It's Official, Montreal Ranked #2 Most Affordable City In The World
The cheap life is the good life.
Students have it, but so do young folk in general, what with the city's low cost of living and pretty darn decent minimum wage rate. And now the world will know Montreal is a haven for anyone below the age of 29, as Montreal has been ranked the #2 most affordable city on the planet.
Giving Montreal such a prestigious global standing is the YouthfulCities Affordability Index, an annual world-spanning analysis of the largest metropolises and their respective affordability for individuals aged 15 to 29 enacted by a Toronto-based startup.
Upping their game this year, YouthfulCities doubled their efforts when creating their ranking of the world's most affordable cities for young people. 55 cities were included this year, whereas only 25 were chosen in 2014.
When creating the ranking system, YouthfulCities paid special attention to how a city's minimum wage influences the overall cost of living. This was done to ensure that the cities who rank high on the list are actually affordable, rather than having really low wages along with cheap prices for food and rent, which basically cancels each other out.
That's why last year, Paris actually received the #1 spot. While Paris is considered a pretty pricey city, the capital of France has a pretty high minimum wage (12.84 last year), thus making the cost of living more affordable in relation.
But while Montreal holds the second spot in the YouthfulCities Affordability Index, who claimed number one? That title goes to Sydney, Australia, which was found to be the most affordable city for 15-29 year olds in the world.
Several fairly interesting categories were used to assess each city's affordability rankings, all of which play into the life of a young person/professional.
Minimum wage was taken into consideration, as mentioned, which is was used to assess how many hours it took to purchase products like a carton of eggs, a tube of toothpaste, gym memberships, taxi prices, the cost of movie tickets, and rent.
Check out how Montreal placed in every given category below, with the overall worldwide rankings found after.
#5 City with Highest Minimum Wage ($10.05)
#13 For Fast Food Prices (74.17 minutes)
#8 For the Price of a Dozen Eggs (0.35 hours)
#2 For the Price of a Tube of Toothpaste (0.18 hours)
#4 For Gym Memberships (5.18 hours)
#19 For Taxi Prices (85.84 minutes)
#4 For Movie Ticket Prices (1.16 hours)
#2 For Rent Prices (161.43 hours)
Overall Worldwide Rankings:
4. San Francisco
10. Los Angeles
11. Washington DC
17. New York City
18. Tel Aviv
26. Hong Kong
34. Buenos Aires
39. New Delhi
46. São Paulo
47. Rio de Janeiro
51. Mexico City
53. Dar Es Salaam