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 ****, only second to Port of Spain, in Trinidad and Tobago, with **** 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 ** 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.

As of March 2024, the cost of living in Bogota was the highest among major Colombian cities. In total, the average cost per month amounted to *** U.S. dollars. Cartagena followed in the ranking, with a monthly cost of living of *** U.S. dollars at that time.

Of the most populous cities in the U.S., San Jose, California had the highest annual income requirement at ******* U.S. dollars annually for homeowners to have an affordable and comfortable life in 2024. This can be compared to Houston, Texas, where homeowners needed an annual income of ****** U.S. dollars in 2024.

In the last quarter of 2024, three of the ten most expensive cities in the United States for business travel when it comes to food costs were located in California. However, the ranking was topped by Honolulu, which average daily food cost amounted to 118 U.S. dollars at that time.

New York was the most expensive U.S. city for business travelers in the last quarter of 2024, with the daily cost of accommodation, food, and car hire totaling *** U.S. dollars. In the second place was Boston, where business tourists spent around *** U.S. dollars each day on average.

Cities in the United States dominate the list of cities with the highest rents worldwide. New York was ranked as the most expensive city to rent in, ahead of San Francisco, with an index score of ***. Boston followed in third.

The price per square meter in a luxury apartment in Cape Town, South Africa, reached ***** U.S. dollars in 2018. It was double of the price measured in Umhlanga, also a city in South Africa, and second in the ranking. The index tracked the square meter price in selected prime apartments, measuring from *** to *** square meters, mainly in exclusive living complexes.

Of the cities who have experienced cost of living increases, the top three are located in Latin America, two in Mexico and one in Costa Rica. Each moved 38, 39, and 48 spots in the ranking respectively since 2022. Due to increases in interest rates, the Mexican peso and Costa Rican colón have both appreciated against the U.S. Dollar. Comparatively, Singapore and Zurich were ranked the most expensive cities in the world.

As of October 2024, the city with the most expensive hotel rate in the United States was Boston. Visitors to the East Coast city could expect to pay 320 U.S. dollars for a doube room during that period. Meanwhile, New York ranked third with an average rate of 284 U.S. dollars.

In the last quarter of 2024, New York registered the highest hotel prices for business travelers among major U.S. cities. On average, a business visitor in the 'Big Apple' could spent around *** U.S. dollars on hotel accommodation per day.

Cost of living can vary wildly depending on the city that people live in. Some are hugely expensive while others are comparatively cheaper. This variety can also be seen in the average overnight price of hotels. In September 2023, New York held the highest hotel rate in North America when compared to other selected cities. The average overnight price for a hotel room in New York was 504 U.S. dollars.

According to a recent study, Colombia had the lowest monthly cost of living in Latin America with 546 U.S. dollars needed for basic living. In contrast, four countries had a cost of living above one thousand dollars, Costa Rica, Chile, Panama and Uruguay. In 2022, the highest minimum wage in the region was recorded by Ecuador with 425 dollars per month.

Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 22 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2022, the average net monthly salary in Brazil was lower than Ecuador's minimum wage.

What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work more than two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

Amsterdam is set to maintain its position as Europe's most expensive city for apartment rentals in 2025, with median costs reaching 2,500 euros per month for a furnished one-bedroom unit. This figure is double the rent in Prague and significantly higher than other major European capitals like Paris, Berlin, and Madrid. The stark difference in rental costs across European cities reflects broader economic trends, housing policies, and the complex interplay between supply and demand in urban centers. Factors driving rental costs across Europe The disparity in rental prices across European cities can be attributed to various factors. In countries like Switzerland, Germany, and Austria, a higher proportion of the population lives in rental housing. This trend contributes to increased demand and potentially higher living costs in these nations. Conversely, many Eastern and Southern European countries have homeownership rates exceeding 90 percent, which may help keep rental prices lower in those regions. Housing affordability and market dynamics The relationship between housing prices and rental rates varies significantly across Europe. As of 2024, countries like Turkey, Iceland, Portugal, and Hungary had the highest house price to rent ratio indices. This indicates a widening gap between property values and rental costs since 2015. The affordability of homeownership versus renting differs greatly among European nations, with some countries experiencing rapid increases in property values that outpace rental growth. These market dynamics influence rental costs and contribute to the diverse rental landscape observed across European cities.

The average rent per square foot in the largest research and development (R&D) and life science real estate markets in the United States varied greatly in the first half of 2023. New York City, Chicago, and San Francisco Bay Area were the most expensive markets to rent life science real estate in the first half of 2023. On average, a square foot of life science real estate cost about ***** U.S. dollars to buy in the same period.

Renting the typical one-bedroom apartment exceeded ***** U.S. dollars in three of United States' cities with population greater than ******* people in 2024. In May that year, the average rent for a one-bedroom apartment in Sunnyvale, California was ***** U.S. dollars.

Alaska, Hawaii, and Connecticut were the states with the highest average monthly utility costs in the United States in 2023. Residents paid about ****** U.S. dollars for their electricity bills in Hawaii, while the average monthly bill for natural gas came to *** U.S. dollars. This was significantly higher than in any other state. Bigger homes have higher utility costs Despite regional variations, single-family homes in the United States have grown bigger in size since 1975. This trend also means that, unless homeowners invest in energy savings measures, they will have to pay more for their utility costs. Which are the most affordable states to live in? According to the cost of living index, the three most affordable states to live in are Mississippi, Kansas, and Oklahoma. At the other end of the scale are Hawaii, District of Columbia, and New York. The index is based on housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services. To buy a median priced home in Kansas City, a prospective home buyer will have to earn an annual salary of about ****** U.S. dollars.

In 2023, the average price per square meter for rental apartments in France was the highest in Paris. In the French capital, the average price per square meter for rental flats reached almost 31 euros, compared to 16 euros in the second-largest French city, Marseille. Not only is Paris the most expensive city in France for renting an accommodation, it is also one of the most expensive in Europe.
Paris housing crisis The Paris region is the most populated area of France. It is also the most densely populated region of the country. In a very centralized country like France, the capital appears to be the center of the majority of economic and cultural activities, as well as the home of an important number of universities. Finding accommodation is becoming more and more difficult in a city which also attracts millions of tourists every year. The average cost of an apartment in Paris amounted to more than 10,000 euros per square meter, compared to nearly 3,900 euros per square meter in the French second-largest agglomeration: Lyon. The consequences of high prices in housing In Paris, renting a two-bedroom apartment costed more than 2,000 US dollars in 2018, making the city one of the most expensive worldwide. To cope with this price boom, residents of the Paris metropolitan area often live in one of the many suburbs of the city. Furthermore, the pollution of the French capital, as well as its traffic jams and congested public transports, often lead Parisians to change their lives and move elsewhere after a few years. In 2015, Bordeaux was named most attractive city to live in France. Paris was only ranked eighth.

Hawaii is the state with the highest household electricity price in the United States. In September 2024, the average retail price of electricity for Hawaiian residences amounted to 41.27 U.S. cents per kilowatt-hour. California followed in second, with 30.221 U.S. cents per kilowatt-hour. Meanwhile, Utah registered the lowest price in the period, at around 11.4 U.S. cents per kilowatt-hour. Why is electricity so expensive in Hawaii? Fossil fuels, and specifically oil, account for approximately 80 percent of Hawaii’s electricity mix, so the electricity price in this state can be roughly brought down to the price of oil in the country. Oil was by far the most expensive fossil fuel used for electricity generation in the country. As Hawaii depends on oil imports, the cost of transportation and infrastructure must be added to the oil price. Electricity prices worldwide The U.S. retail price for electricity increased almost every year since 1990. In 2023, it stood at 12.7 U.S. cents per kilowatt-hour, almost double the charge put on electricity back in 1990. However, household electricity prices are around 25 U.S. dollar cents per kilowatt-hour lower in the U.S. when compared to European countries reliant on energy imports, such as Germany and Italy.

In 2024, New York, NY, was the most expensive rental market for one-bedroom apartments in the United States. The median monthly rental rate of an apartment in New York was ***** U.S. dollars, while in San Francisco, CA which ranked second highest, renters paid on average ***** U.S. dollars.