Living in the city is always expensive. Not only do you spend all your money on going out to restaurants, bars, and the cinema, but house prices and general cost of living are sky high in the city.
London and Copenhagen are perfect examples of how expensive living in the city can be. Furthermore, according to The Economist’s list of the World’s Most Expensive Cities there is not much difference between the two cities as Copenhagen ranked 15th just ahead of London’s 16th place. Yet, the Vikings in London team wanted to find out more about how the two cities differed in price concerning the following important aspects: rent, going out and food. Which city is the best place to get value for money on your rent? If you want a cheap night out where’s the best place to go? Have a look at our charts to find out more.
For city dwellers the idea of buying a property is a distant dream, and so renting becomes the only option for many. However, rents are constantly rising in cosmopolitan areas and with wages stagnating or even decreasing, rent prices are a constant issue for many people living in the city. We took a look at the rent price differences in both London and Copenhagen.
Both London and Copenhagen are experiencing an economic downturn and this has affected house prices and the housing market. In Copenhagen house prices are falling and rent prices are increasing because people are wary to buy, or just can not afford it. This has led to an increase in demand for rented housing and the escalation of rent prices. A similar cycle has occurred in London, a part from one major difference – the Olympics. In general houses near the Olympic Park in East London increased by an average of 33% between 2005 (when London won the Olympic bid) and 2012. The effect the Olympics had across London house prices are undeniable, and is made even more clear when rent prices are compared to Copenhagen. Our chart shows that London rent prices are nearly 70% higher than Copenhagen properties, and it does not look like these numbers will reduce anytime soon.
Copenhagen is renowned for being very expensive, especially to eat out and our chart below agrees with the general consensus.
The prices in Copenhagen restaurants are high because customers pay for the atmosphere of a restaurant and not just the food. Have a look at the winner of the World’s Best Restaurant award in 2010 (currently Number 2) Noma. However, just like London there are places to eat amazing food on a budget. The Vikings recommend trying out some of the independent and diverse restaurants outside of the city centres.
The chart below shows how the two cities differ in the necessities of everyday life – the weekly shop.
£2.27 on a loaf of bread seems excessive to the Vikings in London team! Yet, comparing these prices demonstrates how Copenhagen edges ahead of London in the list of the most expensive city in the world, as basic items are noticeably more expensive than in London.
Even though London’s rents are drastically higher than those in Copenhagen, it can be inferred that the general day to day cost of living makes Copenhagen more expensive than London. Both cities are great places to live and work in, and even though the cost of living can sometimes be a struggle it’s worth it for having the opportunity to live in two of the best cities in the world. On the plus side at least neither city are as expensive as Tokyo where a loaf of bread is nearly £6!
All figures in the graphs are averages. For more information on cost of living in London and Copenhagen see http://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Denmark&city1=Copenhagen&country2=United+Kingdom&city2=London&displayCurrency=GBP
Picture credit: Flickr (c) Community Friend