In this piece, we will take a look at the five most expensive cities to live in the U.S. For more cities, head on over to 30 Most Expensive Cities to Live in the U.S.
5. Oakland, California
Cost of Living Index Reading: 95.6
Oakland is another large city in California with a population of close to half a million people and a large port. It was incorporated in 1852 and is named after the forest that covered it before the city was inhabited. Oakland’s port is the hub of international trade in Northern California, with nearly all of the trade in the region moving through the port. The city is also known to have contributed significantly to the development of the global container shipping industry.
4. New York City, New York
Cost of Living Index Reading: 100
New York is one of the most iconic cities in the U.S. Its beautiful skyline of skyscrapers is a national icon, and since it is a port region, New York is also one of the oldest cities in the U.S. since it was originally settled in the 17th century. New York is the most populous city in the U.S. and the 30th largest in the world. New York has America’s biggest financial sector, and its famed Wall Street is full of hedge funds and financial firms that make the rules when it comes to global financial markets. New York’s NYSE is also the world’s largest stock exchange, and technology, biotechnology, real estate, and other sectors such as media also play a crucial role in its economy. New York is also the world’s second largest city in terms of gross domestic product (GDP), which was estimated at a whopping $1.9 trillion as of 2021.
3. San Francisco, California
Cost of Living Index Reading: 100.4
San Francisco is another iconic U.S. city and a cultural hub of the West Coast. Its Golden Gate bridge is a well known landmark, and with its $593 billion GDP, San Francisco is the twelfth largest city in the world in economic terms. The city also has the fourth highest GDP per capita in the U.S. at $98,974. San Francisco was set up just a few of days before the American Independence day in 1776. However, San Francisco has also been criticized due to its high costs of living, with housing costs in the city estimated to be a whopping 113% higher than the U.S. national average and the rent for a one bedroom amendment being a high $3,020 in October 2022.
2. Honolulu, Hawaii
Cost of Living Index Reading: 102.3
Honolulu is Hawaii’s capital and its largest city. It has a large port and acts as the financial sector for Hawaii as a whole. At the same time, Honolulu is also known for its high costs of living, especially due to high rents in the housing sector. Honolulu traces its roots back to the early 19th century and was incorporated in 1907.
1. Santa Barbara, California
Cost of Living Index Reading: 117.3
Santa Barbara is another coastal city in California. It acts as a strong hub for the U.S. aerospace and defense industry and also serves as an important tourism hub. While humans inhabited the area thousands of years ago, it was officially incorporated in 1850.
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