The Best Cities to Buy a Property Young

03-03-2021 | Landlord News

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A study by CIA Landlord has revealed the best cities around the world to buy a house at a young age.

Vancouver ranked as the best city to buy a property at a young age, followed by Wellington and Belfast.
Helsinki was identified as the happiest place to live for young people.
Japan took first place as the best city for job availability with over 10,000 jobs per capita.

The rise of remote working has prompted a great opportunity for young people to move across the world and work from home. For those who are willing to take the leap there are a range of factors to consider when finding the right location.

CIA Landlord Insurance has analysed 46 cities to determine where in the world is the best location to buy a property as a young adult. The study analyses a range of factors including the cost of buying a property, job availability, average salary and happiness ratings to determine the best city to buy a property at a young age.

Vancouver Ranks First as the Best City to Buy When You’re Young

The research found that the following 20 countries are considered the best cities to buy property as a young adult. This was based on a variety of factors from the basic cost of utilities to jobs per capita.

Rank	Country	City	Jobs Per Capita
1	Japan	Osaka	10358.1
2	Greece	Thessaloniki	8468.4
3	Iceland	Reykjavik	3324.3
4	Greece	Athens	1692.6
5	Croatia	Zagreb	1166.1
6	Italy	Rome	493.6
7	Italy	Venice	458.9
8	Poland	Kraków	271.3
9	Ireland	Belfast	233.2
10	Australia	Perth	228.4

With a score of 7.01, Vancouver takes first place as the best city to buy a property at a young age. This score was a result of Vancouver having higher than average salaries, lower utility costs and lower prices of leisure activities such as gym memberships. Toronto also places in the top 10 rankings, suggesting Canada is one of the best countries to buy a property as a young adult.

Wellington takes second place, boasting cheaper than average utility costs while also placing 12th as the country with the highest salary. Wellington also claimed 7th place as the cheapest city to buy a monthly gym membership. Interesting Auckland also places well across the study making New Zealand a great location for young adults.

Belfast takes third place in the study, this result is mainly driven by how affordable the city is to live in. Lower than average rental rates along with cheaper costs to buy properties in Belfast makes it an attractive city for young buyers.

Osaka Ranks First as the City With the Greatest Job Availability

When finding a new home it is important to ensure there are a high volume of job opportunities within the city. The study analysed the number of jobs per capita across 46 cities across in the world to determine which region has the greatest job prospects.

Top 10 cities with the largest amount of job opportunities

Rank	Country	City	The average monthly cost of renting an apartment (£)	Price per city to buy a two-bedroom apartment (£)	Cost of Basic Utility Bills per Month (£)	Average Salary per City per month (£)
1	Ireland	Belfast	£630.45	£188,000	£71.42	£1,742.43
2	Canada	Vancouver	£1,149.94	£208,000	£47.66	£2,567.44
3	Sweden	Gothenburg	£839.01	£259,000	£57.33	£2,272.85
4	China	Shanghai	£892.14	£124,000	£42.42	£1,143.52
5	New Zealand	Wellington	£1,040.98	£218,000	£86.49	£2,593.34
6	Belgium	Brussels	£733.56	£152,000	£108.63	£2,083.66
7	Iceland	Reykjavik	£1,124.31	£210,000	£72.23	£2,198.52
8	Finland	Helsinki	£849.36	£241,000	£77.64	£2,300.25
9	Sweden	Stockholm	£1,097.63	£259,000	£64.97	£2,349.18
10	Greece	Athens	£344.76	£79,000	£122.1	£719.35

Osaka ranks as the city with the highest job availability with over 10,000 jobs per capita. Followed by Thessaloniki with 8468.4 jobs per capita and Iceland with 3324.3. Greek and Italian cities both place twice within the top 10 rankings indicating significant job opportunities within the country.

Australia is another region with a higher than average number of jobs per capita with two cities placing in the top 20. Perth places 10th in the rankings with 228.8 jobs per capita while Sydney ranked 19th with 150.7 jobs per capita.

Belfast Claims First Place as the Most Affordable City For Young Adults

Affordability is another important factor to consider when moving, especially for young adults. The study took into account the cost of renting and buying an apartment in each city along with the cost of basic utilities and the average salary in each location.

Top 10 Most Affordable Cities For Young Adults

Rank	Country	City	The average monthly cost of renting an apartment (£)	Price per city to buy a two-bedroom apartment (£)	Cost of Basic Utility Bills per Month (£)	Average Salary per City per month (£)
1	Ireland	Belfast	£630.45	£188,000	£71.42	£1,742.43
2	Canada	Vancouver	£1,149.94	£208,000	£47.66	£2,567.44
3	Sweden	Gothenburg	£839.01	£259,000	£57.33	£2,272.85
4	China	Shanghai	£892.14	£124,000	£42.42	£1,143.52
5	New Zealand	Wellington	£1,040.98	£218,000	£86.49	£2,593.34
6	Belgium	Brussels	£733.56	£152,000	£108.63	£2,083.66
7	Iceland	Reykjavik	£1,124.31	£210,000	£72.23	£2,198.52
8	Finland	Helsinki	£849.36	£241,000	£77.64	£2,300.25
9	Sweden	Stockholm	£1,097.63	£259,000	£64.97	£2,349.18
10	Greece	Athens	£344.76	£79,000	£122.1	£719.35

Belfast ranks as the most affordable location out of the 46 cities. Lower than average rental rates along with cheaper costs to buy properties make Belfast an attractive option for young buyers. Vancouver places 2nd with lower than average utility costs and higher than average salaries, followed by Gothenburg placing 3rd.

Swedish cities feature twice in the top 10 rankings for affordability with Gothenburg placing 3rd and Stockholm placing 10th. Making Sweden a great choice for young couples looking to relocate to an affordable city.

Berlin Claims First Place as the Best City to Live a Balanced Lifestyle as a Young Adult

The study looks at a range of lifestyle factors including the cost of a beer, the price of a monthly gym membership and happiness ratings. It revealed the cost of a beer across the 46 cities ranged anywhere from £1.10 to £7.45, while the cost of a gym membership ranged from £18.50 to £109.20.

The top 10 cities for young adults to live a balanced lifestyle

Rank	Country	City	Happiness Rating	Cost of a monthly gym membership (£)	Cost of domestic beer (£)
1	Germany	Berlin	7.0	£26.5	£3.02
2	New Zealand	Wellington	7.6	£26.7	£4.68
3	Austria	Vienna	7.0	£24.2	£3.46
4	Canada	Toronto	7.3	£31.6	£3.95
5	Poland	Kraków	6.1	£18.5	£1.92
6	Canada	Vancouver	7.3	£34.1	£3.95
7	Netherlands	Amsterdam	7.4	£33.8	£4.32
8	Poland	Warsaw	6.1	£22.7	£1.92
9	Germany	Munich	7.0	£35.7	£3.46
10	Finland	Helsinki	7.8	£34.4	£5.62

The study revealed that Berlin was the best city to live a balanced life in. The region had a greater happiness rating and lower prices of beer and gym memberships in comparison to the other 46 cities. Interestingly Canada featured twice on the rankings with Toronto placing 4th and Vancouver placing 6th.

Shanghai ranked as the cheapest city to buy a beer costing only £1.10, Budapest followed with a cost of £1.20 and Beijing with £1.32. The most expensive locations included Bergen with a beer costing £7.55 and Reykjavik with a cost of £6.67.

Kraków ranked first as the cheapest city for a gym membership with a monthly subscription costing only £18.50. Athens ranked second with a cost of £22.40. The study found some of the most expensive cities for gym memberships were Monaco at £109.20 and Singapore costing £75.50.

Helsinki ranked as the happiest city with a score of 7.8. Wellington and Aarhus followed with scores of 7.6 and 7.5. Some of the most unhappy cities included Beijing Shanghai and Thessaloniki.

Methodology

In order to reveal which location was the best city to relocate to as a young adult, we gathered data on various aspects of living in each city. The metrics included the cost of buying and renting a property, cost of basic utilities, jobs per capita, average salary as well as the cost of a beer, the price of a monthly gym membership and the happiness rating across all 46 cities. The cities were ranked based on these metrics to determine which city was the best location for young adults.