Are Salaries Higher in London or New York?

By Robert Palmer

Are you considering a move to either London or New York for work? One of the biggest considerations when moving to a new city is the difference in cost of living, including salaries. In this article, we’ll take a closer look at whether salaries are higher in London or New York.

Cost of Living Comparison

Before diving into the differences in salaries, it’s important to understand the cost of living in each city. According to Numbeo, a website that compares cost of living data from around the world, New York is 23.63% more expensive than London. This means that everything from rent to groceries will be more expensive in New York compared to London.

Salaries in London

According to Payscale, the average salary in London is £35,577 (approximately $48,000 USD) per year. However, this can vary widely depending on industry and experience level. For example, those working in finance or technology tend to have higher salaries compared to those working in retail or hospitality.

Finance

Those working in finance can expect higher salaries compared to other industries. According to Robert Walters Salary Survey 2021, a financial analyst can earn anywhere from £36,000-£60,000 per year (approximately $49,000-$82,000 USD), while a senior financial analyst can earn up to £80,000 per year (approximately $109,000 USD).

Technology

The technology industry is also known for high salaries. A software engineer can earn anywhere from £30,000-£100,000 per year (approximately $41,000-$136,000 USD) depending on experience and company size.

Salaries in New York

According to Payscale data for New York City specifically (not including surrounding areas), the average salary is $77,000 USD per year. However, like in London, this can vary greatly depending on industry and experience level.

New York City is known for its finance industry, and those working in this field tend to have higher salaries. According to Robert Half’s 2021 Salary Guide, a financial analyst can earn anywhere from $65,000-$125,000 per year depending on experience and company size.

The technology industry is also thriving in New York City. A software engineer can earn anywhere from $80,000-$145,000 per year depending on experience and company size.

Conclusion

In conclusion, while the cost of living is higher in New York compared to London, salaries tend to be higher as well, particularly in the finance and technology sectors. However, it’s important to research salaries for your specific industry and experience level before making any decisions about relocating for work.

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