Prague, Czech Republic – If you’re thinking about taking a leap and moving to Prague, hesitate no more: a new study has confirmed the appeal of the Czech capital and cemented its position as one of the most attractive European destinations for millennials.
The survey, carried out by NimbleFins, analysed data for 24 European cities and compared the results in several categories, including employment prospects, cost of living & affordability, entertainment or health & safety issues.
Trailing only Zurich, in Switzerland, and ahead of the likes of Geneva, Berlin and Vienna, Prague ranks as the second best European city for millennials, thanks to its incredible quality of life for young people, including foreigners, who now account for more than one fourth of the Czech capital’s workforce.
The Czech capital city ranked first in the “cost of living & affordability” category, tied with Zagreb in Croatia; it ranks respectively 5th and 7th for health & safety and employment prospects.
Prague only came at the 12th position in the “entertainment” section, dominated by cities – like Paris, Dublin and Athens – with the highest numbers of restaurants, cafés, bars, cinemas and parks, as well as the highest proportion of young people in the population.
Prague’s appeal to young generations stems from a number of strong points, including a relatively low cost of living and almost nonexistent youth unemployment. The Czech Republic also ranks first in Europe for the lowest risk of poverty or social exclusion for people aged 16 to 29 years old, and boasts one of the highest number of cafés (3rd) and bars (4th) – an indicator which contributes to young adults’ well-being during out-of-office hours in the country boasting the highest beer consumption per capita in the world.
“Prague offers a nice balance for affordability, with good wages and a relatively low cost of living making it easier for young people to live comfortably. In terms of jobs, the Czech Republic posted the lowest youth and overall unemployment rates as well as solid GDP growth”, Nimblefins CEO Erin Yurday told us. The Czech Republic was indeed recently ranked as one of the most promising and stable economies in the EU.
“On the other hand, Prague has a slightly lower proportion of young people than many other major European cities”, she added. “For reference, 19.3% of the population in Prague is between the ages of 20 and 34 while the average in our study was 23%; Copenhagen topped the charts with 35%. And it’s not the sunniest city in Europe, with under 1,700 hours of sunshine per year on average (comparable to Paris and Amsterdam).”
But Prague isn’t the only ideal destination for young millennials aspiring to live in Central Europe: Budapest (16th) and Warsaw (17th) also rank among the best European cities for millennials.