Is it expensive to live in New York City?
New York City is widely considered the most expensive city to live in throughout the United States and is a fairly expensive city to live in on a global scale as well. Based on cost of living indices, estimated living expenses in New York City range from 35% to 150% higher than an average US city. New York is not at the top of the list of expensive cities across the globe, but it still ranks in the top tier of most expensive cities based on a study by HR firm Mercer.
New York was listed as number 27 on the Mercer list behind cities like Luanda, Angola or Tokyo, Japan. So while it isn’t at the top of the list, it is a fairly expensive place to live – as an example, the average cup of coffee in NYC costs $3.75 per cup.
Therefore cities like Paris, Rome, Frankfurt and Amsterdam have become considerably less expensive for anyone travelling to Europe from the US. The only euro zone cities in Mercer's 2012 top 50 are Paris and Vienna. Paris dropped from 27th place twelve months ago to 37th in 2012, while Vienna dropped 12 places from 36th to 48th rank.
Frankfurt, the most expensive German city, fell from 73rd to 88th place among the world's most expensive cities. The iPod--Index, devised by the Swiss bank UBS in 2009, probably provides a truer indication as to the cost of living across the world. It measures how many hours people in various cities have to work to be able to afford Apple's MP3 player.
The average employee in New York City has to work nine hours to afford an iPod nano, whereas in Mumbai he has to work 177 hours. In Mercer’s 2012 survey, New York is used as the base city for the index and scores 100 points, all cities are compared against New York and currency movements are measured against the US dollar. (The index is based on cost of living expressed in US dollars.
Central African Rep.
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