Monday, 09 July 2018 07:20

Comparing Average Rent In 540 Cities Around The Globe

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If you've ever wanted to know how much it costs to live around the world by budget, look no further. A Reddit user used data extrapolated from Numbeo to create a chart of the average cost to rent a dwelling in 540 cities worldwide, separated in $50 increments and color-coded by geographic region.

It costs an average of $800 per month, for example, to rent in Bangkok, Montreal and Muscat, Oman.

KyleKun's process

I used Numbeo's Cost of Living Index Rate (pulled on June 16, 2018) to obtain the rent index for the cities featured in this chart. I used my home town of Cincinnati's average monthly rent (about $950) as the reference number to calculate every other city's average monthly rent, based on each city's respective rent index.

Next, I rounded each rental value to the nearest $50 interval. You can check my work here... I tried to choose cities that somewhat contrasted with each other, were in totally different geographies, or in cases where it was sort of unexpected (to me) that the cities had similar rental costs based on the data.

That said, things such as affordability and average dwelling size are absent this analysis - which KyleKun says he plans to integrate in the future. Crime rate, happiness index and average temperatures would also be interesting metrics to be able to filter and sort by in an interactive format - but let's not get carried away. 

(click to enlarge)

In terms of affordability - the most expensive (San Francisco) doesn't necessarily mean it's the least affordable. As UBS reported recently, Hong Kong may not be the most expensive city to live in - but it's the world's most unaffordable - as a skilled service worker needs to work an average of 20 years to buy a 650-square-foot (60 square meter) apartment near the city center. 

[insert: ubs unaffordable.jpg , hong kong centaline.jpg ]

It will be interesting to see what KyleKun's chart looks like 10 years from now, and how many years the average skilled service worker in Hong Kong needs to afford a tiny apartment. ...

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