Let’s face it, finding the piece of land where you can buy the house you’ve been dreaming about has never been easy. However, let’s not discount the value of living in a city. Even if that means you have to live in a smaller place, or rely on public transportation to get around, but LIVING, people are willing to pay extra for that experience. In this article, find out which US cities were deemed as the most expensive by WalletHub and how they compare to each other!
What are the most expensive cities in the US?
When it comes to the most expensive cities in the US, those tend to be areas with a high demand for luxury goods and services. Various factors contribute to the cost of living in these areas, such as expensive real estate and inventory, well-paid professionals, high transportation costs, and high taxes. Here are five of the most expensive cities in America:
1. San Francisco, California
2. New York City, New York
3. Los Angeles, California
4. Chicago, Illinois
5. Seattle, Washington
What makes a certain city pricey?
Homes in some major cities can cost a lot of money. Here are the most expensive cities in America right now according to Forbes:
1) New York City – The Big Apple is known for its high real estate prices, and that trend doesn’t appear to be slowing down. The city’s median home price hit $1 million in Q1 2018, up 18% from the same time last year.
2) San Francisco – Another Bay Area city that continues to dominate the pricey chart is San Francisco. The median home price there was $1.5 million in Q1 2018, up 28% from the same time last year. This city also boasts one of the highest rent prices on the list, coming in at $4,000 a month on average.
3) Los Angeles – After taking number one spot twice, Los Angeles finally slips into third place on this list with a median home price of $1.5 million. However, this doesn’t take into account areas like Beverly Hills and Hollywood where prices can be much higher.
Where you might be able to have more of your money go further in different cities
America has over 300 cities with a population of over 100,000. Some places are more expensive to live in than others and here’s a look at the five most expensive cities in America according to Numbeo.
1. San Francisco, California – $563 per month
2. New York City, New York – $504 per month
3. Los Angeles, California – $473 per month
4. Seattle, Washington – $462 per month
5. Honolulu, Hawaii – $459 per month
These five cities are all in California and they all rank among the most expensive places to live in America. The other three most expensive cities are all in New York State and their prices reflect that. Interestingly enough though, Seattle is actually cheaper than Honolulu when it comes to monthly expenses! These rankings were compiled using data from Numbeo which is an online platform that allows you to compare how much different places cost to live in based on statistics such as median monthly rent and salaries.