As anyone who has ever relocated for work or taken a vacation knows, understanding the cost of living in a place is important. That’s why we’ve decided to take a look at the most expensive cities in the United States.
Unsurprisingly, California cities lead the list, with San Francisco, San Jose, and Los Angeles all ranking on this list. But what might be surprising is why these cities are so expensive.
The cost of living in a city is determined by a number of factors, including the cost of housing, transportation, and food. In cities like San Francisco, New York City, Honolulu, San Jose, and Los Angeles, the cost of housing is particularly high.
This is due to a number of factors, including limited availability of land, strict zoning regulations, and high demand. The high cost of housing drives up the cost of living in these cities overall, as residents must budget for things like rent or mortgage payments, property taxes, and utilities.
The cost of transportation is also higher in these cities, as residents must pay for things like gas or public transit. Food costs are also higher in these cities, as residents must pay for things like groceries or dining out. As a result, the cost of living in these cities is significantly higher than in other parts of the country.
Table showing data for the most expensive cities to live in the United States
| City | Population | Median Household Income | Median Home Value | Average Rent/Month |
|---|---|---|---|---|
| Stamford, CT | 130,057 | $96,885 | $623,504 | $2,744 |
| Las Vegas, NV | 644,594 | $58,377 | $447,597 | $1,506 |
| Bethesda, MD | 65,092 | $172,873 | $620,880 | $2,647 |
| Salinas, CA | 156,177 | $67,914 | $733,725 | $2,145 |
| Santa Ana, CA | 332,610 | $72,406 | $806,406 | $2,053 |
| Los Angeles, CA | 3.973 Mil | $71,358 | $991,551 | $2,734 |
| Miami, FL | 461,080 | $44,268 | $552,082 | $2,307 |
| Queens, NY | 2.271 Mil | $77,440 | $776,946 | $2,595 |
| Boston, MA | 689,326 | $76,298 | $743,093 | $2,163 |
| Santa Barbara, CA | 90,911 | $81,618 | $1,824,110 | $2,550 |
| Arlington, VA | 236,434 | $122,604 | $836,806 | $2,355 |
| San Diego, CA | 1.415 Mil | $83,454 | $981,548 | $2,916 |
| Seattle, WA | 741,251 | $97,185 | $960,925 | $2,334 |
| San Jose, CA | 1.029 Mil | $117,324 | $1,437,021 | $2,972 |
| Oakland, CA | 422,575 | $80,143 | $981,287 | $2,200 |
| Washington, DC | 701,974 | $90,842 | $707,647 | $2,335 |
| San Francisco, CA | 874,784 | $119,136 | $1,576,808 | $2,681 |
| Honolulu, HI | 347,181 | $87,722 | $875,952 | $1,214 |
| Brooklyn, NY | 2.577 Mil | $62,952 | $950,000 | $3,194 |
| Manhattan, NY | 1.629 Mil | $117,926 | $1.4 mil | $2,561 |
What’s the Cost of Living in the US?
The cost of living in the United States varies depending on location and lifestyle. However, the average cost of living for a single person is $3,189 per month or $38,266 per year.
This includes costs such as housing, food, transportation, utilities, healthcare, and other essentials. Of course, these costs can vary significantly depending on factors such as location, family size, and income.
For example, someone living in New York City will likely have a higher cost of living than someone living in a small town in Iowa. Similarly, someone with a large family will have higher expenses than a single person.
Ultimately, the cost of living in the US varies depending on individual circumstances. However, the average person can expect to spend about $3,189 per month on essential costs of living.
- Median household income: $67,521
- Median home price: $355,852
- Median monthly rent: $1,651
- Unemployment rate: 5.46%
- Poverty rate: 11.4 %
- Cost of a half-gallon of milk: $1.93
Top 20 Most Expensive Places to Live in the US
20. Stamford — Connecticut
- Cost of living: 40.9% above the U.S. average
- City population: 130,057
- Median household income: $96,885
- Median home price: $623,504
- Median monthly rent: $2,744
- Unemployment rate: 5%
- Poverty rate: 9.1% Cost of a half-gallon of milk: $2.65
Stamford is a city in Fairfield County, Connecticut, United States. The population was 130,057 at the 2020 census. Stamford is 41.6 miles to New Haven, 40.7 miles northeast of New York City, and 142 miles northwest of Providence.
It is bordered to the north by Greenwich and to the west by New Canaan. Stamford is home to four Fortune 500 Companies, more than 20 Fortune 1000 Companies, and over 13 courthouses.
It is one of the most expensive places to live in the United States. The price of housing, food, and other essentials are all relatively high when compared to other cities.
The median home price is over $623,504, and the average rent for a two-bedroom apartment is nearly $2,744. The high cost of living is due to a number of factors, including the high incomes of residents and the city’s proximity to New York City.
Stamford has a large financial sector, and many residents work in high-paying jobs such as financial analysis and investment banking. The city is just a short train ride away from Manhattan, making it a popular choice for commuters.
Stamford has a higher-than-average property tax rate. This means that homeowners in Stamford pay more in taxes than those in other parts of the country.
The city is home to a number of prestigious colleges and universities. The presence of these schools drives up the cost of living even further.
19. Las Vegas — Nevada
- Cost of living: 11.6% above the U.S. average
- City population: 644,594
- Median household income: $58,377
- Median home price: $447,597
- Median monthly rent: $1,506
- Unemployment rate: 5.8%
- Poverty rate: 14.9%
- Cost of a half-gallon of milk: $2.70
Las Vegas is a city in Nevada known for its extravagant casinos and hotels. It is also a popular destination for weddings and honeymoons. Visitors to Las Vegas can enjoy a variety of activities, including gambling, shopping, and watching shows.
The city is also home to a number of museums and art galleries. However, there is much more to this city than just gambling and partying. Las Vegas is also home to some of the best restaurants in the world, as well as a variety of cultural attractions.
The city’s location in the desert provides a unique and beautiful setting. The high cost of living is due in part to the city’s many luxury hotels and resorts, which drive up prices for basic necessities like food and lodging.
The city’s 24-hour entertainment options mean that there is always something to do, which can quickly add up. For those on a budget, living in Las Vegas can be a challenge.
18. Bethesda — Maryland
- Cost of living: 89.2% above the U.S. average
- City population: 65,092
- Median household income: $172,873
- Median home price: $620,880
- Median monthly rent: $2,647
- Unemployment rate: 3.8%
- Poverty rate: 3.6%
- Cost of a half-gallon of milk: $2.43
Bethesda is widely considered to be one of the most expensive cities to live in in the United States, with a cost of living that was nearly 89.2% higher than the national average. The median home price in Bethesda is over $1.1 million, and the median rental price is over $2,647 per month.
The high cost of living is largely due to the city’s strong economy and high-paying jobs. Bethesda is home to many major corporations, including Marriott International, Lockheed Martin, and Hilton Worldwide.
Bethesda is located in the Washington, D.C. metropolitan area, which has a high cost of living. Bethesda is an affluent suburb of Washington, D.C., meaning that housing costs are driven up by demand from affluent professionals who work in the city.
The city has a highly educated population and a low crime rate, both of which contribute to the high cost of living. Despite the high cost of living, Bethesda is a desirable place to live due to its proximity to Washington, D.C., its excellent schools, and its safe and friendly community.
17. Salinas — California
- Cost of living: 40.5% above the U.S. average
- City population: 156,177
- Median household income: $67,914
- Median home price: $733,725
- Median monthly rent: $2,145
- Unemployment rate: 9.3%
- Poverty rate: 14.2 %
- Cost of a half-gallon of milk: $2.63
Salinas is one of the most expensive cities in the United States. The average cost of living in Salinas is nearly 40.5% higher than the average cost of living in the rest of the country.
The median rent for an apartment in Salinas is $2,145, and the median price for a home is $733,725. The high cost of living in Salinas is due to a number of factors, including the city’s proximity to San Francisco, its mild climate, and its strong economy.
The city’s close proximity to major attractions like Monterey Bay and Carmel-by-the-Sea make it a desirable place to live. Salinas is home to a number of excellent schools and employers. The city has a strong economy that attracts people and businesses, which further increases competition for housing.
16. Santa Ana — California
- Cost of living: 46.3% above the U.S. average
- City population: 332,610
- Median household income: $72,406
- Median home price: $806,406
- Median monthly rent: $2,053
- Unemployment rate: 3%
- Poverty rate: 15.7%
The city is one of the best places to live in the United States. The city has a diverse population, with people from all over the world calling Santa Ana home. The city is also very welcoming to new residents, and there are plenty of things to do.
There are excellent schools, parks, and museums, and the city is just a short drive from Los Angeles and San Diego. The weather is another huge selling point for Santa Ana – it’s sunny and warm all year round!
Santa Ana California is one of the most expensive places to live in the United States, with a median home price that is over $806,406, and the average rent for a one-bedroom apartment is nearly $2,053 per month.
The high cost of living in Santa Ana is due to a number of factors, including the high demand for housing, the limited supply of homes, and the high cost of living in general in California.
Santa Ana is also a desirable place to live due to its proximity to Los Angeles and its wide range of amenities. This makes people pay a premium to live in Santa Ana.
15. Los Angeles — California
- Cost of living: 76.2% above the U.S. average
- City population: 3.973 million
- Median household income: $71,358
- Median home price: $991,551
- Median monthly rent: $2,734
- Unemployment rate: 5.3%
- Poverty rate: 16.89%
- Cost of a half-gallon of milk: $4.66
Los Angeles is a major city in California, United States of America. It is the second most populous city in the US after New York City and the third most populous city in North America after Mexico City and New York City.
Los Angeles is also the seat of Los Angeles County, which is the most populous county in the US. Los Angeles is known for its Mediterranean tropical climate, ethnic diversity, Hollywood entertainment industry, and sprawling metropolis.
It has been ranked as the third-largest economy in the world and is home to a number Fortune 500 companies. The city also has a diverse economy with agriculture, petroleum, fashion, technology, and tourism being some of its major industries.
Los Angeles is a global city with a diverse economy that includes aerospace, finance, film & television production, international trade & investment, manufacturing & logistics, new media & information technology, professional services such as law & medicine, and research & development.
The Greater Los Angeles metropolitan area has an estimated GDP of $880.23 billion (2020), making it one of the largest economies in the world.
14. Miami — Florida
- Cost of living: 23.1% above the U.S. average
- City population: 461,080 (2020)
- Median household income: $44,268
- Median home price: $552,082
- Median monthly rent: $2,307
- Unemployment rate: 2%
- Poverty rate: 21.5%
- Cost of a half-gallon of milk: $4.66
Miami is located on the southeastern coast of Florida and is home to more than 461,080 people. Miami is a diverse and cosmopolitan city, with lively nightlife, beautiful beaches, and a thriving arts scene.
The city is also home to a large number of immigrants from Latin America, making it an exciting and culturally rich place to live. The city has a warm climate year-round, which makes it a perfect destination for those who love the outdoors.
While Miami is certainly not the most expensive city in the world, it does have a reputation for being pricey. A number of factors contribute to the high cost of living in Miami.
The city is home to a number of luxury brands and boutiques. Miami has a vibrant nightlife scene and a host of high-end restaurants. Miami is a popular tourist destination, which means that hotels and other tourist-related businesses are able to charge higher prices.
Miami has a large number of businesses and industries that cater to the needs of wealthy individuals and families. The city is home to a number of large corporations, which drives up the cost of rent and other living expenses.
13. Queens — New York
- Cost of living: 78.2% above the U.S. average
- City population: 2.271 million (2020)
- Median household income: $77,440
- Median home price: $776,946
- Median monthly rent: $2,595
Queens is one of the most expensive boroughs in NYC. It is more affordable than Manhattan, and there are great public transportation options. The borough has a diverse population, and there are plenty of things to do and see.
From the bustling streets of Jamaica to the tranquil neighborhoods of Forest Hills, Queens offers something for everyone. And with easy access to Manhattan via the subway, it’s easy to see why Queens is one of the most popular boroughs in New York City.
In addition to its convenient location, Queens is also home to some of the best schools in the city, as well as a variety of cultural attractions. Whether you’re interested in art, food, or history, Queens has something to offer.
What makes Queens so expensive? There are many factors that contribute to the high cost of living in Queens, New York. The first factor is the high cost of housing. The average rent for an apartment in Queens is $2,595, which is significantly higher than the national average of $1,326.
The second factor is the high cost of transportation. The average monthly subway pass in Queens costs $127, which is again significantly higher than the national average of $60.
The borough is home to a number of large businesses and industries, which drives up the price of goods and services. Queens is one of the most populous boroughs in New York City, which contributes to the high demand for housing and other amenities.
12. Boston — Massachusetts
- Cost of living: 62.4% above the U.S. average
- City population: 689,326 (2020)
- Median household income: $76,298
- Median home price: $743,093
- Median monthly rent: $2,163
- Unemployment rate: 4.9%
- Poverty rate: 18.9%
- Cost of a half-gallon of milk: $4.66
Boston is a historic city with a lot to offer its residents. For one thing, it has an excellent education system. The city is home to some of the best colleges and universities in the country, including Harvard, MIT, and Boston College.
The city has a vibrant cultural scene. There are countless museums, theaters, and restaurants to enjoy. And, of course, Boston is also home to several professional sports teams.
There are a number of factors that contribute to the high cost of living in Boston. The first is the high cost of housing. The median price of a home in Boston is over $740,000, which is more than double the national average.
The second factor is the high cost of transportation. Boston has some of the most congested roads in the country, and the public transportation system is also very expensive.
Another reason is the city’s location; Boston is situated on the coast, which makes it a desirable place to live. However, this also means that real estate prices are higher than in other parts of the country.
The city is home to many colleges and universities, which drives up the cost of housing and other goods and services.
11. Santa Barbara — California
- Cost of living: 117.9% above the U.S. average
- City population: 90,911
- Median household income: $81,618
- Median home price: $1,824,110
- Median monthly rent: $2,550
- Unemployment rate: 6% (2021)
- Poverty rate: 12.5%
- Cost of a half-gallon of milk: $4.66
Santa Barbara is one of the best and most affluent places to live in the United States. It has a Mediterranean climate, meaning that it has warm summers and mild winters.
The average temperature in Santa Barbara is 70 degrees Fahrenheit. Santa Barbara also has beautiful beaches, including Elwood Beach and Leadbetter Beach.
The city is home to a number of different art galleries and museums, as well as a variety of shops and restaurants. Santa Barbara is also known for its wine industry, and there are a number of wineries located in the city.
Santa Barbara is an expensive place to live for a number of reasons. Santa Barbara is a desirable place to live, with good weather and a lot of amenities. This causes high demand for housing, which drives up prices.
Santa Barbara is a relatively small city, which means that there is limited competition for jobs and businesses can charge higher prices. Santa Barbara has a large tourist industry, which leads to higher prices for food, lodging, and other services.
10. Arlington — Virginia
- Cost of living: 68.7% above the U.S. average
- City population: 236,434 (2020)
- Median household income: $122,604
- Median home price: $836,806
- Median monthly rent: $2,355
- Unemployment rate: 4.50%
- Poverty rate: 6%
Arlington is known for being one of the best places to live in the United States with plenty of jobs available, and the city is filled with amenities that make life easier.
Arlington has an excellent public transportation system, which makes getting around town a breeze. The city also has a variety of shops and restaurants, so you can always find something to do.
The city is home to a number of parks and green spaces, which provide a great place to relax or get some exercise.
There are a number of reasons why Arlington Virginia is so expensive. The cost of living in the area is high. This is due to a number of factors, including the high cost of housing and the high cost of transportation.
The city has a high concentration of government offices and businesses. This means that there is a high demand for goods and services in the area.
The city is located in close proximity to Washington D.C. Arlington is just across the Potomac River from D.C., making it a convenient prime location for those who work in the nation’s capital.
Another factor is the size of the city. Arlington is a relatively small city, which means that there is limited housing available. The strong economy in Arlington also plays a vital role. The city has one of the lowest unemployment rates in the country and is home to many major corporations.
9. San Diego — California
- Cost of living: 60.1% above the U.S. average
- City population: 1.415 million
- Median household income: $83,454
- Median home price: $981,548
- Median monthly rent: $2,916
- Unemployment rate: 3.2%
- Poverty rate: 9.5%
- Cost of a half-gallon of milk: $4.66
San Diego is a beautiful, coastal city located in southern California. It is known for its pristine beaches, year-round sunny weather, and abundance of outdoor activities.
San Diego is also home to a large number of military personnel and their families, as well as a thriving tourist industry. The city has a very diverse population, which contributes to its unique culture and vibrancy.
There are several factors that contribute to the high cost of living in San Diego. One factor is the city’s location. San Diego is situated on the coast, which makes it a desirable place to live.
The climate is mild and sunny all year round, which attracts people from all over the country. The city is also home to a large number of military personnel and their families.
This leads to high demand for housing and limited supply. Another factor that contributes to the high cost of living in San Diego is the city’s economy.
The unemployment rate is low, and the average salary is high. This attracts people from all over the world who are looking for good job opportunities. San Diego has a large tourist industry.
Visitors come to the city to enjoy the sunny weather and wonderful attractions. This influx of tourists drives up prices for restaurants, hotels, and other businesses.
8. Seattle — Washington
- Cost of living: 72.3% above the U.S. average
- City population: 741,251 (2020)
- Median household income: $97,185
- Median home price: $960,925
- Median monthly rent: $2,334
- Unemployment rate: 2.4%
- Poverty rate: 10.18%
Seattle is a beautiful city located in the Pacific Northwest region of the United States. The city is situated between Puget Sound and Lake Washington, providing residents with stunning views of both the water and the nearby mountains.
Seattle is also home to a diverse range of people and cultures, making it a dynamic and exciting place to live. The city is well-known for its coffee culture, its vibrant music scene, and its array of outdoor activities.
Seattle is an ideal city for those who want to experience all that the Pacific Northwest has to offer. From its stunning natural scenery to its lively urban atmosphere, Seattle is one of the best cities in the US.
What makes this city so expensive? There are a number of factors that contribute to the high cost of living in Seattle. The cost of housing is one of the biggest factors, as the average cost of a home in Seattle is significantly higher than the national average.
The city’s location. Seattle is situated in the Pacific Northwest, which is one of the most desirable regions in the country. This desirability drives up prices for housing and other essential goods and services.
Another factor that contributes to the city’s high cost of living is its strong economy. Seattle is home to a number of major corporations, including Amazon, Microsoft, and Starbucks, which has led to an influx of people and businesses competing for limited housing and resources.
7. San Jose — California
- Cost of living: 115% above the U.S. average
- City population: 1.029 million (2020)
- Median household income: $117,324
- Median home price: $1,437,021
- Median monthly rent: $2,972
- Unemployment rate: 2.40%
- Poverty rate: 8.27%
San Jose is one of the best cities to live in in the United States. The city has a Mediterranean climate, which means that it enjoys warm weather all year round.
The city is located in the heart of Silicon Valley, making it a great place for tech-savvy residents. The city is also home to a number of large companies, including Google and Facebook. This leads to plenty of job opportunities available in San Jose.
Moreover, the city offers a wide range of amenities, including excellent schools, parks, and museums. In short, San Jose has something to offer everyone.
What makes San Jose so expensive? There are a number of factors that contribute to the high cost of living in San Jose. The first is the Silicon Valley tech industry, which has driven up housing prices and made basic necessities like food and child care much more expensive.
The second reason is the lack of affordable housing options, which has forced many residents into long commutes or cramped living situations. The city’s proximity to San Francisco, which is one of the most expensive cities in the world.
San Jose has a large number of high-end restaurants and stores, which add to the overall cost of living.
6. Oakland — California
- Cost of living: 74.4% above the U.S. average
- City population: 422,575 (2020)
- Median household income: $80,143
- Median home price: $981,287
- Median monthly rent: $2,200
- Unemployment rate: 3.40%
- Poverty rate: 17.63%
Oakland is a large city located in the Bay Area of California. It is the third largest city in the state with a population of over 422,575 (2020) people. The city is known for its diverse population, arts and culture scene, and vibrant nightlife.
Oakland is also home to a number of professional sports teams, including the Golden State Warriors of the NBA. The city has a Mediterranean climate, with mild winters and warm summers.
Oakland is considered one of the best cities to live in the US due to its excellent public schools, safe streets, and affordable housing. The cost of living in Oakland is high, but it is still cheaper than nearby San Francisco.
Oakland is an ethnically diverse city with a large Hispanic and African American population. The city also has a large number of immigrants from Asia, particularly from Vietnam and China.
What makes Oakland so expensive? There are several factors that contribute to Oakland’s high cost of living. The strong demand for housing in the Bay Area.
With the tech industry booming in nearby Silicon Valley, many people are moving to Oakland in search of affordable housing. This has caused prices to rise sharply in recent years.
Another factor is the lack of supply of new housing units. Due to strict zoning regulations, it is difficult to build new housing in Oakland.
Oakland is an urban area with a lot of amenities and close proximity to major cities like San Francisco and Berkeley. This makes it a desirable place to live, and thus drives up prices.
The city has experienced significant gentrification in recent years, as more people are moving to Oakland for its proximity to San Francisco and its vibrant culture. This has led to an increase in demand for housing, which has in turn driven up prices.
5. Washington — District of Columbia
- Cost of living: 52.1% above the U.S. average
- City population: 701,974 (2020)
- Median household income: $90,842
- Median home price: $707,647
- Median monthly rent: $2,335
- Unemployment rate: 4.8%
- Poverty rate: 16.2%
While some may think of Washington DC as a busy and stressful city, it is actually one of the best places to live in the United States. The city offers a wealth of cultural and historical experiences, as well as plenty of green space to relax in.
It is also home to a number of excellent schools and medical facilities. Washington DC has a vibrant economy and is filled with job opportunities in a variety of industries.
What makes Washington DC so expensive? One reason is that it is the capital of the United States, so there is a lot of demand for housing and everyone wants to live there.
Another reason is that the city is quite small, so there is not a lot of space for new development, this means that there is limited housing available and rents are correspondingly high.
The cost of living in Washington DC is high because there are a lot of government workers who are paid well and can afford to pay high prices for goods and services.
The city has a high concentration of wealth, which drives up prices. The city is also home to a number of prestigious universities, which also drives up prices.
The city is home to a number of government agencies and businesses that require high-skilled workers. This drives up the cost of labor in the city. Washington has a large number of tourists who visit it each year.
The city’s residents are highly educated and have demanding jobs, which means they are willing to pay premium prices for goods and services.
4. San Francisco — California
- Cost of living: 169.3% above the U.S. average
- City population: 874,784 (2020)
- Median household income: $119,136
- Median home price: $1,576,808
- Median monthly rent: $2,681
- Unemployment rate: 1.9%
- Poverty rate: 10.0%
San Francisco is often cited as one of the best and wealthiest cities to live in in the United States, and it’s not hard to see why. The city boasts a diverse population, a mild climate, and a wide range of cultural and recreational activities.
San Francisco is also home to some of the best public schools in the country, and its residents enjoy a high standard of living. The city’s proximity to Silicon Valley makes it an ideal location for tech workers and entrepreneurs.
San Francisco is one of the most expensive places to live in the United States. The cost of living in San Francisco is nearly double the national average, and rent prices are some of the highest in the country.
The high cost of living is due to a number of factors, including the city’s strong economy, limited housing supply, and high demand for housing. The strong economy in San Francisco is driven by the city’s status as a major tech hub.
The city’s relatively small size, its location on the West Coast, and its popularity as a destination for both tourists and new residents.
3. Honolulu — Hawaii
- Cost of living: 76.5% above the U.S. average
- City population: 347,181 (2020)
- Median household income: $87,722
- Median home price: $875,952
- Median monthly rent: $1,214
- Unemployment rate: 4.3%
- Poverty rate: 8%
Honolulu is the capital and largest city in Hawaii. It is located on the island of Oahu and is known for its beautiful beaches, year-round warm weather, and lush vegetation.
Kauai, Maui, and the Big Island are all within a short flight from Honolulu, making it the perfect base for exploring the rest of Hawaii. The city is also home to a large number of cultural attractions, including the Bishop Museum, the Honolulu Symphony, and the Hawaii Opera Theatre.
What makes Honolulu so expensive? There are a number of reasons why Honolulu is expensive. The most significant factor is the high cost of housing. The median price for a home in Honolulu is $875,952, which is more than double the national average.
The city is a popular tourist destination, which drives up prices for hotels, restaurants, and other attractions. The cost of transportation can be prohibitively expensive in Honolulu, due to the limited public transportation options and the high cost of gasoline.
2. Brooklyn — New York
- Cost of living: 100.7 % above the U.S. average
- City population: 2.577 million (2020)
- Median household income: $62,952
- Median home price: $950,000
- Median monthly rent: $3,194
According to Realtor, the median home value in Brooklyn is now $950K, making it one of the most expensive places to live in the country. The borough’s median household income is $198,854, which is well above the national average.
The poverty rate in Brooklyn is just 9 percent, which is significantly lower than the national average of 14 percent. These figures paint a picture of a thriving community that is attracting well-educated and successful residents.
What makes Brooklyn NYC so expensive? The borough is home to a number of desirable neighborhoods, including Brooklyn Heights, Dumbo, and Williamsburg. These areas offer residents access to good schools, parks, and transportation options, making them highly sought-after places to live.
Brooklyn has undergone a significant gentrification process in recent years, with many formerly industrial areas being transformed into trendy residential or commercial districts.
The borough is home to many wealthy young professionals and families who are attracted to the area for its diverse culture, its abundance of amenities, and its proximity to Manhattan.
The demand for housing in Brooklyn is high, which drives up prices. The cost of doing business in Brooklyn is higher than in other parts of the city due to the high taxes and rents.
1. Manhattan — New York
- Cost of living: 158.3% above the U.S. average
- City population: 1.629 million (2020)
- Median household income: $117,926
- Median home price: $1.4 million
- Median monthly rent: $2,561
Manhattan is the most expensive place to live in the United States located in NYC. According to the 2020 American Community Survey, the median household income in Manhattan was $117,926, more than double the national average of $67,521.
Manhattan is also home to some of the country’s wealthiest residents. Nearly 30% of households earn more than $200,000 per year, and nearly 10% earn more than $500,000 per year.
The borough’s high incomes are largely due to the presence of Wall Street and other financial institutions. However, Manhattan is also home to many of the country’s top businesses, law firms, and media outlets, which help to drive up incomes.
Why is Manhattan so expensive? Manhattan is one of the most densely populated areas in the United States, with over 69,468 people per square mile. This high population density means that there is a high demand for housing and other services, which drives up prices.
The borough is home to many of the city’s most important businesses and organizations, which means that rents are higher than in other parts of the city.
Other factors include the limited availability of land, the high demand for housing and office space, and the large number of residents who are employed in high-paying jobs.
Manhattan also has a relatively low crime rate and a high quality of life, which further contribute to its high cost of living.