Why Is Norway So Expensive? Let me explain it to you in this video!

⌚️ TIME CODES:
00:00 - WHY Is Norway SO Expensive? ????
00:50 - Why are PRICES so HIGH in Norway For Foreigners?
02:41 - The BIG MAC Index in 2022
03:43 - Is Norway an AFFORDABLE place to LIVE?
04:08 - What's the AVERAGE INCOME in Norway?
05:08 - How much does it cost to RENT a FLAT in Norway?
05:49 - Is PETROL CHEAP in Norway?
06:30 - COST of ELECTRICITY in Norway per kWh
07:40 - Things That Are EXPENSIVE In Norway
07:51 - How much does ALCOHOL COST in Norway in 2022?
08:15 - How much does it cost to get a DRIVER's license in Norway?
08:35 - How true is it that Norwegians DON'T GO OUT for dinner?
08:56 - Things That Are CHEAP In Norway
09:04 - Is electricity FREE in Norway?
09:30 - What is the price of SALMON in Norway?
09:59 - Is EDUCATION in Norway FREE?
10:34 - What is NATURE like in Norway?


For Norwegians, the high prices are usually offset by the high wages. But for foreigners, visiting Norway can be an expensive endeavor. That being said, some things are insanely expensive in Norway, while some are surprisingly cheap.

✅ Why Norway Is So Expensive (For Foreigners)
Prices of goods and services are the product of the costs associated with producing/providing them. The single most important cost that makes Norway an expensive country is the cost of labour. This is especially true for typically, low-paying jobs such as cleaners, hotel receptionists, grocery store clerks, etc.

✅ Ranking Norway On The Big Mac Index

In 1986, the magazine the economist decided to create an index for looking at exactly this, known as the big mac index.

For their “basket of goods” they decided to go with the big mac which is served across the world. In addition to providing a lighthearted example of how to apply a complex economic theory in practice, it also gives us the price of a big mac in countries across the world.

✅How Norway Is Affordable (To Norwegians)

Despite being an expensive county for foreigners, most Norwegians are able to live a comfortable life. This is largely due to most Norwegians making a decent salary from their day job, which offsets the high prices.
This is best illustrated by comparing how much Norwegians pay for certain basic goods and services in relation to their income to that of other countries.

Average Salary

According to Norway’s Bureau of Statistics, the average monthly salary in Norway after-tax in 2021 was about 5520 USD per month (48 750 Norwegian Kroner)

Rent

Starting with rent. Let’s look at the rent for a 50 square meter apartment (538 square feet studio apartment by US standards). Obviously, there are huge regional differences, but on average, the price in Norway would be about 1135 USD.

For the US it was surprisingly high at around 1200 USD. In the UK it was about 850 USD, and in Italy, it was about 670 USD.

Petrol

Next, let’s consider petrol for a car with a tank of 50 liters that needs filling twice per month. At the time of filming, the gas price in USD per liter is 2 in Norway, 1.7 in the UK, 0.75 in the US, and 1.8 in Italy.

Electricity
Finally, let’s consider the cost of electricity. The electricity use depends on a number of factors, but mainly if electricity is used for heating and warm water. Also, climate plays a significant role.


Results
If we look at these common expenses as a percentage of an average monthly salary we can see that Norway is not expensive on a Norwegian salary.

While Norway is clearly an expensive country, don’t be discouraged by the surface-level high prices. Do your research and plan your stay carefully and you might find yourself surprised by how affordable it can be.


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