This year's events likely mean U.S. cities are at peak expensiveness, says Deutsche Bank
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Deutsche Bank Second Quarter 2025 Earnings: EPS Misses Expectations
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Can you afford to live here? Europe's cities ranked by rent-to-salary ratio
Housing takes up a large part of household budgets, and this share is growing across Europe, according to Eurostat. High rent prices in city centres add extra pressure, especially for low-income earners and those on minimum wage. In some European countries and cities, rent can consume nearly an entire salary. In fact, in certain places, average net salaries are not enough to cover the rent for a one-bedroom apartment in the city centre, according to Deutsche Bank Research Institute. So, which countries and cities in Europe have the best rent-to-salary ratio? Where is rent simply unaffordable? And how do European cities compare to global ones in terms of housing costs and salaries? The Mapping the World's Prices report compares net monthly salaries and rents for one-bedroom apartments in city centres across 69 cities worldwide. Euronews Business takes a closer look at the 28 European cities included in the report along with a few others for broader comparison. Where are the highest salaries in Europe? In 2025, average monthly net salaries range from just €151 in Cairo to €7,307 in Geneva, with Zurich close behind at €7,127. This makes Switzerland the highest-paying country overall. In Europe, Istanbul has the lowest salary at €855, followed by €1,044 in Athens. People in the Northern and Western European cities are well-paid. The net salaries are above €4,000 in Luxembourg, Amsterdam, Copenhagen and Frankfurt. Rome has the lowest average salary among the capital cities of Europe's five largest economies, at €2,046. Madrid follows slightly higher at €2,193. Salaries are significantly higher in Berlin (€3,565), Paris (€3,630), and London (€3,637), with only minimal differences among the UK, France, and Germany. Salaries are also high in US cities, which make up five of the top 11 globally. Related Which career in Europe will reward you with the highest salary? The cost of love: Europe's most expensive and cheapest cities for a date Which European cities have the highest rents? Rents for one-bedroom apartments in city centres vary widely, ranging from as low as €189 in Cairo to €3,792 ($4,143) in New York. US cities dominate the top end of the scale. In Europe, the highest rent is in London at €2,732 (£2,365), while the lowest is in Athens at just €595. In Zurich, Dublin, Amsterdam, and Geneva, rents also exceed €2,000, while in Istanbul and Budapest, they remain below €900. Lisbon and Istanbul: Salary doesn't cover the rent The percentage of salary spent on rent is a more useful measure. It shows how much disposable income is left after paying for accommodation. The rent-to-salary ratio ranges from 24% in Bangalore to 125% in Cairo. A ratio of 100% means the entire salary goes to rent. Anything above that means nothing is left in the pocket or extra income is needed to cover rent. In Europe, rent-to-salary ratio differs from 29% in Geneva to 116% in Lisbon. Besides the Portuguese capital, the ratio is also slightly above 100% in Istanbul (101%). This means the average net salary is not enough to pay the rent for a one-bedroom apartment in either Lisbon or Istanbul. Single earners need to spend three-quarters of their salary on rent in London (75%), as well as in Barcelona and Madrid (both at 74%). In Milan, the ratio is also high at 71%. More than half of the average salary is also spent on rent in several other cities: Rome (65%), Dublin (62%), Athens (57%), Warsaw (56%), Prague (54%), and Budapest (52%). Related Living in debt? Savings expert shares secret to 'spring clean your finances' How has wealth inequality changed across Europe since the 2008 crisis? Where is the lowest rent-to-salary ratios? Geneva (29%) is the only European city where the rent-to-salary ratio is below 30%. Following that, there are five more European cities where single earners spend less than two-fifths, or 40%, of their salary on rent. They include Luxembourg and Frankfurt (both at 34%), Zurich and Helsinki (both at 35%), and Vienna (38%). Except for Helsinki, these examples do not mean that rent is cheap in these cities. Instead, they reflect higher salaries, which reduce the percentage of income spent on rent. Among the capital cities of the top five European economies, Berlin has the lowest rent-to-salary ratio, with residents spending 40% of their average income on rent. Paris follows the German capital at 45%. London has the highest ratio at 75%, followed by Madrid at 74% and Rome at 65%. This ratio in other major cities is as follows: Dublin (62%), Athens (57%), Amsterdam (49%), Stockholm (46%), Edinburgh (44%), Copenhagen (43%), and Oslo (42%). In the global list, other cities where the salary does not cover the rent include Bogota (120%), Mexico City (118%), and São Paulo (102%). In some cities, while the rent can just be paid, there is almost nothing left from the salary—this includes Rio de Janeiro (100%), Manila (94%), Buenos Aires (88%), and Mumbai (84%). The rent-to-salary ratio in New York is 81%, making it the highest among US cities. How much is left after paying the rent? Globally, the highest disposable incomes after paying rent are found in two Swiss cities: Geneva (€5,174) and Zurich (€4,638). The lowest is also in Europe, with Lisbon at –€202, meaning the average salary is not enough to cover the rent. In Istanbul, a single earner needs to find an extra €13 to pay the rent. Besides the two Swiss cities, disposable income after rent is also above €2,000 in six more European cities: Luxembourg (€3,725), Frankfurt (€2,726), Copenhagen (€2,421), Amsterdam (€2,194), Oslo (€2,140) and Helsinki (€2,021). An OECD report shows that bigger cities come with higher housing costs. Spending on housing and utilities has risen over the past 20 years in the EU. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Energy, water, and waste: How much do Europeans pay for household bills?
How much do you pay for utility bills? Do you think it's more than in other European cities? According to Deutsche Bank's Mapping the World's Prices report, which covers 67 cities worldwide including 28 in Europe, basic utility costs in 2025 differ significantly across the continent. Monthly basic utilities include electricity, heating, cooling, water and garbage for an 85m2 apartment. Europe clearly dominates the global list, with almost all of the top 20 most expensive cities for basic utilities located in the continent. Only two non-European cities make the top 20. So, which cities have the highest and lowest bills? How does your city compare? And what about major cities outside Europe? Germany is the most expensive country Overall, monthly basic utility costs range from €24 in Cairo to €370 in Munich. In Europe, the cheapest city is Istanbul, where utilities cost just €68. Within the EU, Helsinki is the most affordable at €115. It's not just Munich at the top. Two other German cities also rank third and fourth. This makes Germany the most expensive country for basic utilities. On average, residents pay €339 in Frankfurt and €333 in Berlin. Related Cost of living: Which are the cheapest and most expensive countries in Europe? Edinburgh ranks second in basic utility costs Edinburgh ranks second among the most expensive European cities for utility bills. Residents pay €346 on average. Other UK cities are also costly. London ranks seventh and Birmingham eleventh overall. Basic utilities in London cost €295, and €270 in Birmingham. The top 10 most expensive cities also include €327 in Warsaw, €304 in Vienna, €286 in Prague, €275 in Amsterdam, and €271 in Oslo. Tel Aviv (12th, €245) and Hong Kong (19th, €211) are the only two non-European cities in the top 20. Where are the lowest utility bills? After Istanbul (€68) and Helsinki (€115), the lowest utility costs are found in Budapest and Lisbon (both €135), followed by Barcelona (€170) and Madrid (€180). Average basic utility bills are also under €200 in Athens (€197) and Copenhagen (€182). In Italy, utility costs are right around the €200 mark: €200 in Milan and €202 in Rome. In general, utility costs tend to be higher in Northern and Western Europe, while they are lower in Central, Eastern, and parts of Southern Europe. San Francisco is the most expensive US city on the list, with utility costs at €202. In New York, the average is €181, though several other cities fall in between. In Tokyo, utility costs average €151. In Toronto, they're €107, and in Beijing, just €52. Related No holiday for 42 million EU workers: Where is holiday the most unaffordable in Europe? Can you afford to live here? Europe's cities ranked by rent-to-salary ratio How much have utility costs risen over the past five years? Over the past five years, from 2020 to 2025, monthly basic utility costs in euros have risen significantly in many European cities. Stockholm tops the list with a 176% increase, followed by another Nordic city, Oslo, at 133%. For cities where the currency is not the euro, looking at changes in national currencies may give a clearer picture, as part of the increase is due to exchange rate fluctuations. The increase also exceeds 90% in several cities: Warsaw (112%), Brussels (97%), Birmingham (96%), and Edinburgh (93%). Monthly basic utility costs have risen by around 50% in German cities, where residents already pay the highest bills in Europe. In Europe, Copenhagen (-7%) and Budapest (-6%) are the only two cities where utility costs declined during this period, in euro terms. Which cities spend the most on utilities as a share of salary? The portion of average net salaries spent on basic utilities varies widely across Europe. It ranges from just 3.2% in Geneva and 3.3% in Zurich to 18.8% in Athens, closely followed by Warsaw at 17.6%. Across all cities, Montreal (2.6%) has the lowest share of net salary spent on utilities, while Manila (25.9%) has the highest, with more than a quarter of income going to basic utilities. In Europe, this is around 9–10% in several countries. These shares are influenced not only by utility costs but also by income levels. In Europe, in 2025, Swiss cities have the highest average monthly net salaries: €7,307 in Geneva, closely followed by Zurich (€7,127). Istanbul has the lowest average salary at €855, while within the EU, Athens ranks lowest at €1,044. People in the Northern and Western European cities are well-paid. The net salaries are above €4,000 in Luxembourg, Amsterdam, Copenhagen and Frankfurt according to the report. Euronews Business articles on electricity and gas prices across Europe comprehensively explain why energy prices differ so much. Differences in energy sources, pricing strategies, subsidies, and support measures all influence how utility prices are formed. The Russian invasion of Ukraine has also had a significant impact on energy prices across Europe.
