New York and Los Angeles ranked respectively 6th and 9th in the list of most expensive cities in the world compiled by the Economist Intelligence Unit each moving one place upwards from 2020.
The world’s most expensive city was Tel Aviv, according to the ranking, followed by Paris and Singapore.
Notable North American movers in the ranking were Pittsburg which fell 8 places, though prices remained almost stable relative to New York, as well as Toronto and Mexico City which both moved up 8 places in the ranking.
The median rent in November for a one bedroom apartment in New York was $3180 per month, a 24% year-over-year rise and $2200 per month in Los Angeles according to real estate portal Zumper.
“We forecast that global consumer price inflation will average 4.3% in 2022, down from 5.1% in 2021 but still substantially higher than in recent years,” note the ranking’s authors. “If supply-chain disruptions die down and lockdowns ease as expected, then the situation should improve towards the end of 2022, stabilizing the cost of living in most major cities.”
(By Staff)
