Where Living Is the Most Expensive

While living in Switzerland is roughly 25 percent cheaper than in New York City according to Numbeo's Cost of Living Plus Rent Index (COLPRI), the Alpine state still tops the list of the most expensive countries to reside in worldwide in 2024. As our chart indicates, it's not the only place on the European continent where living comes at a steep price. Adding Iceland and Ireland, three of the eight highest ranking countries are situated in Europe. In the course of the cost-of-living crisis, the United States has also entered the top 10 as of 2022.

However, there are stark differences in the two separate indices compounding the COLPRI. When it comes to pure cost of living without rent factored in, Switzerland scores worse at 101 points - higher than the 100 index points attributed to New York City prices. Iceland and Ireland also score higher at between 64 and 83 points for living cost without rent, while paying for an apartment is comparatively cheaper for Irish residents at only 42 percent of the rent estimates for New York City. Hong Kong and Singapore - in ranks 2 and 3 for overall cost of living - lead the rent index with almost 77 and 71 points, making them some of the most expensive states in the world.

Numbeo's Cost of Living Index factors in the best guesses of average expenses for a four-person family, ranging from clothing, produce and out-of-home dining to transportation, recreational activities and utilities. The Rent Index takes into account estimates for renting one- and three-bedroom apartments in and outside of the city center.