Thanks to reasonable rental rates and affordable leisure activities, the Scottish capital is the place to be for young people
In a recent study exploring lifestyle factors such as the cost of rent, transport fees, restaurant prices and safety across thirty major world cities, Edinburgh has come out on top as the place for millennials to put down roots. This makes it the ideal location for young people or anyone looking to make a new start with city living.
This interesting study was conducted by MoveHub: a professional property-move comparison company. They analysed and compared various factors based on data gathered from thirty popular cities in order to determine which is most affordable and appealing option.
They did so by evaluating criteria such as the average monthly cost of rent and transport. The comparison experts also looked at the density of cheap restaurants and the safety index of the location, as well as exploring the monthly cost of a popular beverage among millennials: the cappuccino.
Data from the study was collated and counted up to produce a score out of 100 for each of the 30 cities – with 100 indicating the maximum level of affordability and the ideal millennial living environment.
According to the final results, Edinburgh offered greater affordability and a superior living environment, boasting the highest density of cheap restaurants and making it an extremely viable location for millennials.
Here is a closer look at the top ten cities for millennials:
Vienna came in second for affordable living, behind the Scottish capital and closely followed by the German capital Berlin. Mumbai also managed to edge out millennial hotspots Warsaw and Melbourne thanks to its affordable public transport and cheap cups of coffee. In comparison, Copenhagen and Oslo has the highest average coffee price among the top ten.
A second set of results ranked the thirty cities again, this time purely based on the best monthly rental costs, and again Edinburgh found itself in the top ten.
This set of results looked at the average cost of monthly rent as a percentage of the average income of the city. Here is a closer look:
As you can see, the average monthly rent takes up less than a third of an individual’s monthly salary in the Scottish capital. Berlin came out on top for affordable monthly rent, taking up just over a quarter of the average income.
These results show that Edinburgh remains an affordable and realistic option for many young professionals, in contrast to other commercial centres and capital cities. Interestingly, MoveHub’s report found that rent takes up an eye-watering 52% of Londoners’ income, on average.
Of course, it isn’t just millennials who can make a happy home in the Scottish capital. Edinburgh’s rich history, culture and wealth of attractions and amenities makes it perfect for residents of any age. If you are ready to make the move to Edinburgh, why not take a tour of Craighouse, the city’s most unique new development in Morningside. Enquire today.