When it comes to the cost of living, some US states have more in common with European countries than you might think — but how do the capitals of New York and London compare?

According to research, the Big Apple is considerably more pricey to live in than the UK's capital. It costs around $9,500 to maintain the same lifestyle in New York that you can achieve for roughly $7,200, and NYC rent is, on average, far more expensive than London's.

When it comes to buying property, though, is there a world of difference between what $1 million can get you in each city? To see how much bang for your buck London and NYC offer, we've compared a couple of million-dollar (or thereabouts) apartments and houses in each city.

London

Apartments

Two-bed flat in Shadwell

• £850,000 (~$1,000,000)
• Located in east London's Shadwell area
• Two beds, two bathrooms, one reception
• 1,270 square feet

[Image credit: Zoopla]

Two-bed flat in Earl's Court

• £850,000 (~$1,000,000)
• Located in Earl's Court, part of London's affluent Kensington & Chelsea borough
• Two beds, one bathroom, one reception
• 705 square feet

[Image credit: Zoopla]

Houses

Four-bed house in Tottenham

• £850,000 (~$1,000,000)
• Located in Tottenham, north London
• Four beds, two bathrooms, two receptions
• 1,399 square feet

[Image credit: Zoopla]

Three-bed house in Sydenham

• £850,000 (~$1,000,000)
• Located in south-east London's Sydenham area
• Three bedrooms, two bathrooms, two receptions
• 1,382 square feet

[Image credit: Zoopla]

New York

Apartments

Two-bed apartment in Manhattan

• $995,000
• Located in the Kips Bay neighborhood of Manhattan
• Two bedrooms, two bathrooms, one reception
• 1,150 square feet

[Image credit: Zillow]

Two-bed apartment in Brooklyn

• $995,000
• Located in Bushwick, Brooklyn
• Two bedrooms, two bathrooms, one reception
• 1,070 square feet

[Image credit: Zillow]

Houses

Three-bed house in Staten Island

• $999,000
• Located in Staten Island
• Three bedrooms, two bathrooms, one reception
• 1,440 square foot

[Image credit: Zillow]

Five-bed house in Queens

• $999,000
• Located in Queens Village, Queens
• Five bedrooms, three bathrooms, two receptions
• 1,796 square feet

[Image credit: Zillow]

As this Bloomberg analysis shows, you'll get a similar square-footage for $1 million whether you're buying property in New York or London (NYC is ever so slightly more expensive) — but as with every city, exactly how much bang you get for your buck will depend on the location you buy in. In London, the apartment in pricey Earl's Court is almost half the size of the one in the relatively affordable area of Shadwell, while both New York apartments are of a similarly decent size.

In terms of houses, New York might have the edge again. Both of the city's houses sit on generous 4,000-square-foot lots, and the Queens property also offers five bedrooms and truckloads of interior space. The London homes, while roomy, don't offer anywhere near the kind of outdoor space you can get with houses across the US.

So, while the cost of living is generally higher in the Big Apple than the Big Smoke, it seems from this snapshot of the market that when it comes to house-buying, your dollar could go much further at home.

[Image credit: Zillow]