Tel Aviv is priciest city, outranking Paris in new report

Residents of Israel’s seaside metropolis Tel Aviv have for years complained of how expensive it is, with living costs taking a chunk out of their paychecks

TEL AVIV, Israel -- Residents of Israel’s seaside metropolis Tel Aviv have for years complained of how expensive it is, with living costs taking a chunk out of their paychecks.

Now a new report affirms their quibbles. Tel Aviv has emerged as the most expensive city to live in, according to the Economist Intelligence Unit, a research group linked to the Economist magazine. The city, which was previously ranked 5th most expensive, has now surpassed other pricy places like Paris and Singapore.

Economists attribute the jump to a strong appreciation of the shekel against the dollar. In its report Wednesday, the Economist Intelligence Unit also pointed to a rise in grocery and transport costs. The report did not include housing prices — another common complaint among young professionals and families trying to live in the bustling city.

“It’s really hard to live here. You pay the rent and you pay for something small and you live, like, from paycheck to paycheck so it’s really hard,” said Ziv Toledano, a transplant from northern Israel. He said his expenses have nearly doubled in Tel Aviv.