It’s not a surprise that cost of living varies from city to city. What may be a surprise is just how much. A recent study compared 62 of the largest cities in America. Which are the most unaffordable cities? Let’s find out.
WalletHub is known for it’s detailed financial assessments. A recent study published in June ranked the “best cities to live in.” This ranking took into account a few factors such as affordability, job opportunities, even life expectancy.
When it comes to affordability, however, these are the most unaffordable cities in the USA.
When you live in a state where nearly everything is imported, cost of living increases. Honolulu ranked as the 10th most unaffordable city.
San Francisco, CA
Any list of the most unaffordable cities wouldn’t be complete without an appearance from San Francisco. High taxes in San Fran and the entire bay area makes it a frequent guest on lists such as this.
Adjacent to Los Angeles (which will appear on this list soon enough), Anaheim is an expensive city to live in. High cost of living expenses such as home prices and taxes are enough to put it squarely on this list.
Even in a state with no income tax, Miami isn’t exactly cheap. According to a different Wallethub study:
Miami ranked 201st for housing affordability, 171st for real estate tax rates, 181st for cost of living, 121st for rent to price ratio, 221st for its foreclosure rate, 228th for its property crime rate and 102nd for total energy costs.
Long Beach, CA
Long Beach has long been known as an expensive place to live. With a median home price well over a half million dollars, it’s easy to see why.
Oakland tends to be overlooked in terms of affordability rankings. However, it’s easy to forget that it’s part of the super-expensive bay area which residents are finding increasingly cost-prohibitive.
Santa Ana, CA
Part of “the OC,” Santa Ana is also overlooked as a high-price California city. However, it’s one of the most unaffordable cities in California and ranked as the 4th most unaffordable in the United States.
When we think of the most unaffordable cities, we tend to think of the coasts. New York and Los Angeles. And for good reason. Those two cities will be #2 and #1 on this list. However, living in Boston isn’t exactly cheap either.
The median home price in Boston is nearly 70% higher than the national average. That’s more than enough for a high ranking on this list.
Los Angeles, California
It should come as no surprise to see LA make this list. High taxes, high home costs, and more keep Los Angeles and California in general, one of the most expensive places to call home.
New York, New York
If you can make it here, you can make it anywhere. New York city continues to be an incredibly expensive place to call home. High taxes, new taxes, and expensive housing makes New York one of the most unaffordable cities in the country and number 1 on WalletHub’s list.
Location, Location, Location
When it comes to cost of living, your location matters. That’s why City vs City uses your location to determine your cost of living. Our app uses real data curated at the zip code level to determine an accurate look at the real expenses you’ll face in those cities.
If you’re thinking of moving out of one of the most unaffordable cities in America, you’re not alone. All across the country, residents are fleeing high-tax states in search of a better cost of living arrangement.
Check out the video below to see how City vs City works: