London is no longer the world’s most expensive city to live and work in, according to a new study. The study is based on what it costs to live and rent housing in the city for one year. See which cities topped the list. It has never been more expensive to take a bite out of the Big Apple.
According to a new study, New York City now ranks as the most expensive city in the world to live and work in. Rents in New York City for both residential and commercial properties remain high. In July, 2016, the total cost to live and work in New York City is $114,010. Hong Kong had the number 2 position on the list with the yearly live-work cost being $100,984.
London has been the most expensive city for the past 2 ½ years, but now has been bumped down to number 3 on the list, which is probably due to Britain’s recent decision to leave the European Union, therefore causing a drop in the sterling, as well as the housing market. The total cost to live and work in London is $100,141. While that price is still quite high, it is down 11% since June, when the Brexit vote happened.
Tokyo and Paris were the next two most expensive cities worldwide, with San Francisco coming in at number 6. Because of the Olympics, Rio de Janeiro in Brazil was number 20 on the list, where the costs have jumped 15% since December.