Looking For A Grand Destination With Low Cost Of Living? Consider These Cities
A solitary life is something most of us would not opt for. Rather we would want to live in the most famous places across the world given a choice. But, if only we could afford to live in those cities. If only our pockets allowed us to be able to bear the cost of living in these places! Well, there is no reason to lose hope. Do not just imagine that living in a place of social, political or cultural significance is just out of question for you. We list five global cities that offer you a comparatively low cost of living. Here is a little tip. If you cannot afford to buy property now, opt for renting, save enough money and then go for it.
San Jose
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The cost of living in American cities has gone down over the decades when compared to the cost of living in cities of emerging economies. However, most of them still remain off limits for most of us. Don't start to lose heart for the cost of living in San Jose, California, is much less than the cost of living in, say, Dhaka, the Bangladesh capital. According to the Economist Intelligence Unit's Worldwide Cost of Living Survey, San Jose, the city that also goes by the moniker capital of Silicon Valley, is ranked 78 while Dhaka is ranked 62. However, this third most populous city of California has been ranked the fifth most unaffordable housing market in the world in 2016 by Demographia International Housing Affordability Survey. San Jose recorded a median multiple ― the ratio of the median house price by the median gross annual household income ― of 9.6 in the survey.
Toronto
As far as property markets are concerned, major cities of Canada are fast turning unaffordable. According to the Demographia International Housing Affordability Survey, of the six major housing in Canada, two are severely unaffordable, three are serious unaffordable, and one is moderately unaffordable. The story of Toronto is, however, different. While the house prices in Toronto have increased the equivalent of annual household incomes over the last year according to the Demographia survey, the Economist has ranked the city the best city for the middle-income group. In the cost of living survey by the Economist Intelligence Unit, Toronto, a global city that is well-known for its economic affluence and cosmopolitan culture, is ranked 86 among 133 cities.
Warsaw
If your instincts drive you towards places of historical significance and you would want to have an abode in an ancient city with a grand past, Warsaw could be an option. The lower cost of living, when compared to other major ancient cities, would further drive you towards the capital and the largest city of Poland. While Rome has a ranking of 35 in the cost of living survey, Athens is ranked 92nd. Warsaw, on the other hand, has been ranked 103 by the survey. In this global city, the past and the present are blended perfectly — the economic success of the city is undeniable, too. Warsaw, in short, offers you the best of both worlds.
Mumbai
There is something intriguing about the world's largest democracy. India is not only the birthplace of ancient religions and schools of philosophy but also an emerging economy that is scaling new highs year after year. This perfect symmetry charms many a global citizen to move to India. No wonder property prices in financial capital Mumbai have skyrocketed, placing the city in the league of the most expensive markets in the world. In the cost of living survey, however, Mumbai is ranked 127th, below national capital New Delhi that is ranked 124.
Moscow
The capital of Russia, one of the world superpowers, is certainly an ideal place to live, especially if the cost of living here is much less in comparison with capitals of other peers. In the cost of living survey, Japan capital Tokyo has a ranking of four, France capital Paris a ranking of seven, the US capital New York a ranking of nine, the UK capital London a ranking of 24. Moscow, on the other hand, has been given a ranking of 98.
Also read: World's 5 Least Affordable Property Markets