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The Economist Intelligence Unit (EIU) has just released this year's Worldwide Cost of Living Index and—surprise, surprise—New York is on the list of the most expensive cities to live in across the globe. The only thing that shocks us is that our town has made it to number six and not actually landed on the top spot of the ranking.
The Israeli city of Tel Aviv actually came in at number one, followed by Paris and Singapore (tied for number two and three), Zurich, Hong Kong and, as mentioned, New York. The top ten list is rounded out by Geneva, Copenhagen, Los Angeles and Osaka. Which means that New York is actually the most expensive city in the United States of America. Lucky us.
On last year's global ranking, the Big Apple actually came in seventh, tied with Geneva. So we've moved up!
How did the index come about, you wonder? Folks responsible for the survey tracked the cost living across 173 cities (that's 40 more than last year!) and compared the price of services and everyday products in each destination—think transportation, food, housing and more.
As explained by the official report, which can be downloaded here, COVID-19 has largely affected the way the list came about as the cost living has significantly increased all throughout the world. "Although most economies are now recovering as vaccines are rolled out, the world's major cities still experience frequent surges in cases, prompting renewed social restrictions," reads the survey. "In many cities this has disrupted the supply of goods, leading to shortages and higher prices."
According to the study, in our city specifically, the price of clothing has shot up in very noticeable ways.
In true New York fashion, though, as annoyed as we are about constantly having to shell out what seem to be enormous amounts of money to just get by, we couldn't be prouder of calling ourselves New Yorkers. All we can really do is try to find a piece of real estate to call home that isn't too pricey. To help you out on that quest, you might want to consult this list of the most expensive neighborhoods in New York right now. Good luck!