Where Is It Too Expensive in Europe for Digital Nomads?
This article is in partnership with Day Translations.
According to a study conducted by bunq, a European fintech company that acquired a banking licence and whose offerings have been specifically developed for digital nomads, both London and Dublin are the most expensive cities in Europe for digital nomads.
Dublin Is Expensive
Dublin is the second most expensive European city after London, beating many other European capitals including Amsterdam and Paris. Looking at the average living costs for digital nomads, they are estimated at more than 1,500 euro per month and they include basics like accommodation, transport and food.
The report shared by bunq stated that London is the most expensive city in Europe in absolute terms, with the highest cost of living and an estimated monthly cost exceeding 3,000 euro, which works out at twice the average across a number of other cities. After London and Dublin, Amsterdam is the third most expensive city in Europe averaging costs of more than 2,500 euro per month.
The analysis from the report looked at a number of data sources and it worked out that in Dublin a digital nomad or remote worker has to pay about 2,600 euro per month just to cover essential expenses. The cost of renting accommodation alone has reached more than 1,800 euro per month on average.
The study also mentioned that in 2024 the total number of digital nomads on a global level has been estimated at 40 million and growing. From this total, about half a million remote workers have chosen to live in Ireland.
Then again, Ireland is not Dublin. Although most international companies have European headquarters in Dublin, remote workers can potentially choose to live elsewhere in Ireland and avoid paying a premium on rent.
According to figures from Statista and RTÉ, the average residential rent across the whole of Ireland is approximately 1,600 euro per month, with peaks at more than 2,100 euro in Dublin and lows of 950 euro in Donegal. Expect to pay around 2,000 euro per month in commuter areas around Dublin including Wicklow and Meath. Galway is a popular location with rent prices averaging more than 1,700 euro per month.
Where Is It Cheap for Digital Nomads?
On the opposite end of the scale, the cheapest cities to live in in Europe include the Romanian capital Bucharest with average costs of 829 euro per month, the Bulgarian capital Sofia with average costs of 870 euro per month and the Hungarian capital Budapest staying well below 1,000 per month, averaging 942 euro. The next rung on the ladder is the price bracket at around 1,100 per month, where digital nomads can find rentals in places like Athens in Greece and Zagreb in Croatia.
In a previous post we discussed a few options for digital nomads looking for places with a good quality of life and reasonable living costs across different stages in their career, from the initial years all the way through to retirement.
When it comes to calculating costs, it’s always worth comparing various sources and keep a close eye on local economy trends, as well as what government initiatives are available that aim at either incentivise or deter the arrival of digital nomads.
Picture credits: Dublin by Paola Bassanese
