From Atlantic Cities:
This new index by the Economist Intelligence Unit ranks the competitiveness of 120 of the most prominent global cities on a variety of economic factors. New York tops the list, followed by London, Sinagpore, Hong Kong, and Paris. As the Economist notes:
“Comparing the index to the EIU’s cost of living data (a measure of western-style living expenses), identifies those cities which also represent good value for money for the ambitious expatriate.”
By these measures, Vancouver does not reach the extremes that our current conversations about the city suggest.
The problem is that the current conversation has only been focusing on housing prices. It should be focus on the entire cost of living instead. At the very least, it should be housing and transportation costs. Urban areas where people can walk, cycle and use public transit tend to have higher housing costs but lower transportation costs than more suburban areas where people have to drive more. Many organizations in the States are using this measure where affordable is defined as 45% or less of income being spent on housing plus transportation.