Every year, Europe and America continue to attract a massive number of people. This is owing to seamless arenas of opportunities and the lifestyle that is persistent in both these continents. Whatever your reason might be, it is always best to primarily do a thorough analysis of the costs of living. This includes factors such as food, shelter, minimum wage, etc.
Despite whichever of these two lucrative destinations you choose, you must first do holistic research. Living anywhere in the world comes with its pros and cons. Therefore, it is always better to inquire about essential things before making the big move. If you are split between these two choices, we have compiled a list of factors to consider below!
Cost of housing and accommodation
Cost of accommodation post analyzing utilities like electricity, rent, etc., varies among the two places. It is imperative to understand that where a person resides within Europe or America makes a large difference. For instance, housing in New York or San Francisco is definitely going to cost you a lot more than perhaps Arkansas or Waterloo.
Equivalently, residing in Barcelona or Paris will end up being heavier on your pockets than several other European places. However, comparatively, it costs double the amount to secure housing in the Americas than in Europe. Rent is also 7.33% lower in the United Kingdom than in the United States. This is also due to the diminishing Euro currency and other fiscal policies. Thus, when it comes to housing, Europe has the upper hand.
A downside of living in Europe is definitely the taxes. The cost of living in Europe comes with an appalling Value Added Tax (VAT). Sometimes, this can be as much as 25%. Interestingly, France was actually a founding member of VAT back in the 1950s.
Most countries in America are actually at the lowermost rung of the tax-paying ladder. This is due to lower tax rates on goods and services, most of which are usually covered by the purchase price. Therefore, you are going to retain a greater amount post taxes in the Americas than you would in Europe.
Switzerland (Europe) actually has the most expensive groceries in the world. In fact, it is 79% higher than the cost of groceries in the United States.
Since you cannot depend on frozen pizza for eternity, it is important to know this difference. However, most European countries actually have the edge over them. This is that they lead the market in terms of organic food and animal welfare.
It is also predicted that before 2030, 25% of the European Union farmland will be organic. Whereas in the United States, this is 1%. Europe also consists of a lot more vegan eateries and joints. Hence, make sure to factor this in for the future.
Europe is renowned for its accessibility to public transport. However, while it is accessible, it is not that cheap. A monthly transportation pass is 37% higher in the United Kingdom than in the USA. The prices of gasoline, too, are 157% higher in the former country.
It cannot be disregarded, though, that Europe is majorly shifting to electrical vehicles. Whereas America contributes hugely to pollution levels through its public transport. The bottom line is that the cost is going to be cheaper in America. Therefore, it is necessary to compare the prices of your preferred mode of transport before diving in.
It is no news that European countries offer vastly better healthcare services. This includes free healthcare for those residing there, seldom wholly subsidized. As a result, you wouldn’t have to fret about health insurance or deductibles. For a minimal fee per month, European residents can also opt for private doctors and hospitals. Hence, citizens of America deal with far greater mental pressure about healthcare.
If you have made it this far, you must now know the key differences between Europe and America. Each individual looks for different things out of place. Therefore, it is subjectively up to you to decide the best fit. Cost of living may vary with changes in the government, economy, inflation, etc. However, both of these places have unique things to offer!