The cost of living varies widely among cities globally, influenced by factors like housing, transportation, food, and entertainment.
Each city offers unique opportunities and lifestyles but demands careful consideration of financial implications.
Prospective residents must weigh these benefits against the high expenses associated with living in some of the world’s most costly urban centres.
According to Numbeo, the Cost of Living Index compares consumer goods prices (excluding rent) relative to New York City, which has a baseline index of 100%.
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For example, a city with a Cost of Living Index of 120 is approximately 20% more expensive than New York City for groceries, restaurants, transportation, and utilities, excluding housing costs.
Here are the top 10 cities in the world with the highest cost of living by mid-year 2024
1. Geneva, Switzerland – Cost of Living Index: 101.7
Geneva tops the list with its high cost of living, driven by expensive housing, dining, and general goods and services. The city is known for its quality of life but comes with a price tag.
2. Zurich, Switzerland – Cost of Living Index: 100.4
Zurich closely follows Geneva, sharing similar cost factors such as high rents and premium living expenses. The city’s strong economy contributes to its high living costs.
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3. New York, NY, United States – Cost of Living Index: 100.0
New York City remains one of the most expensive cities globally, primarily due to steep housing costs and high consumer prices across various categories.
4. San Francisco, CA, United States – Cost of Living Index: 90.5
San Francisco’s vibrant tech industry has driven up living costs, particularly housing and dining, making it a costly city to reside in.
5. Boston, MA, United States – Cost of Living Index: 85.8
Boston’s historical significance and academic prominence contribute to its high cost of living, especially notable in housing and healthcare.
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6. Reykjavik, Iceland – Cost of Living Index: 83.9
Iceland’s capital city, Reykjavik, features prominently due to its isolated location and reliance on imported goods, which escalates living expenses.
7. Washington, DC, United States – Cost of Living Index: 82.5
Washington, DC, ranks high due to its role as the political centre of the United States, resulting in inflated housing and service costs.
8. Seattle, WA, United States – Cost of Living Index: 81.5
Seattle’s booming tech industry and scenic location contribute to its high living costs, especially in housing and leisure activities.
Los Angeles, CA, United States – Cost of Living Index: 80.9
Los Angeles combines high housing costs with expensive consumer goods and services, driven by its role as a global entertainment hub.
Chicago, IL, United States – Cost of Living Index: 80.2
Chicago rounds out the top 10 with its significant urban amenities and cultural offerings, alongside notable expenses in housing and healthcare.
