Top 10 Most Expensive Cities to Live in 2024: Cost of Living and Key Insights

Zurich, Geneva, Hong Kong, etc are the most expensive cities to live in. Loving in the world’s most expensive cities involves dealing with high costs for housing, food, transportation, and other necessities. According to the Mercer website, they release a list of the most expensive cities in the world. 

 

 

Key Takeaways:

High Cost of Living: Cities like Hong Kong, Zurich, and New York City top the list due to high housing, utilities, and daily expenses.

Global Financial Hubs: Many of the most expensive cities, such as Singapore and Geneva, are major financial centers with robust economies.

Luxury and Amenities: These cities offer world-class amenities, luxury shopping, and dining, contributing to the high cost of living.

Real Estate Prices: Sky-high real estate prices are a common factor among these cities, driven by limited space and high demand.

Quality of Life: Despite the high costs, these cities often rank high in quality of life, offering excellent public services and infrastructure.

 

 

Overview Table:

City	1-Bed Apt (City Centre)	3-Bed Apt (City Centre)	Utilities (85m²)	Internet (8 Mbps)	Lunch Menu	Monthly Transport	Gasoline (per litre)	Doctor Visit
Hong Kong	HK$18,138	HK$37,276	HK$1,579	HK$182	HK$74	HK$489	HK$25	HK$524
Singapore	SGD 3,300	SGD 7,500	SGD 200	SGD 50	SGD 15	SGD 120	SGD 2.80	SGD 100
Zurich	CHF 2,800	CHF 5,900	CHF 220	CHF 55	CHF 25	CHF 85	CHF 1.85	CHF 100
Geneva	CHF 2,500	CHF 5,500	CHF 220	CHF 55	CHF 25	CHF 85	CHF 1.85	CHF 100
Basel	CHF 2,400	CHF 5,000	CHF 220	CHF 55	CHF 25	CHF 85	CHF 1.85	CHF 100
NYC	USD 3,500	USD 7,500	USD 150	USD 70	USD 15	USD 129	USD 1.10	USD 100
Bern	CHF 2,200	CHF 4,800	CHF 220	CHF 55	CHF 25	CHF 85	CHF 1.85	CHF 100
Tel Aviv	ILS 6,000	ILS 12,000	ILS 700	ILS 100	ILS 50	ILS 220	ILS 200	ILS 80
Copenhagen	DKK 12,000	DKK 25,000	DKK 1,200	DKK 250	DKK 85	DKK 450	DKK 14	DKK 400
Nassau	BSD 2,000	BSD 4,500	BSD 250	BSD 100	BSD 15	BSD 60	BSD 1.40	BSD 80

 

Hong Kong, China:

Hong Kong is a popular city in China. It is one of the most expensive cities in the world for the cost of living. It is renowned for its sky-high real estate prices, which bring it to the top. Hong Kong is a major financial hub with a high cost of living. Hong Kong is also popular for its luxury shopping, fine dining, and world-class amenities.

The estimated cost of living in Hong Kong is

• Housing (1-bed apt, city centre): HK$18,138
• Housing (3-bed apt, city centre): HK$37,276
• Utilities (85m² apt): HK$1,579
• Internet (8 Mbps): HK$182
• Food (lunch menu): HK$74
• Transportation (monthly pass): HK$489
• Gasoline (per litre): HK$25 
• Healthcare (doctor visit): HK$524

 

 

Singapore:

Singapore is a leading global city. It is an expensive city due to its strong economy, and high quality of life. Real estate prices are particularly high, influenced by limited space and a competitive housing market. 

The estimated cost of living in Singapore is –

• Housing (1-bed apt, city centre): SGD 3,300
• Housing (3-bed apt, city centre): SGD 7,500
• Utilities (85m² apt): SGD 200
• Internet (8 Mbps): SGD 50
• Food (lunch menu): SGD 15
• Transportation (monthly pass): SGD 120
• Gasoline (per litre): SGD 2.80
• Healthcare (doctor visit): SGD 100

 

 

Zurich, Switzerland:

Zurich is located in Switzerland. It is Switzerland’s largest economic city. It is home to a vibrant array of businesses and international organisations, including banks, securities companies, and insurance companies. On the other hand, it is also known as a tourist and cultural centre.

The estimated cost of living in Zurich is- 

• Housing (1-bed apt, city centre): CHF 2,800
• Housing (3-bed apt, city centre): CHF 5,900
• Utilities (85m² apt): CHF 220
• Internet (8 Mbps): CHF 55
• Food (lunch menu): CHF 25
• Transportation (monthly pass): CHF 85
• Gasoline (per litre): CHF 1.85: 
• Healthcare (doctor visit): CHF 100

 

 

Geneva, Switzerland:

Geneva, is located in the westernmost part of Lake Geneva in Switzerland. It is an international city where many international organisations and research institutes are based, including the European headquarters of the United Nations and the headquarters of NGOs. It is blessed with clear mountain air and clean water.

The estimated cost of living in Geneva is –

• Housing (1-bed apt, city centre): CHF 2,500
• Housing (3-bed apt, city centre): CHF 5,500
• Utilities (85m² apt): CHF 220
• Internet (8 Mbps): CHF 55
• Food (lunch menu): CHF 25
• Transportation (monthly pass): CHF 85
• Gasoline (per litre): CHF 1.85
• Healthcare (doctor visit): CHF 100

 

 

Basel Switzerland:

Basel is a cultural hub in Switzerland. It is popular for the museums, pharmaceutical industries, and high standard of living. It is highly influenced by the strong Swiss franc and high wages. 

The estimated cost of living in Basel is –

• Housing (1-bed apt, city centre): CHF 2,400
• Housing (3-bed apt, city centre): CHF 5,000
• Utilities (85m² apt): CHF 220
• Internet (8 Mbps): CHF 55
• Food (lunch menu): CHF 25
• Transportation (monthly pass): CHF 85
• Gasoline (per litre): CHF 1.85
• Healthcare (doctor visit): CHF 100

 

New York City, United States:

New York City is a global centre for finance, culture, and media. It is one of the most popular and expensive cities in the world. The cost of living is further escalated by expensive services, entertainment, and a high tax burden

The estimated cost of living in New York is –

• Housing (1-bed apt, city centre): USD 3,500
• Housing (3-bed apt, city centre): USD 7,500
• Utilities (85m² apt): USD 150
• Internet (8 Mbps): USD 70
• Food (lunch menu): USD 15
• Transportation (monthly pass): USD 129
• Gasoline (per litre): USD 1.10
• Healthcare (doctor visit): USD 100

 

 

Bern, Switzerland:

Bern, the capital of Switzerland. It is one of the most expensive cities in Switzerland due to its high quality of life, strong currency, and excellent public services.

The estimated cost of living in Bern is –

• Housing (1-bed apt, city centre): CHF 2,200
• Housing (3-bed apt, city centre): CHF 4,800
• Utilities (85m² apt): CHF 220
• Internet (8 Mbps): CHF 55
• Food (lunch menu): CHF 25
• Transportation (monthly pass): CHF 85
• Gasoline (per litre): CHF 1.85
• Healthcare (doctor visit): CHF 100

 

 

Tel Aviv, Israel:

Tel Aviv is Israel’s economic and technological centre. It is a tech hub with significant demand for housing and services which makes it the most expensive city in the world.

The estimated cost of living in Tel Aviv is –

• Housing (1-bed apt, city centre): ILS 6,000
• Housing (3-bed apt, city centre): ILS 12,000
• Utilities (85m² apt): ILS 700
• Internet (8 Mbps): ILS 100
• Food (lunch menu): ILS 50
• Transportation (monthly pass): ILS 220
• Gasoline (per litre): ILS 200
• Healthcare (doctor visit): ILS 80

 

 

Copenhagen, Denmark:

Copenhagen is the capital city of Denmark. It is famous for its design, environmental sustainability, and high quality of life. Housing prices are very high here and low in demand.

The estimated cost of living in Copenhagen is –

• Housing (1-bed apt, city centre): DKK 12,000
• Housing (3-bed apt, city centre): DKK 25,000
• Utilities (85m² apt): DKK 1,200
• Internet (8 Mbps): DKK 250
• Food (lunch menu): DKK 85
• Transportation (monthly pass): DKK 450 
• Gasoline (per litre): DKK 14
• Healthcare (doctor visit): DKK 400

 

 

Nassau, Bahamas:

Nassau, the capital of the Bahamas, is known for its beautiful beaches and vibrant tourism industry. It attracts thousands of tourists around the world and drives up the cost of accommodations, dining, and entertainment. 

The estimated cost of living in Nassau is –

• Housing (1-bed apt, city centre): BSD 2,000
• Housing (3-bed apt, city centre): BSD 4,500
• Utilities (85m² apt): BSD 250
• Internet (8 Mbps): BSD 100
• Food (lunch menu): BSD 15
• Transportation (monthly pass): BSD 60
• Gasoline (per litre): BSD 1.40
• Healthcare (doctor visit): BSD 80

 

 

FAQs:-

Q: Which city is the most expensive to live in according to Mercer’s 2024 list?
A: Hong Kong is ranked as the most expensive city to live in 2024.

Q: What is the average cost of a one-bedroom apartment in the city center of Zurich?
A: The average cost of a one-bedroom apartment in Zurich’s city center is CHF 2,800.

Q: How much does a monthly transportation pass cost in New York City?
A: A monthly transportation pass in New York City costs USD 129.

Q: What are the utility costs for an 85m² apartment in Singapore?
A: Utility costs for an 85m² apartment in Singapore are SGD 200.

Q: How much is gasoline per liter in Tel Aviv?
A: Gasoline costs ILS 200 per liter in Tel Aviv.

Q: What is the estimated cost of healthcare for a doctor visit in Hong Kong?
A: The estimated cost for a doctor visit in Hong Kong is HK$524.

Q: Which city has the highest cost for a three-bedroom apartment in the city center?
A: New York City has the highest cost for a three-bedroom apartment in the city center at USD 7,500.

Q: What is the cost of an internet connection (8 Mbps) in Basel?
A: The cost of an 8 Mbps internet connection in Basel is CHF 55.

Q: How much does lunch typically cost in Copenhagen?
A: A typical lunch menu costs DKK 85 in Copenhagen.

Q: Is the cost of living in Nassau significantly affected by tourism?
A: Yes, the cost of living in Nassau is significantly influenced by its vibrant tourism industry, driving up prices for accommodation and dining.