Money
Visualized: The Most (and Least) Expensive Cities to Live In
Visualizing The Most (and Least) Expensive Cities to Live In
There are many benefits to living in an iconic city like New York or Singapore, but the amenities and exclusivity can come at a high cost.
Cities become “expensive” due to a variety of factors such as high demand for housing, a concentration of high-paying businesses and industries, and a high standard of living. Additionally, factors such as taxes, transportation costs, and availability of goods and services can also contribute to the overall cost of living in global cities.
The infographic above uses data from EIU to rank the world most and least expensive cities to live in. To make the list, the EIU examines 400+ prices for over 200 products and services in 172 cities, surveying a variety of businesses to track price fluctuations over the last year.
Inflation + Strong Currency = Expensive Cities
If you live in a city where many residents find it challenging to put a roof over their heads, food on their plates, and make ends meet, you live in an expensive city.
But if this inflation is compounded with a strong national currency, you may live in one of the world’s most expensive cities.
Rank | City | Country | Index Score |
---|---|---|---|
#1 | Singapore | 🇸🇬 Singapore | 100 |
#1 | New York | 🇺🇸 U.S. | 100 |
#3 | Tel Aviv | 🇮🇱 Israel | 99 |
#4 | Hong Kong | 🇭🇰 Hong Kong | 98 |
#4 | Los Angeles | 🇺🇸 U.S. | 98 |
#6 | Zurich | 🇨🇭 Switzerland | 94 |
#7 | Geneva | 🇨🇭 Switzerland | 91 |
#8 | San Francisco | 🇺🇸 U.S. | 85 |
#9 | Paris | 🇫🇷 France | 84 |
#10 | Copenhagen | 🇩🇰 Denmark | 83 |
Singapore and New York City tied for the first rank amongst the world’s most expensive cities in 2022, pushing Israel’s Tel Aviv from the first place in 2021 to the third place in 2022. Both these cities had high inflation and a strong currency. Surprisingly, this is the Big Apple’s first time atop the ranking.
The city with one of the most expensive real estate markets worldwide, Hong Kong ranked fourth in this list, followed by Los Angeles, which moved up from its ninth rank in 2021.
Poor Economies = Cheaper Cities
Asia continues to dominate the list of the world’s least expensive cities, followed by parts of North Africa and the Middle East. Though affordability sounds good at face value, sitting at the bottom of the ranking isn’t necessarily a coveted position.
While the cost of living in some of the cities in these nations is low, it comes at the price of a weak currency, poor economy, and, in many cases, political and economic turmoil.
Rank | City | Country | Index Score |
---|---|---|---|
#161 | Colombo | 🇱🇰 Sri Lanka | 38 |
#161 | Bangalore | 🇮🇳 India | 38 |
#161 | Algiers | 🇩🇿 Algeria | 38 |
#164 | Chennai | 🇮🇳 India | 37 |
#165 | Ahmedabad | 🇮🇳 India | 35 |
#166 | Almaty | 🇰🇿 Kazakhstan | 34 |
#167 | Karachi | 🇵🇰 Pakistan | 32 |
#168 | Tashkent | 🇺🇿 Uzbekistan | 31 |
#169 | Tunis | 🇹🇳 Tunisia | 30 |
#170 | Tehran | 🇮🇷 Iran | 23 |
#171 | Tripoli | 🇱🇾 Libya | 22 |
#172 | Dasmascus | 🇸🇾 Syria | 11 |
The decade-long conflict in Syria weakened the Syrian pound, led to a spiraling inflation and fuel shortages, and further collapsed its economy. It’s no surprise that its capital city of Damascus has maintained its position as the world’s cheapest city.
Tripoli and Tehran, the capitals of Libya and Iran, respectively, follow next on this list, reflecting their weakened economies.
Meanwhile, seven cities in Asia with the common denominator of high-income inequality and low wages dominate the list of the world’s cheapest cities. These include three Indian cities, Tashkent in Uzbekistan, Almaty in Kazakhstan, Pakistan’s most populous city of Karachi, and Sri Lankan capital–Colombo.
Wealth
Visualizing the Tax Burden of Every U.S. State
Tax burden measures the percent of an individual’s income that is paid towards taxes. See where it’s the highest by state in this graphic.
Visualizing the Tax Burden of Every U.S. State
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.
It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.
Data and Methodology
The figures we used to create this graphic are listed in the table below.
State | Total Tax Burden |
---|---|
New York | 12.0% |
Hawaii | 11.8% |
Vermont | 11.1% |
Maine | 10.7% |
California | 10.4% |
Connecticut | 10.1% |
Minnesota | 10.0% |
Illinois | 9.7% |
New Jersey | 9.5% |
Rhode Island | 9.4% |
Utah | 9.4% |
Kansas | 9.3% |
Maryland | 9.3% |
Iowa | 9.2% |
Nebraska | 9.2% |
Ohio | 8.9% |
Indiana | 8.9% |
Arkansas | 8.8% |
Mississippi | 8.8% |
Massachusetts | 8.6% |
Virginia | 8.5% |
West Virginia | 8.5% |
Oregon | 8.4% |
Colorado | 8.4% |
Pennsylvania | 8.4% |
Wisconsin | 8.3% |
Louisiana | 8.3% |
Kentucky | 8.3% |
Washington | 8.0% |
New Mexico | 8.0% |
Michigan | 8.0% |
North Carolina | 7.9% |
Idaho | 7.9% |
Arizona | 7.8% |
Missouri | 7.8% |
Georgia | 7.7% |
Texas | 7.6% |
Alabama | 7.5% |
Montana | 7.5% |
South Carolina | 7.5% |
Nevada | 7.4% |
Oklahoma | 7.0% |
North Dakota | 6.8% |
South Dakota | 6.4% |
Delaware | 6.4% |
Tennessee | 6.1% |
Florida | 6.1% |
Wyoming | 5.7% |
New Hampshire | 5.6% |
Alaska | 4.9% |
From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.
Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.
At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.
Hate Paying Taxes?
In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.
It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.
Learn More About Taxation From Visual Capitalist
If you enjoyed this post, be sure to check out this graphic which ranks the countries with the lowest corporate tax rates, from 1980 to today.
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