In a new study done by ECA International, NYC has unfavorably jumped in the rankings for the most expensive cities around the globe.
After holding fourth place in 2021, New York City now has the second highest cost of living around the world.
In order to conduct their study, ECA International took a closer look at costs of day-to-day goods and services commonly purchased throughout 490 locations and rental costs in over 207 cities. For example, comparing items like coffee at a cafe and petrol prices.
A cup of coffee in New York City has reached an alarming average of nearly $4. (Yes, we’re guilty of spending double that on a latte too). And interestingly enough, cooking oil and petrol have endured the greatest increases since last year out of any compared items.
In New York City’s case however, the spike in rental costs are most responsible for NYC making the jump and surpassing Geneva in third position.
Similar patterns have been observed in London as both cities have experienced the greatest price increases out of the 10 most expensive cities, with London rent increasing 20% and NYC rent increasing 12% over the year. This “cost-of-living crisis” is most namely due to worldwide inflation, shared ECA International.
Can you guess the only other American city besides NYC that made it on the list? That’s right, San Francisco! The Golden City experienced a jump in the rankings as well, moving up from 15th place to the 11th.
And though we’re normally pretty stoked about being on top, hopefully by this time next year we’ll have dropped lower on the list.
See more of the study here.