The trio of bustling cities are among the most expensive places to live, according to a report by the Economist Intelligence Unit’s Worldwide Cost of Living study released this week. The survey compared the cost of 138 items in around 130 cities globally to draw the data.
The COVID-19 crisis has caused currencies to fluctuate, weakening the U.S. dollar and bolstering Western European and North Asian currencies, shifting prices for materials and services, Upasana Dutt, head of Worldwide Cost of Living at the Economic Intelligence Unit said in the report. That means locales in the Americas, Eastern Europe and Africa have gotten cheaper since the pandemic began in March.
“The pandemic has transformed consumer behavior, as lockdowns and trends such as working from home have increased the prices of consumer electronics and meal-at-home kits have taken the place of restaurant dining for middle-class families,” Dutt said in a statement.
The survey also notes that the cost of tangible goods like personal care items, some food and drinks and entertainment items like electronics has increased worldwide.
Singapore placed fourth on the list of most expensive cities, followed by Osaka and Tel Aviv tied for fifth.
In the States, meanwhile, New York City and Los Angeles ranked among the priciest places to live. And across the country, the median cost of single-family homes are on the rise, jumping to $313,500 in the third quarter, a 12% increase compared with the price last year, according to a separate report from the National Association of Realtors.
1. Paris, France; Hong Kong; and Zurich, Switzerland
5. Osaka, Japan and Tel Aviv, Israel (tied)
7. Geneva, Switzerland
8. New York City
9. Copenhagen, Denmark
10. Los Angeles