Moving overseas seems expensive. Uprooting your life and securing the necessary visas sounds like a daunting task. While many of us would love to move to Europe, it seems like an unattainable dream. Surprisingly, many European cities are more affordable than cities in the states. According to a study by Yahoo Finance, basic expenses for a single adult with no children in the US are $2,508, compared to an average of $1,746 per month in Europe. Here are 10 ways you can save money by making the move to Europe.
1. Lower Housing Costs
Did you know it’s cheaper to rent in Paris than in Nashville? In many European cities and towns, the rental market and housing prices are much more affordable than in the states. Plus, there are many incentives to revitalize towns, like in Italy where 25 municipalities are selling off houses for 1 Euro.
2. Lower Healthcare Costs
If you gain citizenship, healthcare in Europe is universal. Logistics of the healthcare system vary by country, and some use a mix of private and public systems to subsidize healthcare. In Germany, universal health insurance is provided in the form of a social insurance plan which makes it affordable for all citizens. Undoubtedly, healthcare is more affordable than in the United States. In 2022, Americans spent an average of $13,493 per person on healthcare, which is more than any other high-income nation,
3. Better Currency Values
The Eurozone comprised of the 20 member states of the European Union that use the euro, is known for its economic stability and strength. Being the most popular currency in Europe, the euro has high liquidity and low spreads in forex trading. This means there is less volatility with the currency. The US dollar in contrast has seen a great deal of fluctuation between 2008 and 2022. So, your money may be safer and go further in Europe.
4. Lower Cost of Goods and Services
While some goods in Europe cost more like cars, on average goods and services cost less in most European countries. If you buy designer goods in Europe, you usually will pay less because they are produced there. Shipping them to be sold overseas usually drives up the end cost for consumers.
5. Better Quality of Life
In Europe, most people work to live. Workers enjoy long lunch breaks, month-long holidays in the summer, and reasonable work hours. While this lifestyle may not seem like it will save you money, an overall increase in well-being will. Studies have shown that being happier leads to greater financial success and better health.
6. Cheaper Food
Europe is known for the quality of its food and has the highest food safety standards in the world. Not only is the food better quality, but in many European countries, it is cheaper than in the United States. For example, food in London is 35% cheaper than in New York City. The average cost for a loaf of bread in London, with conversion, is $1.38 and $4.07 in New York.
7. Public Transportation and Walkable Cities
In Europe, residents are often discouraged from taking private vehicles with taxes. This provides more funding for infrastructure for public transit. While many US cities are built around highways, European cities are built to be walkable. Around 10% of Europe’s population takes public transit to work each day compared to 2% in the US. According to the American Public Transportation Association, individuals who switch to public transit instead of driving save over $13,000 per year.
8. Social Safety Nets
Social safety nets in the United States are often lacking. In Europe, for example, many countries subsidize childcare. This can be a huge financial burden for US families with monthly childcare costs averaging $1,300. Furthermore, social security programs in most European countries are very strong.
9. Affordable College
Many European countries have free or nearly free higher education. Overall, even nearly free colleges and universities are much more affordable in the United States. The average cost of college in the United States is $38,270 per year, including books, supplies, and daily living expenses. For comparison, in Belgium, the average tuition fee is around $1,060 per year for EU students and $4,900 per year for non-EU students. If you have college-aged children, moving to Europe can save you thousands of dollars.
10. Cheaper Travel Costs
Traveling when you live in Europe is much more affordable. Europeans are able to get around to different countries often without a plane ride. EU citizens also can enjoy travel discounts. These discounts are usually for seniors or students.
Making the Move
Now that you know how you can save money by moving to Europe, does it seem more attainable? All in all, you can save thousands per year by making the move. Depending on which country you choose, you also can benefit from things like subsidized childcare, free higher education, and a lower cost of living. Which country would you love to move to?