Malaga’s higher purchasing power than New York and growing!
Malaga is the Spanish city with the highest greater purchasing power in Spain in 2017 (and getting stronger), and the only one in Spain where they have a greater purchasing capacity than New York (USA), the city used to based this study. This is clear from the ‘Cost of living index’, developed by Numbeo (the largest database in the world based on data provided by users about cities).
HOW IS IT CALCULATED?
This indicator provides a tool to view and compare the published information on the cost of living in the different cities of the world. It is based on the price of consumer goods in the city, including food, restaurants, transportation and public services. In addition to the ‘cost of living’ index, it includes the rental index and compares the cost of the home, either by mortgage or by rent, using the city of New York as a reference.
Each indicator takes shape as a result of the average cost of living of a citizen of “the Big Apple”. Through the average salary of the city, the purchasing power of citizens to buy goods and services is calculated. “If the purchasing power is 40, it means that the inhabitants of that city with the average salary can buy 60% less goods and services than the residents of New York City with their average salary,” they explain from Numbeo. According to published data, the people of Malaga acquired 4.23% more goods and services than New Yorkers with their average salary.
This infographic shows the Spanish cities in which its residents have a greater purchasing power in Spain.