Living in a major city can be quite expensive, especially when it comes to renting a place in the city-center. According to data by Numbeo, the monthly rent in Shanghai’s city-center can cost approximately $2,700. This high cost is a significant factor to consider for individuals or families looking to move to a major urban area in Asia.
Top Cities for Cost of Living in Asia
Hong Kong and Singapore are two cities that top the list when it comes to the cost of living in Asia. A family of four can expect to spend an estimated $9,000 a month to live in either of these cities, according to Numbeo. These cities are considered global financial hubs and attract expats from around the world, which can drive prices up significantly. According to a report from HR consultancy Mercer, Singapore is particularly attractive for individuals looking to boost their careers due to the country’s strong economic situation and numerous opportunities.
Expensive Housing Markets
Both Hong Kong and Singapore have notoriously expensive housing markets. Hong Kong, in particular, has always been known for its high rental prices due to the limited supply of housing and the influx of new residents. According to Tracey Ma, a regional mobility leader at Mercer, Singapore also experienced a sharp increase in housing rentals in 2022. However, prices have begun to stabilize in recent months. Private housing rentals in Singapore fell for the second consecutive quarter, declining by 1.9% in the first quarter of 2024 following a 2.1% drop in the last quarter of 2023, according to Singapore’s Urban Redevelopment Authority.
Living in major cities like Hong Kong and Singapore comes with a steep price tag, especially when it comes to housing costs. As attractive locations for career advancement, these cities continue to attract expats from around the world, further driving up the cost of living. While the high cost of living may be a deterrent for some, for many individuals looking to advance their careers in a vibrant urban setting, the opportunities presented in these cities may outweigh the financial burdens.