A comparison of consumer prices and wages by Deutsche Bank highlights the growing mismatch between incomes and everyday costs in the Greek capital, where many goods and services are priced surprisingly close—or, in some cases, even exceed—those in New York City despite far lower earnings. The average net salary in Athens stands at about 24 percent of the New York City level, making many common expenses significantly more burdensome—and thereby increasing cost of living—relative to local incomes.
Housing is the clearest example of such an imbalance. Between 2016 and 2026, rents in Athens increased by approximately 144 percent based on US dollar values, the standard measure used throughout the study, while average net salaries rose by about 61 percent.
The figures are drawn from Deutsche Bank’s Mapping the World’s Prices 2026, which compares salaries, rents, property prices, transportation, consumer goods, and quality of life across 69 cities on six continents.
Athens salaries stand at a quarter of New York City levels, shaping the cost of living gap
Income accounts for the clearest divide between the two cities. New York City ranks fifth among the 69 cities for average monthly net salaries, behind Zurich, San Francisco, Geneva, and Boston, while Athens ranks 55th.
According to Deutsche Bank‘s New York-based index, the average net salary in Athens amounts to approximately 24 percent that of New York City. The average worker in NYC therefore takes home more than four times as much as the average worker in Athens. This disparity provides crucial context for the rest of the cost of living comparison. An item does not need to cost the same in both cities to place greater financial burden on an Athens household. Even a lower-priced product may consume a larger share of income when local earnings remain substantially below those of NYC.
Average net salaries in Athens increased by approximately 61 percent when measured in US dollars between 2016 and 2026. Although that represented significant growth, rents and residential property prices rose much faster over the same period.
Athens recorded largest rent increase as New York City remained more expensive
New York City remains at the top of Deutsche Bank’s global rental rankings, while Athens continues to offer substantially lower monthly rents in absolute terms. The ten-year trend, however, tells a different story.
Rents in Athens increased by approximately 144 percent when measured in US dollars between 2016 and 2026—the largest increase among all 69 cities in the study. Rent growth therefore exceeded the increase in local net salaries by more than two to one. The finding does not mean that rents in Athens have reached NYC levels. New Yorkers still pay considerably more to rent centrally-located apartments.
Instead, the data shows that housing costs in Athens have pulled further away from local income levels. Residents have seen rents rise far faster than their incomes, leaving them with significantly less disposable income. The contrast highlights the difference between pricing and affordability. New York City remains more expensive, but Athens has seen housing costs outpace wages more sharply.
Property prices reflect a similar divide
Residential property follows a similar pattern. Purchasing an apartment in central Athens still costs substantially less per square meter than purchasing similar property in central New York City. Deutsche Bank ranks NYC as among the most expensive housing markets in its survey, whereas Athens occupies a much lower position in the absolute price ranking.
Nonetheless, Athens recorded the fourth-largest increase in central apartment prices between 2016 and 2026, according to Deutsche Bank. Only Budapest, Manila, and Prague posted larger gains. Athens therefore remains the more affordable city for property purchases, but the gap between real estate prices and locally earned income has widened. The report does not suggest that the Athens property market has risen to NYC price levels, but it does show that both rents and purchase prices in the Greek capital have risen much faster than average salaries.
Fuel prices in Athens are more than twice as high as in New York City
Fuel is one of the clearest examples of an everyday expense that is far more expensive in Athens than in New York City. In Deutsche Bank’s fuel-price comparison, New York City is assigned an index value of 100. Athens scores approximately 209, meaning gasoline in the Greek capital costs more than twice as much as it does in NYC. Athens also ranks ninth among the 69 cities surveyed for the highest gas prices.
The index, however, requires some context. A score of 209 means that gas in Athens costs 209 percent of the New York price—not that it is 209 percent more expensive. In practical terms, fuel costs about 109 percent more in Athens. The difference in salaries makes this price gap even more significant. Athens residents pay more than twice as much for gas while earning, on average, only about a quarter of a New York City salary.
Other consumer prices also exceed New York City levels and impact cost of living in Athens
The report also highlights consumer goods that cost more in Athens despite the significant difference in income between the two cities. A pair of Levi’s 501 jeans receives an index value of approximately 138 in Athens when NYC is set at 100. In practical terms, the jeans cost about 38 percent more in Athens when considered in US dollars.
This example does not mean that consumer goods are generally more expensive in the Greek capital. NYC remains more expensive across many categories. It does, however, demonstrate that prices do not always reflect the much larger gap in earnings. For some products, Athens residents pay prices similar to—or even higher than—those in New York City while earning considerably less.
The price shown at the register therefore tells only part of the story. True affordability depends on the proportion of a person’s monthly income a purchase consumes.
Low quality of life rankings
Deutsche Bank’s quality-of-life index places both cities near the bottom of its ranking. NYC ranks 46th, while Athens ranks 50th among the cities included in this section of the study. The index evaluates factors such as purchasing power, housing affordability, living costs, healthcare, safety, commuting, pollution, and climate. New York City’s high salaries support greater purchasing power, but its expensive housing market and overall living costs weigh on its ranking. Athens benefits from a strong climate score but performs poorly in areas such as purchasing power and healthcare.
The index does not represent a complete assessment of either city’s cultural, historical, or social appeal. Instead, it reflects the economic and quality-of-life factors selected by Deutsche Bank for the study. The findings nevertheless reinforce the central difference in affordability between the two cities. New York City combines particularly high costs with especially high salaries, while Athens offers lower prices across most categories but significantly weaker purchasing power.
What the Athens and New York City cost of living comparison reveals
New York City remains significantly more expensive for rent, residential property, and many goods and services. Athens, however, continues to offer lower headline prices across most of the categories examined in the study.
The income data adds a more complicated dimension to that comparison. Average net salaries in Athens are roughly one-quarter of those in New York City, while rents in the Greek capital increased more than twice as fast as earnings between 2016 and 2026.
Fuel prices and selected consumer goods further highlight the challenge, with some costs approaching or exceeding New York City levels despite the substantial difference in average salaries.
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