By NAN BUSINESS EDITOR
News Americas, NEW YORK, NY, Thurs. July 20, 2023: Recent data on the global cost of living reveals that three Caribbean Community, CARICOM, countries now have higher living expenses than anywhere in the United States.
According to the Mid-Year Cost of Living Index released by Numbeo, at least one CARICOM destination ranks as the most expensive place to live worldwide. Numbeo’s analysis highlights Hamilton, Bermuda as the current leader in cost of living, with a score of 140.4. To provide context, this means that rent, groceries, and dining out are significantly more expensive – over 40 percent higher – than in New York City.
The overall cost of living in Bermuda is, on average, 88.4 percent higher than in the United States. Rent is 118.1 or 18 percent higher than in NYC, while groceries cost 44 percent more, and dining out is 41 percent more expensive. For a family of four, estimated monthly costs without rent amount to USD 7,406.2, while for a single person, the estimated monthly costs without rent are USD 2,030.5.
Georgetown, Cayman Islands, and Nassau in the Bahamas also ranked high on the list of most expensive cities/destinations. In fact, both surpassed US cities such as NYC, San Francisco, Seattle, and even Honolulu, Hawaii, in terms of living costs. Georgetown’s overall cost of living index was 118.5, while Nassau’s stood at 103.3. The cost of living in the Cayman Islands is, on average, 54.4 percent higher than in the United States
This means that living expenses in the Cayman Islands are 18 percent higher than in NYC in the capital, and 3 percent higher in Nassau. Rent in the Cayman Islands is, on average, 68.4 percent higher than in the United States. For a family of four, estimated monthly costs without rent are USD 5,908.2 (4,922.5KY$), while for a single person, the estimated monthly costs without rent amount to USD 1,704.0 (1,419.8KY$).
Restaurant prices in the Cayman Islands are 16 percent higher than in NYC, with a score of 116.5, while groceries are 6 percent more expensive than in the Big Apple, with a score of 106.4. The cost of living in the Bahamas is, on average, 25.3 percent higher than in the United States. Eating out in the Bahamas is approximately 10 percent more expensive than in NYC, but surprisingly, rent and groceries are lower, with scores of 74.5 and 85.2 percent, respectively. For a family of four, estimated monthly costs without rent amount to USD 4,934.3.
