Big Apple gets pricier

…but still not most expensive city worldwide

Apr.April 29, 2010 06:42 PM
alternate text

It’s not your imagination — New York actually is getting more expensive compared to other cities. The Big Apple jumped from number 22 to number 8 on the most recent Mercer Cost of Living Survey, which measures the comparative cost of 200 items — from housing to food — in cities around the world.

New York’s jump was due largely to the fluctuation of the dollar against other currencies, according to Rebecca Powers, a principal at Mercer, a global consulting firm.

“The dollar has performed better than it had in the previous year or two,” said Powers, noting that the dollar has been volatile since the euro became the official currency of Europe.

The July 2009 survey — an index which uses New York as its base city and primary point of comparison — found Tokyo and Osaka to be the world’s most expensive cities.

“The Japanese cities are always toward the top,” said Powers, noting that Japan is a small island where “a lot of consumer goods need to be brought in.”

Still, pricey homes helped buoy New York ahead of other American cities, along with high sales taxes, she said.

Another notable trend is that Caracas, the capital of Venezuela, moved up 74 places to 15th in 2009, becoming the most expensive city in South America. That’s due largely to inflation, Powers said.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
The custom-built home (Credit: WSJ)

Aspen home with oxygen-pumping system hits market for $49M

Aspen home with oxygen-pumping system hits market for $49M
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Lisbon, Portugal (Unsplash)

Lisbon might have solved its Airbnb problem

Lisbon might have solved its Airbnb problem
Ghislaine Maxwell and her New Hampshire estate (Getty, Greg Bruce Hubbard)

Ghislaine Maxwell was hiding out in a rural New Hampshire estate when she was arrested

Ghislaine Maxwell was hiding out in a rural New Hampshire estate when she was arrested
Amancio Ortega (Getty)

Spain’s richest man owns $17B in real estate

Spain’s richest man owns $17B in real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...