The graph shows the world's most expensive cities to live, compared to New York City. Zurich is with a value of 170 the most expensive city to live.

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.

Introduction

Most Expensive Cities for Renters: Renting a home is very expensive, especially in big cities. High living costs make housing difficult to afford. Cities like New York, San Francisco, and London have the highest rents because of high demand, limited space, and strong job opportunities.

Many people struggle to find affordable housing, so they share apartments or live farther from the city. As rents increase, saving money becomes harder, and some move to cheaper cities for a better life. Knowing rental prices in different cities helps people plan wisely and choose a place that fits their budget and lifestyle.

Introduction

Most Expensive Cities To Live-In: The cost of living is different in every part of the world, but some cities are very expensive. Housing, transport, and daily needs cost a lot, making life difficult for many people. Prices go up because of strong economies, high property demand, and limited space. Cities like New York, London, and Hong Kong are among the most costly because they have big businesses and attract people from around the world.

Living in these cities is exciting, but you need a high income to live comfortably. In this article, we will explore some of the most expensive cities and the reasons behind their high costs, helping you understand what makes them so pricey.

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 46.7, followed by Harare, in Zimbabwe, with 37.4. Morocco and South Africa were the countries with the most representatives among the 15 cities with the highest cost of living in Africa.

There is more to housing affordability than the rent or mortgage you pay. Transportation costs are the second-biggest budget item for most families, but it can be difficult for people to fully factor transportation costs into decisions about where to live and work. The Location Affordability Index (LAI) is a user-friendly source of standardized data at the neighborhood (census tract) level on combined housing and transportation costs to help consumers, policymakers, and developers make more informed decisions about where to live, work, and invest. Compare eight household profiles (see table below) —which vary by household income, size, and number of commuters—and see the impact of the built environment on affordability in a given location while holding household demographics constant.*$11,880 for a single person household in 2016 according to US Dept. of Health and Human Services: https://aspe.hhs.gov/computations-2016-poverty-guidelinesThis layer is symbolized by the percentage of housing and transportation costs as a percentage of income for the Median-Income Family profile, but the costs as a percentage of income for all household profiles are listed in the pop-up:Also available is a gallery of 8 web maps (one for each household profile) all symbolized the same way for easy comparison: Median-Income Family, Very Low-Income Individual, Working Individual, Single Professional, Retired Couple, Single-Parent Family, Moderate-Income Family, and Dual-Professional Family.An accompanying story map provides side-by-side comparisons and additional context.--Variables used in HUD's calculations include 24 measures such as people per household, average number of rooms per housing unit, monthly housing costs (mortgage/rent as well as utility and maintenance expenses), average number of cars per household, median commute distance, vehicle miles traveled per year, percent of trips taken on transit, street connectivity and walkability (measured by block density), and many more.To learn more about the Location Affordability Index (v.3) visit: https://www.hudexchange.info/programs/location-affordability-index/. There you will find some background and an FAQ page, which includes the question:"Manhattan, San Francisco, and downtown Boston are some of the most expensive places to live in the country, yet the LAI shows them as affordable for the typical regional household. Why?" These areas have some of the lowest transportation costs in the country, which helps offset the high cost of housing. The area median income (AMI) in these regions is also high, so when costs are shown as a percent of income for the typical regional household these neighborhoods appear affordable; however, they are generally unaffordable to households earning less than the AMI.Date of Coverage: 2012-2016 Date Released: March 2019Date Downloaded from HUD Open Data: 4/18/19Further Documentation:LAI Version 3 Data and MethodologyLAI Version 3 Technical Documentation_**The documentation below is in reference to this items placement in the NM Supply Chain Data Hub. The documentation is of use to understanding the source of this item, and how to reproduce it for updates**

Title: Location Affordability Index - NMCDC Copy

Summary: This layer contains the Location Affordability Index from U.S. Dept. of Housing and Urban Development (HUD) - standardized household, housing, and transportation cost estimates by census tract for 8 household profiles.

Notes: This map is copied from source map: https://nmcdc.maps.arcgis.com/home/item.html?id=de341c1338c5447da400c4e8c51ae1f6, created by dianaclavery_uo, and identified in Living Atlas.

Prepared by: dianaclavery_uo, copied by EMcRae_NMCDC

Source: This map is copied from source map: https://nmcdc.maps.arcgis.com/home/item.html?id=de341c1338c5447da400c4e8c51ae1f6, created by dianaclavery_uo, and identified in Living Atlas. Check the source documentation or other details above for more information about data sources.

Feature Service: https://nmcdc.maps.arcgis.com/home/item.html?id=447a461f048845979f30a2478b9e65bb

UID: 73

Data Requested: Family income spent on basic need

Method of Acquisition: Search for Location Affordability Index in the Living Atlas. Make a copy of most recent map available. To update this map, copy the most recent map available. In a new tab, open the AGOL Assistant Portal tool and use the functions in the portal to copy the new maps JSON, and paste it over the old map (this map with item id

Date Acquired: Map copied on May 10, 2022

Priority rank as Identified in 2022 (scale of 1 being the highest priority, to 11 being the lowest priority): 6

Tags: PENDING

As of mid-2024, Montevideo ranked as the second Latin American and Caribbean metropolis with the highest cost of living index. The Uruguayan capital obtained an index score of 54.1, only second to Port of Spain, in Trinidad and Tobago, with 56.4 points. Monterrey and Panama City were the third and fourth most expensive cities to live in Latin America and the Caribbean that year, with scores surpassing 45 points each.

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.

Barcelona, Madrid, and Donostia - San Sebastian were some of the most expensive cities to rent a house in Spain in February 2025. Barcelona, which is the capital of Catalonia, led the list with an average price of 23.7 euros per square meter. Madrid followed closely in the second position with an average square meter of rental residential property cost of 21.2 euros.

Rent prices per square meter in the largest Dutch cities have been on an upward trend after a slight decline in 2020. Amsterdam remained the most expensive city to live in, averaging a monthly rent of 27.6 euros per square meter for residential real estate in the private rental sector. Monthly rents in Utrecht were around six euros cheaper per square meter. Both cities were above the average rent price of residential property in the Netherlands overall, whereas Rotterdam and The Hague were slightly below that. Buying versus renting, what do the Dutch prefer? The Netherlands is one of Europe’s leading countries when it comes to homeownership, having funded this with a mortgage. In 2023, around 60 percent of people living in the Netherlands were homeowners with a mortgage. This is because Dutch homeowners were able to for many years to deduct interest paid from pre-tax income (a system known in the Netherlands as hypotheekrenteaftrek). This resulted in the Netherlands having one of the largest mortgage debts across the European continent. Total mortgage debt of Dutch households reached a value of approximately 803 billion euros in 2023. Is the Dutch housing market overheating? There are several indicators for the Netherlands that allow to investigate whether the housing market is overheating or not. House price indices corrected for inflation in the Netherlands suggest, for example, that prices have declined since 2022. The Netherlands’ house-price-to-rent-ratio, on the other hand, has exceeded the pre-crisis level in 2019. These figures, however, are believed to be significantly higher for cities like Amsterdam, as it was suggested for a long time that the prices of owner-occupied houses were increasing faster than rents in the private rental sector.

In October 2023, Milan was by far the most expensive city in Italy to rent a dwelling. In fact, people wishing to rent an apartment or a house in the city were expected to pay almost 21 euros per square meters. Following in the ranking, came Florence and Bologna with 19.8 and 18 euros per square meter. Rome, the Eternal City, came fifth: renting a dwelling in the Italian capital cost on average 14.8 euros per square meter.

As of November 2023, Bucharest and Cluj-Napoca were the most expensive cities to live in. However, rental prices in Constanța increased by 30 percent, on average, from January 2022 to January 2023, with studio apartments increasing the most.

This table contains data on the percent of households paying more than 30% (or 50%) of monthly household income towards housing costs for California, its regions, counties, cities/towns, and census tracts. Data is from the U.S. Department of Housing and Urban Development (HUD), Consolidated Planning Comprehensive Housing Affordability Strategy (CHAS) and the U.S. Census Bureau, American Community Survey (ACS). The table is part of a series of indicators in the [Healthy Communities Data and Indicators Project of the Office of Health Equity] Affordable, quality housing is central to health, conferring protection from the environment and supporting family life. Housing costs—typically the largest, single expense in a family's budget—also impact decisions that affect health. As housing consumes larger proportions of household income, families have less income for nutrition, health care, transportation, education, etc. Severe cost burdens may induce poverty—which is associated with developmental and behavioral problems in children and accelerated cognitive and physical decline in adults. Low-income families and minority communities are disproportionately affected by the lack of affordable, quality housing. More information about the data table and a data dictionary can be found in the Attachments.

In 2024, Swinoujscie was the most expensive city in Poland to buy real estate. The average price of an apartment per square meter in this city was nearly 28,000 zloty.

Context

The dataset consist listings from popular real estate portals of Madrid.

LOCATION Madrid is one of the most visited cities in Europe both by tourists and businesspeople, and it’s where many important local and multinational companies have their headquarters. Therefore Madrid enjoys both a large influx of tourists as well as people seeking to live and work in the city to give their professional careers a boost.

ATTRACTIVE PRICES The real estate market has been in a growth phase for a few years now, which means that you can still find properties at very attractive prices (especially compared to other European capitals) but with still good chances of their value appreciating in the future.

HOUSE TYPES Individual homes are not common in the city center but do exist in the suburbs. Madrid also has a mix of new construction and existing apartments. Real estate prices in capital cities are generally the most expensive in a country, but it's not the case in Spain. The cost of property in Madrid is well below that of Barcelona and coastal areas.

Content

Shape of the data: 21742 rows and 58 columns

Data Dictionary

Inspiration

Good luck with predictions!

Geneva, Switzerland, was the most expensive city to buy an apartment in Europe in the first quarter of 2024. The square meter price in Geneva was nearly 15,650 euros in that quarter, about 2,000 euros higher than the second city in the ranking, Zurich. Cost of rent Rents across the major cities in Europe increased significantly in 2023. One of the main factors driving high rents across European cities is the same as any other consumer-driven business. If demand outweighs supply, prices will inflate. The drive for high paid professionals to be located centrally in prime locations, mixed with the low levels of available space, high land, and construction costs, all help keep rental prices increasing. Mortgage rates The average mortgage interest rates across Europe in 2023 were all under five percent, except in Czechia, Romania, Hungary, and Poland. On an individual level, a difference of one percent would most likely mean thousands of euros in interest on the mortgage a person is paying, making timing key in house purchasing. Mortgage interest rates tend to be lower in Nordic countries due to the financial stability and reliability of its borrowers. Other factors that influence the mortgage interest rates include inflation, economic growth, monetary policies, the bond market and the overall conditions of the housing market. More stable markets also tend to have higher average prices.

Bucharest was Romania's most expensive city to live in as of October 2024. The capital is divided into six sectors, of which Sector 1 (Dorobanți, Băneasa, Pipera, Floreasca) was by far the most expensive, with an average rent of 690 euros for a two-room apartment, which increased by six percent in one year. Sector 6 (Giulești, Drumul Taberei, Militari, Crângași) had the cheapest rent on average for three-room apartments - 600 euros, which increased by 20 percent in one year. The highest rent increase was registered for three-room apartments in Sector 4 (Giurgiului, Olteniței, Tineretului, Văcărești) and two-room apartments in Sector 5 (Giurgiului, Ferentari, Rahova, Ghencea, Cotroceni).

The Metro Atlanta Housing Strategy is developed by the Research & Analytics Group at the Atlanta Regional Commission. The Atlanta region must offer greater access to quality, affordable housing to maintain our strong economy and high quality of life and empower residents by providing the opportunities they need to succeed. Metro Atlanta has long been an affordable place to live, helping fuel our explosive growth. We need to invest in housing in order to keep this competitive advantage and meet the needs of households across the region.Good housing options should be widely available, in communities large and small, urban and suburban. We all need places to live that won’t break our budgets while offering access to vital resources like healthy food, proximity to job centers, and quality transportation options.The trend lines are clear: housing prices are rising much faster than wages. The supply of housing isn’t keeping up with our fast-growing population, further boosting costs. More than one in three households in our region are “cost burdened” – that is, they spend more than 30% of their income on housing. A strategic, regional approach is needed to increase supply, reduce costs, and preserve affordable units. Our goal: promoting a stronger, healthier housing market that works for everyone.Download the Executive Summary

Suburban Detached Home Solutions Market Outlook

The global suburban detached home solutions market is estimated to be valued at USD 250 billion in 2023 and is anticipated to expand to USD 400 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2%. The market size for suburban detached home solutions is set to witness significant growth due to factors such as increasing urbanization, a shift towards suburban living post-pandemic, and rising disposable incomes.

Urbanization has been a double-edged sword, driving both the expansion of city centers and the growth of suburban areas. With cities becoming increasingly crowded and expensive, many individuals and families are turning their attention to suburban areas where they can afford larger, detached homes. This shift is further fueled by the growing acceptance of remote work, which has lessened the need to live near one's place of employment. As more people seek the comfort and space that suburban detached homes provide, the market for solutions catering to this need is expected to grow robustly in the coming years.

Another key growth factor is the increased demand for enhanced living standards. As disposable incomes rise, especially in emerging economies, people are more inclined to invest in quality homes that offer better amenities and more living space. Suburban detached homes often come with larger plots, allowing for gardens, swimming pools, and other amenities that enhance the quality of life. Additionally, these homes offer greater privacy and security, making them an attractive option for families with children.

The rise in government initiatives promoting affordable housing solutions in suburban areas is also a crucial growth driver. Many governments are incentivizing the development of suburban areas through tax breaks, subsidies, and relaxed zoning laws. These initiatives aim to decongest urban centers and provide affordable housing options for middle and lower-income families. Consequently, there is a booming market for contractors, real estate developers, and other stakeholders involved in suburban detached home solutions.

Residential Land Planning And Development plays a pivotal role in shaping the future of suburban detached home solutions. As urban centers become increasingly congested, the strategic planning and development of residential land in suburban areas offer a viable solution for accommodating the growing population. This involves careful consideration of zoning laws, infrastructure development, and environmental sustainability to ensure that new suburban communities are both livable and resilient. By focusing on efficient land use and sustainable practices, developers can create vibrant neighborhoods that meet the needs of modern families while preserving the natural landscape. This approach not only enhances the quality of life for residents but also supports long-term economic growth in suburban regions.

Regionally, the North American market is expected to dominate, driven by significant investments in suburban development and a high preference for detached homes among consumers. The Asia Pacific region will follow closely, mainly due to rapid urbanization and increasing middle-class populations in countries like China and India. Europe is also expected to show steady growth, supported by government policies aimed at promoting suburban living.

Product Type Analysis

The suburban detached home solutions market can be segmented by product type into single-family homes, multi-family homes, and custom-built homes. Single-family homes dominate this segment due to their immense popularity among suburban dwellers. These homes offer the space and privacy that many families seek, making them a preferred choice. Their versatility in design and layout also makes them highly adaptable to meet diverse consumer needs, whether it is a young couple starting a family or retirees looking for a quiet place to settle down.

Multi-family homes are gaining traction in suburban areas, especially among investors looking to capitalize on the rental market. These types of homes are appealing because they offer multiple living units within a single building, sharing some common spaces. They are particularly popular in regions where land is scarce and expensive, providing a cost-effective solution for housing multiple families. This segment is expected to grow significantly, driven by an increasing demand for affor

This is the median housing affordability ratio (residence-based) and is calculated by dividing house prices by gross annual earnings, based on the median of both house prices and earnings.

This measure of affordability shows what the people who live in a given area earn in relation to that area's house prices, even if they work elsewhere. This measure does not consider that people may be getting higher earnings from working in other areas.

A higher ratio indicates that on average, it is less affordable for a resident to purchase a house. Conversely, a lower ratio indicates higher affordability in a local authority.

The earnings data are from the Annual Survey of Hours and Earnings which provides a snapshot of earnings at April in each year. Earnings relate to gross full-time individual earnings on a place of work basis. The house price statistics come from the House Price Statistics for Small Areas, which report the median and lower quartile price paid for residential property and refer to a 12-month period with April in the middle (year ending September).

Data is Powered by LG Inform Plus and automatically checked for new data on the 3rd of each month.