Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022.
New York overtakes Hong Kong as the most expensive city in the world for expats, new survey shows. Hong Kong has ended its four-year reign as the most expensive city globally for expatriates, according to a survey — as New York surpasses it to first place.
Which City Is More Affordable: Los Angeles or New York City? Both NYC and LA are among the most expensive cities in both the U.S. and the world. However, the average cost of living in LA is also 24-27% lower than that of NYC.
The world's most expensive cities are jointly New York and Singapore, according to the annual Economist Intelligence Unit (EIU) survey.
In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.
Famous and Famously Expensive
The Chartwell Estate, located in Beverly Hills, California, is owned by the late head of Univision, Jerry Perenchi. Built in 1933, the French neoclassical home encompasses 25,000 square feet of land. It is situated on a 10-acre expanse of manicured lawns and gardens.
The least affordable was Miami, where the median-priced home costs $598,000 and would require a monthly payment of $3,183 to cover mortgage and taxes — more than 85 percent of the local median household income of $44,581 (or $3,715 a month). Los Angeles and New York followed — no surprise given their steep home prices.
1. Hawaii. Hawaii is known for its beautiful beaches, warm climate, and breathtaking scenery. However, it is also the most expensive state to buy a house, with a Zillow Home Value Index of $834,582.
Hong Kong
Here, the price of a property per square meter is the highest in the entire world. You will have to pay more than 25,000$ per m² to buy an apartment close to the city centre.
Topping the 2023-24 list: Green Bay, Wisconsin. The magazine called Green Bay "The perfect mix of big-city amenities complemented with a Midwestern, small-town feel."
Charleston, South Carolina
Charleston is by far one of the most beautiful cities in the US. Pastel-painted houses line the cobblestone streets, while colossal oak trees with Spanish moss set the scene. One of the biggest allures of this city is that it's very compact and easy to explore on foot.
The cheapest states to live in are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee. Mississippi is the cheapest state to live in in the US, with a cost of living index of 85. The second cheapest state to live in is Oklahoma, with a cost of living index of 85.8.
According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.
Regarding affordability, the report indicates that Connecticut, Massachusetts, and New Jersey are the most affordable states with Arizona, Nevada, and Florida being the least affordable.
In the most expensive area, Manhattan's Hudson Yards, the median sale price rose about 6 percent year-over-year, to $5.729 million; but in TriBeCa, the next most expensive, it fell 6 percent, to $3.5 million.
LA has a stable and more comfortable climate, an affordable transport system, and a lower cost of living. Meanwhile, there are better job opportunities and a higher safety index in NYC, although with a higher cost of living. With these factors in mind, we can say that LA is better than New York City.