Europe’s big cities make solo renting increasingly difficult, according to The Economist’s European Carrie Bradshaw index. The measure compares average one-bedroom rents with local wages, deeming cities unaffordable below a score of one. It calculates how much tenants would need to earn so as not to spend more than 30% of their income on a city’s average rent, a typical rule of thumb for affordability. London scores poorly, with average earners spending 44% of income on rent, while Geneva is expensive but slightly better cushioned by high pay. Dublin, Prague and Stockholm have also seen rents outpace salaries sharply. Only eight cities are considered affordable.
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Carrie moves to Prague, regrets it: “I couldn’t help but wonder…was it time for me to…Czech out?”
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Europe’s big cities make solo renting increasingly difficult, according to The Economist’s European Carrie Bradshaw index. The measure compares average one-bedroom rents with local wages, deeming cities unaffordable below a score of one. It calculates how much tenants would need to earn so as not to spend more than 30% of their income on a city’s average rent, a typical rule of thumb for affordability. London scores poorly, with average earners spending 44% of income on rent, while Geneva is expensive but slightly better cushioned by high pay. Dublin, Prague and Stockholm have also seen rents outpace salaries sharply. Only eight cities are considered affordable.
Carrie moves to Prague, regrets it: “I couldn’t help but wonder…was it time for me to…Czech out?”