- With a score of 8.71 /10, the United States has been crowned the most affordable country to live in. Taking the top spot, with an overall affordability score of 8.71 /10, is the United States. As one of the largest countries by area, you will find a lot of variation when it comes to the cost of living. Having said this, the US has a high gross national income of £56,035 ($70,930 | €63,837) and a low property price-to-income ratio of 4.5 which suggests that, on average, this country is more affordable to live in than any other on this list.
- Canada has an overall affordability score of 7.32 /10 which is the second highest of any country in this list. As the second North American country in this top three, it appears that this continent is superior in terms of the overall affordability of living. Some of the factors that have contributed to Canada’s position on this ranking are the low household natural gas price of £0.035 ($0.044 | €0.040) per kWh, and household electricity price of £0.09 ($0.12 | €0.11) per kWh.
- Completing this top three list of the overall most affordable countries to live in is Australia with a score of 7.23 /10. Whilst some expenses in this country have skyrocketed in price, it appears that Australia is one of the most affordable places to live when it comes to the price of household bills, evidenced by the £0.069 ($0.085 | €0.079) price of natural gas per kWh, and a 7.5 property price-to-income ratio.
Hungary is 15th on the list.
Gas prices:
- Argentina, Belarus, and Malaysia are the TOP 3, while Hungary is only 11th preceded even by Serbia and Slovakia despite the Orbán cabinet’s utility price protection scheme. Read more about that HERE.
Property prices:
- the USA, Belgium and Denmark are the TOP 3, Hungary is only 23rd out of the 66.
National income:
- Ireland, the USA and Denmark occupied the first three places, while Hungary is only 22nd.
Methodology
“We took a list of the most developed countries in the world, giving us a total of 66 countries. However, we had to remove any countries for which we were unable to get all the data, leaving us with a total of 29 countries in the final index. We used Global Petrol Prices to find the price of electricity for households, as well as the natural gas price for households in each country as of 2022. We used Numbeo to find the property price-to-income ratio for each country as of 2023. We used The World Bank to find the gross national income of each country in 2021. We used the affordability factors (household electricity and gas prices, property price-to-income ratio, gross national income) and normalised each factor out of 10 before taking an average of those scores to get our overall ‘affordability score’”, Utility Bidder wrote.
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