If you’re planning to move to the US and you’re struggling to keep up with your rent, you’re not alone.
It’s the second-highest cost of living in the world after the US, and it’s a huge barrier to living a decent life in the country.
According to a report released by the McKinsey Global Institute, in 2019, the average cost of a single person’s home in the US was $4,000, compared to $2,000 in Australia.
So what’s going on?
What’s the secret to living so cheaply in the States?
First things first: US rents are rising fast, so you may not be able to afford them in the first place.
“Rents in the United States have risen by more than 60 percent in the past three years, and in the next year, the rate of rent growth will accelerate further,” McKinsey said.
And if you’re a high-income US worker, you could end up paying more than the cost of the median family home.
The good news is that rents have been going up faster than wages for years, so if you’ve been able to save up for a down payment on your house, you can save enough money to buy it for the right price.
That’s not to say that you should stop saving money for a home, but it can help you save for a house in the future.
“There is an ongoing trend of people in the top fifth of income households living in large, one- and two-bedroom houses in the suburbs, with one-bedroom apartments in the middle of the pack,” McKinley said.
“In this scenario, a house with a five-star rating in the local area and a five star rating in Sydney and a six-star ranking in Melbourne is more affordable to those households than a house on the lower end of the income spectrum.”
So, what’s the difference between a house that’s worth $3 million and a $200,000 house?
The biggest difference is in the price tag.
The median house in Sydney is worth $1.8 million, while in Melbourne it’s $3.5 million.
The average house in Canberra is worth a bit less than $1 million, but that number goes up to $3 billion by the end of 2021.
And that means that for a single house in Melbourne, you’ll end up with a total cost of around $3,000 to $4 and a home in Sydney will cost you $2 million to $5.
But, in New Zealand, a median house is worth around $1,600, and a house is cheaper than that in Sydney.
“What’s happening in Australia is that the median house price in the cities is starting to fall and that’s helping to drive up prices,” McKinseys senior economist, Michael Pritchard, said.
So, in order to live in New York City, you might need to find a way to save $200 a week, or $2 a week more than in New South Wales.
And in the Bay Area, the median household income in 2018 was $50,000 and median household mortgage rate was 5.25 percent.
And when you consider that you can live in Australia for less than what you would in the UK, you are going to be paying far less for your house than you might expect.
That said, the number of people living in New Jersey has risen by 25 percent in just two years.
McKinsey has also put together an infographic that shows how many people have bought a house since the Great Recession.
But even if you think you can afford to live somewhere else, you probably won’t have much luck finding the perfect home.
“A lot of people are moving out of the US,” Pritborough said.
The reason is that prices in Australia are going up, so people are not looking for a place where they can buy for less.
“The median household salary in Australia in 2021 was $75,000,” he said.
You can see how that could affect your future prospects for renting.
“Even though prices are going down, a lot of renters are struggling to afford a house because they’re paying so much more than they were three or four years ago.”
If you have a few extra months to think about it, you should consider moving to the States if you want to live comfortably.
But that’s not a guaranteed deal.
In the US the average house price has risen to around $400,000 a year.
And while there is a real estate bubble in the city of San Francisco, the housing market is currently being held back by a shortage of supply.
In 2021, there are currently more than 12,000 homes for sale in the area.
So even if your house is priced the same as in the rest of the world, you may end up spending more on a downpayment.
That can be a problem if you don’t have the cash to buy the home.
But if you do have the