South Korea's capital Seoul had the highest cost of living among megacities in the Asia-Pacific region in 2023, with an index score of 78.9. Japan's capital Tokyo followed with a cost of living index score of 73.7.
Affordability
In terms of housing affordability, Japanese megacity Nagoya had the highest rent index score in 2023. Affordability has become an issue in certain megacities across the Asia-Pacific region, with accommodation proving expensive. Next to Nagoya, Chinese megacities like Shanghai and Beijing boast some of the highest rent indices in APAC.
Increased opportunities in megacities
As the biggest region in the world, it is not surprising that the Asia-Pacific region is home to 28 megacities as of April 2023, with expectations that this number will dramatically increase by 2030. The growing number of megacities in the Asia-Pacific region can be attributed to raised levels of employment and living conditions. Cities such as Tokyo, Shanghai, and Beijing have become economic and industrial hubs. Subsequently, these cities have forged a reputation as being the in-trend places to live among the younger generations. This reputation has also pushed them to become enticing to tourists, with Tokyo displaying increased numbers of tourists throughout recent years, which in turn has created more job opportunities for inhabitants. As well as Tokyo, Shanghai has benefitted from the increased tourism, and has demonstrated an increasing population. A big factor in this population increase could be due to the migration of citizens to the city, seeking better employment possibilities.
Cost of living index score of selected megacities across the Asia-Pacific region in 2023
According to the source the index is relative to New York City. Which means that for New York City, each index should be 100 percent. If another city has, for example, a rent index of 120, it means that on an average rents in that city are 20 percent more expensive than in New York City. If a city has a rent index of 70, that means that the city rents are 30 percent less expensive than in New York City.
The cost of living index is a relative indicator of consumer goods prices, including groceries, restaurants, transportation and utilities. The cost of living index does not include accommodation expenses such as rent or mortgage.
The source did not provide a release date. Date given here is the access date.
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Numbeo. (April 18, 2023). Cost of living index score of selected megacities across the Asia-Pacific region in 2023 [Graph]. In Statista. Retrieved November 26, 2024, from https://www.statista.com/statistics/915112/asia-pacific-cost-of-living-index-in-megacities/
Numbeo. "Cost of living index score of selected megacities across the Asia-Pacific region in 2023." Chart. April 18, 2023. Statista. Accessed November 26, 2024. https://www.statista.com/statistics/915112/asia-pacific-cost-of-living-index-in-megacities/
Numbeo. (2023). Cost of living index score of selected megacities across the Asia-Pacific region in 2023. Statista. Statista Inc.. Accessed: November 26, 2024. https://www.statista.com/statistics/915112/asia-pacific-cost-of-living-index-in-megacities/
Numbeo. "Cost of Living Index Score of Selected Megacities across The Asia-pacific Region in 2023." Statista, Statista Inc., 18 Apr 2023, https://www.statista.com/statistics/915112/asia-pacific-cost-of-living-index-in-megacities/
Numbeo, Cost of living index score of selected megacities across the Asia-Pacific region in 2023 Statista, https://www.statista.com/statistics/915112/asia-pacific-cost-of-living-index-in-megacities/ (last visited November 26, 2024)
Cost of living index score of selected megacities across the Asia-Pacific region in 2023 [Graph], Numbeo, April 18, 2023. [Online]. Available: https://www.statista.com/statistics/915112/asia-pacific-cost-of-living-index-in-megacities/