Many of the major cities around the world are known for the allure of bustling nightlife, efficient public transportation, and a unique culture that draws in foodies, lovers of the arts, and adventurers alike. And while the offerings of well-known places like Tokyo, Japan, London, England, and New York City are usually enough to make them ideal destinations for vacations and the backdrops that inspire wanderlust Instagram captions, there’s no denying that they are more often than not, quite high-priced.
According to The survey, which was conducted from August 16 to September 16, 2022, tracks expenses including services and goods in 172 cities around the world.
10. Sydney, Australia
The Australian city made EIU’s list as the 10th most expensive place to live in the world, which it shares with Copenhagen, Denmark. The city inched up the list from last year when it ranked at number 14.
Among the contributing factors to the increase in Sydney’s cost of living are exorbitant rent fees – the weekly rent for a one-bedroom apartment can range from $450 to $550, High demand and low inventory in the real estate market also present city dwellers with difficulty when it comes to finding an affordable home to purchase.
9. Paris, France
The City of Love has architecture, food, and fashion like no other, so it’s not surprising that living in France’s capital city of Paris is pretty pricey. Demand for housing and retail space combined with a lack of options on both fronts make affording real estate a costly challenge.
8. San Francisco, California
It’s no wonder there were nine people at one point living in the Tanner household in Full House back in the ’90s. Rent has always been pretty steep out on the West Coast, but home prices in San Francisco in 2022 increased 10% compared to the previous year, bringing the average price to around $1.5 million. Renters even need to make about $100,000 a year to live comfortably in “The Golden City.”
7. Geneva, Switzerland
Famous for the Jet d’Eau, a.k.a. the world’s tallest water fountain, Geneva is a city with tons of luxe cafés and shopping for days. But all that luxury does come at a high price. Just for an individual, monthly expenses average out at about $3,500 when it comes to rent, food, and transportation.
6. Zürich, Switzerland
Just one glance at Zürich and you can see why the stunning city is one of the priciest in the world. The financial capital, which sits at the north end of Lake Zürich, is home to waterfront promenades, high-end shopping, and decadent chocolate. It’s also the most expensive Swiss city to rent in, with an average rent cost of about $2,000 for a single person.
5. Los Angeles, California
There’s a reason Hollywood celebs are dropping a lot of dough on a new apartment or home. It costs a lot to live that glamorous Hollywood lifestyle. Not only is Los Angeles’ location a major reason why housing is so competitive, especially with a population of 10 million people, but LA’s high taxes for residents and sales tax of 9.5% make it a costly place to live. In January 2020, apartment rentals reached an average of over $2,500, almost doubling the national average.
4. Hong Kong, China
Hong Kong ties with LA for fourth place in the world’s most expensive cities. With over 7 million people living in the city, it’s not necessarily the cost of rent that makes it pricey, but rather the competitive demand for housing and all the activities Hong Kong has to offer, like its endless markets, nightlife, and attractions.
3. Tel-Aviv, Israel
From stunning beaches to exciting nightlife and world-famous restaurants, Tel-Aviv has it all. But there’s a hefty price tag attached to all that fun. The largest city in Israel, Tel-Aviv has a reputation for being not only fun but an incredibly diverse and tourist-friendly place to visit. That being said, real estate is pretty expensive, with the average monthly rent for a one-bedroom coming out to $1,725.
2. New York City, New York
Bright lights, big city, big rent. Average rent prices in the Big Apple have soared, with one-year lease rates increasing by 3.25% and two-year leases seeing a 5% or more increase, the sharpest in nearly a decade. Rent hit an average cost high of $4,000 for the first time in May 2022 and then hit an average cost high of $5,000 for the first time in June 2022.
1. Singapore, Singapore
Tied with New York, Singapore often tops the list. For starters, because it is such a small area, the land is incredibly scarce. In addition, as the demand for property has increased the supply has been limited, making the real estate market very competitive. The city also has very few natural resources and must rely on ports to import necessities like water and natural gas electricity.