3 Cities You Probably Can't Afford to Live In
High cost of living puts these places out of reach for most would-be homebuyers and renters.
Even if you make a good living, your paycheck may not be enough to cover the high cost of residing in one of the nation’s most expensive cities. Outrageous rents and real estate prices are just the start. Expect to pay more – a lot more – for everything from groceries to gasoline. Here are the three U.S. cities with the highest cost of living.
City Population: 1.6 million
Cost of Living: 127.8% above U.S. average
Subscribe to Kiplinger’s Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Median Household Income: $72,871 (U.S.: $53,889)
Median Home Value: $848,700 (U.S.: $178,600)
Average Monthly Rent: $4,239 (U.S.: $1,004)
Unemployment Rate: 4.8% (U.S.: 4.9%)
Highlight: “Hamilton” on Broadway
2. Sunnyvale, Calif.
City Population: 151,754
Cost of Living: 122.9% above U.S. average
Median Household Income: $105,401 (U.S.: $53,889)
Median Home Value: $790,300 (U.S.: $178,600)
Average Monthly Rent: $3,092 (U.S.: $1,004)
Unemployment Rate: 3.8% (U.S.: 4.9%)
Highlight: Silicon Valley
City Population: 992,605
Cost of Living: 90.1% above U.S. average
Median Household Income: $74,460 (U.S.: $53,889)
Median Home Value: $580,200 (U.S.: $178,600)
Average Monthly Rent: $2,996 (U.S.: $1,004)
Unemployment Rate: 2.8% (U.S.: 4.9%)
Highlight: Palm trees and trade winds
See the full list of the most expensive U.S. cities to live in.
Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016.
A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange and hosted a weekly video segment on equities.
In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more.
Stock Market Today: Stocks Close Lower Ahead of Key Debt Ceiling Vote
The major benchmarks spent most of Wednesday in the red as the House prepares to vote on the debt ceiling deal this evening.
By Karee Venema • Published
Why I Don't Buy Stocks
It's nearly impossible to beat the market – but it is cheap and easy to match it.
By Dan Burrows • Published
5 Great Places to Buy a Vacation Home
With remote work on the rise, more people are looking for a permanent getaway.
By Ellen Kennedy • Published
The 25 Cheapest Places to Live: U.S. Cities Edition
places to live Have a look at the cheapest places to live in America for city dwellers. Is one of the cheapest places to live in the U.S. right for you?
By Dan Burrows • Last updated
10 Things to Know About Hurricane Insurance Claims
Becoming a Homeowner Hurricane damage? Know what’s covered, what isn’t, and how to make the most of your policy if you need to file a claim.
By Kimberly Lankford • Published
How to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are higher this year, but you can still find an affordable loan.
By Daniel Bortz • Published
Retirees, A Healthy Condo Has a Flush Reserve Fund
Smart Buying Reserve funds for a third of homeowner and condo associations have insufficient cash, experts say. Here are some cautionary steps you should take.
By Patricia Mertz Esswein • Published
Cash Home Buyers: New Services Offer Help Making All-Cash Offers
Becoming a Homeowner Some firms help home buyers make all-cash offers on homes. Weigh the fees before you sign on.
By Emma Patch • Published
PODCAST: The 2022 Real Estate Market with Daniel Bortz
Becoming a Homeowner Daniel Bortz doesn’t just write about home sales and housing prices – he’s been in the business. He’ll share insights about the real estate outlook for 2022 and “how-to” tips for both buyers and sellers. Also, the pain of high gas prices.
By David Muhlbaum • Published
Home Sale Prices in the 50 Largest Metro Areas
Becoming a Homeowner What’s happening in the market where you live?
By the editors of Kiplinger's Personal Finance • Published