New York not that expensive but cost of living jumped 20% in five years

New Yorkers have been hit with a 20% cost of living spike since 2010. Yet, despite such a huge rise, the city doesn’t even get a look in to the Top 20 most expensive cities in the world which is topped by Singapore.

New York has seen a cost of living rise of 25% over the past five years, yet the city isn’t in the World’s Top 20 most expensive cities Image by Martin de Lusenet / CC BY 2.0

The Daily News reports from the Economist Intelligence rankings released last week, which show how the cost of food, clothing, utilities and other sundries had gone through the roof in New York. However, those living in the Big Apple don’t feel like they are living in one of the dearest cities on the globe – New York came in at number 22 on that list. Hearing of the cost of living jump, Adam Johnson (30) a teacher in the Flushing area of the city joked: “It seems you have to be a billionaire to live here.”

The Malaysian capital Singapore was badly affected by the price of clothing which is five percent dearer than New York while it also suffered from the price of cars – three times more expensive than New York.

Others close to the top of the expensive league include Paris, Oslo, Zurich and Sydney. More than 130 cities were examined in the research. At the other end of the scale the three least expensive cities to live in were Karachi, Bangalore and Caracas.