Cost of Living Index by City
Last month, data company Numbeo released its annual Cost of Living Index by City. The final ranking was determined using data from January 2024 through mid-year. The index is historical and will be updated periodically. Numbeo used the cost of living in New York City as a baseline and gave it a score of 100. Every other city was scored based on how much more or less expensive it was compared to the Big Apple.
How the Index was Scored
The analysis was scored across the following indexes:
- Cost of living
- Rent
- Cost of living plus rent
- Groceries
- Restaurant price
- Local purchasing power
The Results
The United States has the highest number of cities ranked, claiming seven of the top 10 spots.
Top 10 Most Expensive Cities in the World
- Geneva, Switzerland
- Cost of Living Index Score: 101.7
- Known as the capital of peace, Geneva is home to the European headquarters of the United Nations.
- A single person’s estimated monthly costs are about $1,715 without rent, while a family of four’s estimated monthly costs are around $6,300, according to Numbeo.
- Zurich, Switzerland
- Cost of Living Index Score: 100.4
- For years, Zurich has ranked as one of the most liveable cities in the world. This is due in part to its cleanliness, political stability, and infrastructure.
- The cost of living for a family of four is estimated to be $6,184 a month, not including rent, while a single person’s estimated monthly costs are $1,689, excluding rent.
- New York, New York, United States
- Cost of Living Index Score: 128
- The Big Apple is home to major companies like Google, J.P. Morgan Chase and more.
- The cost of living in NYC is 128% higher than the national average, according to PayScale.
- San Francisco, California, United States
- Cost of Living Index Score: 125
- Boston, Massachusetts, United States
- Cost of Living Index Score: 124
- Reykjavik, Iceland
- Cost of Living Index Score: 123
- Washington D.C., United States
- Cost of Living Index Score: 122
- Seattle, Washington, United States
- Cost of Living Index Score: 121
- Los Angeles, California, United States
- Cost of Living Index Score: 119
- Chicago, Illinois, United States
- Cost of Living Index Score: 118
Conclusion
The Cost of Living Index by City provides a comprehensive assessment of the cost of living in various cities around the world. The results highlight the significant differences in costs among cities, with some cities being multiple times more expensive than others.
FAQs
Q: What is the Cost of Living Index by City?
A: The Cost of Living Index by City is an annual analysis by data company Numbeo, which scores cities based on their cost of living, rent, groceries, restaurant prices, and local purchasing power.
Q: What was the basis for the Cost of Living Index?
A: The index was based on data from January 2024 through mid-year, using New York City as a baseline with a score of 100.
Q: How many cities did the United States have in the top 10?
A: The United States had seven cities in the top 10.
Q: What is the highest cost of living index score?
A: The highest cost of living index score was 128, which was achieved by New York City.
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