10 US Cities With the Highest Cost of Living

10 US Cities With the Highest Cost of Living
Getty Images | Ronald Martinez

Top 10 US cities with soaring living costs

Getty Images | Photo by Spencer Platt
Getty Images | Photo by Spencer Platt

Also Read: Scammers Are Now Targeting Consumers with Fake Subscription Renewal Emails

Navigating the diverse landscapes of America comes with its own set of realities, the varying cost of living being one. From bustling metropolises to serene coastal havens, a city's financial landscape influences everything from housing choices to daily expenses. Key factors such as home prices and rentals form a significant part of this equation. Income levels and employment opportunities directly impact affordability. Geographical location, cultural attractions, and entertainment scenes draw residents willing to pay a premium to some of the most expensive addresses. The US Census Bureau delves into factors driving up the cost of living in these 10 US cities. 

1. New York (Manhattan)

Getty Images | Photo by Drew Angerer
Getty Images | Drew Angerer

Manhattan, the iconic borough of New York, has the highest cost of living, surpassing the US average by 127.7%. This is primarily attributed to exorbitant housing expenses with an average home price of $2,434,977 and monthly rent averaging $4,569. The median household income stands at $70,663 while the unemployment rate is 4.3% and the poverty rate is 17%. Even the cost of everyday items reflects the high costs, with a half-gallon of milk priced at $3.04. This trend goes back to the 19th century when immigrants flocked to Manhattan believing that its streets were paved with gold. Manhattan is still a haven for millionaires and billionaires, driving housing demand and costs sky-high.

Also Read: 30-Year-Old Decodes Social Anxiety while Ordering Food

2. Honolulu

Getty Images | Photo by Ron Jenkins
Getty Images | Ron Jenkins

Also Read: Elon Musk's X Has Started Giving Free Blue Ticks to Hand-Picked Users; Check if You Qualify

Honolulu, the tropical paradise and capital of Hawaii, presents a picturesque landscape and vibrant culture. However, the cost of living in Honolulu is around three times the national average. The city's irresistible charm and the strong demand for housing from both residents and tourists are key factors driving up expenses. The allure of its stunning landscapes and pristine beaches contributes to the high demand for housing with an average home price of $1,605,915. With an overall cost of living 84% above the U.S. average, the median household income stands at $92,600 while the unemployment rate is 3.8% and the poverty rate is 10%. 

3. San Francisco

Getty Images | Photo by Justin Sullivan
Getty Images | Justin Sullivan

Nestled along the Pacific shores, San Francisco captivates with its fusion of natural splendor and technological prowess, drawing a global population in pursuit of innovative opportunities. However, the city's tech-driven reputation impacts the housing expenses here that are three times the national average. San Francisco's magnetic allure, linked to Silicon Valley and iconic landmarks, intensifies the demand for housing, challenging available real estate. With an overall cost of living that is 78.6% above the U.S. average, an average home price of $1,502,557, a median household income of $126,187and an unemployment rate of 2.8%, San Francisco represents a unique nexus of advancement and scenic allure.

4. New York (Brooklyn)

Getty Images | Photo by M. David Leeds
Getty Images | Photo by M. David Leeds

Within New York City's diverse urban landscape, Brooklyn stands as a vivid example of elevated living costs, surpassing the national average by 59%. Its distinctive appeal is rooted in a vibrant blend of culture, art and entertainment, captivating residents. With an overall cost of living 68.6% higher than the US and an average housing price of $1,349,755, Brooklyn mirrors the pulse of the city's cosmopolitan vibe. The borough boasts a median household income of $70,663, an unemployment rate of 4.3% and a poverty rate of 17%. Reflecting the energetic essence of New York, Brooklyn's urban fabric weaves a compelling narrative of dynamic living matched with its financial counterpart.

5. Orange County, California

Getty Images | Photo by David McNew
Getty Images | David McNew

Orange County, basking in California's sunny allure, offers an enticing lifestyle that comes with a price. With living costs soaring 45% above the national average, this affluent region's opulence and coveted amenities contribute to the premium associated with residing here. Elevated housing prices an average home price: $1,248,882 and overall expenses characterize this upscale lifestyle, propelling Orange County among high-cost living areas. The overall cost of living stands at 52.2% above the U.S. average, accompanied by a median household income of $93,547, an unemployment rate of 4.7%, and a poverty rate of 16.8%. 

6. Los Angeles (Long Beach)

Getty Images | Photo by Frazer Harrison
Getty Images | Photo by Frazer Harrison

Pulsating at the heart of the entertainment industry, Los Angeles and its surrounding Long Beach area offer an electric cultural scene. However, this dynamic lifestyle is accompanied by living expenses surpassing the national average by about 43%. The city's iconic status, adorned with renowned landmarks and a multitude of entertainment options, plays a pivotal role in driving up the cost of living by 50.6% above the U.S. average. With an average home price of $1,098,874, a median household income of $69,778, an unemployment rate of 4.4%, and a poverty rate of 16.6%, Los Angeles embodies a vibrant lifestyle that encompasses creativity alongside the realities of higher expenses.

7. Washington, D.C.

Getty Images | Photo by Stefan Zaklin
Getty Images | Stefan Zaklin

The political epicenter of the United States, Washington, D.C. harmonizes a unique blend of history and modernity. The allure of a dynamic lifestyle revolving around governmental and cultural institutions seamlessly intertwines with living costs that escalate to approximately 41% above the national average. The city's significance on the national stage coupled with its array of diverse opportunities synergistically position it among the top contenders on the list of high-cost living areas. In the heart of the nation's affairs, Washington, D.C. offers both the allure of influence and the reality of elevated expenses with an overall cost of living 52.2% above the U.S.average, a median household income of $93,547, an average home price of $1,156,418, an average monthly rent of $3,220, an unemployment rate of 4.7% and a poverty rate of 16.8%.

8. Boston

Getty Images | Photo by Darren McCollester
Getty Images | Darren McCollester

Boston is a site of academic excellence, cultural vibrancy, and innovations. However, this charm comes with living expenses approximately 38% above the national average. With prestigious educational institutions, a thriving arts scene and New England's essence, Boston beckons with a price tag that accompanies embracing its captivating lifestyle. Amid cobblestone streets and renowned institutions, Boston echoes its reputation as a city of intellectual and artistic prowess, with an overall cost of living 49.7% above the U.S. average, a median household income of $81,744, an average home price of $921,897, an average monthly rent of $3,747, an unemployment rate of 2.7%, and a poverty rate of 17.6%.

9. Seattle

Getty Images | Photo by Donald Miralle
Getty Images | Donald Miralle

 

Lush landscapes and a thriving tech ambiance make Seattle undeniably charming but its living expenses are approximately 34% above the national average. The city's allure mirrored by its vibrant tech scene and iconic landmarks like the Space Needle and Pike Place Market is balanced by steep housing costs. With an overall cost of living 49.9% above the US average, a median household income of $105,391, an average home price of $940,665, an average monthly rent of $3,031, an unemployment rate of 3.4%, and a poverty rate of 10%, Seattle weaves a tapestry of natural beauty and technological prowess, where embracing its dynamic lifestyle is a testament to its magnetic allure.

10. San Diego

Getty Images | Photo by Sean M. Haffey
Getty Images | Photo by Sean M. Haffey

San Diego's coastal allure with its year-round pleasant climate and stunning beaches is coupled with living expenses exceeding the national average by about 34%. While the city's vibrant Gaslamp Quarter and serene La Jolla shores offer a harmonious blend of coastal living and urban amenities, the overall cost of living stands at 43.7% above the U.S. average. San Diego's median household income is $89,457 with an average home price of $1,001,748 an average monthly rent of $3,057, an unemployment rate of 3.3%and a poverty rate of 11.6%. 

More from MARKETREALIST

MLB Star Shohei Ohtani's Ex-Interpreter Allegedly Stole $16 Million From Him: Here's How He Did It

Single Moms Turn to 'Mommunes' Amid Soaring Expenses and Rising Costs

Share this article:  10 US Cities With the Highest Cost of Living