But it's even more expensive to live there. That makes it the fifth priciest market in the country. Other considerations include the cost of gas and transportation, taxes, child care, insurance, and utilities. "United States Home Prices& Values. And residents utility bills can come as a shock, being more than 12.5% the national average. Residents pay a premium of 35% at the grocery store, while transportation runs 16% above average. Accessed July 09, 2023. https://www.statista.com/statistics/643471/cost-of-living-in-10-largest-cities-us/, GOBankingRates. Others are looking for cosmopolitan living, with a host of restaurants, museums and other cultural options on tap. Residents lead a more laid-back lifestyle, spending their days in T-shirts and flip-flops. Last updated 17 April 23. places to live We should also note that the worst bout of inflation to hit the U.S. economy in 40 years has made the nation's most expensive cities to live in even pricier than the last time we checked. The Best Oil Stocks to Buy Now, According to the Pros. If you've ever been to Manhattan, you don't need us to tell you that it's an expensive place to visit. ", MIT Living Wage Calculator. Top 30 Most Expensive Cities in the US 2021 | GOBankingRates We value your privacy. We ranked the 37 largest U.S. cities based on 2021 single-year census estimates that covered how homeowners valued their homes and what their monthly housing costs were including spending on mortgages, rent, real estate taxes, property insurance, utilities and other recurring housing expenses. These concerns are not unfounded: Oaklands median household income is just shy of $15,000 more than the national average, but residents pay twice as much as other Americans to buy homes. This is better than the national median of $64,994 but falls well short of a median household income of $119,136 for San Francisco. She specializes in financial topics like mortgages, investing, and credit cards. And while its more affordable than its neighbor across the river, commuters will also have to brave a commute that can take up to an hour. Yet, there are plenty of job opportunities in Arlington for residents to take advantage of, particularly for those interested in working for the government. Best Places 2019 Rank: 103 Metro Population: 1,717,708 Median Home Price: $220,275 Median Annual Salary: $47,410 Income Spent on Living Expenses: 25.82% Located on the coast of Virginia,. Home values here top $1 million. The 100 Best Cities in the World ranked by Quality & Cost of living "QuickFacts: San Francisco city, California; United States. U.S. Census Bureau. While the city has a trolley system, trains and buses, very few residents actually use public transportation. We also reference original research from other reputable publishers where appropriate. Surprisingly, not this one. Other budget-stressors include groceries, which cost about 12% more than the U.S. average, and transportation, which is 29% pricier. Unsubscribe easily. So what's not to like? Unsubscribe at any time. Average home prices have seen a similar change, being double the national average. ", Zillow. This involves subtracting each statistic from the weighted 37-city average, then dividing it by the standard deviation of all 37 cities statistics for that factor. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. Transportation is 25% more expensive, and locals shell out upwards of 18% more for healthcare. And, of course, numerous museums and historical sites are free to visit, too. Compared to its neighbors to the west and south, Oakland might seem a bargain. The weather may be mild in the summer, but snowstorms can be plentiful come winter. 15 African cities with the highest cost of living index scores as of The city is vast and far more accessible by car, but residents reliance on vehicles makes parking in the city a nightmare. Real Estate Rankings Best Places to Live Best Places to Retire Rankings Category Population Size X-Large 2.5M+ Large 1M - 2.5M Medium 500K - 1M Small 50K - 500K Average Rent < $500 - $2,100+. These cities have the lowest cost of living in all of Illinois. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. All in all, housing in the O.C. For example, Manhattans overall cost of living index is 227.7, which is 127.7% over the national average and the highest on our list. Groceries and health care cost a lot of money in Massachusetts, exceeding the average national cost by 16% for health care and nearly 12% for food. Available: https://www.statista.com/statistics/643471/cost-of-living-in-10-largest-cities-us/, Annual income requirement for comfortable living in the top ten most populous cities in the United States in 2022, Immediate access to statistics, forecasts & reports, U.S. minimum wage if it grew with productivity 1968-2021, Minimum wage workers in the U.S. by occupation 2021, U.S. minimum wage workers 2021, by race and ethnicity, Number of minimum wage workers in the U.S. by age 2021, U.S. minimum wage workers by gender and full-/part-time status 2021, Number of U.S. minimum wage workers, by education 2021, U.S. minimum wage workers in by marital status 2021, Percent distribution of U.S. minimum wage workers by occupation 2021, U.S. minimum wage workers by industry 2021, Annual cost of living in top 10 largest U.S. cities in 2022, Hourly wages needed to afford a two-bedroom apartment in the U.S. 2022, by state, Number of low wage violation cases in the United States in FY 2022, by industry, Number of low wage violation cases in the United States FY 2009-2022, by type, Share of adults in favor of a minimum wage increase U.S. April 2021, by gender, Share of adults who support a minimum wage increase U.S. April 2021, by age, Share of adults who support minimum wage increase U.S. April 2021, by race, Share of adults who support a minimum wage increase U.S. April 2021, by income, Share of adults who want a minimum wage increase U.S. April 2021, by party, Low paid workers: earning below the Living Wage in Great Britain 2017, by age, Low paid workers: earning below the Living Wage in Great Britain 2017, by industry, Median annual family income in Canada 2020, by province, Expectations for the cost of living among adults in Egypt 2017, Median annual family income in Canada 2020, by earning situation, Canada: average annual earnings of full-year, full-time workers 1990-2011, Expectations for the cost of living among adults in the MENA region 2017, Expectations for the cost of living among adults in Tunisia 2017, Hispanic household share of 100k+ income households in the U.S. from 2007 to 2021, Canada: median total income 2000-2020, by gender, Distribution of U.S. casino visitors in relation to household income 2010, Expectations for the cost of living among adults in Morocco 2017, Share of Americans who find it difficult to afford Rx medicine 2021, by income, Expectations for the cost of living among adults in Algeria 2017, Annual earnings of copywriters in the United Kingdom (UK) 2018, by gender, Yearly salary in supply chain production in Hong Kong 2021, by role, Cost of living ranking for expats in GCC by country 2018, Annual income requirement for comfortable living in the top ten most populous cities in the United States in 2022 (in U.S. dollars), Find your information in our database containing over 20,000 reports. The median monthly housing costs for each city come from a formula developed by the Census Bureau to account for how much residents spent on the following: Median owner-occupied unit values are estimates from the owner or co-owner of the home regarding how much their properties would sell for if they were put up for sale. Boston, Massachusetts, has the highest housing costs of any East Coast city. According to this year's index, the average cost of living in the world's largest cities increased by 8.1 percent in 2022, as a repercussion of the war in Ukraine and the lingering effects of. When youre deciding on the next city youll call home, its important to consider the cost of living and how that compares to your annual income. 57.32. There were about 3.9 million people living in the city as of July 2022. San Jose, California, edges out its Bay Area neighbor, with the nations highest median gross rent ($2,328) and highest median monthly housing costs ($2,463 per unit of housing). However, at $2,919 a month, apartment rents are only a bit more than twice the national average. Once upon a time, Brooklyn was considered a viable alternative for those who couldn't afford to live in Manhattan. Residents here pay a lot of money for just about everything. Show publisher information By Dan Burrows Well, living in San Diego can really stretch a budget. Its cost of living index collects scores upon scores of prices across 265 urban areas, covering housing, groceries, utilities, transportation, healthcare, and miscellaneous goods and services. However, its median home value ($669,900) is actually slightly higher than Bostons. In this environment, ConsumerAffairs wanted to figure out which cities have the highest housing costs. An affordability index is a measure of a populations ability to afford to purchase a given good or the cost of living in a given area. That said, the average monthly rent in the city is on the higher end, being more than double what average Americans pay. If you're hoping to move to a place that isn't nearly as costly, consider the three least expensive cities: Muskogee, OK; Harlingen, TX; and Kalamazoo, MI. Residents earn more than 2.5 times the national average. Last updated 21 April 23. retirement Indeed, overall, housing-related costs in San Francisco are more than four times greater than the national average. Adobe. Hurricane damage? Renters and homeowners pay more than twice the national average for their domiciles. Residents do catch at least one break when it comes to their finances. There's not just one reason why these two states are so expensive. 6 New York. Average rent, meanwhile, is 2.3 times higher than the U.S. average. As the 415 has evolved into a tech hub, high-paid software engineers have moved in, driving up housing prices considerably. It has median monthly housing costs ($1,632) almost $200 lower than those in Washington, D.C., despite its median for real estate taxes paid ($5,910) being more than $2,200 higher than those in Washington. In 2022, Hong Kong ranked in fourth place. The third corner is Silicon Valley, home to tech giants handing out six-figure salaries like candy on Halloween. One of the most obvious reasons is the cost of housing, whether you choose to rent or buy your property. You can learn more about the standards we follow in producing accurate, unbiased content in our. More than 670,000 people call the area home. The 10 "Real" Richest Counties in the U.S. | Kiplinger Unsubscribe easily. Well start sending you the news you need delivered straight to you. Although it is a highly walkable city and has convenient access to trains and buses, gridlock is a growing problem for Boston. Our rankings were based on two measurements provided by the ACS: median monthly housing costs and median owner-occupied unit values.. 10 Cities With the Highest Cost of Living - U.S. News & World Report An hour . All statistics used in this analysis were taken from 2021 ACS one-year estimates. Oakland anchors one corner of a sort of Bermuda Triangle around San Francisco Bay where affordable prices go missing.