In Boston, cost of living is on the rise. However, the same is not the case a few hours away in any direction. The largest metro areas in the country are experiencing enormous increases to the cost of living. However, the effects are mostly limited to these areas.
There has always been a cost of living gap. Large, affluent urban centers have seen steady increases while smaller cities and more rural areas lag behind. However, the divide is growing according to new research. In fact, the cost of living gap is wider now than at any other time.
By The Numbers
According to data tracked by the Council for Community and Economic Research, the gap has been widening since the great recession. As the economy recovered, cost of living went up in large, urban areas. At the same time, costs largely stayed the same or were slower to increase on other areas.
In 2007, the average cost of living for the 20 most expensive urban areas was 50% higher than the average for all other areas. While that may seem high (and it is), the divide is even greater now. The gap has widened to 62%
This means it is 62% more expensive to live in one of America’s 20 most expensive cities than it is to live almost literally anywhere else except for the other 19.
A Trend Continues
The data, while shocking in its disparity, should not be surprising. There has been a trend in recent years of skyrocketing home prices and rising costs of living in large, urban centers.
City vs City is a powerful cost of living calculator. We look at after-tax income, expenses, savings, and other factors. We even consider all major state and local taxes. When all is said and done, City vs City shows you your true cost of living.
Then, we compare that data to another city of your choosing to see how things stack up. By examining costs at the zip code level, we deliver a cost of living calculation that is both personalized and accurate.
If you’re considering leaving one of these high-cost urban areas, Download the City vs City app today!