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How much you need to earn to live in these expensive neighbourhoods

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Employee mobility becoming increasingly common in companies now, and highly-skilled expats are constantly on the move to seek new opportunities worldwide.  Finding a suitable accommodation takes up a huge part of the decision-making process with every trip planned.

More importantly, the cost of the accommodation has the greatest impact – not just on planning, but in the worker’s quality of living in the long-run.

According to Nestpick’s 2019 Neighbourhood Price Index, here the average salary expats will need, in USD, to afford a single-person apartment or family apartment in the world’s top 20 most expensive neighbourhoods:

#1 City of London, London, UK

Single-person apartment: US$ 10,119.22

Family apartment: US$ 49,881.74

#2 Monte-Carlo, Carré d’Or, Monaco, Monaco

Single-person apartment: US$ 15,059.68

Family apartment: US$ 30,562.63

#3 Condamine, Port, Monaco, Monaco

Single-person apartment: US$ 18,577.67

Family apartment: US$ 30,562.63

#4 Kensington and Chelsea, London, UK

Single-person apartment: US$ 9,638.83

Family apartment: US$ 30,838.04

#5 City of Westminster, London, UK

Single-person apartment: US$ 10,506.19

Family apartment: US$ 28,814.19

#6 Financial District South (94104), San Francisco, US

Single-person apartment: US$ 12,500.00

Family apartment: US$ 21,355.00

#7 City of Hamilton, Bermuda, Bermuda

Single-person apartment: US$ 14,166.67

Family apartment: US$ 19,083.33

#8 Hong Kong Island, Hong Kong, China

Single-person apartment: US$ 14,166.67

Family apartment: US$ 19,083.33

#9 Kowloon, Hong Kong, China

Single-person apartment: US$ 8,292.94

Family apartment: US$ 21,604.17

#10 Camden, London, UK

Single-person apartment: US$ 7,130.16

Family apartment: US$ 22,164.42

#11 Jongno, Seoul, South Korea

Single-person apartment: US$ 15,770.30

Family apartment: US$ 12,941.29

#12 The East Cut/Rincon Hill (94105), San Francisco, US

Single-person apartment: US$ 10,003.33

Family apartment: US$ 18,333.33

#13 The Embarcadero/Financial District North (94111), San Francisco, US

Single-person apartment: US$ 12,345.00

Family apartment: US$ 15,833.33

#14 District 1 Altstadt (8001), Zurich, Switzerland

Single-person apartment: US$ 9,917.09

Family apartment: US$ 16,954.48

#15 Mission Bay (94158), San Francisco, US

Single-person apartment: US$ 11,621.67

Family apartment: US$ 15,000.00

#16 Marina (94123), San Francisco, US

Single-person apartment: US$ 10,666.67

Family apartment: US$ 15,750.00

#17 District 4 Aussersihl (8004), Zurich, Switzerland

Single-person apartment: US$ 8,102.37

Family apartment: US$ 18,130.22

#18 Chinatown South (94108), San Francisco, US

Single-person apartment: US$ 9,983.33

Family apartment: US$ 16,166.67

#19 Sujeong, Seoul, South Korea

Single-person apartment: US$ 8,570.43

Family apartment: US$ 17,576.53

#20 Downtown Manhattan, New York, US

Single-person apartment: US$ 9,666.67

Family apartment: US$ 16,350.00

Methodology

Nestpick’s 2019 Neighbourhood Price Index, showcases just how much they people need to earn to afford basic rent in over 700 neighbourhoods worldwide.

To begin the research, Nestpick first compiled a list of cities around the globe that are attracting influxes of highly skilled workers, as well as those which are popular with individuals looking for lifestyle or economic opportunities.

They then determined the current trending cost per square metre of apartment space by neighbourhood. The following was calculated:

  • The cost for a single person versus a family unit.
  • The monthly salary needed in order to afford an apartment in each neighbourhood.
  • The percentage of disposable income it equates to.
  • The number of hours working on minimum wage it would require to afford the monthly rent in each area.

Photo / 123RF

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