If moving is in your near future and you are considering a major city, you might want to take a look at the average cost of living. Over the past five years, real estate and rental prices have never been higher than ever in some of the world’s largest cities. While it comes as no surprise that the bigger the city, the more expensive, keeping in mind the true costs of moving is key. Some of these cities may surprise you, while others have always been pricey but here are the most expensive places to live in the world, right now.
For the seventh year in a row, the major area of China tops the list as the most unaffordable place to live in the world. While the city is booming with new trends and technology, the cost of living is sky high. Those without six figure incomes can expect to afford a small subdivided apartment of less than 100 sq-ft. For a little less than $400. With a population of 7 million people, the small island has relied on the mainland for investors. If it continues growing at the rate that it is, Hong Kong is bound to need China as a crutch more and more frequently.
The beauty of Switzerland may be worth the steep costs for some but for most, the growing price to reside there is becoming a concern. Though their currency is declining in worth, the financial hub continues to bring in professionals from around the world for business purposes. Based on the average income rate, the price it costs to live in Geneva is widely spread.
Somewhat of a newcomer to the list of most expensive cities is the other major city in California. Since the concept of Silicon Valley came to light, San Francisco is a booming location for the technology and startup industry. With limited space to build and strict zoning laws, the city has only been able to compromise by jacking up its prices. As demands for living spaces are rapidly rising, companies like Amazon, who are headquartered in San Fran, are trying to help accommodate their team members. If Silicon Valley continues to be the root of the tech world, prices are only bound to get steeper.
Stay tuned for more from Mirko Manfredi about the most expensive cities to live in!