In case you haven’t noticed, things are getting pretty pricey these days.
The average cost of living is up 8.1 percent in 2022, according to the Worldwide Cost of Living Index released by the Economist Intelligence Unit. There are a few different reasons for the increase, including the Russian war in Ukraine, the pandemic and other geopolitical shifts.
“We can clearly see the impact in this year‘s index, with the average price rise across the 172 cities in our survey being the strongest we‘ve seen in the 20 years for which we have digital data,” said Upasana Dutt, head of worldwide cost of living at EIU. “The rise in petrol prices in cities was particularly strong (as it was last year), but food, utilities and household goods are all getting more expensive for city–dwellers.”
That can make it difficult to find an affordable city to live and thrive in financially. The EIU gathered data on the affordability of major cities across the world, and it shows how much pricier some cities have gotten in a short amount of time. For the first time ever, a U.S. city topped the list, beating out last year’s winner Tel Aviv.
So, if you‘re looking to move somewhere that won’t break your bank, you may want to look somewhere other than these 10 cities:
1. New York and Singapore (tied for first)
3. Tel Aviv, Israel
4. Hong Kong and Los Angeles (tied for fourth)
6. Zurich, Switzerland
7. Geneva, Switzerland
8. San Francisco, California
9. Paris, France
10. Copenhagen, Denmark
Although the cost of living everywhere is on the rise, there are still plenty of ways to keep your finances in check, no matter where you live. With a few smart strategies and helpful tips, you can make sure that your wallet isn‘t feeling too much of a pinch.
