You might be in a city that is not much expensive. But, there are many cities in the USA which are considered as the most expensive cities in the USA. These cities are the places where the living cost and cost of everything is skyrocketing unlimitedly.
All these cities have their own environment and their own reasons behind being so expensive. But the interesting fact is, even though these cities are costly, instead of having a decrease in the population, these cities are increasing day by day without any stop point.
Now, what could be the thing that is driving people towards these most expensive cities? Also, what could be the reason why people are moving to these very expensive cities?
Well, let's find out what these cities are, their cost of living, what they are famous for and why these cities are the most expensive cities in the USA.
Manhattan, New York is the most populated city of the 5 boroughs of New York. Manhattan alone consists of more than 1.5 million people. It is the central attraction of New York State and is mostly comprised of Manhattan Island. It comprises a lot of skyscrapers and The Empire State Building is the one that's extremely prevalent.
Comparing the price of the median salary and the cost of living in Manhattan, it is a very expensive city. The cost of living, grocery, and almost everything is high-priced. The median salary of people living in Manhattan is around $70,000 and the median home price is around $2 million. The unemployment rate of Manhattan is pretty low at around 4% and the poverty rate is around 16%.
There are several reasons that account for Manhattan being so expensive. The skyrocketing salaries of people, lower interest rates, and importantly the slothfulness in the supply of apartments are the main reasons behind Manhattan being so expensive.
San Fransisco is a city in California with a population of approximately 900K. It also holds a thirteenth position in the largest cities in the USA. San Fransisco is a major city of attraction in California and the ones visiting California mostly don't miss this place. San Fransisco is renowned for its Golden Gate Bridge, Alcatraz Island, Golden Gate Park, Union Square, Lombard Street.
The median household income of people living in San Francisco is around $95,000.
According to the 2019 data, the minimum wage of people living in San Fransisco is around $15.59. The median monthly rent and the cost of high-rise apartments in San Fransisco are approximately $4,000 and $3500 respectively. San Fransisco has an unemployment rate of around 8% and the poverty rate is around 10%. It has an expensive cost for groceries, housing, and apartments.
The rising tech industries is the main reason why San Fransisco is very expensive. The Silicon Valley in the San Fransisco Bay area that consists of hundreds and thousands of small and big tech companies has made San Francisco extremely expensive. Some of the well-known companies in San Fransisco are Apple, Google, Facebook, etc. There are other several reasons behind San Fransisco being one of the most expensive cities in the USA. High-income of San Fransisco residents and is one of the major tourist attractions of California are a few of the other reasons why living is so expensive in San Fransisco.
Honolulu is the capital city of Hawaii and is a very beautiful place to visit during Summer. Honolulu attracts millions of tourists every year with its tempting natural beauties. Some of the centers of attractions in Honolulu, Hawaii are Pearl Harbor, USS Arizona Memorial, Waikiki, Diamond Head State Monument, etc.
The median household income and the median home prices in Honolulu are nearly $80,000 and $ 1.5 million. The average monthly apartment rents in Honolulu is nearly $3,000. Honolulu has an unemployment rate of around 2.3% and the poverty rate is around 11%.
Out of the several reasons why Honolulu is one of the most expensive cities in the US, the below-average mortgage rate and very few new housings are prevalent. It is also expensive because of the high demand and low supply of apartments and housing in Honolulu. When there is less supply, the ones buying those houses are mostly wealthy and can afford it.
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Boston is the capital city of Massachuttes with a population of around 700,000. Some of the top sights in Boston are Freedom Trail, Faneuil Hall MarketPlace, Boston Common, New England Aquarium, etc.
Boston is extremely expensive in terms of the healthcare system. It is way higher, around 22% than the average cost of the US. Moreover, Boston is skyrocketing in terms of groceries or food. The average household cost is approximately $600,000 and the average income of the people is around $65,000.
Boston replicates Silicon Valey of California where the establishment of tons of different tech countries has boosted its economy. Because of these tech companies, Boston has a very low unemployment rate of 2.1%
Washington, DC is the capital city of the US. As being the capital city plethora of full-time workers can be found in Washington. With a population of around 650,0000, Washington is rising on its population size.
The median household income of people residing in Washington hovers around $75,000. People generally pay an average o around $3000 as a monthly rate and the unemployment rate in Washington is close to 9%. Even though being a capital city, it has a pretty high poverty rate of approximately 17%.
Yes no doubt, as being the capital city, everything is overpriced. Not only groceries or health care but even buying one-acre land can cost you $1 million. But generally, people are adapted to the high price and can afford them more easily now.
Oakland is another well-known city in California which is almost full of opportunities. This city provides shelter for big companies like Pandora, Southwest Airlines, etc.
In Oakland, the cost of living is more than 50% of the average cost of living in the US. The city has a less population that hovers around 400,000 and has an unemployment rate close to 3%. But, the poverty rate is pretty high being close to 20%.
As being home to big companies, it is obvious to have highly-priced apartments, housing, groceries, health, and overall living. But, people have very low earnings with the average being close to $5,500 and the cost of living is very expensive.
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