Cost of Living - Country Rankings Dataset

Context:

The "Cost of Living - Country Rankings Dataset" provides comprehensive information on the cost of living in various countries around the world. Understanding the cost of living is crucial for individuals, businesses, and policymakers alike, as it impacts decisions related to travel, relocation, investment, and economic analysis. This dataset is intended to serve as a valuable resource for researchers, data analysts, and anyone interested in exploring and comparing the cost of living across different nations.

Content:

This dataset comprises four primary columns:

1. Countries: This column contains the names of various countries included in the dataset. Each country is identified by its official name.

2. Cost of Living: The "Cost of Living" column represents the cost of living index or score for each country. This index is typically calculated by considering various factors, such as housing, food, transportation, healthcare, and other essential expenses. A higher index value indicates a higher cost of living in that particular country, while a lower value suggests a more affordable cost of living.

3. 2017 Global Rank: This column provides the global ranking of each country's cost of living in the year 2017. The ranking is based on the cost of living index mentioned earlier. A lower rank indicates a lower cost of living relative to other countries, while a higher rank suggests a higher cost of living position.

4. Available Data: The "Available Data" column indicates whether or not data for a specific country and year is available.

This dataset is designed to support various data analysis and visualization tasks. Users can explore trends in the cost of living, identify countries with high or low cost of living, and analyze how rankings have changed over time. Researchers can use this dataset to conduct in-depth studies on the factors influencing the cost of living in different regions and the economic implications of such variations.

Please note that the dataset includes information for the year 2017, and users are encouraged to consider this when interpreting the data, as economic conditions and the cost of living may have changed since then. Additionally, this dataset aims to provide a snapshot of cost of living rankings for countries in 2017 and may not cover every country in the world.

Link: https://www.theglobaleconomy.com/rankings/cost_of_living_wb/

Disclaimer: The accuracy and completeness of the data provided in this dataset are subject to the source from which it was obtained. Users are advised to cross-reference this data with authoritative sources and exercise discretion when making decisions based on it. The dataset creator and Kaggle assume no responsibility for any actions taken based on the information provided herein.

Zurich, Lausanne, and Geneva were ranked as the most expensive cities worldwide with indices of ************************ Almost half of the 11 most expensive cities were in Switzerland.

The average for 2021 based on 165 countries was 79.81 index points. The highest value was in Bermuda: 212.7 index points and the lowest value was in Syria: 33.25 index points. The indicator is available from 2017 to 2021. Below is a chart for all countries where data are available.

Damascus in Syria was ranked as the least expensive city worldwide in 2023, with an index score of ** out of 100. The country has been marred by civil war over the last decade, hitting the country's economy hard. Other cities in the Middle East and North Africa, such as Tehran, Tripoli, and Tunis, are also present on the list. On the other hand, Singapore and Zurich were ranked the most expensive cities in the world.

West Virginia and Kansas had the lowest cost of living across all U.S. states, with composite costs being half of those found in Hawaii. This was according to a composite index that compares prices for various goods and services on a state-by-state basis. In West Virginia, the cost of living index amounted to **** — well below the national benchmark of 100. Virginia— which had an index value of ***** — was only slightly above that benchmark. Expensive places to live included Hawaii, Massachusetts, and California. Housing costs in the U.S. Housing is usually the highest expense in a household’s budget. In 2023, the average house sold for approximately ******* U.S. dollars, but house prices in the Northeast and West regions were significantly higher. Conversely, the South had some of the least expensive housing. In West Virginia, Mississippi, and Louisiana, the median price of the typical single-family home was less than ******* U.S. dollars. That makes living expenses in these states significantly lower than in states such as Hawaii and California, where housing is much pricier. What other expenses affect the cost of living? Utility costs such as electricity, natural gas, water, and internet also influence the cost of living. In Alaska, Hawaii, and Connecticut, the average monthly utility cost exceeded *** U.S. dollars. That was because of the significantly higher prices for electricity and natural gas in these states.

The graph shows the world's most expensive cities to live, compared to New York City. Zurich is with a value of *** the most expensive city to live.

The average for 2021 based on 11 countries was 67.5 index points. The highest value was in Uruguay: 100.24 index points and the lowest value was in Suriname: 43.15 index points. The indicator is available from 2017 to 2021. Below is a chart for all countries where data are available.

The average for 2021 based on 20 countries was 97.17 index points. The highest value was in Bermuda: 212.7 index points and the lowest value was in Nicaragua: 49.42 index points. The indicator is available from 2017 to 2021. Below is a chart for all countries where data are available.

Cost of Living Index data was reported at 7,726.308 1913=1 in 2017. This records an increase from the previous number of 7,642.160 1913=1 for 2016. Cost of Living Index data is updated yearly, averaging 5.167 1913=1 from Dec 1861 (Median) to 2017, with 157 observations. The data reached an all-time high of 7,726.308 1913=1 in 2017 and a record low of 0.766 1913=1 in 1865. Cost of Living Index data remains active status in CEIC and is reported by National Institute of Statistics. The data is categorized under Global Database’s Italy – Table IT.I030: Cost of Living Index: 1913=1.

South Korea's capital Seoul had the highest cost of living among megacities in the Asia-Pacific region in 2024, with an index score of ****. Japan's capital Tokyo followed with a cost of living index score of ****. AffordabilityIn terms of housing affordability, Chinese megacity Shanghai had the highest rent index score in 2024. Affordability has become an issue in certain megacities across the Asia-Pacific region, with accommodation proving expensive. Next to Shanghai, Japanese capital Tokyo and South Korean capital Seoul boast some of the highest rent indices in the region. Increased opportunities in megacitiesAs the biggest region in the world, it is not surprising that the Asia-Pacific region is home to 28 megacities as of January 2024, with expectations that this number will dramatically increase by 2030. The growing number of megacities in the Asia-Pacific region can be attributed to raised levels of employment and living conditions. Cities such as Tokyo, Shanghai, and Beijing have become economic and industrial hubs. Subsequently, these cities have forged a reputation as being the in-trend places to live among the younger generations. This reputation has also pushed them to become enticing to tourists, with Tokyo displaying increased numbers of tourists throughout recent years, which in turn has created more job opportunities for inhabitants. As well as Tokyo, Shanghai has benefitted from the increased tourism, and has demonstrated an increasing population. A big factor in this population increase could be due to the migration of citizens to the city, seeking better employment possibilities.

The average for 2021 based on 10 countries was 59.91 index points. The highest value was in Singapore: 118.34 index points and the lowest value was in India: 40.44 index points. The indicator is available from 2017 to 2021. Below is a chart for all countries where data are available.

Addis Ababa, in Ethiopia, ranked as the most expensive city to live in Africa as of 2024, considering consumer goods prices. The Ethiopian capital obtained an index score of ****, followed by Harare, in Zimbabwe, with ****. Morocco and South Africa were the countries with the most representatives among the ** cities with the highest cost of living in Africa.

Cost of Living Index data was reported at 1,960.000 Oct1951=100 in Nov 2018. This stayed constant from the previous number of 1,960.000 Oct1951=100 for Oct 2018. Cost of Living Index data is updated monthly, averaging 978.000 Oct1951=100 from Oct 1951 (Median) to Nov 2018, with 806 observations. The data reached an all-time high of 1,960.000 Oct1951=100 in Nov 2018 and a record low of 98.000 Oct1951=100 in Mar 1955. Cost of Living Index data remains active status in CEIC and is reported by Statistics Finland. The data is categorized under Global Database’s Finland – Table FI.I014: Cost of Living Index: October 1951=100.

Guinea: Cost of living index, world average = 100: The latest value from 2021 is 47.59 index points, a decline from 50.48 index points in 2017. In comparison, the world average is 79.81 index points, based on data from 165 countries. Historically, the average for Guinea from 2017 to 2021 is 49.04 index points. The minimum value, 47.59 index points, was reached in 2021 while the maximum of 50.48 index points was recorded in 2017.

According to a mid-2024 index, *********** was the most expensive country to live in Europe, with an index score of ****.******** followed in the second place with around ** points less.

Kazakhstan Cost of Living: Average per Capita data was reported at 28,620.000 KZT in Oct 2018. This records a decrease from the previous number of 28,690.000 KZT for Sep 2018. Kazakhstan Cost of Living: Average per Capita data is updated monthly, averaging 13,073.000 KZT from Oct 2000 (Median) to Oct 2018, with 217 observations. The data reached an all-time high of 29,146.000 KZT in Aug 2018 and a record low of 3,983.000 KZT in Oct 2000. Kazakhstan Cost of Living: Average per Capita data remains active status in CEIC and is reported by The Agency of Statistics of the Republic of Kazakhstan. The data is categorized under Global Database’s Kazakhstan – Table KZ.H012: Cost of Living: Average per Capita.

As of September 2024, Mumbai had the highest cost of living among other cities in the country, with an index value of ****. Gurgaon, a satellite city of Delhi and part of the National Capital Region (NCR) followed it with an index value of ****.  What is cost of living? The cost of living varies depending on geographical regions and factors that affect the cost of living in an area include housing, food, utilities, clothing, childcare, and fuel among others. The cost of living is calculated based on different measures such as the consumer price index (CPI), living cost indexes, and wage price index. CPI refers to the change in the value of consumer goods and services. The wage price index, on the other hand, measures the change in labor services prices due to market pressures. Lastly, the living cost indexes calculate the impact of changing costs on different households. The relationship between wages and costs determines affordability and shifts in the cost of living. Mumbai tops the list Mumbai usually tops the list of most expensive cities in India. As the financial and entertainment hub of the country, Mumbai offers wide opportunities and attracts talent from all over the country. It is the second-largest city in India and has one of the most expensive real estates in the world.

The average for 2021 based on 165 countries was 105.854 index points. The highest value was in South Korea: 208.84 index points and the lowest value was in India: 58.17 index points. The indicator is available from 2017 to 2021. Below is a chart for all countries where data are available.

Turkey Cost of Living Index: 63=100: Istanbul: Monthly data was reported at 517,132,174.700 1963=100 in Oct 2018. This records an increase from the previous number of 509,020,201.200 1963=100 for Sep 2018. Turkey Cost of Living Index: 63=100: Istanbul: Monthly data is updated monthly, averaging 202,839.100 1963=100 from Jan 1964 (Median) to Oct 2018, with 658 observations. The data reached an all-time high of 517,132,174.700 1963=100 in Oct 2018 and a record low of 100.400 1963=100 in Aug 1964. Turkey Cost of Living Index: 63=100: Istanbul: Monthly data remains active status in CEIC and is reported by Istanbul Chamber of Commerce. The data is categorized under Global Database’s Turkey – Table TR.I015: Cost of Living Index: Wage Earners: Istanbul: 1963=100.

Turkey Cost of Living Index: 63=100: Istanbul (IB) data was reported at 428,251,644.200 1963=100 in 2017. This records an increase from the previous number of 383,616,648.700 1963=100 for 2016. Turkey Cost of Living Index: 63=100: Istanbul (IB) data is updated yearly, averaging 12,568.000 1963=100 from Dec 1953 (Median) to 2017, with 65 observations. The data reached an all-time high of 428,251,644.200 1963=100 in 2017 and a record low of 40.100 1963=100 in 1953. Turkey Cost of Living Index: 63=100: Istanbul (IB) data remains active status in CEIC and is reported by Istanbul Chamber of Commerce. The data is categorized under Global Database’s Turkey – Table TR.I015: Cost of Living Index: Wage Earners: Istanbul: 1963=100.