The most expensive cities in the US are considered so based on a number of factors. In addition to cost of living, the most expensive cities are chosen based on the cost of education, the cost of transportation, groceries and other day-to-day items essential for living. When combined, these break down which cities in the country are the most expensive to live in, whether you buy or rent, and whether you have a family or not. Read on to find out which 10 cities are the most expensive in the US.
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Manhattan
It should come as no surprise than Manhattan is the most expensive city in which to live. This NY city has a cost of living that’s 120 percent higher than the rest of the country. The average household income is $51,000 and the average home value is $501,000. Groceries and utilities are more than 40 percent more expensive here than other cities in the country, except for Honolulu, which actually makes Manhattan’s living expenses look relatively inexpensive. If you can make your budget work in the Big Apple, you can live anywhere comfortably.
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Honolulu
It’s one of the most beautiful cities in the country, but it’s also one of the most expensive. The average cost of living is 69 percent higher here than anywhere else, and the average household income is only $53,000 per year. The average home value is $547,000, but the cost of utilities, groceries and everything else is more than 70 percent higher here than anywhere else in the country. This is due to the fact that it simply costs so much to ship goods.
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San Francisco
With a cost of living that’s a staggering 61.6 percent higher than the national average, it’s a good thing that the average household salary is $74,000. The average price of a home in San Francisco, however, is $751,000, which is nearly 3 times that of the rest of the country. Even the cost of an average apartment is more than triple the cost of rent each month than it is anywhere else in the country. The cost of other living expenses aren’t quite so high, but that’s balanced out by the higher than average income per resident.
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San Jose
The cost of living is twice as high here as it is in the rest of the country, at 49.3 percent higher than the US average. The average home price is $575,000 and the average household income is $85,000. Homeownership in San Jose is lower than just about anywhere in the country, even though the employment rate is among the highest in the country. Most residents are millionaires, but that doesn’t seem to matter when the cost of utilities is 23.3 percent higher here than anywhere else in the city and other household living expenses are 2.5 times higher.
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Stamford
This Connecticut city has a 44.1 percent higher cost of living than anywhere else. The average household income is $77,000, and the average house costs $537,000. The city boasts a high percentage of millionaires, among the highest in the country. However, the rest of your average living expenses in Stamford will cost anywhere from 10 to 30 percent more than they will in other cities. Many residents of Stamford commute to NYC during the day for work, because the cost of living here is much more affordable than it is in Manhattan.
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Washington D.C.
While the capital city is expensive, it’s largely due to the fact that housing is more expensive here than most anywhere in the country. However, the cost of other types of living, such as going out, shopping, transportation and utilities are less expensive here than anywhere else on the top 10 list. This takes the sting out of living in the city just a little bit. However, with an average income of $64,000 per year and housing costs that average $443,000, it’s still an expensive city in which to call home with an average cost of living more than 41 percent higher than the rest of the US.
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Boston
The average price of a home in Boston is $374,000, the average family earns $53,000 and the cost of living is 39.7 percent higher in Boston than it is in the rest of the country, which is what makes this New England city so expensive. However, despite the fact that it’s an expensive city, the most affordable housing in the top 10 most expensive US cities is located right here, which might make you want to pack up and move. The area is known for its wonderful universities and high employment rate, but it’s still expensive.
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Oakland
Yet another California city is on the list of the most expensive cities in which to live. With an average cost of living more than 36.1 percent higher than the national average, it makes sense. While the average income here is slightly higher than LA and the average home costs only $449,000, it’s still one of the most expensive cities in which you can live, shop, play and make your way.
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Los Angeles
Surprisingly, the average household income in Los Angeles is lower than in many American cities. The average family earns only $49,000 per year in LA, and it costs an average of $470,000 to buy a home. The cities high cost of living isn’t surprising to many, but the low income is, especially considering the number of wealthy actors and actresses that live in the area. What makes this city one of the 10 most expensive is the fact that the cost of living here is 30.4 percent higher than the rest of the country.
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San Diego
There is a lot to love about this Southern California city, but only if you can afford it. Sure, you can spend time at the beach without spending a dime, but virtually everything else you do, from eating to shopping to paying your babysitter for an hour or two away from the kids is going to cost you more than double the national average, thanks in large part to the fact that the cost of living in San Diego is approximately 30 percent higher than the national average, with an average household income of $64,000 and an average house price of $477,000.
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