The final ranking was determined using data from January 2024 to mid-year. Numbeo used the cost of living in New York City as a baseline and gave it a score of 100. All other cities were scored based on how much more or less expensive they were compared to the Big Apple.
The cities were scored on the following indices:
• Cost of living
• Rent
• Cost of living plus rent
• Food
• Restaurant prices
• Local purchasing power
The United States has the highest number of ranked cities, claiming seven of the top 10 positions.
No. 1: Geneva, Switzerland
Cost of Living Index Score: 101.7
Geneva, Switzerland, is the most expensive city in the world to live in, according to the Cost of Living Index. The city was considered 1.7% more expensive than New York City.
Known as the capital of peace, Geneva is home to the European headquarters of the United Nations.
The estimated monthly costs for a single person are around $1,715 without rent, while the estimated monthly costs for a family of four are about $6,300, according to Numbeo.
The city is consistently ranked as one of the best places to live based on quality of life because it offers a low crime rate and a variety of jobs.
Zurich, also in Switzerland, is the second most expensive city to live in the world. It is 0.4% more expensive than New York City.
The cost of living for a family of four is estimated at $6,184 per month, excluding rent, while the estimated monthly costs for a single person are $1,689, also excluding rent, according to Numbeo.
Zurich is the largest city in Switzerland and one of the financial centers of the country.
New York City is the third most expensive city in the world, based on Numbeo’s Cost of Living by City Index. It had the highest cost of living of all cities in the U.S.
The cost of living in NYC is 128% higher than the national average, according to PayScale.
NYC is known for its high rents. In June 2024, the average monthly rent for all types of properties in the city was $4,480, which is 122% higher than the national average, according to Zumper.
After New York, all other cities considered the most expensive to live in the world, except for Reykjavik, Iceland, are located in the United States.
Check out the ranking:
1. Geneva, Switzerland
2. Zurich, Switzerland
3. New York, New York
4. San Francisco, California, United States
5. Boston, Massachusetts, United States
6. Reykjavik, Iceland
7. Washington D.C., United States
8. Seattle, Washington, United States
9. Los Angeles, California, United States
10. Chicago, Illinois, United States
Source: CNBC