PRICEY PLACES
Pricey Locations: These Ten Cities Might Leave a Dent in your Wallet!
Published on October 16, 2024
Credit: Manson Yim
Are you ready for a change? Moving to a new city can be quite exciting, as it offers a lot of new experiences and possibilities to discover. However, some of the world's famous metropolises have a high price, offering treasures along with a higher cost of living. Whether you are actively considering a change of permanent address or just curious about life in other parts of the world, this article is for you.
While the criteria and factors used to measure the cost of living can vary, we've selected ten of the most expensive cities to live in, and we'll tell you about their peculiarities. Join us!
San Francisco, California
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San Francisco, USA, had a spot in The Economist's 2023 ranking of the world's most expensive cities.
The beautiful city of San Francisco has a lot of attractions to offer. Just imagine waking up every day with the iconic Golden Gate Bridge in your view or using the historic cable cars for a ride through the city's streets.
However, the cost of living in this city is approximately 20% higher than the state average and 70% higher than the national average, with housing being the most costly aspect.
Copenhagen, Denmark
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Copenhagen has many advantages that make it an outstanding city, with its high quality of life, healthcare, education system, and public services.
However, adjusting to life in the capital of Denmark can be challenging. While the city offers an exceptional quality of life, it also comes with a high cost of living, expensive property prices, and some of the highest taxes compared to other European cities.
But you'll likely find a way to strike a balance and enjoy life in lovely Copenhagen if you can establish yourself in the labor market. After all, it ranks among the top 10 cities in the world with the highest average salaries, offering a promising opportunity!
Paris, France
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Of course, the city of wine, cheese, fashion, and perfumes comes at a high price. While Paris may not always make the top 10 most expensive cities to live in, it did earn a spot on the list last year.
The Marais District, Ile Saint-Louis, and Ile de la Cité are considered some of the most expensive areas to live in Paris. However, the cost of housing is relatively high throughout the entire city.
Luckily, compared to other expensive cities on this list, the cost of delicious Parisian food is somewhat lower.
Los Angeles, California
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The city of Los Angeles, California, is a world unto itself. From spectacular beaches to the glamour of Hollywood, LA invites everyone to stay and explore its magic.
Living in Los Angeles may seem simple at first, but it has its challenges. One of the main burdens is the cost of housing, which is approximately 130% more expensive than the national average. As a result, many choose to live with roommates or friends as a more affordable alternative.
In addition to housing (typically the most expensive aspect of living in any city), the cost of entertainment -abundant in the city- also tends to be higher in LA, compared to other places in the country.
Hong Kong, China
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Hong Kong is one of the most expensive places to live in Asia. But if you are a fan of skyscrapers and the energy of bustling crowds, Hong Kong is the perfect paradise for you.
Many people choose to move to Hong Kong because, as a major financial and business center, it offers a wide variety of job opportunities. And that's not all; it is also known for its safety and rich cultural diversity, making it an attractive destination.
Unfortunately, living in Hong Kong comes with its costs. Due to its high population density and other factors, housing supply is limited, making it an increasingly expensive asset.
New York City, New York
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New York is not just the most populous city in the US; it is also one of the most expensive places to live.
The Big Apple is a dynamic city where opportunities abound. With theaters, museums, universities, and a diversified job market, there are many reasons to love this city. But wait, living there comes with a high price, more than double the national average, especially in the Manhattan area.
As in other cities, the housing cost is the biggest issue. With so many people racing for limited space, it's no surprise that New York City has one of the highest costs of living in the world.
Geneva, Switzerland
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Living in Geneva doesn't mean you have to be a winter fan. Despite the chilly temperatures that winter brings to the "Peace Capital," Geneva's summers give its inhabitants a delightful break with their warm weather.
Surrounded by the glorious Alps, Geneva ranks among the top five European cities in terms of life quality, personal safety, and average salaries. Of course, these high standards come at a price, and they are certainly not cheap.
In addition to the cost of housing, Geneva is characterized by elevated healthcare costs and high taxes. But here's the good part: with those premium healthcare services, you'll definitely be in good hands.
Zurich, Switzerland
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Switzerland has more surprises, though some might say this particular fact isn't breaking news. Zurich claims its place as the most expensive city to live in Switzerland. In fact, it is usually in the top 5 most expensive cities in the world.
Switzerland's strong and stable economy certainly plays a significant part in Zurich's expensive reputation. However, the high costs of housing and food also play a major role.
In Zurich, you will find not only a chocolate paradise but also an international financial center that houses the headquarters of well-known banks.
Singapore, Singapore
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Singapore has become a popular location for many professionals around the world. This dynamic city offers numerous job and economic growth opportunities. In addition, the city-state consistently reaches top positions in international quality of life rankings. Undoubtedly, one of its highlights is the quality and efficiency of its public transportation system.
But this elevated standard of living comes with high prices in different aspects of residents' daily lives. Specifically, rent and education prices stand out as some of the most expensive services.
Wait, there is another detail to consider before moving to Singapore: chewing gum is forbidden there!
Hamilton, Bermuda
Credit: Charlie Hales
Picture a warm island... Wouldn't it be amazing to teleport there right now? Imagine its immaculate beaches, tasty cuisine, and envy-inducing weather.
But this magical scenario hides a reality: the cost of living. Hamilton, the capital of Bermuda in the western Atlantic Ocean, makes this list as one of the most expensive cities in the world to live in.
With finances and international business being the most important part of Hamilton's economy, the city is always attracting new professionals. Thus, despite its modest population, the cost of renting in Hamilton is constantly rising. Add to this the high import taxes, and it is no surprise that all prices soar!