Deciding where to move always seems to go back to the crucial element of the cost of living.
Living in Del Mar, where I’m from, comes with a pretty expensive cost of living. It’s not quite as high as some of the places listed in this article, but it’s up there!
It’s important for future homeowners to find a spot that they love, but that also doesn’t break the bank. Unfortunately, some of the most popular travel destinations people want to live in, aren’t exactly budget-friendly.
According to the Worldwide Cost of Living Survey conducted by the Economist Intelligence Unit, the most expensive cities to live in are located in Western Europe and Asia. This survey takes into account the average costs of school, food, rent, and other everyday expenses that are essential for people.
6) Melbourne, Australia
Coming in at the 6th most expensive city in the world is Melbourne, Australia. This is the second most expensive city to live in, in Australia. Some of the most normal everyday items are what makes this city so expensive. For example, a loaf of bread costs an average of $5.40 which is high compared to your local supermarket. Also, a regular bottle of wine cost about $29.83 this year, compared to last year when it cost about $28.50. Entertainment and recreation costs are also higher compared to other cities around the world. The average movie ticket price is about $20, and if you want to add a drink and large popcorn? That will cost you an extra $20.
5) Sydney, Australia
Sydney is the most expensive city to live in, in Australia. This beautiful travel destination has much higher prices for whatever you are buying, compared to the U.S. The average monthly rent for a one bedroom apartment in the City Center costs around $2328.58. To get an apartment outside of the city, a one bedroom will still cost about $1677.15. Getting a 3 bedroom apartment in the city will cost an average of $4545.84. Even popular chain stores such as H&M have higher prices. The average summer dress that retails about $29.99 in the U.S, will cost about $78.27. Want a pack of cigarettes? That will cost you about $21.50.
4) Zurich, Switzerland
Switzerland is already a pricey country to live in, but Zurich takes the cake as the most expensive city in Switzerland. The average Big Mac meal at McDonald’s costs $12.51 in Zurich, with a Happy Meal still costing $9.51. A regular bottle of water costs about $4.35, even in vending machines. Prices are much higher in Zurich because the minimum wage is higher. People getting paid minimum wage make an average of $3,488 a month. Most people living here have much higher salaries as well. Most people living in Zurich rent their homes, and spend about a third or a fifth of their monthly income on rent. Utility bills are also not usually included in rent and cost residents about 10% of their rent.
3) Oslo, Norway
Oslo, the capital of Norway, is the 3rd most expensive city to live in. Prices for everyday items such as a cup of coffee, or a casual lunch, are much higher than in New York, which is known for being expensive too. The cost of transportation, as well as prices for everyday items are what make Oslo so expensive. A pound of regular cheese will cost you around $10. The average price of rent for a three bedroom located in the city is around $3,658.21, and one bedroom in the city will cost around $1,953.5. This monthly rent is significantly higher compared to the average monthly rate of the U.S
2) Paris, France
Paris has often been thought to be one of the most romantic cities in the world. However, it’s also considered the 2nd most expensive city to live in. The cost of rent here is so extreme that people have actually started illegally living in, and renting out their storage rooms, cellars, and converted garages. Dairy products and bread also cost exponentially more due to the regulations that France has for their local producers. However, wine on the other hand is actually cheaper in France than it is elsewhere.
Finally, topping our list at the most expensive city in the world: Singapore. Clothing and transportation costs in Singapore are what make this city so expensive. The Worldwide Cost of Living survey showed that clothing and transportation costs are about 3 times as much as they are in New York. Monthly rent in Singapore is also very high. The average monthly rent for a one bedroom apartment in the city is about $4190.05.
However, while these are the most expensive cities in the world to live in, each city has areas that are slightly more affordable. If you know where to look in these cities, you can find great values and start living out the life of your dreams.