SmartAsset
1 / 2Key findings
- The cost of living gap is wider in Europe than the U.S. While the median cost of living in the U.S. ($2,508) is higher than Europe ($1,746), there is a wider gap between the most expensive European countries and the most affordable ones. Switzerland, which has Europe's highest monthly cost of living ($4,059), is 4.5 times more expensive than Bosnia, Europe's least expensive country ($900). In the U.S., Hawaii's cost of living is the highest ($3,167) and Kentucky is the most affordable ($2,275).
- Costs in the Carolinas are comparable to Germany. A single person with no children needs about $2,503 per month in Germany – similar to what the same person would need in South Carolina ($2,501) and North Carolina ($2,492).
- California and New York costs are most similar to Denmark. The median cost of living in the second- and third-most expensive states in the U.S. is $3,155 and $3,126, respectively. That's only slightly less than the $3,176 that's needed to get by in Denmark.
- Colorado and New Jersey have similar costs to the U.K. The median cost of living in the U.K. ($2,827) is comparable to both Colorado and New Jersey, where a single person with no kids spends $2,843 and $2,798 per month, respectively.
- It's more expensive to live in the cheapest U.S. states than most of Europe. Twenty-six countries, including France ($2,240), Sweden ($2,100), Italy ($1,743) and Spain ($1,719), have lower costs of living than Kentucky ($2,275), which has the lowest cost of living in the U.S.
- Costs in Virginia and the Netherlands are nearly identical. A single person with no children can live on $2,788 per month in Virginia, just $12 more per month than in the Netherlands ($2,776).
- The Florida of Europe? Liechtenstein, a tiny mountainous country between Switzerland and Austria, is the European nation with a cost of living that's most comparable to the Sunshine State. The basic monthly living costs for a single person with no kids in Florida is $2,689, just $4 more than in Liechtenstein.
- Finland and Texas share a similar cost of living. The median cost of living in Texas is $2,555 per month, which is most comparable to the basic costs of Finland ($2,527).
- Belgium has a comparable cost of living to the most affordable states. Basic costs for a single person with no children in Belgium ($2,292) are most similar to those of Arkansas ($2,278) and Kentucky ($2,275) – the two states with the lowest costs of living in the U.S.
