A stronger dollar and the rising price of goods has pushed New York City up in the ranks of the world’s most expensive cities, but living in the five boroughs remains relatively affordable on a cost-of-living list compiled by the Economist Intelligence Unit.
Financial instability in Europe and a slow recovery from the recession in the U.S. has resulted in a stronger dollar and an increase in prices, boosting New York 19 places in the latest survey and lifting the ranks of all 16 U.S. cities profiled. New York is currently the 27th most expensive out of 131 cities in the study, up from 48 two years ago.
In a ranking of the most expensive cities in the world, New York is ranked 27th and is tied with Los Angeles according to a cost-of-living index compiled by the Economist Intelligence Unit. Japan’s Tokyo and Osaka rank 1 and 2, respectively, and The Wall Street Journal reminds us that although it’s no longer the 10th most expensive city in the world (which was what NYC ranked a decade ago), it’s still a “challenging place to live for lower-income families.” Yes, we certainly haven’t forgotten that.