London vs New York - Which is the best city to rent in?

If you live in a city, chances are you spend a fair bit of time complaining about the cost of living, particularly if you live in London or New York.

Both regularly feature on lists of the world’s most expensive cities for good reason. Yet both are also amongst the most creative, vibrant, diverse cities in the world.

We decided to ask flatmates in London and NYC how they live. By looking at average rents, cost of living, who people live with and how they commute, we’ve been able to build up a fascinating head to head picture of how London and New York really compare.

Let’s dive in and look at the typical flatmate in each city….

So, the average Londoner earns less, is slightly younger and is more likely to have several flatmates. But how far does her money go? Let’s look at rents.

London is definitely cheaper than New York when it comes to rent, which might come as a surprise to a few Londoners. You’re also more likely to get some outside space for your money.

Those annual savings make it pretty clear that living with flatmates is way cheaper than renting on your own too!

Next we looked at the cost of living…

Turns out that, while Londoners earn less, they also need to spend a lot less on bills and food.

Finally, the dreaded commute. How do Londoners get around and how long do we spend commuting compared to New Yorkers?

The typical Londoner has a longer commute than her New York counterpart. Only one in three Londoners has a commute of less than 30 minutes, compared to half of New Yorkers. Looks like Londoners are more healthy though, as we’re more likely to use our commute to exercise (and we’re less likely to hop in a cab!)

So, there you have it. Which city wins? The truth is that both London and New York are incredible places to live, but the experience is a little different – Londoners have cheaper rents, bills and general cost of living, but those higher salaries mean New Yorkers tend to have more money left at the end of the month.

So, which would you choose?

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How about living in London (or anywhere) rent free?

If you don’t already, make sure you’re entering SpareRoom’s Live Rent Free competition. Every month we give away a month’s rent to one lucky flatsharer. If you don’t enter, it’s not going to be you, is it?