- Skyrocketing rent prices and soaring inflation have driven up the cost of living across the world.
- A new survey ranked 219 cities in 120 countries by how affordable they are for expats.
New York takes the crown in a recent survey ranking the most expensive cities for expatriates — or expats — to live in, along with the usual contenders: Hong Kong, Geneva, and London.
There's even a new entrant rounding out the top 5 — Singapore.
Skyrocketing rent and rising inflation have propelled New York to the top of ECA International's cost of living rankings for 2023, which were published on June 7.
Meanwhile, Singapore's aggressive leap from 13th place last year into the top 5 "was due largely to major increases in accommodation costs," according to Lee Quane, ECA's Asia regional director.
The survey ranks 207 cities in 120 countries and territories around the world by analyzing the cost of living and rental costs in expat-favored areas that reflect an international lifestyle, per ECA.
Read further for the 10 least affordable places to live if you're an expat in 2023, ranked from the most expensive to the least expensive.
1. New York, US
Sharp increases in the cost of living in the Big Apple have made it the most expensive city to live in for expats.
The median monthly rent in Manhattan hit a new high of over $4,200 for a one-bedroom apartment, for the second month in a row in April, NBC New York reported.
In April, a report found that half of New York City's households can't afford to live there, where a household needs a minimum of $100,000 a year for housing, food, and transportation, per the New York Times.
2. Hong Kong, China
Though Hong Kong's rent prices are declining, they still hover around $5,000 per month for an 800-square-foot home in districts that were favored by expats, per Bloomberg.
Rising transport fares, electricity tariff hikes, and increasing food prices have also skyrocketed costs of living, per the SCMP.
3. Geneva, Switzerland
The average monthly rent for a four-room apartment in Geneva's city center is about $4,600. But that amount is set to increase by as much as 3% with policy changes by the Swiss government, Swiss news outlet The Local reported on June 1.
4. London, UK
The median monthly rent for a two-bedroom flat in London touched a high of $2,895 in December, according to CNBC.
The cost of living has risen so sharply in the city that half of the Londoners were forced to cancel their sports TV subscription, LondonlovesBusiness reported.
5. Singapore
Flats with rental prices below $3,000 Singapore dollars, or $2,200, are disappearing in Singapore, Bloomberg reported on June 8.
In May, the Southeast Asian island surpassed Hong Kong as the most expensive city in Asia to buy or rent private property, per SCMP.
6. Zurich, Switzerland
The average monthly rent for a four-room apartment in the city center of Zurich sits at around $4,200, per The Local.
7. San Francisco, US
A lack of housing inventory coupled with people being called back to the office has led to an unprecedented rise in rental prices in the San Francisco Bay Area, per NBC.
In San Francisco, a one-bedroom apartment would set you back about $3,000 monthly, per NBC.
8. Tel Aviv, Israel
Rental prices in Tel Aviv — driven by interest rate hikes and inflation — are growing at the fastest annual since 2008, The Jerusalem Post reported, citing the Central Bureau of Statistics (CBS).
The average monthly rent in the city is $1,904, Israeli news outlet Ynet reported, citing CBS data.
9. Seoul, South Korea
The rising cost of living in Seoul is driven by an increase in public transportation fares and electricity bills, according to South Korean news outlet JoongAng Daily.
And although the average rent for a one-room apartment in a major university district in Seoul is low relative to other metropolitan cities — at about $450 monthly — but an average $7,600 deposit fee is needed for most accommodations, per South Korean news outlet Donga.
10. Tokyo, Japan
The average monthly rent in Tokyo hovers around $350 per 100 square feet, The Financial Times reported, citing Tokyo Kantei, a local property data company in Japan.