The report presents costs of living in more and more fashionable districts of world metropolises which develop around areas considered as business centers, such as New York or Square Mile in London. Moreover, different variables were taken into consideration at the analysis of data: amount of the initial remuneration for graduates, costs related to lease of a flat, fees for using the utilities and prices in local shops.
A lot of new districts which arise around traditional central business districts (CBD) also offer fashionable and vibrating with life places which are often attractive for young graduates who have just started their careers. However, with the increase in popularity of those places, the prices are also becoming higher. Therefore, young graduates often have difficulties related to maintenance in those districts – says James Roberts, president in Research Department for Commercial Property Market in Knight Frank.
The cost of living rating shows that in some cities the graduates who want to live near the city center ask their partners for help or they get into debts in order to afford apartments and life on a basic level in the neighborhood of the center. For instance, Hong Kong belongs to such metropolises – most of young specialists struggle with 5 per cent debit at the end of each month. Unfortunately, Warsaw also has the same problem (typical overdraft at the end of each month totals 3 per cent).
The European centers which remain affordable for young employees are in Germany and France. For instance, the graduates who work in Frankfurt have 60 per cent of their remuneration at the end of each month. The city which is left far behind Frankfurt or Paris and other meaningful metropolises (Beijing, Sydney, New York or San Francisco) is London where young workers have only 28 per cent of their remuneration.