After being snowed-in multiple times this winter, your cabin fever may have evolved into full out wanderlust. But before you pack your bags in search of a new city, you might want to think about how far your money will stretch when living in a major city.
So what is the most expensive city to live in?
According to the biannual survey from the Economist Intelligence Unit (EIU), for the second consecutive year, Singapore topped the list.
The EIU's cost of living survey includes 133 cities from across the world. The EUI compares approximately 160 services and products including rent, food, clothing, utility bill, transport, private school and recreational costs for residents and travelers to determine the cost of living in each city, and use New York as a base to make comparisons.
Opposed to New York, Singapore is 11 percent more expensive in terms of groceries. A trip to a local store to buy bread, wine and pack of smokes would cost a person in Singapore just under $40.
The cost of transportation is also higher compared to New York's MTA. "Most significantly, Singapore's complex Certificate of Entitlement system makes car prices excessive, with Singaporean transport costs almost three times higher than in New York," the study says.
Singapore and Seoul both are noted expensive cities for clothing "with prices 50 percent higher than New York."
Interestingly enough, the top five most expensive cities this year remained unchanged from 2014. Paris was the second most expensive city, followed by Oslo, Norway, Zurich, Switzerland and Sydney, Australia.
Rounding out the top was is Geneva, Copenhagen, Hong Kong and Seoul.
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Photo: Leong Him Woh | Flickr
