It can be of great benefit, if you are planning a vacation, changing jobs and having to move or moving to start your own business, where the most expensive cities in the country are. Knowing the actual living cost of a city can help decide if it’s a good place to move to. With this in mind, let us show you, here at DotCom Magazine, our top 5 of the most expensive cities in the country.
Healthcare and groceries are expensive in Boston, both above the national average by around 20%. However, the city does enjoy a great higher education system and the tech scene here rivals even that in Silicon Valley and because there are various sites of historic importance that originate with the 13 original colonies, it’s one of the country’s favorite tourist spots. There is an unemployment rate of around 3.6%, but people in the city tend to pay a lot of money to live there. Homes on average cost around $374,000.
San Diego, California
San Diego is known as one of the priciest cities in the country, thanks in part because of the strong presence of the defense department and related military contractors, including NYSE: SAIC and NYSE: NOC. With an estimated population of 1.3m it has a cost of living that is around 30% higher than the average.
As Miami has various global financial institutions there, a high percentage of rich foreigners, there are more than enough reasons why it is expensive to live there. To live well in Miami, you really need approximately $77,000, but as the average income of a household is $48,100, there is a little discrepancy there.
There is not a lot that residents in Honolulu, don’t…well, pay a lot for. Groceries on their own can cost around 55% more than other places, the utilities are priced at over 71% above the national average. Although average incomes are not much higher than the average of other cities, in Honolulu you can expect to pay over 87% more than the average American for a dozen eggs. IT is also interesting that the people of Honolulu have a much lower unemployment rate.
No matter what, New York is still the most expensive city to live in. It costs 120% more to live in New York City than the average of the country. Absolutely everything costs a ridiculous amount more in New York, from the public transportation to groceries. House prices in the city are exceptionally high also, with the average costing $501,000, compared to the national average of $181,000. Interestingly though, the unemployment rate is quite low in New York, which further adds to the dream that anyone can make a success of themselves in the city.
Although there are other factors you need to take into consideration when moving to a new place, the cost of everyday things is what you will notice most. Hopefully the above has been helpful and not too unnerving.