A new report released by the Economist Intelligence Unit has found that Los Angeles is among the top ten most expensive places to live in the world.
Exploring the Most Expensive Cities in the World
According to the report, Los Angeles is in a three-way tie for the number eight position in the most expensive cities in the world. The complete top ten list includes:
•Copenhagen, Denmark (tie)
•Seoul, South Korea (tie)
•Los Angeles (tie)
Examining U.S. Cities
According to the report, a strong dollar has helped to increase the relative cost of living in the United States. In fact, the U.S. dollar is currently experiencing one of its fastest rises in 40 years. The increase in interest rates by the U.S. Federal Reserve Bank in December is also expected to have a global impact. These higher rates will not only affect mortgage, but also car loans and borrowing money in general, making it more expensive to domestic consumers. In turn, this leads to a general increase in cost of living while further helping to strengthen the dollar. While this helps to make imports from other countries more affordable, this does not make the United States a cheaper option for expats who are interested in converting their savings into American dollars.
When considering just cities in the United States, the most expensive places to live were:
•New York (No. 7 overall)
•Los Angeles (No. 8 overall)
•Chicago (No. 21 overall)
•Minneapolis (No. 24 overall)
•Washington, D.C. (No. 26 overall)
•Houston (No. 31 overall)
•San Francisco (No. 34 overall)
•Seattle (No. 42 overall)
•(Tie) Honolulu (No. 46 overall)
•(Tie) Pittsburgh (No. 46 overall)
•Miami (No. 49 overall)
•Boston (No. 56 overall)
•Lexington, Kentucky (No. 62 overall)
•Detroit (No. 68 overall)
•(Tie) Cleveland (No. 73 overall)
•(Tie) Atlanta (No. 73 overall)
All 16 of the cities included on this list are more expensive places to live this year than they were last year. Nonetheless, the cost of living across all of these cities (except New York) combined is about 20 percent less than New York alone. Given these facts, it comes to no surprise that the national cost of living has increased significantly over the past year.
Singapore Takes the Top Spot
While Los Angeles was tied for the tenth most expensive place to live in the world, Singapore took the top spot for the third year in a row. This position was based on the city’s local price inflation, energy valuation, currency strength and other factors. Long regarded as one of the most expensive destination sin the world, a recent study published by TheRedPin found that it would take four times the average U.S. salary to live comfortably in Singapore. As such, despite its rich culture and renowned cuisine, many of its population live in public housing tower blocks as everything ranging from education to groceries costs more than it does in the U.S.
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(all data current as of 10/19/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.