People who live in the Big Apple can enjoy the city that never sleeps, but they also may have to pay handsomely in order to live there.
New York topped the list of the most expensive American cities to live in, according to recent data compiled by Kiplinger.com.
The financial forecasting website used data from the Council for Community and Economic Research (C2ER) to create a list of the most expensive U.S. cities to live in.
The top ten expensive cities, according to the research, are:
- New York
- Honolulu
- San Francisco
- San Jose, Calif.
- Stamford, Conn.
- Washington, D.C.
- Boston
- Oakland, Calif.
- Los Angeles
- San Diego
These rankings were created using C2ER’s data based the city’s average cost of living across 308 urban areas compared to the average cost of living in the U.S.
Kiplinger created its rankings with this data after ruling out cities that have fewer than 50,000 residents.
New York’s cost of living is 120% above the average cost of living in the nation, despite having a median household income of $51,000, which is lower than the country’s median household income.
Honolulu ranked No. 2 due in part to the high costs of living expenses in the city. The cost of living is 69.1% higher in Honolulu than the national rate.
Housing costs may be part of the reason that San Francisco ranked No. 3, as the median home value in the city is $750,000. The cost of living in San Francisco is 61.6% higher than the national median.
California had five of the top ten expensive cities, with San Jose coming in at No. 4. Though the median cost of living in the city is $81,349 thanks in part to the high salaries of Silicon Valley, the cost of living is 49.3% above the U.S. median.
Though Stamford, Conn. is smaller than the other cities on the list, it still has a cost of living that is 44% higher than the national median rate.
