Most expensive places to live in the country
Mexico City and Querétaro rank among the most expensive places to live in the country, surpassing Milan!
The beautiful Mexico City is a major tourist attraction for both locals and foreigners due to its wide variety of museums, parks, and activities. According to The Economist’s Worldwide Cost of Living Index, it is ranked as one of the most expensive cities to live in, surpassing Washington or Milan. It is also deemed the priciest in all of Latin America.
In the ranking, CDMX occupies the 16th position, a significant jump from its previous spot at 76, ascending 60 places in just two years. However, it’s crucial to note that this global index considers affordability for foreigners rather than local residents.
What does it mean for CDMX to be one of the most expensive cities to live in?
The ranking measures what can be bought in each city with one dollar. Therefore, the stronger the local currency, the more expensive life will be in that place. Conversely, the weaker the currency, the more accessible life becomes.
The Economist noted in the index that the Mexican peso has strengthened by 15% against the dollar this year, leading to CDMX’s rise to the 16th position. Additionally, Querétaro positioned itself as the second most expensive city in the country by climbing 48 places.
Which is the most expensive city to live in worldwide?
Singapore and Zurich hold the top spots as the two most expensive cities to live in, according to the Worldwide Cost of Living Index, both sharing the first position. Zurich, in particular, has been classified as the most expensive place for nine of the last 11 years.
The ranking explains that Singapore ascended due to the Swiss franc appreciating more than 10% against the dollar in the past year. Other cities ranked among the most expensive in the world include Geneva, New York, Hong Kong, and Paris.
