- London has been named the least affordable capital city to live in Europe, followed by Monte Carlo and Dublin.
- Each location was scored based on the affordability of eight living costs, including rent, utilities and travel.
- The ranking also revealed the most affordable cities to live in, with Bucharest, Chisinau and San Marino most cost-effective.
A new ranking has revealed the most expensive European capitals to live in, with London topping the list.
Personal finance experts at Finansvalp gathered data from the cost-of-living website Numbeo, in order to create their affordability index, which included every European capital city. Each city was scored out of 100 based on eight factors, which included accommodation, utility, transport and lifestyle costs.
The factors within the index included the monthly cost of renting a one-bedroom apartment outside of the city centre, electricity and water bills, monthly mobile phone and broadband plans, fitness club fees, a travel pass and the price of a meal out for two. These expenses were measured against the average monthly net salary for a person living in each city.
Considering all these factors, London was found to be the most expensive European capital to live in, scoring 41.04 out of 100.
Those living in the English capital earn £4,169.68 after tax and can expect to pay around 49.5% of this for a one-bedroom apartment in the city at an average cost of £2,064.91.
The second most expensive capital city is Monte Carlo, Monaco. The city is technically a district, which makes up the city-state of Monaco and has become a playground for the rich and famous.
As a result, locals face some of the highest living costs in Europe, with the city scoring 41.23 out of 100. Residents earn £8,406.99 on average each month, with a one-bedroom apartment in the area costing £3,126.29 – the third highest accommodation cost of any capital city in Europe.
The third most costly capital city in Europe is Dublin, Ireland,with a score of 42.24 out of 100.
Each month, residents in Dublin earn, on average, £3,591.95 after tax and can expect to pay around 53% of this for a one-bedroom apartment in the city at a cost of £1,929.82.
Residents typically spend £375.64 on monthly household bills and £281.05 on lifestyle activities like meals, fitness and travel.
The fourth most expensive European capital to live in is Luxembourg City, Luxembourg, with a score of 44.18 out of 100, while Bern, Switzerland, appeared as the fifth most expensive capital city, scoring 45.38 out of 100.
