Real Estate

Here are the top 10 major U.S. cities where it’s getting more expensive to live by the day

Minneapolis actually got cheaper

A recent report from Rent.com shows that living in a big city while on a tight budget may be a bad idea.

Mortgage rates, rental costs, property taxes, maintenance, utilities, household products and furnishings were factors included in a survey by the Bureau of Labor Statistics. This survey was done by analyzing the 2016 and 2017 U.S. Consumer Expenditure Survey

According to the report from Rent.com, Miami had the most significant increase in housing costs between 2016 and 2017, with an average spending of 8.2% more on housing over the year. This could be due to the fact that mortgage costs rose faster than local wages in Miami, according to CNBC.

Consequently, there are major cities that became more affordable. For example, housing spending in Minneapolis dropped 6.7% on average.

Although the location varies, housing costs were found to cost a significant chunk of the average paycheck. 

In 2017, it was found that 27% of the average income in the U.S. was spent on housing. City dwellers in Los Angeles and Boston put an average of 31.8% and 30.5% of their incomes towards cost of living, respectively. 

Here are the top 10 cities that saw a significant increase in cost of housing:

  1. Miami, Florida: 8.2% increase

  2. St. Louis, Missouri: 7.8% increase

  3. Denver, Colorado: 7.1% increase

  4. Boston, Massachusetts: 6.7% increase

  5. Washington, D.C.: 6% increase

  6. Seattle, Washington: 5.8% increase

  7. San Francisco, California: 5.5% increase

  8. Houston, Texas: 3.9% increase

  9. Atlanta, Georgia: 3.8% increase

  10. New York, New York: 3.5% increase

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