Bucharest takes top spot in ranking of most affordable European capitals to live in

A new ranking has revealed the most affordable European capitals to live in, with Bucharest, Romania, topping the list.

The ranking was compiled by personal finance experts at Finansvalp by taking into account data from the cost-of-living website Numbeo in order to create an affordability index. Every European capital city was measured and given a score out of 100 based on eight factors.

The factors within the index included the monthly cost of renting a one-bedroom apartment outside of the city center, 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.

When considering these factors, Bucharest, Romania, was found to be the most affordable European capital city to live in, scoring 59.69 out of 100.

The research found that each month, Bucharest residents take home GBP 1,098.50 on average after tax and can expect to pay around 34% of their income on accommodation. The monthly cost of renting a one-bedroom apartment outside of the city center was found to be GBP 375.15 on average.

Residents can expect to spend GBP 164.57 on household bills and GBP 120.69 on lifestyle expenses each month, which include dining out, fitness, and travel passes. This leaves them with around GBP 438.09 in disposable income each month.

The second cheapest capital city in Europe is Chisinau, Moldova, scoring 56.40 out of 100. The ranking found that residents in the Moldovan capital earn, on average, GBP 602.40 per month after tax and can expect to spend 51% of their income on accommodation.

The third most affordable capital city in Europe is San Marino, with a score of 54.53 out of 100.

Vilnius, Lithuania, is the fourth most affordable European capital, with a score of 53.68 out of 100, while Vaduz, Liechtenstein, is the fifth most cost-effective, scoring 53.19 out of 100.

The study also revealed the most expensive cities to live in, with London, England, scoring 41.04 out of 100. Residents of the English capital earn GBP 4,169.68 after tax and can expect to pay around 49.5% of this for a one-bedroom apartment at an average cost of GBP 2,064.91.

The second most expensive capital city is Monte Carlo, Monaco. The third most expensive capital city is Dublin, Ireland, which scored 42.24 out of 100. Here, locals earn approximately GBP 3,591.95 each month and can expect to spend GBP 1,929.82 a month for a typical one-bedroom apartment outside of the city center.