In the midst of a cost of living crisis, it is becoming difficult for the average American to get by. House prices are soaring, inflation is peaking, and wages are not keeping up. It is getting harder to pay the bills and there are 20 cities that are becoming unaffordable for the average American.
New York City, NY
NYC has always been one of the most expensive cities in the US, but a 2022 EUI report found that it now tops the list for the most expensive city in the world. Along with Singapore, the two share the top spot for excessive costs of living and the Big Apple is now unaffordable to the average American.
San Francisco, CA
Not far behind NYC, San Francisco is also among the top ten most expensive cities in the world. Housing costs are a staggering 113% higher than the national average, while utilities are 67.5% more. The city has very inflated rental costs and is one of the most expensive places to rent in the country.
Boston, MA
Housing prices in Boston are currently skyrocketing, and it is incredibly difficult for the average American to be a buyer in the city. Monthly rental rates and the cost of living are also very expensive, and new studies say that to live comfortably, Bostonians need to make upwards of $100,000 per year.
Miami, FL
It has been said that the middle-class can no longer afford to live in Miami after the cost of living escalated to 30% more than the national average. A buyers market, it is better financially to own a home rather than rent here but real estate is currently astronomical.
San Jose, CA
Boasting a population close to one million, there is a huge demand for housing in San Jose, which drives both house prices and rent up. The city currently has a huge housing crisis and due to this, San Jose has failed to meet their affordable housing goals for six years running.
Jersey City, NJ
As of March 2024, Jersey City is the second-most expensive city to rent in the US according to the Zumper national rent report. With a median rent of $3260 for a one-bedroom property, Jersey City comes in just behind NYC for exceptionally high rent.
Arlington, VA
Living in Arlington comes with a huge price tag as the cost of living is 37% higher than both the state average and the national average. Housing prices are through the roof with the median market value 115% more than the national median.
Los Angeles, CA
The City of Angels is renowned as one of the most expensive places to live in the US. Homebuyers need an annual income of around $280,000 to comfortably purchase real estate while rent is 38% higher than the national average. Cost of living is extortionate and you need a generous budget to keep up with the LA lifestyle.
Washington, DC
Renting a one-bedroom apartment in Washington will set you back around $2270 per month. Real estate is up 8.3% compared to last year, and the average house value is now $576,000. Whether you are buying or renting, living in Washington is practically unaffordable for the average American.
Boulder, CO
Among the most expensive cities in the US, Boulder ranks the highest in quality of life. However, there is a huge housing dilemma in the city, with limited land availability for building new homes. The housing availability means prices are outrageous, and choosing to live in Boulder is unsustainable for the average American.
Seattle, WA
Seattle is not a buyer’s market with the median home value of a whopping $830,000, according to Realtor.com. There is no doubt that you need a significant income to invest in real estate in Seattle. While renting is considered more affordable, it is still 32% higher than the national average.
Austin, TX
Thanks to the thriving tech industry, Austin has gone from being one of the most affordable cities in the country to one of the least. This change has happened just in the last decade as high-earners are more attracted to the city. Since 2020, there has been a huge housing demand, which has catapulted rental prices and home values
Salinas, CA
Salinas is currently experiencing overcrowding, and this has a huge knock-on effect on affordability. The city is not on track to approve new housing, meaning there is high competition and escalating real estate value and rental prices. Homelessness is now becoming a problem due to unaffordability.
Newark, NJ
When buying and renting are combined, housing costs 41% more than the rest of the country. Most other cost-of-living areas are also higher than the national average, with utilities 10% higher. The only cost-of-living benefit in Newark is healthcare, which is 4% lower than the national average.
Hialeah, FL
The cost of living in Hialeah is 118.9% higher than the national average. Monthly mortgage payments and rental costs are around $ 3,000 per month, which eats into a significant portion of anyone’s budget. The average American would find this extremely unaffordable.
San Diego, CA
San Diego is one of the most beautiful and popular California destinations, but affordability is not a benefit of living here. A study by Zillow reports that families living in San Diego need a household income of $275,000 to comfortably afford mortgage payments.
Long Beach, CA
Estimated to be 149.1% of the national average, the cost of living in Long Beach is a real crisis. Housing prices have an upward trend of 7.5% year-on-year, with the average market value now $790,000. Transportation and utilities are also considerably higher than in the rest of the country, making every day living difficult in Long Beach.
Anaheim, CA
The home of Disneyland, Anaheim, is a destination preluded by dollar signs. Of all households, 54% are renter-occupied and it is no cheaper to buy here than it is to rent. California is an expensive place to live but even compared to the state average, housing in Anaheim is 29% higher and utilities are 23% higher.
Santa Ana, CA
Living in Santa Ana comes with a premium, as even transportation, groceries, and utilities are unreasonable. The average American would really struggle to live in Santa Ana as housing is also severe. The issue in Santa Ana is supply and demand, and there is huge competition for properties, making it one of the most expensive markets.
Oakland, CA
With San Francisco and San Jose as neighbors, Oakland received a huge population increase when these two cities became unaffordable. Due to demand, Oakland is now following suit and becoming one of the most expensive cities in the US with overpriced real estate.
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