If touring Europe was on your wishlist this year, you're in for a rude awakening. Due to rising hotel and airfare costs (thank you yet again, inflation), many people have had to change their travel plans to afford them. In fact, a whopping 80% of vacationers this summer have altered their travel plans in some way due to inflation, according to Bankrate.
But leaving the country may be doable if you're smart about it. In some European cities, Airbnbs are turning out to be a much better value than hotels, according to a new survey by Moneyzine. The survey determined that the number one city where you should choose an Airbnb over a hotel is Istanbul, where you’ll be able to get a price reduction of nearly 62%. The average hotel cost in Istanbul is around $119 per night, while the average cost per night at an Airbnb in the Turkish city is just $45.
@lxfil Replying to @Sarah The best Airbnb in Istanbul! #istanbul #airbnb #airbnbfinds #turkey #vacation @airbnb @beautifuldestinations ♬ Choking on Flowers - Fox Academy
To figure out the savings from choosing an Airbnb vs. a hotel, Moneyzine compiled a list of popular European destinations using Trip Advisor data. The company then obtained Airbnb prices for each European city and hotel prices from Trivago, a hotel price comparison site. Moneyzine calculated the average cost per night for both hotels and Airbnbs in each city, then figured out the percentage difference between Airbnb and hotel prices.
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Coming in right after Istanbul is Athens, where you'll find that Airbnbs are approximately 50% cheaper than a hotel room. The average cost of a hotel in Greece's capital is $138, while an Airbnb is about $70. Rounding out the top five locations where an Airbnb is cheaper than a hotel are:
- Lisbon: 49% cheaper
- Berlin: 46% cheaper
- Paris: 46% cheaper
Barcelona, Budapest, Stockholm, and Brussels are additional cities where it's cheaper to book an Airbnb.
But there are some places where you should choose a hotel instead, the study found. In Oslo, a single hotel room for a one-night stay is around $8 cheaper, on average, than an Airbnb. Hey, that’s enough for a coffee, snack, or transportation on your trip — and in this economy, every dollar counts.