Given the low cost of living and fittingly Bohemian lifestyle, Prague was known as the “West Bank of the 1990s” two decades ago following the influx of foreign expatriates after the fall of Soviet rule in the country.
That may no longer be the case, as many long-time residents can tell you, with a surge of foreign businesses and soaring rent prices in the Czech capital driving Prague through the 21st century.
But the city’s cheap and plentiful beer, social pub culture, and relaxed lifestyle remain a big draw and have led to Prague’s inclusion in articles like “Where to Move When You’re Young and Broke” (aka, when you’re a millennial).
Using data from Deutsche Bank, Numbeo, Expatistan, TripAdvisor and the UN, relocation website MoveHub conducted a study of 32 popular cities across the globe for “cash-poor millennials.”
A scoring system assigned a value to each city using factors like the cost of monthly rents proportional to income, monthly public transport passes, cheap eats, and coffee, and Deutsche Bank’s Safety Index.
After each city was given a value on a scale 100, with the highest being the most affordable, Edinburgh came out first with a score of 82.95 as a surprise winner. The Scottish capital was followed by Vienna and Berlin.
But Prague came in right on their heels at #4 as European cities dominated the top 10. Eight of the top 10 most affordable cities for millennials were in Europe, while only 15 of the 32 cities in the overall study were in the region.
Prague ranked highly in the Safety Index, cheap eats, and transportation categories. But it was the rent prices that kept the Czech capital out of the top spots.
While Berlin had the lowest rents proportional to income (at an estimated 25.64%), Prague didn’t rank in the top 10 here.
These are the world’s top 10 cities for the young and broke, according to MoveHub:
1. Edinburgh, Scotland
2. Berlin, Germany
3. Vienna, Austria
4. Prague, Czech Republic
5. Madrid, Spain
6. Helsinki, Finland
7. Copenhagen, Denmark
8. Mumbai, India
9. Melbourne, Australia
10. Warsaw, Poland