However what tips the scales for London being more affordable IMHO is the fact that there is not 500 square miles of water smack in the middle spreading everything out. For instance in London I lived 9 tube stops from the center and it was < 5 miles by bicycle. In the Bay Area I also live 9 BART stops from downtown SF but it is 15 miles, I can't cycle (because no bike path over the bay bridge), and I get less for my money relative to London. Throw on the anemic transit here, and London is much more doable on a budget.