The Most Expensive Cities To Live In U.S.
The cost of living in the United States continues to increase. From housing costs to transportation, high demand is causing every facet of living to skyrocket.
While there are still plenty of affordable cities across the U.S., there are many other cities which are or are becoming far too expensive for the average person to live in. Whether it’s due to increasing population, high demand for housing, desirable locations, or other factors, certain cities are driving residents out of town simply because it’s too costly to stay.
Let’s take a look at a few of the most expensive cities to live in the U.S.
New York City, NY
Even if you’ve never been there, this one probably isn’t a surprise to you. New York’s five famous boroughs are some of the most expensive places to live in the country.
Manhattan, in particular, takes the number one spot for the highest cost of living in the United States. Housing costs are already through the roof and are continuing to increase. Never mind transportation, food, utilities, and other costs.
According to Investopedia, the cost of living in New York is 120% greater than the national average as of 2017 with an average home price of over $500,000.
If you’re looking for an affordable place to live, NYC probably won’t make the cut.
San Francisco, CA
As the second most expensive city to live in the U.S., San Francisco is rapidly becoming a place that only a few can afford to live in. Due to it being a hotspot for high-value tech companies, San Francisco is becoming increasingly more expensive. Even wealthier individuals have trouble affording the incredible housing costs.
Per Kiplinger, this bay area city has an average home price of $1.2 million. Unless you’re a very fortunate individual, homeownership in San Francisco is likely not an option.
It might not be too surprising that a city located on such a beautiful island is one of the most expensive cities to live in the U.S. The cost of living in paradise is very high.
Residents in Honolulu pay more for just about every living expense. Investopedia cites the cost of groceries in Hawaii as 55% more than anywhere else in the U.S. and utilities as 71% more expensive than any other U.S. city as of 2017.
The city does have an incredibly low unemployment rate at only 2.7%. However, this city probably won’t make your list if cost of living is your number one priority.
The nation’s capital makes the list as one of the most expensive cities to live in the U.S.
Housing costs are 2.7 times the national average, according to Kiplinger. However, many other expenses, like public transportation and healthcare, are below the national average.
That being said, with a high cost of living and a high unemployment rate, Washington, D.C. is a tough city to afford for most people.
Seattle is one of the country’s fastest growing cities, and, as a result, is also one of the most expensive cities to live in the U.S.
The city’s strong economy is due largely to the booming tech industry and has caused living expenses to significantly increase over the last few years.
The good news is that, in spite of its high cost of living, the increasing prices in Seattle have come to a halt, and housing prices are expected to slightly fall over the next few years.
Cities like these represent some of the most expensive cities to live in the U.S. While they offer strong economies, great locations, and other desirable factors, they might not be your best bet if cost of living is a primary concern.