30 Cities Drowning in a High Cost of Living, 14 in the USA

Over the last few years, the cost of living in America has undoubtedly risen. When looking at data from cities all around the world, cities in the U.S. aren’t alone in terms of rising costs of living. 

Some of the most populated cities in the world are known for their high property values and marked-up prices of essentials, like groceries. You’d be surprised to find out which cities rank highest in terms of cost of living. 

Numbeo has gone through the numbers and ranked the 30 cities around the world that suffer from the highest cost of living. Is your city on the list?

Analyzing City Living Expenses

Numbeo ranked cities according to data tied to key factors like the cost of living and the price of food around the world. They also factored in the prices of goods like transportation, groceries, and restaurants.

New York City’s (NYC’s) statistics were used as a baseline in comparing the cost of living in other cities. The Big Apple might be used as the ruler to measure these cities, but it isn’t the number one city when it comes to the highest cost of living. 

The baseline number for Numbeo’s study is 100.0, which is why you’ll see New York City’s numbers all having 100.0. Any number above 100.0 means that a city is more expensive than NYC, and anything below it means that it’s cheaper than it. Although Numbeo’s rankings are ultimately based on the cost-of-living index, we’ve included the rent, groceries, and restaurant price index for reference.

With those nitty-gritty details cleared up, these are the cities with the highest cost of living in the world.

Bermuda City Tops List

Hamilton, Bermuda, ranks first as the city with the highest cost of living. As a comparison, it’s over 60% more expensive to live in Bermuda than the United States. Case in point? In U.S. dollars, a bottle of Coca-Cola costs $2.44 in the U.S. and $3.19 in Bermuda. On average, people in Bermuda pay 138% more for a loaf of bread compared to the U.S. 

Bermuda’s geography may play a role in its high costs. The country is an archipelago of seven large islands and 170 smaller islets and rocks. It’s known as a beautiful vacation spot, with tourist services making up a large part of the country’s gross national product. Tourists will just need to be ready to shell out some serious cash.

Swiss Cities’ Higher Costs

Five cities in Switzerland make the top six cities with the highest cost of living. The cities of Basel, Zurich, Lausanne, Bern, and Geneva make Switzerland one of the most expensive countries to live in. In terms of property values, the price of a single-family Swiss home rose an average of 3.6% between 2023 and 2024.  

But not everything is expensive in Switzerland. According to one expert, home electronics like computers and televisions are cheaper in Switzerland on average than the rest of Europe. 

Living Costs in America

Fourteen U.S. cities have the highest cost of living in the world, with four making the top ten: New York, San Francisco, Honolulu, and San Jose. One important data point examined the high costs of healthcare in the U.S. In 2022, it was reported that the average American spends an average of approximately $13,000 a year in medical expenses, making it one of the most expensive in the world. 

Inflation also makes an impact. Consumer prices jumped an estimated 3.5% between March 2023 and March 2024. Some analysts have noted that rising prices in the U.S. might lead to banks keeping interest rates higher for longer. 

25 Most Expensive Cities

Do you live in or are considering moving to one of the most expensive cities in America? These are the top 25 cities that’ll do a (lower) number on your bank account.

25 Most Expensive Cities in the US

How Much Money It Takes To Be in the Top 10%

Whether you dream of being in the top 10% or think you might already be there, one thing is certain: The income a household makes to be in the top 10% club varies by state. Here’s how much you need to make to have a higher income than 90% of Americans.

How Much Money It Takes To Be in the Top 10% by State