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 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.

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.

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.

Ontario's construction costs 2023, by building type Published by Fernando de Querol Cumbrera, Dec 10, 2024 Ambulatory healthcare was the type of building with the highest construction costs in Ontario (Canada) in 2023. The cost of that type of building ranged from 7,110 to 8,750 Canadian dollars per square meter. Townhouses with mid-end specifications were, along with warehouses, among the cheapest buildings to construct, even though the townhouse sale price in Canada was much higher in 2023 than in a decade earlier. On the other side of the residential spectrum, the construction cost of high-rise buildings with mid-end specifications could reach up to 5,370 Canadian dollars per square meter. The housing sector in Ontario The fast population growth in Toronto, the main city in Ontario, has put pressure on its housing market. From 2001 to 2022, the number of people living in Canada’s largest city increased by over 37 percent. During the past years, house prices in Ontario rose at a similarly fast pace. Combined, these elements signal a strong demand for homes in Toronto and Ontario as a whole. The construction sector has responded to this trend: In 2022, most housing starts in Canada took place in the province of Ontario. That same year, EllisDon Corporation, with headquarters in Mississauga (Ontario), was the second-largest contractor in Canada. One of its largest residential/mixed-use projects under development is the 489-539 King St. West Development, in Toronto. Construction cost in North America Building construction costs in Quebec, the second most populous province in Canada after Ontario, had a similar cost range: Ambulatory healthcare buildings were the most expensive, and warehouses were the cheapest to build. However, enclosed malls and higher education buildings were significantly more expensive in Quebec than in Ontario. Across the border, the cities with the highest residential construction costs in the U.S. were San Francisco for multi-family housing, and New York City for single-family housing. Meanwhile, Los Angeles, San Francisco, and New York had the highest hotel construction costs in the U.S.

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.

Ambulatory healthcare was the type of building with the highest construction costs in Ontario (Canada) in 2023. The cost of that type of building ranged from 7,110 to 8,750 Canadian dollars per square meter. Townhouses with mid-end specifications were, along with warehouses, among the cheapest buildings to construct, even though the townhouse sale price in Canada was much higher in 2023 than in a decade earlier. On the other side of the residential spectrum, the construction cost of high-rise buildings with mid-end specifications could reach up to 5,370 Canadian dollars per square meter. The housing sector in Ontario The fast population growth in Toronto, the main city in Ontario, has put pressure on its housing market. From 2001 to 2022, the number of people living in Canada’s largest city increased by over 37 percent. During the past years, house prices in Ontario rose at a similarly fast pace. Combined, these elements signal a strong demand for homes in Toronto and Ontario as a whole. The construction sector has responded to this trend: In 2022, most housing starts in Canada took place in the province of Ontario. That same year, EllisDon Corporation, with headquarters in Mississauga (Ontario), was the second-largest contractor in Canada. One of its largest residential/mixed-use projects under development is the 489-539 King St. West Development, in Toronto. Construction cost in North America Building construction costs in Quebec, the second most populous province in Canada after Ontario, had a similar cost range: Ambulatory healthcare buildings were the most expensive, and warehouses were the cheapest to build. However, enclosed malls and higher education buildings were significantly more expensive in Quebec than in Ontario. Across the border, the cities with the highest residential construction costs in the U.S. were San Francisco for multi-family housing, and New York City for single-family housing. Meanwhile, Los Angeles, San Francisco, and New York had the highest hotel construction costs in the U.S.

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.

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.

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.

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.

During 2018, Paris was the most expensive European city to rent an Apartment, at 2.85 thousand U.S. dollars per month. London had an average rental cost of over 300 U.S. dollars less than the Capital of France. Cities within Western Europe have a higher rental price than their Eastern counterparts with Moscow seeing the average cost of rent over one thousand U.S. dollars per month lower than Paris.

Supply and demand

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.

Renters now outweigh home owners

In London, the number of private renters has increased dramatically from 2008. Increasing house prices as well as standard costs of living have seen more and more people unable to get on to the property ladder, and are therefore forced onto the rental markets for longer. This being said 2019 has become a great time for first-time buyers as interest rates remained historically low.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

At **** U.S. dollars, Switzerland has the most expensive Big Macs in the world, according to the January 2025 Big Mac index. Concurrently, the cost of a Big Mac was **** dollars in the U.S., and **** U.S. dollars in the Euro area. What is the Big Mac index? The Big Mac index, published by The Economist, is a novel way of measuring whether the market exchange rates for different countries’ currencies are overvalued or undervalued. It does this by measuring each currency against a common standard – the Big Mac hamburger sold by McDonald’s restaurants all over the world. Twice a year the Economist converts the average national price of a Big Mac into U.S. dollars using the exchange rate at that point in time. As a Big Mac is a completely standardized product across the world, the argument goes that it should have the same relative cost in every country. Differences in the cost of a Big Mac expressed as U.S. dollars therefore reflect differences in the purchasing power of each currency. Is the Big Mac index a good measure of purchasing power parity? Purchasing power parity (PPP) is the idea that items should cost the same in different countries, based on the exchange rate at that time. This relationship does not hold in practice. Factors like tax rates, wage regulations, whether components need to be imported, and the level of market competition all contribute to price variations between countries. The Big Mac index does measure this basic point – that one U.S. dollar can buy more in some countries than others. There are more accurate ways to measure differences in PPP though, which convert a larger range of products into their dollar price. Adjusting for PPP can have a massive effect on how we understand a country’s economy. The country with the largest GDP adjusted for PPP is China, but when looking at the unadjusted GDP of different countries, the U.S. has the largest economy.

Nassau was the city with the highest grocery prices in Latin America and the Caribbean, as of mid-2020. The capital city of Bahamas scored ***** in the grocery price index ranking that year, followed by the Puerto Rican capital of San Juan, with an index score of *****. According to the calculation system used for the ranking, this means that people living in these two cities paid for groceries ***** percent and ***** percent less than the inhabitants of New York City, the city used as base for the index.

Ambulatory healthcare was the type of building with the highest construction costs in Ontario (Canada) in 2024. The cost of that type of building ranged from 829 to 935 Canadian dollars per square feet. Townhouses, along with warehouses, among the cheapest buildings to construct, even though the townhouse sale price in Canada was much higher in 2024 than in a decade earlier. On the other side of the residential spectrum, the construction cost of high-rise buildings with mid-end specifications could reach up to 543 Canadian dollars per square feet. The housing sector in Ontario The fast population growth in Toronto, the main city in Ontario, has put pressure on its housing market. From 2001 to 2023, the number of people living in Canada’s largest city increased from 4.88 to 6.8 million people. During the past years, house prices in Ontario rose at a similarly fast pace. Combined, these elements signal a strong demand for homes in Toronto and Ontario as a whole. The construction sector has responded to this trend: In 2023, most housing starts in Canada took place in the province of Ontario. That same year, EllisDon Corporation, with headquarters in Mississauga (Ontario), was the second-largest contractor in Canada. One of its largest residential/mixed-use projects under development is the 489-539 King St. West Development, in Toronto. Construction cost in North America Building construction costs in Quebec, the second most populous province in Canada after Ontario, had a similar cost range: Ambulatory healthcare buildings were the most expensive, and warehouses were the cheapest to build. However, enclosed malls and higher education buildings were significantly more expensive in Quebec than in Ontario. Across the border, the cities with the highest residential construction costs in the U.S. were San Francisco for multi-family housing, and New York City for single-family housing. Meanwhile, Los Angeles, San Francisco, and New York had the highest hotel construction costs in the U.S.