Tel Aviv, Jerusalem Both Among World’s Most Expensive Cities

There’s growing concern that the next generation of Israelis won’t be able to afford homes in their own country.

By Israel Today Staff | | Topics: Cost of Living
A panorama of Jerusalem.
A panorama of Jerusalem. Photo: JekLi/Shutterstock

The cost of living in Israel’s major cities is fast outstripping the average local income. That is particularly true in Tel Aviv and Jerusalem, both of which made the list of the top 20 most expensive cities in the world published this week by ECA International.

Tel Aviv is currently ranked as the sixth most expensive city in the world to live in, up one spot from last year.

Jerusalem is in 15th place.

The only cities ranked more expensive than Tel Aviv are, in order: Hong Kong, New York City, Geneva, London and Tokyo.

Late last year, the Worldwide Cost of Living Index, clearly using a slightly different set of criteria, crowned Tel Aviv as the most expensive place to live in the world.

Tied for second place were Paris and Singapore, followed by Zurich, Hong Kong and New York City.

That list was determined by examining the local cost of housing, transportation, food, entertainment and amenities.  A strong shekel combined with rising local gas and grocery prices due to Corona-related shortages pushed Tel Aviv ahead several places.

The situation is such that many Israelis are concerned that the next generation won’t be able to afford houses in their own country.

With reporting by JNS.

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