10 Most Expensive Cities in the U.S., Manhattan Tops the List
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7 September 2024 00:23 WIB
TEMPO.CO, Jakarta - The United States is considered one of the countries with the highest cost of living, according to Numbeo. The superpower nation's cost of living index stands at 72.9.
While the cost of living varies from city to city in the U.S., it is undeniable that some, especially the urban areas, are more expensive than others. This article will explore the top 10 most expensive cities in the United States to understand why they have such an expensive reputation.
10 Most Expensive Cities in the US
The Council for Community and Economic Research (C2ER) released the first quarter of its 2024 Cost of Living (COL) Index. This index measures regional differences in the cost of consumer goods and services, excluding taxes and nonconsumption expenditures, for professional and managerial households in the top income quintile.
According to the index's findings, cities in New York and California dominate the list. What factors contribute to the high cost of living in these cities? According to Investopedia, housing and taxes are the main variables that cause costs to skyrocket.
Without further ado, citing Investopedia and the 2024 Cost of Living Index, let's examine the top 10 most expensive cities in the U.S.
1. Manhattan, New York (COL Index: 231.0)
Manhattan consistently ranks as the most expensive place to live in the United States. The C2ER reports that the cost of living in Manhattan is more than twice the national average.
Everything seems to be expensive in this city. Notably, Manhattan's median sold home price stands at around $936,000, which is higher than that of the national average.
2. Honolulu, Hawaii (COL Index: 186.2)
Honolulu may be a vacationer's paradise, but for residents, it comes with a hefty price tag. Food is 24 percent more expensive than the national average. Similarly, utilities are twice as expensive.
3. San Jose, California (COL Index: 177.1)
San Jose earns its spot on this list thanks to its booming tech industry. U.S. News Real Estate explains that the tech boom has somehow led to a significant increase in many areas, making them unaffordable, especially for those without high-tech salaries. Many residents also express how they spend more on daily necessities than the average American.
