Moving to another city for school or a career is a totally different experience. The city’s gastronomy, including native foods and beverages, historic landmarks, amazing architecture, museums, shopping arcades, and much more are all worth a leisurely exploration.
However, in order to visit the city’s most popular attractions, one must be willing to open their wallet wide. The average price of rent, utilities, food and groceries, transportation, and other living expenses are calculated by conducting surveys among the general population.
Top 10 Expensive Cities in the World in 2023
From ballooning real estate prices and high taxes to thriving industries and tourist attractiveness, we’ll delve into the reasons for these cities’ high-priced lifestyles and the fascination that keeps residents and visitors coming back. Join us on a tour around the world to discover the most expensive urban environments.
10. Sydney, Australia
The EIU ranked the Australian city as the 10th most expensive place to live in the globe, alongside Copenhagen, Denmark.
Among the factors contributing to the rise in Sydney’s cost of living are exorbitant rent fees – the weekly rent for a one-bedroom apartment can range between $450 and $550, and the weekly rent for a two-bedroom apartment begins around $650.
9. Paris, France
The City of Love has unparalleled architecture, cuisine, and fashion, so it’s not surprising that Paris, the capital of France, is quite expensive to live in.
Demand for housing and retail space coupled with a dearth of options on both fronts makes it difficult to afford real estate.
8. San Francisco, California
In the 1990s, it is not surprising that nine individuals once resided in the Tanner household on Full House. On the West Coast, rent has always been quite expensive, but in 2022, the average price of a property in San Francisco increased by 10% compared to the previous year, reaching approximately $1.5 million. To live comfortably in “The Golden City,” renters must earn around $100,000 annually.
7. Geneva, Switzerland
Geneva, known for the Jet d’Eau, the world’s biggest water fountain, is a city with dozens of luxury cafés and shopping for days. But all of that luxury comes at a great cost.
When it comes to rent, food, and transportation, an individual’s monthly expenses are around $3,500.
6. Zürich, Switzerland
With just one look at Zürich, you can tell why it is one of the most expensive cities in the world. The financial capital, located at the northern end of Lake Zürich, is known for its waterfront promenades, high-end shopping, and exquisite chocolate.
It is also the most expensive city in Switzerland to rent in, with an average rent of almost $2,000 for a single individual.
5. Los Angeles, California
There’s a reason why Hollywood celebrities spend so much money on a new apartment or house. It’s expensive to live the glitzy Hollywood lifestyle.
Not only is Los Angeles’ location a major cause for its high home prices, especially with a population of 10 million people, but the city’s high taxes for residents and 9.5% sales tax make it an expensive place to live. Apartment rentals in January 2020 averaged more than $2,500, nearly double the national average.
4. Hong Kong, China
According to the EIU, Hong Kong shares fourth place with Los Angeles among the world’s most expensive cities.
With over 7 million residents, it’s not necessarily the rent that makes the city expensive, but rather the competitive demand for housing and all the activities Hong Kong has to offer, such as its infinite markets, nightlife, and attractions.
3. Tel-Aviv, Israel
Tel Aviv has everything, from breathtaking beaches to thrilling nightlife and world-renowned restaurants. However, a hefty price tag is affixed to all of that enjoyment.
Tel Aviv, the largest city in Israel, has a reputation for being a fun, tremendously diverse, and tourist-friendly destination. However, real estate is quite pricey, with the average monthly rent for a one-bedroom apartment being $1,725.
2. New York City, New York
Bright lights, large metropolis, and high rents. The average price of a one-year lease in New York City has increased by 3.25 percent, while two-year leases have increased by 5 percent or more, the largest increase in nearly a decade.
In May 2022, the average cost of rent reached a new peak of $4,000. In June 2022, the average cost of rent reached a new peak of $5,000.
1. Singapore, Singapore
Singapore often shares first place with New York. As a result of the area’s tiny size, land is extremely scarce. In addition, as the demand for real estate has increased, the supply has decreased, resulting in a highly competitive real estate market.
Additionally, the city has few natural resources and must rely on ports to import water, natural gas, and electricity.