People tend to relocate to which area of the country to hustle in a big city. Despite the advantages and proximity to opportunities, fancy restaurants, shops, and other amenities, usually, there are several good reasons to pay an extra bill. To pay for everything in such an expensive city has many employment opportunities. Cities that are most expensive to live in have the richest of all things that have to offer, including their culture.
The most expensive place to live in the US has several factors contributing to its high costs, such as housing and taxes, which have higher rates than the national average. City boroughs like Manhattan are one of the most expensive places to live, with their culture, miscellaneous goods and services, exceptional stores, dining, and entertainment. Keen planning and understanding are required before breaking up a decision to move to such expensive locations. Here are some costly places to live in America.
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8 Seattle, Washington
Seattle is a city that is best known and a place for its iconic landmark, the 1962 World’s Fair legacy, the futuristic Space Needle. It is in the Pacific Northwest, surrounded by water, mountain ranges, and evergreen forest. It is famous for its best coffee and is regarded as a world center for coffee roasting and supply chain management.
A few years ago, during the pandemic caused by COVID-19, Seattle’s economy spiked and harshly increased pressure on prices. The city has an overall population of 733,919 as of 2021, a median household income of $110,781, and a median home value of $848,100. The average cost of living in the city is 49 percent above the country’s average.
7 Los Angeles, California
Los Angeles spreads in the Southern part of California and is the center of America’s film and television industry. It is where the famous Hollywood sign is located. Paramount Pictures, Universal Studios, and Warner Brothers studio are not too far from the area, providing and offering outside visitors behind-the-scenes tours.
The City of Angels is one of the rarest cities in the country, where more people are renting than household owners. The city population is 3,849,306, and a median home value of $812,800. House expenses, including mortgages and rents, has an estimated 140 percent above the country’s average. An average price of a home in the city is $1.1 million compared to the national average of $452,510 and the average rent of 2.3 times higher than the country’s average.
6 San Jose, California
San Jose has a significant part in both technology industries and finance, as Silicon Valley sits at the heart of the city. Though San Jose is cheaper than its nearby cities, it still has a 114.5 percent higher cost of living than the country’s average. It has a median home income of $1,312,163 and an estimated household monthly rent of $2,232.
According to U.S. News, San Jose, with its almost tropical climate and good weather, San Jose is considered the second-best place to live in. With a lower rate of unemployment than the country’s average as the city leads to countless job opportunities.
5 Orange County, California
Orange County is the home of some celebrities and where five hundred of the largest companies in the United States sit. Like in Seattle, the city is surrounded by waters such as Newport Beach, with a median home value income hovering at $1.2 million to $2 million and sheltered by the wealthiest and most famous people.
O.C. connotates with wealth, has a population of 3,167,809, and has an average median household income of $100,559 and an estimated median home value of $832,300. However, household rents are two times higher than the country’s average hovering at $2,919 monthly.
4 Washington, District of Columbia
Formally the District of Columbia, best known as Washington, D.C., and the nation’s capital. The city has a 2.5 times higher average for housing-related expenses than the country’s average. The cost of living is 52.2 percent above the U.S. average, with a population of 670,050. The city is rich in culture as historical sites stand around the area and are free to visit. Miscellaneous goods and services were high in price by 19 percent as the groceries ran about 9 percent above the national average.
D.C. has a median household income of $90,088 and a median home value of $669,900. The average home price is estimated at $1.2 million, and the apartment rents roughly estimate $3,320 monthly compared to the national average of $1,851 monthly.
3 Brooklyn, New York
Brooklyn is one of the top districts to live in New York City and came out as much like a metropolis in the heart of New York. Brooklyn is an independent city; like Chicago, they have the same average of their population, considering the third-largest city in America.
There was a time when Brooklyn became an alternative place to live when people couldn’t afford to live in Manhattan. Today, Brooklyn became one of the finest boroughs in the city, with an estimated population of 2,641,052, a median household income hovering at $67,567, and an estimated median home value of $793,300.
2 Honolulu, Hawaii
Being the second-highest place to live in the United States of America, Honolulu has the most expensive groceries compared to other urban areas, which cost 50 percent pricier than other places. The household income average is more than three times the national average, and the average home price is $1.6 million.
Honolulu’s average cost of living is 84 percent above the national average from its 345,532 population. The average median household income in Honolulu is $$73,434, and has an estimated median home value of $733,000.
1 Manhattan, New York
Not only known for its expensive things to buy in the place, but Manhattan is also way even more expensive to live in. Manhattan has an estimated home price of $2.4 million, and house renting averages $4,569. Miscellaneous goods and services have an allocated cost of 35 percent above average. Take it from their grocery store that residents must pay a premium of 35 percent, and transportation is 16 percent above the national average.
According to the United States Census Bureau, Manhattan has an estimated population of 1,576,876, while 70,000 people reside per square mile. Manhattan has an estimated median household income of $84,435 and a median home value of $940,900.
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Sources: Investopedia, U.S.News, Rocket Mortgage, Kiplinger
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