LOS ANGELES, May 15, 2017 /PRNewswire/ -- New York City is undoubtedly one of the most expensive places to live in the U.S., yet how does it rank when pitted against the most expensive places to live around the world? In the latest study, GOBankingRates looks at the average cost of living in the top 50 most expensive countries compared to that of New York City.
Using online pricing database Numbeo, GOBankingRates composed a list of the 50 most expensive places to live, ranking the nations by four key affordability metrics. Each metric is measured against what you would find in New York City:
- Local purchasing power index: Measures the relative purchasing power of a typical salary in that country. A lower purchasing power buys fewer goods, while a higher purchasing power buys more.
- Rent index: Includes typical rental prices in the country.
- Groceries index: Includes typical grocery prices in the country.
- Consumer price index: Includes costs of local goods and services — including restaurants, groceries, transportation and utilities.
- Bermuda has the highest cost of living at over 46% higher than NYC. Lofty living expenses such as $8 per gallon of gas and $18.74 for a gallon of milk contribute to Bermuda's sky-high costs.
- Only 5 countries have higher costs of living than New York City (includes percent above the cost of living in NYC):
- Bermuda, 46%
- Switzerland, 22%
- Iceland, 11.7%
- Norway, 6.3%
- Bahamas, 4%
- Bermuda is the only country with higher average rent than NYC (4.8%)
- New York City has the one of the highest average grocery prices in the world, behind only Bermuda, Switzerland, Iceland and the Bahamas.
To view the full study, please visit: https://www.gobankingrates.com/press-releases/worlds-expensive-countries
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.
Natalie Richter, Media Relations