It is no secret that costs of living are rising everywhere, yet some major metropolitan cities fare better than the average.
If you are just looking for a place to live, it might be more realistic to stay away from these places and rather pick a place where rent, groceries, and other necessities are more affordable.
The price of housing, transportation, and utilities are some important aspects that are taken into account, even if it can be difficult to pinpoint exactly what makes a place costly.
Sometimes the local economy and the likelihood of job development even play a role in determining an expensive city.
Factors of expensiveness
How does it become the most expensive city? The cost of living is one of the main factors which enhance expenses to live in any city. It is often determined by comparing your grocery bill to what it would be back home.
The housing market would be the other benchmark. A city’s cost of living often increases with its per capita income.
For really wealthy people, there might be inexpensive cities, but there aren’t many of them. Is your city therefore opulent?
This video is going to be fascinating just because of information about the most costly cities in the world.
5. Venice
One of the most romantic cities in the world is Venice, located in Italy.
It is also known as one of the most expensive cities in the world to live in, which is not surprising given how closely these two are related.
Venice is unique in that it is constructed on more than 100 separate islands, making it a city inside a city.
There are few living options, so it makes sense that property values are extremely high.
In this city, there are a lot of millionaires, but there aren’t too many houses for sale. Venetian land is home to hundreds of ultra-modern structures, including skyscrapers, just like other contemporary cities.
4. New York City
New York has earned a reputation as one of the most expensive cities in the world, despite being in the northern region of the United States.
Everywhere you turn in the city, you see ultra-modern skyscrapers and shopping malls. There are a lot of people looking for apartments because it has a sizable population.
Aside from being one of the most expensive cities in the world, it is also well known for being a top tourist destination.
Every year, tourists from all over the world come to this city to go on wild shopping binges at department shops and designer boutiques.
There are numerous entertainment resorts there, including Broadway theatres and art galleries.
3. Singapore
Welcome to another stunning city that is also one of the most costly in the world.
In comparison to many other big cities, Singapore is one location where you can live more comfortably.
This city is among the priciest places in the world to live due to its high cost of living.
The median household income in Singapore is $72,700, and the average cost of a one-bedroom apartment is $1,555 per month.
This ignores the fact that a lot of products in Singapore are also fairly expensive; a loaf of bread, for instance, costs more than $3.
That’s why Singapore is known as one of the most expensive cities.
2. London
London, one of the most expensive cities in the world, takes the top spot on this list.
People who can find work in London have an average household income of more than $74,000 a year, thanks to the city’s sizable economy, which generates lots of jobs for those who are looking for them.
Due in large part to the high cost of renting in this city, the cost of living is among the highest in the world.
A one-bedroom apartment often costs more than $2,400 a month, which makes this city so expensive.
1. Ashgabat – Capital of Turkmenistan
The “city of gold” is the nickname for Ashgabat. It possesses more gold per capita than any other city on Earth and some of the most costly homes in the entire world.
Due to the average cost of an apartment and the price of gold, Ashgabat is one of the most expensive cities in the world to live in.
In 2010, the average price per square meter for an apartment there was $9,000.
Residents of the city are known as “gold farmers” because they are more likely to possess gold than other locals.
People who engage in gold farming as a sort of business extracts gold from rocks.
After South Africa, Ashgabat has the second-largest gold deposits in the world. A third of the world’s gold production comes from its gold mines.
Final Thoughts
In every nation on earth, the cost of living has a significant impact on our standard of living as a whole.
Picking up a newspaper, turning on the news, or doing a web search doesn’t always guarantee that you won’t run into issues with housing affordability and high land costs.
How did you feel knowing about the five most expensive cities in the world?
Can this Article really help you in guiding expensive cities?
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