It's the first time New York has topped the list. Last year, The Economist Intelligence Unit (EIU) used the World Cost of Living Index to consider New York as one of the ten most expensive cities in the world. As a result, New York City consistently ranks in the top 10 lists as one of the most expensive cities in the world to live in. Rents in the city are reaching historic levels and 1.5 million New Yorkers are living below the poverty level.
The New York subway, one of the oldest and most extensive subway systems in the world, is the main mode of transportation for many New Yorkers. New York City is known for its high prices and wealthy residents, and that's largely due to the city's booming labor market. If you're okay with leaving your car, New York's public transportation system is one of the best, though perhaps not the safest, in the country. New York City is actually made up of five different counties, each of the five counties being its own county.
An unforgettable New York City experience, this beautiful building has been offering afternoon tea for more than 100 years. One of the world's best dance companies, the New York City Ballet, was established in 1948 and is headquartered at the legendary Lincoln Center performing arts center. Calculate what is the real equivalent in New York of your current salary. Don't move out losing money.
Of course, New York City is famous for its gastronomic offerings, and those who choose to go out to dinner regularly will see their food budget skyrocket. New York City is home to an enormous variety of employers, including the country's top media companies, financial and technology giants, and many of the best-known names in the fashion industry. Penthouses in New York City are so expensive that they don't sell, so real estate companies are dividing them into smaller, cheaper units to take them off the market, Warren reported. New York City has the largest urban economy in the world, Steve Goldstein reported for MarketWatch, citing a report by Oxford Economics.
New York City's purchasing power is 16 percent lower than San Francisco's purchasing power, according to Investopedia. There are several reasons why food and agricultural products are so expensive in New York City. If you're thinking of moving to New York City, it's important to have a well-thought-out game plan ahead of time. While it's a city of endless opportunities, it's also an extremely competitive and expensive place to live.