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World’s 20 Most Expensive And Affordable Cities To Live In

World’s 20 Most Expensive And Affordable Cities To Live In

Many different rankings of the world’s most affordable and expensive cities exist, but several fail to take into account different ways of life in other countries. For example, over populated countries that raise the price of registering a car in order to encourage residents to take public transit are often cited as more expensive countries. This does not take into account the fact that most residents in these countries do not typically own a car.

On the other hand, lists of the cheapest cities to live in usually do not take into account the lifestyle and safety of a place. For example, Haiti or Pakistan may be among the cheapest countries to live in, but civil unrest means you are unlikely to settle there. One ranking from Expatistan however, compares cities based on a slew of realistic purchases in food, living, entertainment, and transportation.

Among the 247 cities categorized, many fall in dangerous or underdeveloped regions. For this reason, and to compare a wide spread of locations, we’ve taken twenty cities out of Expatistan’s most and least expensive cities around the world. With these practical considerations in mind, these are 10 of the most expensive and affordable cities you’d want to live in:

Most Expensive

10. Hamburg, Germany

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    Gunther Wegner

    Ranked number 66 out of 247 cities, Hamburg is among the more affordable “expensive” cities. With nearly 2 million residents and an impressively temperate climate, Hamburg is one of the most attractive cities for expats.

    Average costs:

    • Fast food combo meal  $8
    • 1 litre of whole milk  $1.28
    • 1 kg of apples  $3.27
    • 2 litres of Coca-Cola  $2.81
    • Monthly rent for 85 square metre apt in expensive area $1 577
    • 1 pair brand name sports shoes $106
    • Monthly transit pass $92
    • 1 roll on deodorant $2.48
    • 2 tickets to movies $26
    • 1 pack of Marlboro cigarettes $7

    9. Vancouver, Canada

    1793982892_3ac7d7f535_b

      JamesZ_Flickr

      Also among the more affordable cities in the “expensive” list is Vancouver, Canada. Ranked 53 out of 247 cities, Vancouver boasts about 2.5 million residents in the greater metro area.

      Average costs:

      • Fast food combo meal  $7
      • 1 litre of whole milk  $2.47
      • 1 kg of apples  $2.75
      • 2 litres of Coca-Cola  $2.35
      • Monthly rent for 85 square metre apt in expensive area $2 124
      • 1 pair brand name sports shoes $125
      • Monthly transit pass $89
      • 1 roll on deodorant $3.98
      • 2 tickets to movies $23
      • 1 pack of Marlboro cigarettes $10

      8. Tokyo, Japan

      4092898500_572c94582e_b

        sebastien batardy

        The next most expensive city on our list is Tokyo, Japan, ranked number 37 out of 247 cities. Unsurprisingly, with nearly 38 million residents, this city is among the more expensive cities when it comes to rent.

        Average costs:

        • Fast food combo meal  $5.60
        • 1 litre of whole milk  $1.82
        • 1 kg of apples  $5.42
        • 2 litres of Coca-Cola  $2.29
        • Monthly rent for 85 square metre apt in expensive area $2 749
        • 1 pair brand name sports shoes $70
        • Monthly transit pass $92
        • 1 roll on deodorant $6
        • 2 tickets to movies $31
        • 1 pack of Marlboro cigarettes $3.88

        7. Honolulu, United States

        7109721751_2ce3abb315_b

          John Fowler

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          With only about a million residents in the greater Honolulu area, Honolulu’s isolated location in Hawaii likely accounts for it’s higher than average prices. Coming in at number 27 of 247 cities, this slice of paradise is still more affordable than New York City, Sydney or San Francisco.

          Average costs:

          • Fast food combo meal  $8
          • 1 litre of whole milk  $2.08
          • 1 kg of apples  $5.95
          • 2 litres of Coca-Cola  $2.47
          • Monthly rent for 85 square metre apt in expensive area $2 620
          • 1 pair brand name sports shoes $74
          • Monthly transit pass $80
          • 1 roll on deodorant $4.22
          • 2 tickets to movies $21
          • 1 pack of Marlboro cigarettes $10

          6. Amsterdam, Netherlands

          5238675948_3b5dd8fe83_b

            Moyan Brenn

            Originating as a small fishing village around the 12th century, Amsterdam has grown to a premiere European destination. Ranked 23rd out of 247 cities, Amsterdam sees slightly lower rent than other “most expensive” cities, but higher prices on day to day purchases.

            Average costs:

            • Fast food combo meal  $9
            • 1 litre of whole milk  $1.27
            • 1 kg of apples  $3.07
            • 2 litres of Coca-Cola  $2.57
            • Monthly rent for 85 square metre apt in expensive area $2 266
            • 1 pair brand name sports shoes $127
            • Monthly transit pass $113
            • 1 roll on deodorant $3.17
            • 2 tickets to movies $26
            • 1 pack of Marlboro cigarettes $8

            5. Paris, France

            6672156239_822c689d3d_b

              Moyan Brenn

              Ranked 14th out of 247 cities, Paris is home to some of the most famous destinations in the world, including the Louvre, the Eiffel Tower, and countless fashion and food events. While transit costs and basic groceries are average priced, on this list only New York City and Zurich cost more for rent.

              Average costs:

              • Fast food combo meal  $9
              • 1 litre of whole milk  $1.62
              • 1 kg of apples  $3.02
              • 2 litres of Coca-Cola  $2.98
              • Monthly rent for 85 square metre apt in expensive area $3 285
              • 1 pair brand name sports shoes $102
              • Monthly transit pass $81
              • 1 roll on deodorant $4.85
              • 2 tickets to movies $25
              • 1 pack of Marlboro cigarettes $9

              4. Sydney, Australia

              2553570276_1106779499_b

                Corey Leopold

                Another popular tourist destination, Sydney is ranked 13th most expensive by Expatistan. While rent costs are lower than some of the other “most expensive” cities on this list, more expensive transit and consumer goods push this city higher in the rankings.

                Average costs:

                • Fast food combo meal  $7
                • 1 litre of whole milk  $1.40
                • 1 kg of apples  $3.60
                • 2 litres of Coca-Cola  $3.05
                • Monthly rent for 85 square metre apt in expensive area $2 708
                • 1 pair brand name sports shoes $123
                • Monthly transit pass $127
                • 1 roll on deodorant $3.80
                • 2 tickets to movies $33
                • 1 pack of Marlboro cigarettes $17

                3. New York City, United States

                10842014626_6e48b04fa1_h

                  Roman Iakoubtchik

                  Number 7 of 247 cities, New York City sees high prices for most goods and services. With about 8.5 million residents, New York also is among the most pricey for rent costs.

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                  Average costs:

                  • Fast food combo meal  $7
                  • 1 litre of whole milk  $1.54
                  • 1 kg of apples  $3.92
                  • 2 litres of Coca-Cola  $2.19
                  • Monthly rent for 85 square metre apt in expensive area $4 075
                  • 1 pair brand name sports shoes $85
                  • Monthly transit pass $114
                  • 1 roll on deodorant $4.13
                  • 2 tickets to movies $28
                  • 1 pack of Marlboro cigarettes $13

                  2. Oslo, Norway

                  4468389726_8b2b18e43d_b

                    2Tales

                    Oslo, the capital of Norway, ranks 4th most expensive out of 247 cities around the world. Though rent costs fall below those in New York or Paris, Oslo sees higher costs on groceries, transit and other goods.

                    Average costs:

                    • Fast food combo meal  $14
                    • 1 litre of whole milk  $2.36
                    • 1 kg of apples  $2.91
                    • 2 litres of Coca-Cola  $4.55
                    • Monthly rent for 85 square metre apt in expensive area $2 883
                    • 1 pair brand name sports shoes $134
                    • Monthly transit pass $107
                    • 1 roll on deodorant $5.90
                    • 2 tickets to movies $33
                    • 1 pack of Marlboro cigarettes $15

                    1. Zurich, Switzerland

                    11875643915_13dc8540e9_k

                      kuhnmi

                      According to Expatistan, Zurich is the most expensive city to live in in the world. On average, from fast food to rent to entertainment, purchases in this Swiss hub cost more than anywhere else.

                      Average costs:

                      • Fast food combo meal  $14
                      • 1 litre of whole milk  $1.76
                      • 1 kg of apples  $3.58
                      • 2 litres of Coca-Cola  $2.71
                      • Monthly rent for 85 square metre apt in expensive area $3 594
                      • 1 pair brand name sports shoes $154
                      • Monthly transit pass $97
                      • 1 roll on deodorant $6
                      • 2 tickets to movies $38
                      • 1 pack of Marlboro cigarettes $8

                      Most Affordable

                      10. Valencia, Spain

                      valencia

                        Felivet

                        Velencia is the third largest city in Spain, with about 2.5 million residents in the greater metro area. Ranked 165th, this city also boasts affordable rent, transit and consumer goods. 

                        Average costs:

                        • Fast food combo meal  $8
                        • 1 litre of whole milk  $1.40
                        • 1 kg of apples  $2.18
                        • 2 litres of Coca-Cola  $1.78
                        • Monthly rent for 85 square metre apt in expensive area $1 006
                        • 1 pair brand name sports shoes $93
                        • Monthly transit pass $52
                        • 1 roll on deodorant $3.94
                        • 2 tickets to movies $21
                        • 1 pack of Marlboro cigarettes $5.97

                        9. Bangkok, Thailand 

                        7032083211_a730e00ce8_k

                          Evo Flash

                          Since Thailand is known for affordable vacations, it should be no surprise that Thailand is one of the more affordable cities to live in, ranking 194th out of 247 cities. Despite nearly 15 million residents in the greater Bangkok area, rent for this city remains accessible.

                          Average costs:

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                          • Fast food combo meal  $4.64
                          • 1 litre of whole milk  $1.34
                          • 1 kg of apples  $2.68
                          • 2 litres of Coca-Cola  $1.16
                          • Monthly rent for 85 square metre apt in expensive area $1 200
                          • 1 pair brand name sports shoes $106
                          • Monthly transit pass $28
                          • 1 roll on deodorant $2.93
                          • 2 tickets to movies $11
                          • 1 pack of Marlboro cigarettes $2.57

                          8. Lima, Peru

                          9444298324_6e28dfb861_k

                            Serious Cat

                            With a bustling population of about 8.5 million, Lima is not only the capital of Peru, it is the fifth largest city in North and South America. Despite a high population density, this city offers affordable groceries, rent and transit.

                            Average costs:

                            • Fast food combo meal  $4.84
                            • 1 litre of whole milk  $1.28
                            • 1 kg of apples  $1.95
                            • 2 litres of Coca-Cola  $1.96
                            • Monthly rent for 85 square metre apt in expensive area $1 006
                            • 1 pair brand name sports shoes $95
                            • Monthly transit pass $27
                            • 1 roll on deodorant $4.91
                            • 2 tickets to movies $11
                            • 1 pack of Marlboro cigarettes $2.67

                            7. Budapest, Hungary

                            8082258732_dd1e56bdd8_k

                              Moyan Brenn

                              Another affordable European city is Budapest, capital of Hungary. Ranked 208th, Budapest not only offers cheap cost of living, it is a UNESCO World Heritage Site.

                              Average costs:

                              • Fast food combo meal  $5.74
                              • 1 litre of whole milk  $1.12
                              • 1 kg of apples  $1.20
                              • 2 litres of Coca-Cola  $1.57
                              • Monthly rent for 85 square metre apt in expensive area $669
                              • 1 pair brand name sports shoes $90
                              • Monthly transit pass $40
                              • 1 roll on deodorant $2.87
                              • 2 tickets to movies $14
                              • 1 pack of Marlboro cigarettes $4

                              6. Casablanca, Morocco

                              Parc_de_la_Ligue_Arabe,_Casablanca

                                Unknown

                                Slightly more affordable than Budapest is Casablanca, Morocco, coming in at 210 out of 247 cities. While rent in Casablanca is higher than several of our most affordable cities, residents get a break on the price of transit, groceries and consumer goods.

                                Average costs:

                                • Fast food combo meal  $5.81
                                • 1 litre of whole milk  $0.83
                                • 1 kg of apples  $1.83
                                • 2 litres of Coca-Cola  $1.35
                                • Monthly rent for 85 square metre apt in expensive area $1 098
                                • 1 pair brand name sports shoes $78
                                • Monthly transit pass $21
                                • 1 roll on deodorant $3.33
                                • 2 tickets to movies $13
                                • 1 pack of Marlboro cigarettes $3.72

                                5. Prague, Czech Republic

                                St Charles Bridge Prague

                                  Jorge Royan

                                  Also on the list of UNESCO World Heritage Sites is Prague, ranked 211th out of 247 cities. Another top European city for cheap cost of living, this city is also home to a temperate climate and is consistently ranked as a top vacation destination.

                                  Average costs:

                                  • Fast food combo meal  $5.81
                                  • 1 litre of whole milk  $0.95
                                  • 1 kg of apples  $1.36
                                  • 2 litres of Coca-Cola  $1.59
                                  • Monthly rent for 85 square metre apt in expensive area $962
                                  • 1 pair brand name sports shoes $79
                                  • Monthly transit pass $25
                                  • 1 roll on deodorant $2.99
                                  • 2 tickets to movies $14
                                  • 1 pack of Marlboro cigarettes $3.57

                                  4. Bucharest, Romania

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                                  8020977260_94c7cde397_k

                                    Mario Sánchez Prada

                                    With around 2 million residents, Bucharest is the center of Romanian culture and art. This eastern European city is ranked 214th, making it another affordable option with a rich cultural past.

                                    Average costs:

                                    • Fast food combo meal  $5.13
                                    • 1 litre of whole milk  $1.33
                                    • 1 kg of apples  $1.09
                                    • 2 litres of Coca-Cola  $1.65
                                    • Monthly rent for 85 square metre apt in expensive area $800
                                    • 1 pair brand name sports shoes $80
                                    • Monthly transit pass $16
                                    • 1 roll on deodorant $4.22
                                    • 2 tickets to movies $13
                                    • 1 pack of Marlboro cigarettes $4.08

                                    3. Krakow, Poland

                                    5214905_ddee0e6f0e_b

                                      Craig Wyzik

                                      One of the oldest cities in Poland, Krakow is ranked 217th on the list of most expensive cities. Affordable living expenses and commercial goods make this city an ideal place to settle for expats.

                                      Average costs: 

                                      • Fast food combo meal  $5.05
                                      • 1 litre of whole milk  $0.83
                                      • 1 kg of apples  $1.05
                                      • 2 litres of Coca-Cola  $1.68
                                      • Monthly rent for 85 square metre apt in expensive area $909
                                      • 1 pair brand name sports shoes $73
                                      • Monthly transit pass $27
                                      • 1 roll on deodorant $3.15
                                      • 2 tickets to movies $12
                                      • 1 pack of Marlboro cigarettes $3.76

                                      2. Lodz, Poland

                                      8076430869_84885dca06_b

                                        Ministry of Foreign Affairs of the Republic of Poland

                                        Also located in Poland, Lodz is centrally located with about 1.5 million residents in the greater metro area and sits at number 227 out of 247 cities. Another affordable European city, Lodz is a relatively safe and secure city boasting impressively accessible cost of living.

                                        Average costs:

                                        • Fast food combo meal  $5.19
                                        • 1 litre of whole milk  $0.86
                                        • 1 kg of apples  $0.85
                                        • 2 litres of Coca-Cola  $1.51
                                        • Monthly rent for 85 square metre apt in expensive area $706
                                        • 1 pair brand name sports shoes $85
                                        • Monthly transit pass $24
                                        • 1 roll on deodorant $3.22
                                        • 2 tickets to movies $13
                                        • 1 pack of Marlboro cigarettes $4.01

                                        1. Delhi, India

                                        6849982923_9b58efd08d_b

                                          VasenkaPhotography

                                          Delhi, the capital of India is the most affordable city to make it onto our list, ranked 239th out of the 247 most expensive cities. Known for it’s high population density and rich history, Delhi is truly a hotspot for those looking for affordable international destinations.

                                          Average costs:

                                          • Fast food combo meal  $3.93
                                          • 1 litre of whole milk  $0.74
                                          • 1 kg of apples  $1.92
                                          • 2 litres of Coca-Cola  $1.11
                                          • Monthly rent for 85 square metre apt in expensive area $502
                                          • 1 pair brand name sports shoes $56
                                          • Monthly transit pass $17
                                          • 1 roll on deodorant $2.70
                                          • 2 tickets to movies $8
                                          • 1 pack of Marlboro cigarettes $2.72

                                          All prices are in US dollars, based on conversion rates in November 2014. See Expatisan’s full city ranking here.

                                          Featured photo credit: sebastien batardy via flickr.com

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                                          Last Updated on June 6, 2019

                                          The Average Retirement Savings and How to Save Wisely

                                          The Average Retirement Savings and How to Save Wisely

                                          Are you on track for retirement?

                                          If not, don’t worry, I’m not sure either. I save each month and hope for the best.

                                          Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

                                          But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

                                          If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

                                          What Does the Average American Have Saved for Retirement?

                                          Saving for retirement is tricky.

                                          Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

                                          Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

                                          Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

                                          Here are the average savings Americans hold by age bracket:

                                          20’s – $16,000

                                          During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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                                          Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

                                          30’s – $45,000

                                          At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

                                          Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

                                          40’s – $63,000

                                          This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

                                          50’s – $115,000

                                          During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

                                          60’s – $172,000

                                          By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

                                          Ways to Save Money on a Tight Budget

                                          The sad reality is that most Americans aren’t saving enough for retirement.

                                          Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

                                          First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

                                          Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

                                          Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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                                          How to Save Money Each Month

                                          By this point, you know the average amount of money you should have saved for retirement based on your age.

                                          But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

                                          Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

                                          Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

                                          Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

                                          Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

                                          Top Money Saving Challenge Tips

                                          To prepare for your financial future and not be another statistic you need to be different.

                                          How?

                                          By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

                                          Automatically Contribute Towards Retirement

                                          If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

                                          Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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                                          Use the Right Tools to Know Where You Stand

                                          Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

                                          When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

                                          Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

                                          Bring in Experts to View Your Blind Spots

                                          If you have too little or too much money saved, you should consider hiring financial experts.

                                          Why?

                                          You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

                                          Regardless of the reason, getting help may help improve your financial situation.

                                          Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

                                          Speed up Your Retirement Contribution

                                          After learning how to manage your money well, the next best thing is to earn a higher income.

                                          You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

                                          By starting a side-business.

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                                          This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

                                          The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

                                          So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

                                          Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

                                          Reach Financial Freedom with Confidence

                                          What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

                                          My guess is that you’d feel happy and relieved.

                                          Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

                                          For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

                                          If you do, you’ll save money and pay debt faster.

                                          Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

                                          Featured photo credit: Huy Phan via unsplash.com

                                          Reference

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