A recent report named Chicago as one of the most expensive cities in the world to work and live.
In its recent Live/Work Index, global real estate services provider Savills measured the combined cost of residential and office rentals per person and per year, according to the report.
Chicago ranked 14th out of 20 cities that were studied by Savills researchers. The cost to live and work in Chicago averaged to $44,700, according to the survey, up 10 percent from five years ago. However, it could be considered a bargain compared to the other cities that ranked higher on the list.
London was named as the most expensive city to work and live, according to Savills. The average living and working cost totaled to $112,800, nearly 20 percent higher than five years ago. Following close behind is New York with an median cost of $111,300 per person, and Hong Kong, with an average price of $103,200.
San Francisco, which ranked sixth on Savills’ ranking, saw the biggest year-to-year cost of living increase, up 13 percent and up 49 percent from five years ago, according to the report. Researchers tallied the total cost to live and work in San Francisco at $66,300.
For the full rankings, click here.
