The cost of living in a city can vary widely depending on several factors, including the city’s location, local economy, and standard of living. Here are some of the key expenses you might need to consider when living in a city:
- Housing: The cost of housing in a city can be one of the most significant expenses. Rent or mortgage payments can vary widely depending on the city, the type of accommodation, and the location within the city.
- Food and groceries: The cost of food can vary depending on the city and the type of food you prefer. Eating out in restaurants or cafes can be more expensive than cooking meals at home.
- Transportation: Cities generally offer public transportation options such as buses, subways, or trains, which can be an affordable way to get around. However, owning a car or using ride-sharing services can be expensive in some cities.
- Utilities: This includes expenses such as electricity, gas, water, and internet services. These costs can vary depending on the city and your housing type.
- Health care: The cost of health care can vary depending on the city and the type of health insurance coverage you have.
- Entertainment: This includes expenses such as movies, concerts, and sports events. Cities often offer a wide range of entertainment options, but they can be expensive.
Overall, the cost of living in a city can be high, but it’s essential to consider the local economy, job opportunities, and quality of life when deciding where to live. It’s also important to budget and plans to manage your expenses effectively.
Mercer’s Cost of living index
Mercer’s Cost of Living Index is an annual survey that ranks cities worldwide based on the cost of living for expatriates. The survey is conducted by Mercer, a global consulting firm that specializes in human resources, talent management, and investment services.
The Cost of Living Index is designed to help companies determine compensation packages for employees who are working abroad. It measures the cost of housing, transportation, food, clothing, household goods, and entertainment, among other things.
Mercer uses New York City as the base city for the survey, with an index score of 100. Cities are then ranked based on their index score relative to New York City. A score above 100 indicates that a city is more expensive than New York City, while a score below 100 indicates that it is less expensive.
The survey covers over 200 cities worldwide, with rankings based on factors such as currency fluctuations, inflation, and geopolitical events. The survey is often used by multinational companies to determine compensation packages for employees working abroad and to assess the overall cost of living in different cities.
It’s worth noting that the Cost of Living Index is just one tool that can be used to assess the cost of living in different cities. Other factors, such as local wages, taxes, and cultural differences, can also play a significant role in determining the overall cost of living for individuals and families.
MERCER’S 2023 Most Expensive INDIAN Cities to live in
COST OF LIVING RANK – 1
Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India and the ninth most populous agglomeration in the world, with a population of over 21 million as of 2020. Mumbai is also known as Bombay and is one of the most populous urban regions in the world. The city is known for its natural harbour, and it is the financial, commercial, and entertainment capital of India. It is also home to India’s Hindi and Marathi film industries.
Mumbai’s economy is driven by a mix of traditional and modern industries. The city is a major centre for finance, with the Reserve Bank of India, the Bombay Stock Exchange, and the National Stock Exchange all located in the city. The service sector, particularly finance and business services, is the largest contributor to the city’s economy.
In addition, Mumbai is a major centre for trade and industry, with a large port and several industrial areas such as the MIDC and SEEPZ. The city is also home to a growing start-up ecosystem and a burgeoning technology industry.
Mumbai also has a significant informal economy, with a large number of street vendors and small-scale industries. The city is also known for its textile and diamond-cutting industries, which employ a large number of workers.
Overall, Mumbai’s economy is one of the largest and most diverse in India and plays a significant role in driving the country’s economic growth.
COST OF LIVING RANK – 2
Delhi, the capital city of India, is a hub of history, culture, and architecture. From stunning temples to historic forts, Delhi has something to offer for every type of traveller. The city is home to several iconic tourist spots that are a must-visit for anyone travelling to India. Whether you’re interested in exploring the rich cultural heritage of India or simply looking to relax and soak up the atmosphere, Delhi has it all. So why wait? Plan your trip to Delhi today and discover the city’s best tourist spots. Explore the capital’s rich history and culture, and immerse yourself in the vibrant atmosphere of India’s capital city.
Here are some of the best tourist spots in Delhi that should not be missed: Red Fort, Lotus Temple, Humayun’s Tomb, India Gate, Qutub Minar, Jama Masjid, Swaminarayan Akshardham Temple, Chandni Chowk, National Museum, and Raj Ghat. Each of these spots offers a unique glimpse into India’s rich history and cultural heritage. Whether interested in history, religion, architecture, or food, Delhi has something to offer everyone.
COST OF LIVING RANK – 3
Chennai does once known to be Madras. It officially changed in the year 1996. The name refers to the sale deed dated back to the year 1639. Chennai Corporation is the second-oldest corporation in the world. One of the largest cities in India, the largest and capital city of Tamil Nadu, Chennai ranked at 36th position in the world as the most visited city in the year 2019.
UNESCO Creative Cities Network (UCCN) added Chennai city to its list for its rich musical tradition. Additionally, various magazines such as Lonely Planet, India Today, and National Geographic listed Chennai as their top-ranking city. In view of tourism, food, and culture. According to Global Cities Index, a think tank that categorised world cities under three tiers ranked Chennai as a city in the category Beta level.
The capital of Tamil Nadu homing many major industries in the country, India such as the automobile industry. The city had named the ‘Detroit of Asia‘. Chennai’s Information Technology industry is one of the largest IT hubs. The medical industry of the city attracts a large number of medical tourists into the city. As providing world-class service. The Tamil film industry made Chennai city to be the most important production centre among the centre of Indian film. National Smart Cities Mission envisioned by the Indian government enlisted various cities to develop across the nation. Chennai city stands as one of them.
COST OF LIVING RANK – 4
Bengaluru, often referred to as Bangalore, is a vibrant and cosmopolitan city located in the southern part of India, in the state of Karnataka. Known as the “Silicon Valley of India” and the “Garden City,” Bengaluru has emerged as a major technological and economic hub while maintaining its rich cultural heritage.
Bengaluru is renowned for its pleasant climate, with mild temperatures throughout the year. The city is adorned with numerous parks, gardens, and tree-lined boulevards, earning its reputation as the “Garden City.” Lalbagh Botanical Garden and Cubbon Park are among the most popular green spaces, offering a refreshing escape from the bustling urban environment.
The city’s technological prowess is evident in its thriving IT industry. Bengaluru houses the offices of numerous multinational corporations, making it a significant hub for information technology, software development, and innovation. It attracts a large number of tech professionals, both from India and abroad, who contribute to its dynamic and entrepreneurial ecosystem.
The city is known for its diverse and inclusive culture. People from various states and countries have made Bengaluru their home, resulting in a cosmopolitan environment where different languages, cuisines, and traditions coexist harmoniously. The city’s thriving music and arts scene further reflects its cultural vibrancy, with numerous theatres, art galleries, and music festivals adding to its charm.
COST OF LIVING RANK – 5
Kolkata, also known as the “City of Joy,” is a vibrant and culturally rich metropolis in eastern India. It serves as the capital of the state of West Bengal and is renowned for its historical significance, intellectual heritage, literary traditions, artistic excellence, and warm hospitality. Kolkata offers a delightful mix of colonial-era architecture, bustling markets, religious sites, and a thriving arts and cultural scene, making it a fascinating destination for tourists.
For those interested in exploring Kolkata’s rich cultural heritage, visiting the Indian Museum is a must. Established in 1814, it is the oldest and largest museum in India, housing an extensive collection of artefacts ranging from ancient sculptures and coins to Egyptian mummies and fossils. The Marble Palace, a magnificent mansion showcasing a blend of European and Indian architectural styles, is also worth a visit. It houses a collection of paintings, sculptures, and antique furniture.
Kolkata is famous for its literary and intellectual heritage, being the birthplace of renowned poets, writers, and Nobel laureates like Rabindranath Tagore. The city boasts several institutions and landmarks associated with their work, such as Tagore’s ancestral home, Jorasanko Thakur Bari, and the Rabindra Bharati Museum. Visitors can explore these places to gain insights into the city’s literary legacy.