World Courant
The New York borough of Manhattan is the most costly place to reside within the US – and the price of residing is not even shut.
The price of residing in Manhattan is greater than twice the nationwide common. The second and third costliest locations are Honolulu and San Jose, California, however they’re much extra inexpensive as compared. Manhattan is 24% dearer than Honolulu and 30% dearer than San Jose.
That is in line with the Council for Neighborhood and Financial Analysis. Value of residing index, which measures regional value variations for on a regular basis items and providers in 271 metropolitan areas within the US
Value of residing is expressed as a composite index rating based mostly on six weighted classes: housing, utilities, groceries, transportation, well being care, and miscellaneous items or providers. A composite rating of 100 is the nationwide common, and any rating above 100 is above common.
Beneath you can find the ten costliest city areas, based mostly on composite index scores.
New York (Manhattan): 231Honolulu: 186.2 San Jose, California: 177.1 San Francisco: 169.6 New York (Brooklyn): 161.5 Orange County, California: 154.9Los Angeles (Lengthy Seashore): 150.6 New York (Queens): 146.9 Washington, DC: 144.6 Boston: 144.3
All of those locations are recognized for his or her excessive housing costs within the nation. That’s as a result of massive U.S. cities typically appeal to residents because of a better focus of jobs, which additionally will increase the demand for housing, which then drives up housing costs.
In locations like Honolulu or Manhattan, land can be scarce, which limits the quantity of housing that may be constructed. The shortage of latest provide is placing additional strain on housing costs.
One more reason why Manhattan is so costly is wealth. New York Metropolis is residence to 350,000 millionaires – many of the nation – a lot of whom reside in Manhattan.
The focus of wealth has additionally pushed up housing costs, which is a part of the explanation Manhattan is residence to among the costliest neighborhoods within the US based mostly on sq. footageWithin the West Village, for instance, houses price a mean of $2,400 per sq. foot.
In distinction, probably the most inexpensive metropolis on the rankings is Decatur, Illinois, with a rating of 78.8. Which means it’s 22.2% cheaper to reside there in comparison with the remainder of the nation.
Knowledge for the Value of Dwelling Index was collected from January 1, 2024, by way of March 31, 2024. Every class is weighted based mostly on how households usually spend their cash, in line with authorities survey knowledge.
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Locations with the Highest Value of Dwelling within the US
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