5 most expensive cities to live in the world (2024)

FAQs

What is the most expensive city in the world to live in? ›

Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022.

As per the ECA International's Cost of Living Rankings 2023, New York City is the world's most expensive city to live in as an expat. The rising cost of rented properties and inflation are the primary factors behind New York City topping ECA International's latest Cost of Living Rankings.

Many often believed it to be the most expensive in the world. Still, it wasn't until a report released in recent days by the Economist Intelligence Unit (EIU) that declared New York City to, in fact, be the most expensive city on the planet. It's official: New York City is the most expensive city in the world.

Hawaii is the state with the highest cost of living in the US, with a cost of living index of 184. This is due to its isolated location and the high demand for housing, food, and energy.

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Is Miami the most expensive city? ›

Miami's Star Island is now the nation's most expensive neighborhood while the number of New York City areas where buying a home would set you back at least $1 million is on the decline, according to a new survey.

Basel ranks as the fourth most expensive city in the world according to the latest cost of living survey. The Swiss city has high prices for accommodation, restaurants, and markets.

There is a new most expensive city in the world in which to build, according to the latest Arcadis 2023 International Construction Costs (ICC) report – Geneva, Switzerland.

To no major surprise, Los Angeles was found to be the least affordable. Two other California cities – Bakersfield and Modesto – found themselves among the top 10 least affordable cities in the U.S. Three Texas cities made the list as well.

Hawaii is the most expensive state to live in, with a cost of living index of 184. Massachusetts is ranked second, with a cost of living index of 149.7, followed by California at 137.6, and New York at 134.5.

1. Manhattan, New York. No place beats the center of the Big Apple when it comes to being the most expensive housing market in the U.S.

Which City Is More Affordable: Los Angeles or New York City? Both NYC and LA are among the most expensive cities in both the U.S. and the world. However, the average cost of living in LA is also 24-27% lower than that of NYC.

Yes, it is generally considered expensive to live in New York City compared to many other cities in the United States and around the world. The high cost of living in the city is due to a combination of factors. Including high housing costs, taxes, transportation costs, and other expenses.

Is Florida cheap or expensive? ›

Is it expensive to live in Florida? Though the state has long had a reputation for being an inexpensive place to live, housing costs are high. Rents and sale prices are both well above national averages. However, the overall cost of living in the state is about on par with the national average.

To live comfortably in Hawaii, an annual income of around $70,000 to $100,000 for a single person, or $120,000 to $200,000 for a family is recommended. Is it expensive to live in Hawaii? Yes, Hawaii is known for its high cost of living due to factors such as housing, groceries, utilities, and transportation.

1 best U.S. city to live in is Cambridge, Massachusetts—see which other cities made the list. Niche released its list of the best U.S. cities to live in 2023. This month, Niche released its ranking of the best cities to live in America in 2023.

Try living in Portugal

Definitely one of the cheapest and safest places to live in the world, Portugal is very popular among people leaving the US to move abroad. Transportation is very sophisticated and easy to use all over Portugal, and you can travel cheaply around the country by train or bus.

Concepción, Chile. This truly is the least visited city in the world. Found at the finish line of a branch of the Pan-American Highway, the isolated location doesn't help to attract tourists and neither does the concrete sprawl of skyscrapers.

Algeria, one of the world's cheapest countries, has a mild climate that runs from the Sahara Desert to the Mediterranean coast.

What is the cheapest place to live in South America? ›

Paraguay ($40 USD per day) Being a non-traditional tourist destination and one of the cheapest places to live in South America makes Paraguay an attraction of its own.

Miami is more affordable than Los Angeles. However, for those interested in the entertainment industry, diverse food options, and mild climate, Los Angeles is the better choice.

New York is far more expensive than Miami. Florida is famous for its affordability and lack of income tax, which is what attracts so many retirees. While Miami is definitely the most expensive city in Florida, it still hasn't quite reached the same level as NYC.

According to a 2018 UBS study of 77 world cities, Miami is the third-richest city in the U.S. and the third richest globally in purchasing power. Miami is a majority-minority city with a Hispanic and Latino population of 310,472, or 70.2 percent of the city's population, as of 2020.

The study ranks the world's least and most affordable places to travel, based on average hotel and food prices, transportation costs, and attraction prices. Top of the list for expensive getaways is Monaco, which Traveller's Elixir suggests will set you back $2,258 (£1,805) for a five-day trip.

Cost of Living

New York City is more expensive than Boston but not by much. NYC ranks the most expensive city in the US, while Boston is fourth (San Francisco and Honolulu are 2 and 3). The cost of living in New York is 129% higher than the national average, whereas it's only about 48% higher in Boston.

Most expensive ZIP codes in the U.S.

The most expensive ZIP code in terms of home values for all homes in the U.S. is 94027, in Atherton, California, with a 12-month average value of more than $7.7 million.

Answer: The most expensive building in the world as of 2022 is the Great Mosque at Mecca.

Monaco is the world's most expensive city to by land.

Is San Francisco the most expensive city in the world? ›

San Francisco is one of three U.S. cities ranked as the most expensive in the world amid rising inflation and cost of living, according to a new report by the Economist Intelligencer Unit. Californians are all too familiar with the high price of living, especially in the Bay Area.

Basel ranks as the fourth most expensive city in the world according to the latest cost of living survey. The Swiss city has high prices for accommodation, restaurants, and markets.

Monaco is the most expensive country to live in, with a cost of living of $3,585 per month. Other expensive countries to live in include the Cayman Islands, Switzerland, and Singapore, all of which have a cost of living of over $2,000 per month.

The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.

Depending upon where in the United States you live, it's one of the more expensive countries to live in. Yet 50 other countries are also considered the most expensive in the world, though many of them have costs that are significantly lower than the U.S.

Overall, LA is about 24% less expensive than NYC. The cost of living in LA is lower than in NYC thanks to far lower housing prices. On average, housing in LA is 34% cheaper than in New York City. Additionally, prices for groceries, as well as restaurant prices, are lower in Los Angeles than in NYC.

Hawaii is the most expensive state to live in, according to the Bureau of Labor Statistics' "2021 Consumer Expenditures Survey," the most recent data provided by the organization.

The least affordable was Miami, where the median-priced home costs $598,000 and would require a monthly payment of $3,183 to cover mortgage and taxes — more than 85 percent of the local median household income of $44,581 (or $3,715 a month). Los Angeles and New York followed — no surprise given their steep home prices.

What state has the most unaffordable housing? ›

According to worldpopulationreview.com, Hawaii is the most expensive state to live in, with its housing costing three times the national average. New York and California rank as the second and third most expensive states in which to live, respectively.

1. Switzerland. Switzerland has one of the highest costs of living in the world. Rent is only $1,516.83 but worldwide income tax can run up to 40%.

Again, living expenses vary significantly by location, but we can use some average numbers. The average monthly living expenses for a single person in the USA are $3,189, which is $38,266 per year. The average cost for a family of four is $7,095 per month, which is $85,139 per year.

With white sand beaches, popular attractions like Disney World and Universal Studios, and major corporation headquarters, there's plenty to love about living in the Sunshine State. But with median home prices around $305,266 and median monthly rent at about $1,800, finding an affordable home can be tough.