Monday, August 3, 2020
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Top 20 Most Expensive Cities in the World

panorama shot of Hong Kong’s skyline at night

Finally, the 16th Annual Demographia International Housing Affordability Survey has revealed the list of the most expensive cities to live in 2020. According to this survey, a total of 309 housing markets in eight countries (Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the UK, and the USA) were analyzed. To produce the ranking, they looked at data from the third quarter of the year 2019. They used the “mean multiple” approach – according to which, they divided the median house price by the median household income. So, according to the analysis, the more points a city has, the more expensive it is to live there.

The survey also shows that the most unaffordable major housing markets reside in Australia, Canada, China, Singapore, and New Zealand. And surprisingly, this has been the case for a number of years.

Again, this year as well, Hong Kong topped the list along with three more cities. And they are on top four from 2019. Read on to know about 20 most expensive cities in the world.

1. Hong Kong — 20.8

Hong Kong city at night

Hong Kong’s ranking dropped 0.1 from 2019 – but still, it is at the top when it comes to the list of most expensive cities in the world to live in. Hong Kong’s Live/work cost per person per year is $103,200. Moreover, the number of people living/working since 2019 here has been increased by 3%.

It has a Savills world class city score of 70.5 and a population of 7.3 million.

2. Vancouver, Canada — 11.9

the skyline of Vancouver city at night

Vancouver is the most expensive city to live in North America and the Western Hemisphere with a score of 11.9. Although this score is less than Hong Kong’s, to live a good life there, you need to have a handsome amount of money. In 2019, Vancouver’s ranking was 12.6. An average one-bedroom apartment in Vancouver City Center can range from $1300 to $1800 per month. If you want to live in the downtown core, then expect to pay at the high end.

Now, about 2,581,000 people live in Vancouver.

3. Sydney, Australia — 11

Sydney Opera House at night

Sydney is not just the most expensive city to live in the world but also the most expensive city in the Southern Hemisphere (as of 2019). It is the largest city in Australia and a wider Australian region where you can find people from every corner of the world. Although the score is down 0.7 points from 2019, it is still in double digits. Moreover, the Savills world class city score of Sydney is 64.1 and has a population of 4.9 million.

In Sydney, the live/work cost per person per year is $49,500. Moreover, the number of people living/working since 2019 here has been increased by 2%.

4. Melbourne, Australia — 9.5

Skyline of Melbourne City at night

Melbourne, another city of Australia, is on the list of the most expensive cities in the world. In 2019, the city also ranked as the fourth most expensive city in the world to live in. In 2020, the city’s overall score went down by 0.2 points.

Melbourne’s total population is 4.935 million, and you can find a furnished 900sqft accommodation in a normal area in the city for around 1500 to 1800AUD (1000 to 1300 USD).

5. Toronto, Canada — 8.6

Skyline of Toronto city during sunset

Interestingly, Toronto wasn’t even in the list of top 10 last year. But now, with a score of 8.6, Toronto is not only the second most expensive city in Canada but also the third most expensive in the Western Hemisphere.

The current population of Toronto is 6,196,731, and the cost of living there is $42,494.88 a year.

6. Auckland, New Zealand — 8.6

Skyline of Auckland

New Zealand’s largest city, Auckland, has an overall score of 8.6, which got down from 9.0 in 2019. The current population of this city is 1,606,564. On average, the monthly rent for a 900sqft furnished accommodation in an expensive area can cost you anywhere around 1000 to 1500 USD.

7. San Jose, California — 8.5

top view of San Jose at night

San Jose, a city of California, is ahead of Bay Area neighbor San Francisco with a total score of 8.5. Although its score declined from 9.4 in 2019 to 8.5 in 2020, it remains the second most expensive city in the United States to live in.

The current population of San Jose is 1,033,670. On average, a one-bedroom apartment in the City Center can cost around 2400 to 3200 USD.

8. San Francisco, California — 8.4

The Golden Gate Bridge of San Francisco

San Francisco, another city of California, ranks eighth on our list of most expensive cities in the world with a score of 8.4. It is just 0.1 down from San Jose. The current population of this city is 4.5 million. On average, a 1-bedroom apartment in the City Center can cost you somewhere around 2800 to 4200 USD. Whereas, if you rent a 1-bedroom apartment outside the city center, you have to pay 2100 to 3500 USD on average.

The Savills world class city score of San Francisco is 55.8. Live/work cost per person per year in this city is $66,300. The number of people living/working since last year has been increased by 13%.

9. London, UK — 8.2

London Eye at night

Any resident of London can tell you how expensive it is to live in this happening city, especially the City Center. According to the data collected through the survey, London is the most expensive city in Europe. Currently, it has a population of 14.9 million with a live/work cost per person per year of $112,800.

The number of people living/working since last year has been increased by 2%.

10. Victoria, Canada — 8.1

Downtown Victoria at twilight

Victoria, another city of Canada, is the third-most-expensive Canadian city to live in. Although it is quite pricey, it doesn’t even come in the list of the most expensive city in British Columbia. The current population of Victoria is 385,999. Renting a one-bedroom apartment in City Center can cost you around 1100 to 1300 USD. Whereas, the similar apartment outside the City Center can cost you around 950 to 1000 USD.

Following is a list of some more expensive cities in the world to live in:

11. New York City (USA)

Population: 18,804,000

Rent of Apartment (1 bedroom) in City Centre: 2500 to 4500 USD

Rent of Apartment (1 bedroom) outside City Centre: 1600 to 3000 USD

12. Geneva (Switzerland)

Population: 613,373

Rent of Apartment (1 bedroom) in City Centre: 1800 to 2700 USD

Rent of Apartment (1 bedroom) outside City Centre: 1270 to 2650 USD

13. Los Angeles (USA)

Population: 12,447,000

Rent of Apartment (1 bedroom) in City Centre: 1700 to 3000 USD

Rent of Apartment (1 bedroom) outside City Centre: 1500 to 2200 USD

14. Singapore

Population: 5,850,342

Rent of Apartment (1 bedroom) in City Centre: 1580 to 2870 USD

Rent of Apartment (1 bedroom) outside City Centre: 1070 to 2000 USD

15. Zurich (Switzerland)

Population: 1,395,000

Rent of Apartment (1 bedroom) in City Centre: 1500 to 2870 USD

Rent of Apartment (1 bedroom) outside City Centre: 1270 to 2100 USD

16. Paris, France

Population: 2.148 million

Rent of Apartment (1 bedroom) in City Centre: 970 to 1700 USD

Rent of Apartment (1 bedroom) outside City Centre: 680 to 1350 USD

17. Bern (Switzerland)

Population: 430,000

Rent of Apartment (1 bedroom) in City Centre: 950 to 1750 USD

Rent of Apartment (1 bedroom) outside City Centre: 750 to 1380 USD

18. Tokyo (Japan)

Population: 37,393,000

Rent of Apartment (1 bedroom) in City Centre: 840 to 2050 USD

Rent of Apartment (1 bedroom) outside City Centre: 500 to 1100 USD

19. Shanghai (China)

Population: 27,058,000

Rent of Apartment (1 bedroom) in City Centre: 750 to 1800 USD

Rent of Apartment (1 bedroom) outside City Centre: 350 to 930 USD

20. Beijing (China)

Population: 20,463,000

Rent of Apartment (1 bedroom) in City Centre: 740 to 1700 USD

Rent of Apartment (1 bedroom) outside City Centre: 420 to 850 USD

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