US the land of fame, technology, business, high-rise building, waterfront apartments and the list goes on and on. Living in the US is everyman’s dream, a place of paradise. Yet dwelling in the kingdom of heaven is not that pocket-friendly as it seems. Although too pricey for the living still it is a place where people with a like-minded lifestyle want to be.
With a stable job and decent budgeting, city living is quite possible for many. Let’s find out with this top 10 list of most outrageously expensive US cities to live in 2020.
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10. Dallas, TX
Living in Dallas along with your pet dog or cat can cost heavily on your pocket. Yes!!! It will charge you $300 for a pet fee and another $300 for pet deposit. The economic opportunity in this city fetches thousands of people coming here every day. If you are planning to buy a property in Dallas the average annual spending of 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.
9. Stamford, CT
Stamford metropolitan area is always ranked high and considered among the most expensive place to live in the United States. This place requires a lot of money to raise a family with the basic utilities. Everything here is highly-priced based on the cost of housing, taxes, childcare, healthcare, and other expenses without taking savings into account. It is estimated that the costing of raising a family of four with two kids is about $89,000 per year. This shows how much the family needs to invest in order to meet up to 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.
8. Boston, MA
Another major city in the United States which is getting exorbitant. Perhaps it can be very difficult to afford to live. 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 suffers a lot because of it. If you are a fashion designer and wanted to buy a basement closet studio in metro Boston then it will definitely cost you about $1300. 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.
7. Honolulu, HI
The cost living of Honolulu is very high. 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. It is often said that Honolulu has one of the most unsheltered homeless population, which is perhaps an outcome of the shortage of the affordable housing. Everything here such as food, gas, real estate is more expensive, which is the basic need of one’s living. These things are severely high and unaffordable in Honolulu. Perhaps this has spark to a situation in which many people cannot afford to purchase a home for living. In addition to this, the Groceries and other items are highly priced because of the transportation taxes. As many such items are shipped by boat or plane. So, it can be said that the cost of living in Honolulu is as same as compared to the New York City.
6. Washington, D.C.
The housing cost in Washington, D.C. is moderately high and this makes housing out of reach for many. 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. If you are a family person with small children it becomes quite tough here, as the daycare for children is very expensive and in some daycare, there are long waiting lists, especially the ones with great popularity.
5. Chicago, IL
City rents are getting so high that affordability is becoming a major concern of issue in Chicago. Relocating in 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 is concerned. You can get reasonably priced homes in the state but for that, you have to move farther from the city and reside in the suburbs. The property tax is significantly higher here than any other places. Even the sales tax here is subjectively higher than any other places.
4. Oakland, California
Oakland is way, way expensive compared to the other parts of the country. The cost of rent is again the main concern of issue here. It is not always possible for a normal individual to afford their own house in such expensive city; it requires a lot of money to earn that living. 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. Oakland is now considered as the fourth most expensive rental market with the price steadily increasing in the economic sector. On the other hand, the middle-income people are leaving Oakland to get a less inexpensive place to live. The affordability crisis has expanded rapidly than any other major US city.
3. San Francisco, CA
The economic factor of many individuals has decreased the opportunity of living in the major city of San Francisco. It is again a rising issue of affordability in the US. Many individuals are bound to leave this city, simply because they can’t afford it. San Francisco is a great place to live; if only one can afford it otherwise it would fall heavily on one’s pocket. 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.
2. Los Angeles, California
Los Angeles can definitely be an exciting place to be. It is a place of good music venues, the heritage mansions of Beverly Hills and of course for the foodies the mouthwatering barbecue junction. But 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 buy a property in this city, the annual income needs to be about $88,315 approximately. Car ownership in Los Angeles can also be too pricey 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. The high investment in house rent making people leave L.A. as it is becoming too expensive to afford.
1. 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 comes with the highest average rent to live in. An estimated monthly rent for a single person in New York is $1,994. In order to support your living in NYC, a single person’s annual income would have to be above $82,000, which is very difficult to earn a person’s living. The city is the major hub of commercial, financial and cultural center. Despite being an expensive city to live in yet people who live here believe that it’s the greatest town in the world.
Unless you work in a high-paying tech or finance job, these cities are exorbitant for the living. It requires a lot of money and easy budgeting for living your dream in the US. There are many opportunities for the job seekers here but housing can be a major issue of concern.