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. Number 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.
Cities were scored across the following indexes:
- Cost of living
- Rent
- Cost of living plus rent
- Groceries
- Restaurant price
- Local purchasing power
The United States has the highest number of cities ranked, claiming seven of the top 10 spots.
No. 1 most expensive city to live in: Geneva, Switzerland
Cost of Living Index Score: 101.7
Geneva, Switzerland, is the most expensive city in the world to live in, according to the Cost of Living Index. The city was found to be 1.7% more expensive than New York.
Geneva, Switzerland
Alberto Mazza | Moment | Getty Images
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.
The city continuously ranks as one of the best places to live based on quality of life because it offers a low crime rate and a range of jobs.
10 most expensive cities in the world
- Geneva, Switzerland
- Zurich, Switzerland
- New York, New York
- San Francisco, California, United States
- Boston, Massachusetts, United States
- Reykjavik, Iceland
- Washington D.C., United States
- Seattle, Washington, United States
- Los Angeles, California, United States
- Chicago, Illinois, United States
Zurich is the No. 2 most expensive city to live in the world. It is 0.4% more expensive than New York City.
Zurich, Switzerland
Didier Marti | Moment | Getty Images
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 as well, according to Numbeo.
Zurich is the largest city in Switzerland and one of the country’s financial centers.
New York City, New York, United States
Alexander Spatari | Moment | Getty Images
New York City is the No. 3 most expensive city in the world in, based on Numbeo’s Cost of Living Index by City. It had the highest cost of living of all the U.S. cities to make the top 10.
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.
NYC is known for its high rent. As of June 2024, the median monthly rent for all bedroom counts and property types in the city is $4,480, which is 122% higher than the national average, according to Zumper.
Conversions from the Swiss Franc to USD were done using the OANDA conversion rate of 1 Swiss Franc to 1.14 USD on August 8, 2024. All amounts are rounded to the nearest dollar.
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Source: CNBC