The cost of living in the EU

The benefits of being an EU citizen are undoubtedly plenty. One of the main ones is that goods, services, people and capital can move freely throughout the EU. However, concerns about the cost-of-living crisis have been steadily increasing: 93% of Europeans state that they are seriously worried about how they will cope. In light of the current situation, let’s take a look at what it really means to live in the EU in terms of costs.

To begin with, living costs can vary greatly across the EU. Western European nations (e.g. France, Norway), are generally more expensive because their economies as stronger. On the other hand, countries such as Hungary and Bulgaria can be more affordable overall. Compare, for example, the monthly living costs of one person in Norway (EUR 1 125.2) versus those of someone living in Bulgaria (EUR 606.5).

Below are the main factors in cost-of-living calculations, showcasing some of the variations across EU countries.

Housing

Between 2015 and 2023, house prices in the EU almost doubled. The biggest increase was noted in Hungary (173 %) and the lowest in Finland (5 %). Over two-thirds of Europeans own their homes, but of those who rent, Bulgaria offers the most affordable options, with Switzerland at the other end of the spectrum (EUR 550 versus EUR 2 543 for a one-bedroom flat, respectively).

Electricity bills

Another concern for EU citizens is the energy crisis, initiated by the COVID-19 pandemic and exacerbated by Russia’s invasion of Ukraine in 2022. Energy prices rose to record levels, driving many individuals to the brink of poverty. Even though the energy market has mostly stabilised since then, prices are nowhere near pre-pandemic levels. As of early 2024, the highest household electricity prices are observed in Germany (EUR 0.3951/KWh) and the lowest in Hungary (EUR 0.1094/KWh).

Public transport

Public transport is always the smartest option, both for the environment and for the wallet. However, here, too, variations can be steep. A one-month pass in Ireland, for example, will set you back EUR 115, whereas in Romania it costs only EUR 13.06.

Leisure

What would life be without a meal out, a good film at the cinema, or a nice cup of coffee with friends? A meal for two at a mid-range restaurant costs EUR 65 in Berlin and EUR 50 in Bucharest. A cinema ticket costs around EUR 21 in Switzerland and EUR 7.50 in Portugal. A cup of coffee in Portugal may cost only EUR 1.50, but to get your caffeine fix in Denmark, you will part with about EUR 4.

Groceries

Prices for food items again vary across EU countries: 1 kg of apples in Athens costs EUR 1.90, whereas in Stockholm it costs EUR 2.88. Switzerland tops the price charts for bread, cereals, meat and fish, while these products are the least expensive in Romania (bread, cereals, fish) and Slovakia (meat).

Happiness index

There is one commodity that doesn’t come with a price tag, but it just might be the most valuable. According to the World Happiness Report 2024, Finland is still top, with Denmark very close behind. All five Nordic countries are in the top 10.

Relocating for work and looking for accommodation to suit your needs and budget? Check out House-hunting in the EU? Here’s where to start for useful tips.

Eurostat - Comparative price levels of consumer goods and services

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