New York Is The World’s 7th Most Expensive City

According to a recent report by the EIU (Economist Intelligence Unit), Singapore has been rated the most expensive city in the world. Singapore has been in the top most position for three consecutive years according to the report. It was followed by Zurich at second and Hong Kong at third. But in this latest annual ranking, New York City and Los Angeles have now entered the top 10 most expensive cities in the world. The higher ranking this year for both cities is largely due the increasing strength of the U.S. dollar. And it is entirely likely for both New York and Los Angeles to retain their spots in the top 10 in future rankings if the dollar continues to maintain its strength against other currencies.

Over 400 prices from 160 products and services were compared to determine the cost of living of each city. Everything from the price of gasoline at the pump to the cost of a loaf of bread was studied. The survey shows that for New Yorkers, the major factor increasing the relative cost of living is the power gained by the dollar recently, the effect of which is a rise in the prices of goods, services and other essential commodities compared to neighboring countries.

From New York’s position at 22^nd on the list in the previous year, it has risen to 7^th this year, and is about 20 percent more expensive than the average major American city. Other American cities appearing on this year’s list include Los Angeles next after New York at 8^th, Chicago at 21^st, Washington D.C. at 26^th, Houston at 31^st and San Francisco at 34^th. It is not surprising that New York took the higher position in comparison to these other American cities because it has always been the first choice of tourists, businesses, investors and other visitors.

Please visit us at: www.RubenPerezNYC.com