It is not cheap to live in Baghdad by the Bay. However, it would seem that it compensates for its enormous real estate costs by providing huge salaries. Undoubtedly, San Francisco prides itself on the highest wages in the world currently. As per Deutsche Bank’s new report “Mapping the World’s Prices 2019”, the residents of this city earn about $6,526 a month.
Furthermore, San Francisco has one of the most booming tech sectors. Aside from this, it includes the largest disposable income. After rent, it amounts to $4,710 — which is the highest figure in the world. This would be enough to indulge in a lot of orange wine and avocado toast, right? And this particular figure increases by 31% each year and by about 88% in a five-year span. These statistics come from Curbed SF.
The Study’s Findings
The city has a huge gap between the rich and the poor, still. Also, the City by the Bay has a large homeless population. In the report, Craig Nicol, Jim Reid and Henry Allen stated that the fast growth of the tech sector was assisting San Fran in prevailing over capital cities for incomes. Additionally, they wrote that the cost of living was also going up. Consequently, this increased the cost rankings. Regardless of this, San Francisco is still behind other global capitals.
But when it comes to 2-bed rents, the city is behind Hong Kong. What’s more, the report states that the Golden Gate City has the second-highest median rent in the world. It comes after Hong Kong at $3,631 a month.
As for the other cities within the U.S., New York City comes third place (averaging $4,612). Chicago (averaging $4,062) and Boston (averaging $4,288) are close to it. Dhaka, Buenos Aires, Cairo, Lagos, Rome, Seoul, and Riyadh made their debut on this list.