1. New York, N.Y.World Rank: 22
There's still plenty of demand in New York for high-end housing, fine dining and expensive boutiques. Average rent for a two bedroom, luxury condo in the city is $4,500. Even a fast-food hamburger--anything but a luxury--costs an average $5.89. New York is the only American city in the top 50 most expensive cities in the world.
2. Los Angeles, Calif.World Rank: 55
Like any city with a concentrated industry, the demand for luxury housing in Los Angeles is high. Worse, the commutes are brutal. The average driver spends 72 hours a year stuck in traffic delays and, as of July 21, the cost of a gallon of regular gas was $4.46. However, the 13-point drop in worldwide ranking, from 42 in 2007 to 55 in 2008, indicates that the city is getting less expensive.
3. Miami, Fla.World Rank: 75
Despite the dismal real estate market, Miami is still a pricey spot, mostly due to its vibrant nightlife, tourism and large consortium of creative professionals. But the city dropped significantly in the ranks since 2007--24 spots, to be exact, from No. 51 to No. 75 out of 253 cities worldwide. Want to take advantage of the decrease in prices? Try renting instead of buying.
4. Honolulu, HawaiiWorld Rank: 77
No wonder Honolulu is expensive; it's full of tourists, mostly Asian, buying up exclusive Chanel handbags and Rolex watches unavailable elsewhere. Of course, the beautiful beaches and natural surroundings are also a draw. Although the number of full-time residents is only 371,657, Honolulu continues to climb up the ranks of our list of the best places for cities and careers.
5. San Francisco, Calif.World Rank: 78
In the last 25 years, Silicon Valley has brought billions into San Francisco's economy. With that cash comes high-end housing, pricey restaurants and, of course, greater demand for everything. Demand might push up prices, but if you're a young professional with an Ivy League education, the higher costs are worthwhile. The number of highly rated companies in the area comes in second only to New York.
6. Chicago, Ill.World Rank: 84
The Midwest's biggest business hub, Chicago is the only non-coastal city on our list. The third-most populous city in the U.S., the town serves as a stopover for executives between New York and Los Angeles. Chicago's costs come from housing demand and an ever-growing tourism industry. In 2007, 46.3 million people visited Chicago and spent $11.5 billion, according to the city's tourism commission.
7. White Plains, N.Y.World Rank: 89
A commuter town, this New York City suburb is expensive because of high demand for housing and high transportation costs. Its community members--for the most part--can afford it though. The median family income here is $71,891, according to the U.S. Census Bureau. Why does White Plains rank while other New York City suburbs have been left off the list? According to Mercer, companies, historically, have sent expat workers to live in White Plains more than any other area outside of Manhattan.
8. Houston, TexasWorld Rank: 98
While this Texas town remains on our list of the best cities for business and careers year after year, the cost of commuting--20.9% of expenses, on average, are spent on transportation--makes it pricey to live here. And the city lacks a useful, extensive or reliable mass-transit system.
9. Boston, Mass.World Rank: 99
The ultimate college town, Boston is expensive; renting a home costs $1,658 a month, on average. However, if you're single, the extra money you're spending might be worthwhile. The city is high on the list of the country's best cities for singles.
10. Washington, D.C.World Rank: 107
In terms of expenses, Washington, D.C., ranks a little above average compared with 252 other major cities around the world. Those prices have a lot to do with the high inflation. However, if you're looking for a good job to pay those bills, there's a solid chance you'll find one in the capital. It ranks No. 6 on our list of the best cities for young professionals.
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