanting to live in a safe area, in a nice apartment ( flatshare) not neccesarily in Manhattan.

Answer 1

London is currently way over priced and the bottom is about to fall out of the housing market so I'd wait till the beginning of the next economic cycle in 2 to 3 years if you want to move here and rent or buy.

Answer 2

As someone who just spent three months in London working for her company and earning half her salary, your $70,000 will take you further in New York. Americans working on a visa in London regularly get heavily taxed, though I'm not sure how much more than in New York City. While you're likely to get your apartment for slightly cheaper (even with the exchange rate) in London, you'll save other places like food/dining/shopping/entertainment expenses in New York.

I always compare everything in terms of drinks...a good cocktail in New York is 10 dollars and a good cocktail in London is 10 pounds...therefore, Manhattan is the better deal.

Answer 3

You're comparing apples to apples - literally. The standard of living is not going to be that much different between two of the most expensive cities in the world. Plus you've been too general. But this website should help you. You can download a free demo.

TWO CITY COST-OF-LIVING COMPARISONS
Cost-of-living comparison information for employee relocation planning.


ERI's Relocation Assessor® & Cost-of-Living Survey is a desktop software application that compares cost-of-living levels in over 10,000 areas worldwide (Consultant Edition). HR professionals and consultants utilize this software to calculate cost-of-living increases for relocating employees.

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Tax equalization options are available for international relocations. Cities may be compared individually or grouped into user-defined locations based on commuting distance of the local labor pool.

Domestic and International Cost-of-Living Comparisons

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The Relocation Assessor software is a comprehensive cost-of-living calculator, reporting data compiled from thousands of cost-of-living surveys and sources worldwide. Data is presented in the currency of your choice, and your cost-of-living comparison reports can be saved, printed, emailed, or exported to other desktop applications. Subscribers receive dataset updates each quarter (in January, April, July, and October of each annual subscription year) via Internet download or mailed CD-ROM.

Answer 4

I wish I knew that one!