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Do you wonder which pearls around the world make your wallet cry? Between rental overpricing to million-dollar luxuries, these cities are merely unaffordable to the common folk. Not your ordinary city listicle, our expose on the most expensive cities to live in this year will give you a peek into the lives of such a splendor. Whether you fancy daydreaming of moving or just scratching that curious itch, you will be amazed at the bills some people stack monthly for simply existing.
Every city will be presented with what makes it so over the top; after all, it is necessary to break down such luxury. Hence we would like to introduce you to a more informed perspective of how much a buck costs in the most exclusive locations. So, pop your champagne glass and prepare to be blown away by the most expensive cities to live in 2021. Factors that influence living in a city costs A few factors can determine the living costs of a city.
One of them is the housing market. Prices skyrocket in a city where demand is high, but supply is low; aka the most known and internalized statement for any metropolitan area worth a million dollars. Other factors include basic life essentials: how accessible they are, and how affordable they are.
Factors that Determine the Cost of Living in a City
Another factor to mention is luxury services and amenities. Cities that provide access to a multitude of luxury restaurants, clubs, and shops, typically come with a high living cost. Such services target wealthy people and significantly contribute to the high cost of living overall . The lowest living costs are always available in countries with low living standards. Additionally, one more factor that influences the cost of living in the area is the local economy and the job market. A stable economy and a considerable demand for employees indicate that the cost of living will be higher – more expensive products, services, and real estate prices .
Top 5 Most Expensive Cities to Live in Hong Kong: it is not the highest building and a vibrant culture but a virtual monopoly on apartments and unrecorded prices on sale makes this city the most expensive in the world. Zurich: high quality of life is achieved with a high standard of living in Switzerland. The prices for housing and food are twice as high as in other cities of the world. Singapore: easily developed economy found on their island. It attracts great investments and high-quality specialists that makes this city very expensive to live.
Paris: city of love has a high price. Cuisine, landmark, fashion – all that and other things that surround Paris make the city the top 4 most expensive to live in 2021.
The Top 5 Most Expensive Cities to Live In
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Tokyo: It is Japan’s capital city and is a diverse, chain and fast paced city. The cost of living in Tokyo is very high, with such high rent prices and such an expensive shop. , Why: These cities are the most expensive to live in, for several reasons. Limited availability of living space, high living space demand for the population, and rents and costs are high . Because, exclusive quality of life, quality health services and education is met in these cities, and luxury goods. These cities are very luxurious.
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High fashion is made with world-renowned hairdressers, are suitable and restaurants that awakens the taste buds, and clubs are limited to a very high segment of society, and the high competition to live here with a stable-based economy the current and flexible work system of housing .
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Housing: Renting a one-bedroom apartment in the city center in Hong Kong costs more than $3,000 per month. Still, similarly-sized apartments in Zurich also cost up to $2,800. Rent exceeds $2,600 in Singapore, but is just above $2,000 and $1,800 in Paris and Tokyo . 2. Groceries: A basket of groceries in Hong Kong costs about $200, slightly less in Zurich and no larger than $150. Similarly, basic groceries cost $120 in Singapore and Paris and $100 in Tokyo. 3. Meal for two: A three-course meal for two in a mid-range restaurant in Hong Kong does not cost less than $80. Meanwhile, the price for a similar dinner in Zurich is almost as close to $100.
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The situation is somewhat milder in Singapore and Paris – evenings out are $70 and $60, respectively, but still more affordable than in Tokyo.
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Transport: The cost of public transport tickets per month in the most expensive cities fluctuates. Tokyo and Zurich are more affordable – daily rides do not exceed $50. The cost of passes in Paris rises to $100, and Singapore and Hong Kong – $120 . Additionally, the aforementioned cities are only a few examples of expensive places to live:
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New York City: Known for the high cost of living, New York City is not a place to move for those who struggle to cover monthly rent. High rent costs and high overall cost of living compared to other cities in the U.S. turn living in New York into a purgatory for low-income citizens. 2. London: The British capital and a global financial center costs a fortune, especially accommodation-wise.
Reasons for the High Cost of Living in These Cities
Sydney. Australia’s largest city and genuinely known for its beautiful beaches and laid-back lifestyle. However, the standard of living comes with a price, as it is one of the most expensive cities worldwide, known for exorbitant housing costs and a solid economy . Managing the High Standard of Living in Expensive Cities . Nevertheless, residing in an expensive city does not have to be financially draining. Here are some ways to make it more manageable. Budget. Creating a genuine and realistic budget and maintaining it is an essential part of staying on top of your financial outcomes. Think of how you can save your budget for the reasonable needs. House.
Think of downsizing or renting a smaller place or even moving off the center to cut the costs. If you have a scholarship of a paid internship, share an apartment with your roommate. Transportation. Instead of taking a car or using a ridesharing app, you can also rely on public transportation or even bike and walk when possible. Food.
Eating outs and groceries can consume significant parts of the budget, and diminished these costs by having hometogel a designated day just for cooking at home. Luxuries. While living in expensive quicker doesn’t mean you have to afford any luxury available on the market. Rethink about your spending during the fine dining lessons or trips and authorize them to be extraordinary events.
Alternative Ways of Living Besides Living in Expensive Cities . Not all the students and graduates can afford to live in an expensive city. However, some alternatives can be following. Suburbs. Often, living in the suburbs can be cheaper and more cost-effective, taking into account cost of living expenses and job opportunities. Smaller cities. Some graduates prefer living in smallest cities where the cost of life is ten times lower. International. Moving to more affordable places in Asia or Latin America.
The Impact of the COVID-19 Pandemic on Living Expenses in These Cities
The COVID-19 pandemic has affected the cost of living in these cities. Tthe discouragement of non-essential travel, economic recession, and changes in consumer behaviors affected the prices of some categories of expenses. Notably, there have developed a decreased likelihood of demanding luxury goods and services, leading to potential discounts and price declines.
Moreover, with the increased adoption of remote work, the price of commodities and services in these locations made individuals contemplate moving to affordable cities. Nonetheless, some costs, like healthcare and housing, persist, if not improving. The implications of the pandemics for the living costs in these cities are yet to be perfectly understood and depend on the vaccination rates, economic growth, and government policies.
Final Thoughts
Living in an expensive city can be your dream come true or your worst nightmare. This year’s most expensive cities give an overview of the luxurious life and the astronomical cost of living in some of the most privileged neighborhoods. The high cost is caused by factors such as high housing demand, limited supply, luxury services, and the flourishing high-income level economies. While it may be hard to accommodate the high expenses, budgeting and making strategic decisions can help you cope.
However, seeking other alternatives and cheaper options is still a straightforward and practical option if you cannot balance the scale. Whether you will embrace the high costs of living in these cities or opt for an alternative, it is vital to understand the true costs. If you’ve enjoyed delving into this topic, we invite you to explore our article on BrahMos for further fascinating reads. Thank you for joining us on this journey through the realms of luxury and expense.
