There are a lot of great cities to live in the US. But more often than not, these cities that most people dream of moving into is way too out of the budget. Well, these cities are costly for a reason. There are those places which have the nicest weather conditions or cities that have a great economic status, or there are those locations that have a valuable geographical and historical backgrounds, and sometimes – all of the above. Nevertheless, these cities offer great opportunities and amenities that fairly contribute to the overall costs of living.
Today, moving into these cities may require a great preparation when it comes to financial matters. Not only that the houses and properties are expensive, but the basic needs are quite pricey as well. Hence, if you are planning to leave your current place and migrate into these cities anytime soon, this could be a guide for your next journey.
Seattle is globally known for its coffee. In line with this, the local economy is very strong in Seattle. These factors are only some of the reasons why it is expensive to live in this city. Today, Seattle is one of the fastest growing cities in the US.
In addition, Amazon and Microsoft are headquartered in Seattle which is also a huge factor that makes the housing industry too pleasing and hefty when it comes to prices. The current median home value is $695,600.
There are a lot of factors that contribute to the city’s high cost of living. The well-known universities, historical sites, hospitals, and tech-companies can be found in the heart of Boston. It is undoubted that living in Boston entails the shelling out of money.
The median home value is seen at $561,400 in the recent times which is 9.3% higher than the last year’s data. It is expected to rise 3.9% the coming year.
Brooklyn, New York
Not long ago, Brooklyn is considered to be a city to live in when one cannot afford to live in the middle New York. Essentially, Brooklyn is one of the five regions that make up for New York. It is perceived that if Brooklyn is an independent city, its population would be the same as Chicago’s which is the US’s third largest city.
Currently, Brooklyn’s median home value is rated at $752,500. A value that is 14.3% higher than the last year. It is expected to rise 4.2% within next year.
Oakland is located between San Francisco and Silicon Valley. This specific location makes it a cheaper alternative for everyone who is dreaming of living into the heights of San Francisco. However, Oakland’s cost of living is 48.4% above the nation’s average which makes it still an expensive city to live in.
Today, the median home value is at $687,000.
San Jose, California
Today, San Jose is known as the Capital of Silicon Valley. This is largely the reason why the cost of living comfortably in this part of California is costly. The presence of Silicon Valley is also the basis of the low unemployment rate in San Jose. With a rate of 3.2%, it is way below the known average rate in the US.
The median home value surprised a lot of people since it has risen 9.3% in the recent times. At a value of $912,300, you really need to shell out if you want to reside in San Jose.
There is a reason why Miami is popular as a “Playground for the Wealthy.” The world’s busiest cruise port is found in this region of Florida. In addition, numerous international financial institutions are located here. These factors made it very expensive to live in Miami.
Although the unemployment rate is a little above than the national average, the median home value is rated at $500,800.
San Francisco, California
The city by the bay is normally seen as the most expensive US city to live in. With its high-end lifestyle and practices, it is in no doubt that living in San Francisco is a luxury. The major industries in this area are focused on IT, financial, and tourism services. But the focal point of the city is the competitive and highly favorable conditions catered largely to businessmen and entrepreneurs. This is why a lot of international businesses are apparent to investing in San Francisco.
Accordingly, the median home value is rated at $1,236,700. On a daily basis, it no longer surprises residents why certain families and individuals leave the city.
Washington’s cost of living is quite like Boston’s. Although it is fairly cheaper than New York’s, it is still expensive to live a comfortable life in DC. The presence of the nation’s seat of power is largely the reason behind.
Jobs are more catered in the government and private sectors. As for the median home value, it is rated at $538,700.