Posted on 12/01/2022 11:24:49 AM PST by ChicagoConservative27
For the first time ever, New York City is the most expensive city in the world sharing the top spot with Singapore, according to the Economist Intelligence Unit annual survey.
Both cities have bumped last year’s most costly city, Tel Aviv, down to third place in the survey’s top 10 most expensive cities list.
The Big Apple’s new spot as the priciest place to live comes after a year of soaring rent prices in the city. Real estate firm Douglas Elliman released a report earlier this year showing the median price of Manhattan apartments shot up by 25 percent in 2022 with the average monthly rent in the borough reaching around $5,000.
Inflation, supply-chain snags and increased gas prices stemming from the war in Ukraine have raised the cost of living 172 cities across the globe by 8.1 percent this year, according to the survey.
“The war in Ukraine, Western sanctions on Russia and China’s zero-covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world,” said Upasana Dutt, head of worldwide cost of living at EIU.
“We expect prices to start easing over the coming year as supply bottle-necks start to ease and slowing economies weigh on consumer demand.”
Los Angeles and San Francisco also moved up in their ranking making it to the ten most expensive cities in the world. L.A. is tied with Hong Kong and for the fourth priciest city on the planet and San Francisco beat Paris for the survey’s number eight spot.
The survey also breaks down which cities have seen the greatest change in cost of living and the cheapest places to live.
(Excerpt) Read more at thehill.com ...
NYC was much better off under the control of the Five Families than the demo-commies.
San Francisco is right up there, too. Just got back from there. I have no idea how anyone affords to live there.
I wouldn’t give you 2 cents for it!....................
How convenient, blame Ukraine for everything that Biden has ruined in our country.
I posted before reading more than the first paragraph. Looks like SF is number 8.
Marxists are rich.
I think San Diego is a better deal. You get more for your money.🤣
That’s my perspective as well. I have a couple of friends who live in Carlsbad. Nice beaches and culture there as well.
Just think of all you get for your money in NYC; clean streets, safe subways, low crime, outstanding public schools, low barriers to starting a business and large, expansive homes with big yards for you kids and dogs to play
How much if this is the rising dollar? Probably all of it.
Very funny - one thing I will say in defense of NYC is that the property taxes on a single family in a safe neighborhood in the boroughs are much lower than comparable neighborhoods in suburbia, but the purchasing price is higher and schools are a crapshoot.
Well at least it’s the safest city too
My vote for best weather in the US goes to Hawaii. 75-85 F all year round and no humidity.
I spoke too soon - Hawaii is one of the six states I haven’t visited but you are not the first person to tell me that.
Back in the mid-60s in rural N. FL there were reports that a hamburger cost a dollar in N.Y. City. We were astounded since you could go down on main street and get a burger for $.25, or go to the local MacDonald’s and get an All American Meal for $.50, which included a hamburger, fries and milk shake.
They aren’t getting their moneys worth.
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