How much is the UK vs US cost of living? | Birmingham Lawyers (2024)

FAQs

How much is the UK vs US cost of living? | Birmingham Lawyers? ›

According to cost-of-living comparisons, the cost of living in the UK compared to the US is broadly equal, with the UK being slightly less expensive by some measures. Consumer prices (including rent) in the United Kingdom are almost 8% lower than in the United States.

If you're planning to live and work in either of these countries, you can use the figures below for the cost of housing, health care, utilities and food as a general guide. In the UK, the cost of living index is actually 7.73% lower than in the US.

Consumer prices are 15.9% lower in the UK than they are in the US, not including rent. When rental prices are included, UK consumer prices are 23.1% lower than in the US.

Regardless of where you are on the property market, according to the UK Land Registry stats, buying a home in the UK costs an average of £291,385. (as of September 2023). On the flip side, the average cost of a home in the USA currently stands at USD 380,000 (£297,650), marginally higher than in the UK.

A family of four estimated monthly costs are 4,890.7$ (3,835.1£) without rent. A single person estimated monthly costs are 1,405.3$ (1,102.0£) without rent. London is 19.7% less expensive than New York (without rent). Rent in London is, on average, 30.8% lower than in New York.

Pay in Britain has long lagged behind the United States, with the average worker earning £17,000 less per year. The average salary was just over £52,000 in the US last year, according to the US Bureau of Labor Statistics. But the UK equivalent was £35,000, according to the Office for National Statistics (ONS).

Both nations have a cost of living that varies greatly depending on where you live. However, you can expect that there will be a higher cost of living in the US than the UK. Data shows that the cost of living is 0.49% lower in the UK than the US. This difference is even greater in cities that are expensive to live in.

Great Britain is one of the most expensive countries in the world to live in. At the same time, it offers one of the best standards of living in the world. The UK has relatively low levels of poverty and a stable government. The UK is also an open-minded country to migrants.

During our visits in February 2023, we found that prices in the grocery stores were relatively affordable. However, some items, like eggs, were significantly cheaper in the UK and, overall, our shopping list would cost us far less in the UK.

The average rent in the UK is now £1,223 per month after 7.2% growth in the last year. The highest average rent in the UK is in London (£2,121) while the North East has the lowest monthly rent (£695).

Is rent cheaper in UK or US? ›

Key Takeaways. In 2024, rent prices in London are 29.5% lower than in New York City. The U.S. is forty times larger than the U.K., so costs depend on where individuals and families reside. The average monthly salary after taxes is 42% less in London than in NYC.

UK housing is 'worst value for money' of any advanced economy, says thinktank. The UK's “expensive, cramped and ageing” housing stock fares poorly compared with other advanced countries, analysis by a thinktank suggests.

On average, living in the USA tends to be more expensive compared to Canada. However, it's vital to understand that these costs vary significantly within each country. While some expenses may be higher in Canada, such as food and real estate, the USA faces higher costs in areas like healthcare and education.

1 imperial gallon (8 imperial pints/4.55 litres) is around £2.10 in a London supermarket. 1 US gallon (6.66 imperial pints/3.79 litres) is around £1.71. They don't really sell it in gallons. The biggest are either 4 pints or 2 liters which would cost about £1.10.

Four categories – health, transport, housing, miscellaneous (largely private insurance) – account for 95% of the American advantage over the UK in living standards. Healthcare spending accounts for 12 of the 30 percentage point gap; housing 9 percentage points; transport 4 percentage points.

In areas with high demand, such as London, housing prices tend to be significantly higher. With a 30k salary, it might be more challenging to afford housing in expensive locations or spacious properties. However, in many regions of the country, it is possible to find suitable accommodation within this salary range.

Overall, Numbeo reports consumer prices being about 25% cheaper in London. Therefore, retiring in a U.K. metropolis will likely be less expensive than in the biggest cities in the U.S. The U.K. recently closed its retirement visa program, meaning retirees don't have a straightforward way to get into the country.

Updated on 02 May, 2024

However, the living expenses in UK can be higher than in most other countries in the world. The average cost of living in UK as a family of four is around $3,135(£2,268) without house rent. As a single person or student, the estimated living expenses in UK is $900(£651) without rent.

The average price for a tank of petrol in the UK is £85. The average price for a tank of petrol in the US is £46, 46% less than in the UK. The global average price for a tank of petrol is £60.