Experts analyzed data from 20 cities to determine where people earn good money but don't have to spend too much on living costs.
Three cities in the UAE, including Abu Dhabi, Dubai, and Sharjah, rank among the world’s top ten most affordable cosmopolitan cities list that is topped by Kuwait in the first place.
With an average monthly income of a resident at $6,199 and a living cost of $752.70, Kuwait ranks top as the most affordable city globally.
This means residents get to keep much of their salary after covering their basic expenses, making Kuwait the most affordable city on the list while New York comes as the least affordable city on the list to live in despite high earnings, thanks to sky-high living costs, a survey conducted by Workyard Research shows.
Abu Dhabi is second on the list of the most affordable cities globally for high earnings and low living costs. On average, residents here bring home around $7,154 each month, spending about $873.10 on their living costs.
Riyadh is the third most affordable city, where the average monthly earnings are $6,245, and the living costs come up to $814.90. Both Abu Dhabi and Riyadh pack a punch with high pay cheques and low bills, Workyard said.
Dubai and Sharjah are the fourth and fifth on the list, with residents bringing in $7,118 and $5,229 per month, respectively. Living expenses in these cities are $1,007 and $741.30 each month.
The research firm’s experts analyzed data from 20 cities to determine where people earn good money but don't have to spend too much on living costs like rent, food, and utilities. The data was compiled from government labour sources, comparing each city's average monthly income with its average monthly living expenses for 2023. The resulting list presents cities that offer great opportunities for individuals looking for a high-earning, low-cost lifestyle.
Outside of the Middle East, Melbourne in Australia is a good place to earn and live, with the average monthly income at $7,312 and living costs at about $1,079.20.
Oslo, Norway, doesn't lag far behind, either. With residents earning around $7,543 a month and spending about $1,121.50 on living costs, it is a Nordic haven.
London and San Francisco are 8th and 9th on the list, with monthly earnings of $8,411 and $9,249, respectively. Living costs in these cities are a bit higher at $1,260.80 and $1,440.10 per month.
Zurich rounds out the top ten. Residents earn about $9,222 monthly and spend roughly $1,815.20 on living costs.
Surprisingly, New York has the toughest challenge of balancing income and living costs. The average New Yorker only brings home about $4,205 each month yet spends a steep $1,448 on living costs.
Workyard said its data highlights the significant differences in the balance of income and living costs in various cities around the world.
“While some cities offer a hefty paycheck with minimal living costs, others provide a challenging ratio. So, whether you're planning your next move or just daydreaming, it's worth considering these cities as your next potential home,”
News Source: Khaleej Times