Cost of Living Comparison Between New York, NY and Sydney You would need around 6,654.3$ (9,968.6A$) in Sydney to maintain the same standard of life that you can have with 9,600.0$ in New York, NY (assuming you rent in both cities).
Sydney has been ranked as the world's 10th most expensive city, according to the latest Economist Intelligence Unit (EIU) report, thanks to the price of groceries, rent and everyday services, ranking equally with Copenhagen.
Cost of living in New York City (United States) is 36% more expensive than in Sydney (Australia)
But how expensive is it? Australia currently has the 12th highest cost of living in the world, with the USA and UK well behind at 21 and 23rd place respectively. The overall cost of living in Australia is 9% higher than the USA, but 10% cheaper than London.
Sydney is still the most expensive city in Australia — you'll pay around a quarter more for living expenses in Sydney than if you lived in Darwin or Melbourne, and even more if you stayed in Adelaide or Hobart. The overall costs of living in Adelaide and Hobart are very similar.
Sydney has featured in the top ten of the world's wealthiest cities with 35 per cent growth of high-net-worth individuals in the past decade. Figures recorded from up to December 31, 2022 sees the Harbour city land in tenth spot after solid growth since 2012.
Cost of living in Los Angeles, California (United States) is 15% more expensive than in Sydney (Australia) How much money will you need in Los Angeles, California? Find out with your own Salary Calculation. This comparison is based on abundant and consistent data.
Australian house prices are considerably higher than in many other comparable countries, largely due to factors such as supply and demand imbalance, tax policies, and low-interest rates.
Why are fares so high? It's largely about supply and demand. Airlines axed routes and staff in the early days of the Covid-19 pandemic and, with demand picking up sooner than expected, they are still playing catch-up.
Sydney has a sizable economic basis that includes an extensive network of internationally competitive companies, well-developed infrastructure, and a great quality of life. This city offers excellent job opportunities. The unemployment rate is very low, even lower than in New York, at 3.8%.
Melbourne is the New York of Australia. They have a lot of things in common. Both cities love nightlife “Cities that never sleep”. The coffee standards in both cities are growing here, almost similar.
Housing, transportation, food and drink, and healthcare are the major expenses to consider when comparing the two cities. While the cost of living in Sydney is generally higher than in London, it offers a high quality of life and a great lifestyle.
Brand Finance has declared Sydney as the best city to live in, not just in Australia, but the world, and the overall 5th best city in the world for 2023. The global survey conducted by the brand consultants pooled together answers from 15,000 people from all over the world.
Is Sydney really that expensive? According to Mercer's 2022 Cost of Living City Ranking, Sydney is listed as the 58th most expensive city in the world, with the city's high costs for everything from housing and transportation to groceries and entertainment (at least it's not New York's level of expensive!)
According to the report, “Sydney has the least affordable market, with a median multiple of 13.3, the second least affordable market internationally”. “Australian markets have a median multiple of 8.2, up from 6.9 in 2019,” the report states. “This is an increase of 1.3 years of median household income.
Sydney's also the most expensive major city for housing and utilities. It is 36 per cent more expensive than Melbourne and 52 per cent more expensive than Hobart. Sydney's beautiful but it comes with a price. It is unsurprising news when you consider some of the most iconic things in Sydney are so expensive.
Why is Sydney property so expensive? Price growth in Sydney's housing market has been fuelled by population growth, an undersupply of housing and higher levels of investor activity. Geographical constraints and planning restrictions have also limited the expansion of the land stock suitable for housing.
According to Expatistan, this means Australia is one of the most expensive places to live (ranked 10 out of 71). Generally, a higher cost of living means that basic expenses have become – well, expensive.
Cost of Living Comparison Between Paris and Sydney
You would need around 6,118.5€ (10,118.9A$) in Sydney to maintain the same standard of life that you can have with 5,300.0€ in Paris (assuming you rent in both cities).
Cost of Living Comparison Between Sydney and Paris
You would need around 8,835.2A$ (5,325.3€) in Paris to maintain the same standard of life that you can have with 10,000.0A$ in Sydney (assuming you rent in both cities).
Thankfully, Australia ranked just outside the top 10 most expensive countries to live at 13th on the list, with an index of 75.3. Our rent index was significantly lower than Bermuda's 96.3, at just 39.0. Should you plan a move this year, you best consult the list to see how much you'll need to have saved at the bank.
What are the poorest suburbs in Sydney? As per the Australian Taxation Office, there are many disadvantaged areas in Sydney including Blacktown, Fairfield, Carramar, Auburn, Parramatta, Campsie, Cabramatta, and others.
Over on Sydney's lower north shore, Hunters Hill and Woolwich are situated on a small peninsula that separates the Lane Cove and Parramatta Rivers. Aside from some of Sydney's richest, the area is also home to a number of heritage buildings and impressive houses.