The cost of living can be expensive. Paying for necessities like housing, power, water, groceries, clothing, and gas for your vehicle can add up. But in some nations, the cost of living is very expensive, making it a struggle for many hardworking individuals and families to make a living.
Various studies and surveys have been performed to determine which countries are the most expensive to live in. One such survey was conducted by MoveHub. This survey considered several factors, including the price of groceries, utility bills, rent, and transportation. Then, the countries were compared to a benchmark – the city of New York, which is notoriously expensive.
In this survey, five countries exceeded the benchmark:
Bermuda is the most expensive country, with a score of 144.88. The capital city of Hamilton is deemed to be one of the most expensive cities in the world, where a 900 square foot apartment costs US$4,058 per month.
As evident in the next three countries, Western Europe is significantly more expensive than Eastern Europe. The second most expensive country is Switzerland. Switzerland's cost of living index is 131.39, and high grocery prices are a large factor in the score. All types of food in Switzerland cost around 78% more than the rest of the European Union.
Iceland is the world's third-most expensive country, with a cost of living index of 123.96. Because Iceland is an island, almost all goods need to be imported through flights or shipping. Consumer prices in Iceland are about 66% higher on average than prices in Europe. Iceland has many perks to weigh out its price, including consistently ranking as the world's safest country.
In fourth place is Norway, which had a score of 113.07. Norwegian wages are high, and the disparities in income are much smaller in Norway than in the United States. People in the service industry, education, and areas of the public sector all earn living wages. Furthermore, Norway has a very progressive taxation system that imposes some of the highest taxes in the world but provides free universal health care and free college to its citizens.
The Bahamas is the world's fifth-most expensive country with an index of 100.68, just above New York's. Monthly rent for a 480 square foot studio can cost as much as $2,091 per month. The estimated monthly expenses for a family of four is $6,191.