Most Expensive Cities in the U.S.: With a burning desire for comfort, luxury, safety, and rising unsatisfied demands, the population, largely, is shifting to the cities. There could be many reasons for this. The most common ones include employment opportunities, industrialization, vacation.
The most popular country in the world is the USA and the most awaited city to be in New York. Not only is the US a country of many opportunities but also an amazing tourist destination. This accounts for the majority of its GDP. There are cities that are extremely expensive whereas there are areas in the US where migration is easily possible due to the cheap economic funds’ transactions in the areas.
Complying to this, there are many unsafe areas as well wherein there is a large scope of theft and loot. Thus, people prefer staying in cities that let them have a sense of comfort and safety.
- 1 Most Expensive Cities in America
Most Expensive Cities in America
1. New York City, New York
New York tops the position, overtaking all the other cities when it comes to the tag of expensive and excessive. The city is the most popular, cherished and a dream destination for many. New York has a population of around 8.3 million. The large population density in New York, with a majority of them being industrialists and workers, accounts for the expensive trend.
The cost of living in New York is not a cakewalk. Even a rich man would think twice before shifting permanently to New York. The cost is 120% higher than the national average price of living. The average cost of buying homes in the city of New York is about $501,000. On the other hand, the national average price comes to around $181,000. Everything in New York has a cost higher than the normal.
Right from the groceries to public transportation services. Since the rate of industrialization in the US is higher than usual, the job opportunities are immense in number. The pay for the average worker is Also more than the average. This is one of the reasons why New York is the dream destination for most of the job seekers. This lets the city have an unemployment rate of 4.1% which is lesser than the national average unemployment rate which is 4.3%.
2. San Francisco, California
As glamorous as the city name sounds, it is not. Every day people face the burden of their expenses because the city is too expensive to live in. San Francisco’s high housing rates have burnt a hole in many people’s pockets. Homes in the city cost an average of around $820,000 inside the city.
The major industrial sector in the city consists of IT, financial services. The tourism sector in the city is a good source of revenue. The price of the living index may be high in the city but the unemployment rate is extremely low. It is as low as 1.9%. The entrepreneurial sector in the city is a passion area for many. This accounts for many job opportunities and high payroll with each venture capital investing in every other Startup, thus building a robust startup ecosystem in the city that attracts business.
3. Honolulu, Hawaii
Honolulu is a city where the people are charged a bomb even for the basic necessities. The residents in Honolulu pay a lot of money for almost everything. Right from the groceries, which cost 55% more than national average to the utilities, which cost 71% more than the national average.
For example, you can expect people in Honolulu to pay 87% more for one dozen egg than the average American in any other city in America. Amongst all these all Most Expensive Cities in the U.S., Honolulu witnesses an exceptionally low unemployment rate of 2.8%. This means that with a job in Honolulu, people can easily afford to buy eggs and eat an omelette.
4. Boston, Massachusetts
Boston has 20% more expensive stuff than the national average. Right from healthcare and medicine to the groceries and daily commodities, each one is priced at a rate higher than the normal in this city. Since people earn more, their spending capacity increases.
This accounts for them to buy more. Hence the market is structured in a way that it takes the utmost advantage of the income of various groups of people in the city. The city has an exceptionally high literacy rate and enjoys a robust educational environment.
The city is a rival to Silicon Valley. Such is the tech scene that uproots from the strong educational foundation in the city. Boston is world-famous known for its confectioneries and hence the demand for the same is more which accounts for the high priced sweets in the city. Boston is also one of the nation’s leading tourist destinations. The unemployment rate in the city as low as 3.6%.
5. Washington, D.C.
Washington, D.C. is the world’s most powerful city in the world. With the US being the superpower nation of the world, the president of the US resides in this city which makes it the most influential city. It has an extremely high cost of living.
There are a lot of government and private-sector job opportunities in the city since the president’s house is located here. Apart from this, there are many federal agencies, think tanks, lobbying firms, and a robust tourism sector that unveils immense job opportunities. The home values approximately account to $443,000. The average household income of a US citizen living in Washington is about $64,267.
6. Oakland, California
Oakland is a cheaper alternative to San Francisco as it is located on the opposite end of the Bay Bridge. The city is still more expensive than the other ones in the US when it comes to living. With the amount of accounting to $1,673 per month, renting an apartment in Oakland leads to double the cost of renting in other U.S. cities. The average home value is about $449,800 which is more than the national average home value.
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7. San Jose, California
San Jose is located between San Francisco and Oakland. The location of the city makes it a bit cheaper than the rest of the cities in the US. The Bay Area is known for high prices. But this city has a special geographical significance which is convenient and feasible for people in terms of commuting.
The presence of Silicon Valley in the city makes everything expensive since the techies out here earn in large numbers. The average housing rate is about $575,000. The median household income struggles to be around $81,000. Due to the tech industry situated in this city, the unemployment rate is lower than the average which accounts for 2.4%.
8. San Diego, California
With a robust military background, strong defence department, military contracting firm, California is one of the most desirable places to live for most of the army officers and young military force. It is the southernmost city and one of the priciest cities in the US.
The cost of living accounts for nearly 1.3 million which is 30% higher than the national average cost of living. San Diego’s median household income comes to be around $63,990, which is excellent for those who enjoy luxury. The average housing rate is $477,800. The unemployment rate of the city is 3.8% which hovers around the national average of the unemployment rate.
9. Los Angeles, California
Los Angeles is a glitzy and glamorous city. Most of the struggling actors wish to settle in this dazzling city. A city is a place of Hollywood with most of the Hollywood celebrities settled in this place.
The name is so attractive that it brings to mind wealthy, filthy rich casino gamblers, gigantic businessmen and glamorous movie stars. As astonishing as it may sound, the Hollywood industry has very less to do with the city’s booming economy. The Port of Los Angeles is one of the busiest ports in the world which makes the city a feasible place for the shipping industry.
The city has no doubt a high cost of living. Sectors such as manufacturing contribute to the high rise of prices. A lot of start-ups are also blooming in the city which is leading to more employment opportunities. The average home rate in Los Angeles accounts to $470,000. The median household income comes to around $49,745. The city is so expensive and desirable that nearly 20% of its population lives in poverty.
10. Miami, Florida
Miami is the only city in the southern U.S. which is ranked amongst the 10 Top 10 Most Expensive Cities in the U.S. It is a popular tourist destination. The city is filled with a bunch of wealthy foreigners. The presence of numerous international financial institutions brings in a lot of young talent in the city. Miami is located on the seafront and hence is the busiest cruise ship port in the world.
The city’s average household income hovers around $48,100, and the unemployment rate is 4.4% which is higher than the national average. The reason for this is that there are fewer job opportunities and more landowners in the city, which leaves the poor as it is and makes the rich, richer.