According to Numbeo data, monthly rent in downtown Shanghai is about $2,700.
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Living in a big city can be expensive, so it's best to do your research before you take the big step.
In Asia, Hong Kong and Singapore are the cities with the highest cost of living. According to Numbeo, an online database of user information, a family of four can expect to spend an estimated $9,000 a month in one of these cities.
As global financial centers, Singapore and Hong Kong attract expats from around the world, which can drive up prices, according to a June report by recruitment consultancy Mercer.
“Singapore is one of the most attractive locations for people looking to advance their careers,” Tracey Ma, Regional Mobility Leader, APAC at Mercer, told CNBC Make It. Factors such as the country's “strong” economic situation and numerous opportunities could attract expats to the country, she said.
In addition, there is a booming real estate market in these two cities.
“Hong Kong has always been one of the most expensive rental markets in the world due to the limited supply of housing and the amount of people moving there,” Ma said.
Singapore will also experience a “rocket-like increase” in apartment rents from 2022, but prices have begun to stabilize in recent months, Ma said.
According to Singapore's Urban Redevelopment Authority, private residential rents in the island nation fell for the second consecutive quarter, recording a 1.9% decline in the first quarter of 2024, following a 2.1% decline in the last quarter of 2023.
Here's a more general overview of how much it costs a family of four to live in ten major cities in Asia (according to data from Numbeo):
Singapore
Population: 6.1 million
Estimated monthly living expenses (excluding rent): $4,025
Rent for a 3-bedroom apartment in the city center: $5,308
Total living costs: $9,333/month
Hong Kong
Population: 7.7 million
Estimated monthly living expenses (excluding rent): $4,137
Rent for a 3-bedroom apartment in the city center: $4,997
Total living costs: $9,134/month
Seoul, South Korea
Population: 10 million
Estimated monthly living expenses (excluding rent): $4,123
Rent for a 3-bedroom apartment in the city center: $2,528
Total living costs: $6,651/month
Tokyo, Japan
Population: 37 million
Estimated monthly living expenses (excluding rent): $3,431
Rent for a 3-bedroom apartment in the city center: $2,634
Total living costs: $6,065/month
Shanghai, China
Population: 29.9 million
Estimated monthly living expenses (excluding rent): $2,311
Rent for a 3-bedroom apartment in the city center: $2,716
Total living costs: $5,027/month
Bangkok, Thailand
Population: 11.2 million
Estimated monthly living expenses (excluding rent): $2,304
Rent for a 3-bedroom apartment in the city center: $1,664
Total living costs: $3,968/month
Manila, Philippines
Population: 14.9 million
Estimated monthly living expenses (excluding rent): $2,209
Rent for a 3-bedroom apartment in the city center: $1,619
Total living costs: $3,828/month
Jakarta, Indonesia
Population: 11.4 million
Estimated monthly living expenses (excluding rent): $1,732
Rent for a 3-bedroom apartment in the city center: $1,260
Total living costs: $2,992/month
Ho Chi Minh City, Vietnam
Population: 9.6 million
Estimated monthly living expenses (excluding rent): $1,746
Rent for a 3-bedroom apartment in the city center: $1,157
Total living costs: $2,903/month
Delhi, India
Population: 33.8 million
Estimated monthly living expenses (excluding rent): $1,383
Rent for a 3-bedroom apartment in the city center: $727
Total living costs: $2,110/month
Globally, Geneva, Switzerland tops the cost of living at $6,201 per month for a family of four. Zurich ranks second in Numbeo's 2024 Cost of Living Index, followed by New York City, San Francisco, and Boston.
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