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I live in Asoke Bangkok – can I afford New York with the same lifestyle – part C

Read Part A here         Read Part B here

Hi there. Last week I started this “project” of comparing cost of living in Bangkok and New York. I have done it in a non-traditional way that is, however, relevant for me, and, probably, for some of readers. My way of comparing is based on a fact, that spend 95,000 ฿ (around 2,700 $) a month to maintain a certain lifestyle here in my condo in Asoke Bangkok.

How much it would cost me in New York to maintain my same Asoke Bangkok lifestyle?

In parts A and B we already compared cost of food, transportation and other expenses, excluding real estate and salaries. My calculation shows that consumer prices (excluding apartment rent) in New York are more than 2 times higher than in Asoke Bangkok. Restaurant prices in New York are almost 4 times higher than in Bangkok. And groceries prices in New York are almost double of those in Asoke Bangkok.

Apartment Rental Prices in Asoke Bangkok and New York

An average rental price of 1 bedroom condo in Asoke or other Bangkok central location is about 20,000 ฿ (around 573 $), while in central parts of New York I will need to pay about 3,000 $ (around 100,000 ฿) for 1 bedroom apartment. New York is 5 times more expensive! Yes, we may decide to live outside of Asoke or other Bangkok city centre area and pay much less – average of about 8,600 ฿ (245 $) per month. It is more than affordable in Bangkok and one still may find an apartment or condo near MRT or BTS so that it takes just 30 minutes to city centre. In New York moving outside of city centre does not give us such a dramatic rental price reduction – average rental price of 1 bedroom outside of New York city centre is more than 1,800 $ (around 63,800 ฿) – New York is 7.5 times more expensive than Bangkok.

For bigger (3 bedrooms) apartments price difference is also quite significant. If compare Apartment Rent per month, then the whole picture looks like this:

Apartment rent prices between Asoke Bangkok and New York

Buy Apartment Prices in Asoke Bangkok and New York

An average buying price of condo or apartment in Asoke or other Bangkok central location is 140,250 ฿ (a bit less than 4,000 $) per square meter. In central areas of New York one will need to pay more than 3 times of that – 12,950 $  (around 454,300 ฿) per square meter. Same as above, if moving outside of city centre, New York prices are even higher. If compare Buy Apartment prices per square meter, then the whole picture looks like this:

Apartment buy prices per square meter between Asoke Bangkok and New York

Salaries and Financing in Asoke Bangkok and New York

Certainly, we all know and understand that salaries in New York are much higher than in Bangkok. An Average Monthly Disposable Salary (Net After Tax) in New York is more than 4,000 $ (more than 140,000 ฿), while in Bangkok it stays for 25,836 ฿ (around 736$). This is relevant for those who plan to work after relocation. If one decides to retire than these numbers are not relevant. More interesting is Mortgage Interest Rates, that are lower in New York. If compare Salaries and Financing, then the whole picture looks like this:

Salaries and Financing between Asoke Bangkok and New York

฿ Vs. New York = 251,560 ฿

Summarizing real estate prices and salaries and financing, we come to the following:

  • Rent Prices in New York, NY are 298% higher than in Bangkok
  • Consumer Prices Including Rent in New York, NY are 165% higher than in Bangkok
  • Local Purchasing Power in New York, NY is 108% higher than in Bangkok

I would need around 251,560 ฿ (7,170 $) in New York, NY to maintain the same standard of life that I can have with ฿ (2,700 $) in Asoke Bangkok assuming I rent apartment in both cities.

This calculation uses Cost of Living plus Apartment Rent and assumes net earnings (after income tax).

Conclusion

I will need to spend 2.65 times more in New York to maintain my Asoke Bangkok lifestyle.

This is certainly simplified way of calculation. Some of you may suggest more sophisticated algorithm – I agree with all of you in advance. The above number is one that is correct for me and easy to understand for many people.

Life in Asoke Bangkok is almost three times cheaper than in New York and real estate prices are three to four times lower. If you think to retire, than consider an investment in Bangkok – get more value of money that was earned in New York.

Part C.1 here