Rising rents are reshaping where people can afford to live across Europe, even when two people contribute to a household income. Zurich offers the largest amount left after housing costs, while Lisbon sits at the opposite end of the ranking, highlighting the growing divide between Europe’s high-income cities and those where rent absorbs most earnings.
The Deutsche Bank Research Institute’s Mapping the World’s Prices 2026 report compares disposable income after rent for a household of two local earners renting a three-bedroom apartment in the city centre. Its findings show that high salaries do not necessarily translate into greater financial flexibility when housing costs are taken into account.
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Swiss Cities Lead The Rankings
Zurich tops the European ranking, leaving couples with €9,140 a month after rent. Although the city has the highest monthly rent among the 28 cities studied, at €5,502, its average net salary of €7,321 helps offset the cost.
Geneva ranks second, with €8,783 left after rent and a net salary of €6,516. Luxembourg takes third place at €5,890, benefiting from lower rent than London, Dublin and Amsterdam.
Birmingham ranks fourth with €5,238 remaining, narrowly ahead of Copenhagen at €5,233. The results show how cities with lower housing costs can outperform wealthier, more expensive capitals.
Why Birmingham Outperforms London
Birmingham leaves couples with €5,238 after rent, compared with €3,148 in London, a difference of €2,090 a month. Although salaries are higher in the British capital, a three-bedroom city-centre apartment costs €4,362, against €1,949 in Birmingham, absorbing much of the wage advantage.
Other cities where couples retain more than €4,000 monthly include Oslo (€4,936), Frankfurt (€4,786), Munich (€4,575) and Amsterdam (€4,431). Amsterdam’s rent reaches €3,542, among the five highest in Europe, but a net salary of €3,986 helps offset the expense. Vienna (€3,709) and Stockholm (€3,674) follow.
Housing Costs Put Pressure On Berlin, Paris And Dublin
Berlin offers a clearer financial advantage over Paris despite lower salaries. Couples in Berlin retain €3,554 after rent, compared with €3,336 in Paris. While the average net salary is €3,171 in Paris and €2,946 in Berlin, monthly rent stands at €3,005 in the French capital versus €2,339 in the German city.
Dublin faces similar pressure. Its average net salary of €3,455 exceeds those in Paris, Berlin, Vienna and Stockholm, yet couples have just €3,038 left after rent. At €3,873, rent is the fourth-highest in Europe and exceeds one full net salary.
Southern Europe Struggles With Affordability
Lisbon ranks last among the 28 European cities, with just €253 left after rent. Average net salary stands at €1,408, while a three-bedroom city-centre apartment costs €2,561. Milan fares only slightly better, leaving couples with €697 after paying €3,184 in rent against a net salary of €1,940.
Elsewhere in southern Europe, couples retain €1,905 in Madrid, €1,832 in Barcelona, €1,265 in Rome and €1,148 in Athens. In the Greek capital, rent of €1,164 is slightly higher than the average net salary of €1,156. Istanbul also ranks near the bottom, with €353 remaining after rent of €1,701 and a net salary of €1,027.
Central And Eastern Europe Offer Some Relief
Several Central and Eastern European cities perform better than their southern counterparts. Couples in Prague retain €2,054 after rent, followed by Warsaw at €1,985 and Budapest at €1,548. All three outperform Rome and Athens on this measure.
However, the figures cover housing alone. Food, utilities, transport and other everyday expenses are excluded, meaning the amount left after rent does not represent a household’s full disposable income.
Where Rent Exceeds One Salary
In 11 of the 28 European cities studied, monthly rent for a three-bedroom city-centre apartment exceeds one local net salary. These include Athens, Barcelona, Budapest, Dublin, Istanbul, Lisbon, London, Madrid, Milan, Prague and Rome.
Lisbon has the widest gap: rent of €2,561 is 82% higher than the average net salary of €1,408. Milan also faces a substantial mismatch, with rent at €3,184 compared with a net salary of €1,940. In Prague and Budapest, the difference between rent and a single salary is much narrower.
Europe Remains Strong In Global Comparison
Despite mounting affordability pressures, European cities perform well in the global ranking of 69 cities. Zurich and Geneva take the top two positions worldwide, ahead of San Francisco, where couples retain €7,992 after rent. Seven of the global top 10 are European cities.
No European city appears among the bottom 10, which consist entirely of locations in Latin America, Asia and Africa. In six of those cities, rent exceeds two net salaries. Manila ranks last, at -€882, followed by Bangkok at -€759.
Moscow leaves couples with just €313 after rent, despite an average net salary of €1,570 and monthly housing costs of €2,827. Several European cities also outperform New York, where couples retain €1,921 after rent.
Housing Costs Are Reshaping Household Finances
The findings come as younger Europeans face growing barriers to homeownership and households contend with rising rents and housing costs. Across the continent, the relationship between earnings and housing expenses is becoming an increasingly important measure of financial resilience.
Zurich and Geneva demonstrate how high salaries can sustain disposable income even in expensive markets, while Lisbon and Milan show how rent can overwhelm earnings. Ultimately, what matters is not just how much households earn, but how much remains once housing is paid for.
