Hamilton, Zurich, New York and the top most expensive cities to live in 2024

Hamilton, in the Bermuda Islands; and Zurich, in Switzerland, are the two most expensive cities in the world to live in in 2024. That is the conclusion recently reached by the Cost of Living Index from the Numbeo portal, a database that compares the costs of living in the largest countries and cities in the world, taking as reference the consumer price index, rent, local purchasing power, among other aspects.

Numbeo takes the costs of living in New York City as a reference, considered one of the most expensive in the world. Thus, according to the portal, “if another city has, for example, a rental index of 120, it means that in that city you pay on average 20% more for rent than in New York.”

While “if a city has a rental index of 70, it means that rents in that city are on average 30% cheaper than in New York.”

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While in mid-2023 Most of the cities in the top 10 most expensive to live in were places in Switzerland, Today the ranking is also made up of several cities in the United States.

What are the most expensive cities to live in 2024 and how did Colombia's capitals fare? We tell you.

1. Hamilton, Bermuda

Numbeo places Hamilton, the capital of the Bermuda Islands, as the most expensive city to live in 2024, with a cost of living index of 136.98.

Thus, the cost of living indicator for this city located at the northern end of the island – which measures “the prices of consumer goods, including groceries, restaurants, transportation and services” – is 36 percent higher than in New York .

Foods in the basic basket, for their part, are 45 percent higher than in the American city and prices in restaurants are 35 percent higher in this part of the Bermuda Islands than in New York.

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Hamilton is an expensive place because it imports the vast majority of its food and consumer products. Housing prices are also high considering the geographical location of Bermuda and the fact that the place has become a vacation spot for several New York billionaires.

According to Expatistan, a specialized expense calculator, a menu of the day can cost 25 Bermudian dollars (more than 98,000 Colombian pesos) and a rental up to 1,500 Bermudian dollars (more than 5 million pesos).

2. Zurich, Switzerland

This city of 402,000 inhabitants is the second most expensive to live in the world, with a cost of living index of 122.20. The Economist index also places it in number two position, only surpassed by Singapore.

Numbeo assures that Zurich's cost of living index is 22 percent higher than in New York. Food is 26 percent more expensive and restaurants are 13 percent more expensive.

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According to The Economist, Zurich's second place in the top most expensive cities to live in “partly reflects the strength of the Swiss franc, as well as thes high prices for groceries, household items and entertainment.”

The Expatistan cost calculator ensures that in Zurich a daily menu can cost 26 Swiss francs (more than 102,000 Colombian pesos) and a rental home can range from 1,500 francs onwards (more than 5.9 million Colombian pesos).

3.Basel, Switzerland

Basel is a city located in the north of Switzerland and is considered, according to National Geographic, the country's architectural capital. It is the oldest university city in Switzerland and the one with the most museums, with a total of 40.

According to Numbeo, Basel has a cost of living index of 121.78, or 21 percent higher than New York City. Food can cost 36 percent more in Basel than in the American city and restaurant costs are 11 percent higher.

This city also appears in the rankings for the best quality of life on the planet, but the truth is that a daily menu in the most expensive area of ​​the city can cost 25 Swiss francs (more than 110,000 Colombian pesos), while a rental of an apartment can exceed 1,400 Swiss francs (more than 6.3 million Colombian pesos).

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4. Lausanne, Switzerland

Located on the shores of Lake Geneva, This city of more than 137,000 inhabitants is ranked fourth among the most expensive cities to live in.

According to Numbeo, in Lausanne the cost of living index is 117.86, which means it is 17 percent higher than in New York. The basic basket can cost 22 percent more than in the North American city and costs in restaurants can be 10 percent higher.

In Lausanne, costs can be very similar to Basel, with lunches costing 26 Swiss francs (more than 110,000 Colombian pesos) and apartment rentals exceeding 1,300 Swiss francs (5.1 million Colombian pesos).

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5. San Jose, California, United States

San José is one of the most important cities in the state of California. It is also the heart of Silicon Valley, considered the center of technology in the world.

Numbeo ensures that the cost of living index in San José is 114.81, which is 14 percent higher than in New York. Restaurant prices can be 18 percent higher and everyday food prices 2 percent higher than in New York.

According to Expatistan, A family of four may need $7,959 for their monthly expenses in San José, that is, more than 31 million Colombian pesos. A menu of the day can cost $27 and a rental more than $2,500.

The top 15 of the most expensive cities to live in 2024 are completed by:

6. Geneva, Switzerland (with cost of living index 9.63 percent higher than New York).
7. San Francisco, California, United States (with a cost of living index 9.29 percent higher than New York).
8. Bern, Switzerland (with a cost of living index 7.64 percent higher than New York).
9. Washington, United States (with a cost of living index 2.64 percent higher than New York).
10. New York, United States.
11. Seattle, United States.
12. Atlanta, United States.
13. Honolulu, Hawaii, United States.
14. Los Angeles, United States.
15. San Diego, California, United States.

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How did Colombian cities fare?

Medellín, Cali and Bogotá also appear on the list of the 362 most expensive cities to live in the world in 2024 prepared by Numbeo. Medellín is located in position 298, while Cali appears in position 301, and Bogotá, in position 310.

In Medellín, according to Numbeo, the cost of living index is 68 percent cheaper than in New York. In fact, food can be 69 percent cheaper in Medellín than in the renowned US city.

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In the case of Cali, Numbeo speaks of a cost of living index that is 67.7 percent cheaper than in New York. And in Bogotá, 68.28 percent cheaper than in New York.

In South or Central America, the city with the highest cost of living is San Juan, in Puerto Rico, which is ranked 59th; Port of Spain, in Trinidad and Tobago, which ranks 163; and Montevideo, Uruguay, in 169th place.

INTERNATIONAL EDITORIAL
TIME