According to a Deutsche Bank report, major US cities like New York and Boston are experiencing significant increases in living costs, now approaching levels seen in Swiss cities. The Mapping the World's Prices report analyzed living expenses in 69 global cities, revealing that US urban centers have moved from being relatively inexpensive to ranking near the top in living expenses worldwide. Contributing factors include a robust US dollar, a thriving tech sector, and the financial resilience of the American economy.
When we launched this report in 2012, US cities were relatively cheap compared with their developed market peers, with costs of goods and salaries generally outside the global top 10.
Fast-forward a decade or so, and the US now ranks near the top in both categories - rivaled only by Geneva and Zurich across the globe.
Factors influencing this shift include a stronger dollar, the rise in US exceptionalism, and the expansion of the US-dominated technology sector.
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