Sydney has been awarded the title of 2015's most affordable city for youth, the YouthfulCities Index announced.
Among 55 countries, the top 10 includes Montreal, Detroit, San Francisco, Berlin, Tokyo, Boston, Osaka, Paris and Los Angeles. Istanbul ranked 38th in the list. "Most of the cities in the top five show up there because of their relatively high minimum wages. Sydney is top in both cases, Montreal has the fifth highest minimum, San Francisco fourth and Berlin third.
Detroit's high finish in affordability is driven less by its minimum wage and more-so by affordable housing stock," the index reported. To draw attention to the role of minimum wage in cities' affordability, the YouthfulCities Affordability Index compared the cost of everyday items, housing and public transit. The index also covers some basic entertainment costs, like the cost of a movie ticket, as well as the base wage that young people make at entry-level jobs and the base tax rate for everyday goods. The title went to Paris in 2014.
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