Here Are The World’s 10 Most Expensive Cities to Live in
Here's a look at the world's most expensive cities
People in several parts of the world are facing a financial crunch, due to rising inflation and shrinking income opportunities. Considering the skyrocketing costs, The Economic Intelligence Unit (EIU) releases the Worldwide Cost of Living report, revealing the most expensive cities to live in the world. Many of the major cities featured in the list are known for the allure of bustling nightlife, efficient public transportation, and public facilities which all come at a hefty cost. The Economic Intelligence Unit (EIU) tracks the prices of over 200 goods and services in 172 cities around the world to estimate the cost of living and rank these cities. According to the latest survey, cities like New York, Sydney, Singapore, Hong Kong, and more are featured on the top ten list. Here’s a look at the top ten most expensive cities to live in the world, as per the EIU report.
1. Sydney, Australia
Sydney shares the tenth spot on the list of most expensive cities to live in along with Copenhagen, Denmark. The Australian city jumped from 14 last year to feature in the top 10 list as per the EIU assessment. Sydney’s high rent prices play a big role in making it one of the most expensive cities. As per the Daily Mail UK, the weekly rent for a one-bedroom apartment can range from $450-$550, while the rent for a two-bed starts at around $650 per week.
2. Paris, France
The City of Love, famous for its architecture, fine dining, art galleries, and fashion is ranked as the ninth most expensive city to live in the world. The city’s real estate prices are among the factors that make it extremely expensive. According to Astons.com, a 350-square-foot studio apartment in Paris may cost over half a million dollars. Further high retail prices for renowned brands like Adidas make it tougher to afford a living in the city. However, the earning potential is relatively higher in the French capital which adds to the positives of living in the city.|
3. San Francisco, California
“The Golden City” stands up to its name for its steep cost of living. While rent is quite pricey in the city even home prices in San Francisco rose by 10 percent in 2022 as compared to the previous year, Goodhosuekeeping reported. Therefore, the average price of housing in San Francisco comes around to be around $1.5 million while renters will need to make $100,000 a year to live comfortably.
4. Geneva, Switzerland
The city of Geneva is the second most populous city of Switzerland after Zürich and it boasts several attractions including the world’s tallest fountain the Jet d'Eau, luxe cafés, and premium shops. However, the luxury is followed up with a high price as for an individual, monthly expenses in the city can average out at about $3,500 when it comes to rent, food, and transportation according to Numbeo. The living costs have significantly increased since the war in Ukraine.
5. Zürich, Switzerland
The stunning city of Zürich is ranked as the sixth most expensive city in the world. One of the global financial hubs, it is situated at the north end of Lake Zürich, which is home to waterfront promenades, high-end shopping centers, and decadent chocolate shops. The average rent cost for a single person living in the city is in the range of $2,000 as per Numbeo. However, the city also provides a plethora of high-paying jobs which make it a desirable place to settle in.
6. Los Angeles, California
The home of Hollywood, Los Angeles is one of the most expensive cities in the world which is evident by the amount of money celebs spend on a new house or apartment in the city. With a population of 10 million, the housing prices in the city are highly competitive with relatively higher taxes adding to the brunt. As per bungalow.com, average rent for apartments in the city reached over $2,500, in 2020, almost doubling the national average.
7. Hong Kong, China
Hong Kong shares the fourth spot with LA in the EIU’s list of the most expensive cities. The city has a population of over seven million people and the rent is unsurprisingly quite pricey. Hong Kong also has a lot to offer including numerous markets, nightlife, and attractions, which make it a highly desirable to place to live in. However, the city has been consistently ranked on the higher side for its expensive housing market. Due to scarce land, high population density, and government-controlled areas, the land is sold for sky-high prices, subsequently contributing to extremely high house prices.
8. Tel-Aviv, Israel
Tel-Aviv is home to some of the most magnificent beaches and world-famous restaurants. It is known to be tourist-friendly. It is a popular vacation spot as it offers several fun activities. However, living in the city can be quite pricey with expensive real estate that bumps up the average monthly rent for a one-bedroom to $1,725, according to travel.com.
9. New York City, New York
The City That Never Sleeps, New York is known for its vibrant aura, happening nightlife, and steep living costs. The average rent prices in the city have soared in the recent past, with one-year lease rates rising by up to 3.25 percent and two-year leases rising by 5 percent or more according to a New York Times report. The jump in housing prices is reportedly the sharpest in nearly a decade. In May 2022, the average rent went up to $4,000 before hitting an all-time high of $5,000 for the first time in June 2022
Singapore shared the top spot in the EIU’s list with New York but it slightly edges it as it has been on the top spot for almost 80 percent of the last decade. With rising demand for property and land the real estate market has got steaming hot in the city. Further, Singapore also lacks natural resources and it mostly relies on ports to import necessities like water and natural gas electricity. Buying a simple car such as the Volkswagen Golf can cost a whopping $100,000 in Singapore which is more than three times the average price in the United States, as per Astons.com.
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