For several years, Toronto and New York City have been subjected to meticulous comparisons. Some people believe that the two are similar in several aspects, while others think New York City is on a level far beyond that which Toronto could ever reach.\nREAD ALSO: These Rock Pools Are Canada's Most Surreal Natural Wonder\nWhatever the case my be, one thing is for certain - the cost of living in Toronto is cheaper than in New York City, and by a rather significant margin too.\nAccording to Expatistan.com, living in Toronto is approximately 31% cheaper than living in New York City. The analysis was conducted using consistent data based on 9,809 prices entered by 2,299 people. The current exchange rate, which is 0.771 USD to 1 CAD, was also considered.\nOverall, the analysis found Toronto to be cheaper than New York City in all major aspects, including food (-20%), housing (-46%), clothes (-1%), transportation (-6%), personal care (-47%) and entertainment (-34%):\nThey also provided more details for each category, showing the differences in costs in the two cities for the same common items:\nBecause the analysis didn't do an all-encompassing comparison, that 31% should be taken as a loose statistic. However, it still offers some insight with regards to the cost of living in each city!