Everyone wants to live in the US (United States of America) but have you ever wondered how much income you would need to live in the most expensivecities? Not just to survive, but to live a reasonably comfortable lifestyle? US, the land of fame, technology, business, high-rise building, waterfront apartments etc. seems like paradise but a quote says “all that glitter isn’t gold”. Just as much as America looks heavenly, you should know how much it costs to live in a city, and why. This can make or break a decision to move.
New York City leads the pack as the most expensive city in the United States; the city, with a population exceeding 8.3 million, also tops lists of the world’s most expensive cities. Criteria such as rent, cost of transportation, groceries, utilities and health insurance are used in determining the rank.
These Are The Top 20 Most Expensive Cities to live in the United States 2020
1 Dallas, Texas
Living in Dallas cost a great deal. There’s a fee for virtually everything-even pet fee. The economic opportunity in this city fetches thousands of people coming here every day. Are you planning to buy a property in Dallas? The average annual spending to be a Dallas resident can cost you $80,452. On the other side, the average annual housing cost is $28,416 and the average annual taxes paid are $11,686. The suburbs in Dallas assumed that even a decent place cost a person thousand bucks a month and additional bills. Dallas has been the hub of industry, so it attracts more job seekers to relocate in this city.
2. Stamford, Connecticut
Stamford metropolitan area is always ranked high and considered among the most expensive cities to live in the United States. Raising a family here requires lots of money. From housing to taxes, childcare, healthcare, and other expenses- everything is highly priced. It is estimated that the cost of raising a family of four with two kids is about $89,000 per year. This portrays how much the family needs to invest in order to meet up their ends. You will still struggle for living with the basic utilities, even if you have a respectable job in hand. Your annual income needs to be $77,990 to live well and save 10% of your savings.
3. Boston, Massachusetts
Another major city in the United States getting more exorbitant by the day. Groceries and health care cost a lot of money in Boston, exceeding the average national cost by more than 20%. The problem with Boston is that people won’t find normal houses to live instead they have Condo Towers and mansions for rich people. So, the low-income section of the society are at a disadvantage. To afford a two-bedroom apartment one need to pay an average of $2500 a month, perhaps a lot of money for the normal people to spare every month.
4. Honolulu, Hawaii
Honolulu ranks amongst one of the most expensive cities to live in the US in 2019. The basic utilities like soap or clothing are overcharged here. Many people in the city tend to rent rather than own their home, as the average cost for a home can raise up to $500,000. But on the other hand, in terms of even rent, it is highly priced for the living. Basic needs such as food, gas, real are more expensive. These things are severely high and unaffordable in Honolulu. Groceries alone cost 55% more than anywhere else in the United States; utilities cost 71% more than the national average.
5. Washington, D.C.
Living near the center of power can be expensive–typical rents in D.C. are $2,170 a month. To afford a living with a vast amount of space, one needs to move farther from the city. Here people mostly come for temporary living, in a short span of time they make a lot of money, gain some experience, and moved out over a period. It’s quite tough for families with small children to reside in Washington as the daycare for children is very expensive.
6. Chicago, Illinois
City rents are getting so high that affordability is becoming a major concern of issue in Chicago. Moving to a city like this is not at all budget friendly. An average monthly rent for a one-bedroom apartment is approximate $1,980 which is relatively high in terms of rent. Reasonably priced homes in the state can only be gotten in the suburbs. The property tax is significantly higher here than any other places.
7. Oakland, California
Being located on the opposite end of the Bay Bridge might make living in Oakland a cheaper alternative to San Francisco, but the city is still a more expensive place to live than most cities in the United States. The average rent for a one-bedroom is about $2850 per month, and for a two-bedroom, it is about $3450, so this becomes really expensive to afford for the living. The affordability crisis has expanded rapidly than any other major US city.
8. San Francisco, California
People make the decision to leave San Francisco every day, as the city’s staggeringly high cost of living and out-of-reach housing prices have been known to break many a bank. An average one-bedroom apartment can cost an individual for over $3,500. The housing price is shockingly expensive and makes it laborious to afford.
9. Los Angeles, California
Los Angeles brings to mind wealthy, glamorous movie stars, but the movie industry plays a small role in the city’s booming economy. Like other major cities in the United States, the living cost of Los Angeles is moderately high. The average rent for a one- bedroom apartment is $2,037 and in addition to a two-bedroom apartment can cost you up to $3,091. To acquire a property in this city, the annual income needs to be about $88,315 approximately. Possession of car can be too costly for one’s pocket. It is estimated that the average price for a gallon of gas is about $3.16, as compared to the national price. All this sums up for people’s relocation.
10. New York City, New York
Economist rated New York City as the most expensive city to live in the United States, with the average price of a house a costing $748,651. New York has the highest rent in the country. It also has the second-biggest gap between residents’ average earnings and cost of living. It also has the second-biggest gap between residents’ average earnings and cost of living.