It is normal that, throughout their lives, people decide to move to another city, whether for business, to accept a new job or simply because they want a change of environment. It could even happen that a family just wants to take a long vacation in a famous and hectic North American metropolis. If you identify with any of the reasons above, congratulations! we have gathered The 10 most expensive cities in the United States.
This short list will help you understand how much it costs to live in one of its neighborhoods and how beneficial it would be for you to move or spend a long time away from home.
Of course, we already know that you will not be surprised to see several cities in California dominating the list, but perhaps the other options will surprise you. Let’s see them!
- one 1. New York, New York
- two 2. San Francisco, Calif.
- 3 3. Honolulu, Hawaii
- 4 4. Boston, Mass.
- 5 5. Washington, D.C.
- 6 6.Oakland, Calif.
- 7 7. San Jose, Calif.
- 8 8. San Diego, Calif.
- 9 9. Los Angeles, Calif.
- 10 10. Miami, Fla.
- eleven In short, the 10 most expensive cities in the United States
1. New York, New York
The city of New York is crowned as the most expensive to live in the United States, with a population of close to 8.4 million people.
Let’s talk about it cost of living. In Manhattan, the cost of living is 154% higher than the national average. The approximate value of homes in the five boroughs of New York is -approximately- $652,700, a staggering figure when compared to the national average, which is just $245,000. Of course, this average property value doesn’t extend to the ritzy neighborhood of Manhattan. In fact, a home there easily exceeds a million dollars.
There’s no denying that everything costs money in America’s most expensive city, from groceries and groceries to public transportation.. For the month of December 2019, the unemployment rate in New York stood at 3.9%, a slightly better number than that reported in November of that same year. This number is quite similar to the national unemployment rate, which is 3.6%.
Due to its characteristics, many think that if you are able to live in New York, you will be able to live anywhere in the world.
2. San Francisco, Calif.
Many people make the decision to move to San Francisco. In fact, this happens practically on a daily basis. However, the high cost of living in the city and the house prices – which are sometimes far beyond the reach of the average American family – have bankrupted many of them by leaving their savings account at zero. To give you an idea, median home prices in San Francisco approach $1,400,000. A family of four would need at least $103,200 in annual income just to make ends meet.
Perhaps as the city’s main industries include tourism, technology services and financial services – something that offers well-paying jobs – unemployment remains at a low rate: 1.8% according to figures reported in the month of December 2019. And, San Francisco employers offer highly favorable working conditions, as well as the amount of the paycheck.
3. Honolulu, Hawaii
Honolulu residents pay top dollar for just about everything. Grocery stores are nearly 65% more expensive than the reported national average, while the prices of other products are usually 72.5% more.
But nevertheless, the pay is not very high, at least not enough to offset the cost of living in Honolulu. For example, the median household income in Honolulu is $82,900. This amount is above the national average ($60,300), but well below the San Francisco average ($104,500).
If you are thinking of living in Honolulu, you will have to get used to paying more for everyday products. A dozen eggs that cost $1.40 in Iowa sells for $2.58 in Honolulu.
Regarding unemployment, Honolulu enjoys a low rate that is positioned at 2.6%, which means that many families obtain income without problems on this paradise island, this despite the fact that the salaries are not high enough to enjoy 100% of what it has to offer.
4. Boston, Mass.
Food and medical care cost a lot of money in Massachusetts, exceeding the average cost of the nation by 22% -in the case of health services- and by 14% for the purchase of food and groceries. But let’s dig a little deeper into the numbers. Boston enjoys a strong educational environment, especially higher education. In fact, it could be said that it has a technological development that rivals Silicon Valley.
In terms of tourism, Boston is one of the most visited cities, mainly for its historical sites dating back to the 13 original colonies in the country. All of this adds up to a low unemployment rate., which -for December 2019- was positioned at 2.1%. But – unfortunately – all these advantages do not reduce the fact that the residents of the city have to shell out large sums of money to live with all their necessities covered in Boston.
The median value of a home in this Massachusetts city is around $632,000, but note that the median household income is only about $65,900. That means that an average family of four would need -at least- an annual income of $84,905 to make ends meet.
5. Washington, D.C.
Rising as the seat of the most powerful nation in the world has its costs and, in the case of Washington DC, this is reflected precisely in the cost of living. As this city abounds in well-paying jobs – whether from the federal government or the private sector – the value of real estate and products exceeds the national average. For example, a house in Washington DC costs approximately $636,000, while the average family income is positioned at $82,600.
As in Boston, a family of four in Washington DC would need about $75,100 a year to make ends meet.
Note: The largest employer in Washington DC is the government and federal agencies. Those who follow him on the list are lobbying companies, the tourism sector and educational centers.
Many think that since Oakland is located at the opposite end of the Bay Bridge, it is a cheaper alternative to live, at least when compared to San FranciscoAnd they are not wrong! However, the savings are also not that significant because Oakland is ranked number six on this list.
Average home prices in Oakland reach $765,400, while a rent is close to $3,000 a month. This is almost twice the national average for rent! ($1,600).
7. San Jose, Calif.
Anyone who wants to escape the high prices of the Bay Area will find a little respite in San Jose, located just a stone’s throw from San Francisco and Oakland. Silicon Valley’s presence in San Jose makes everything that much more expensive, including median home prices that often exceed a million dollars with ease.
The average annual income of a family in San José is around $104,200. Of course -and as expected- in the cradle of the technology industry, the unemployment rate remains low (2.2%).
8. San Diego, Calif.
The strong presence of the department of defense and several military contracting firms in San Diego – such as Northrop Grumman Corporation and Science Applications International Corporation – make this city one of the most expensive in the United States.
San Diego residents-approximately 1.4 million people-enjoy a median family income of $75,500, thus giving them the opportunity to enjoy certain luxuries, such as eating in high-end restaurants, visiting yacht clubs or having a great time.
As for the figures, median home value in San Diego is $652,200, while the unemployment rate is 2.8%, quite close to the national average.
9. Los Angeles, Calif.
Saying “Los Angeles” brings to mind stars on the red carpet, glamorous venues, and major movie studios. However, this industry hardly plays a small role in the city’s economy. Impressed? Well, you might be surprised to know that most of the income in Los Angeles is earned through the port and maritime trade, in addition to the manufacturing sector.
Certain zip codes, like 90210, are so popular that they boast some of the most expensive homes in the state. Median home value in Los Angeles is $723,800, as you can see, quite high. However, the median household income is only $58,400.
A family of four would need $85,155 a year to live comfortably in Los Angeles, but this is not the case in all cases. To give you an idea, 19.1% of city residents live below the poverty line, compared to 11.8% nationally.
10. Miami, Fla.
Miami is the only city in the southern United States that is rated as one of the most expensive in the country. Its territory is full of wealthy foreigners, numerous international financial institutions and departure ports for the most famous cruise ships in the world. This is what gives Miami the number ten spot on the list.
The median household income for Miami Beach is approximately $53,300. On the other hand, the unemployment rate is lower than the national average (1.8%). A family of four would need $70,800 a year to live in this elegant city and, at the same time, cover their basic needs without problems.
In short, the 10 most expensive cities in the United States
The different cities of the country offer a great variety of opportunities. Usually, are full of well-paying jobs, but also an endless number of cultural centers, places of attraction, entertainment, gastronomy and sports establishments, among others.
Due to the attractiveness of these great metropolises, it is normal for your cost of living to rise above general averages that are handled in the United States, thus becoming the most expensive to live in the country and, sometimes, in the world.
Among the 10 most expensive cities in the United States, New York is positioned first, followed by San Francisco. However, this is not related to the world ranking where the Big Apple is only ranked number nine.