The top US cities offer numerous benefits to their residents. Some of these benefits include a high standard of living, multiple employment opportunities, good health care, and lots more.
However, these benefits all come at a high cost. Almost all the top US cities have a higher cost of living compared to the average cost of living in the US.
This article will analyze how individual costs add up to yield higher living costs in top US cities. So we urge you to pay close attention as you read on. Knowing the average cost of living in top US cities will help you prepare adequately while moving to one of those cities.
Housing cost is part of the essential costs that make up living costs in any part of the world. In top US cities, residents spend most of their income on housing. The median home in top US cities costs above $600,000. The median rent in top US cities varies between $1000 to $3000. These values are almost double the national average.
In New York, for instance, the median rent for one-bedroom and two-bedroom apartments are $2,045 and $2,152, respectively. Homeowners are not exempted from the high housing costs in top US cities as they often spend money on general home maintenance and insurance.
A basic food menu in restaurants in top US cities costs more than $20. The non-restaurant food per person in top US cities costs approximately $30. So, an individual will spend about $900 on food monthly. This figure might seem too high even for someone who doesn’t visit the restaurant too often, but when you consider the cost of groceries in these cities, you will realize things could even cost more if care is not taken.
The table below shows the average cost of some essential food items in top US cities.
|1 liter of regular milk
|500 grams of bread
|1 kilogram of beef round
Transportation cost is another part of living cost that takes away a significant portion of residents’ income. Car owners and those who use public transport require a lot of money to cater for transportation in top US cities, though car owners pay more for transportation. Residents of top US cities spend at least $6,000 to own and operate a car annually, while those using public transport usually don’t spend up to $2000 annually. For instance, in California, one of the top US cities, residents require $7,630 to own and operate a car in a year.
Child Care Cost
Child care is quite expensive in top US cities. You’ll need almost $2000 to take care of a child between the age of 0 to 5 years in top US cities every month. Of course, the age range of the child also determines the cost of child care. Infant care is the highest as it often goes slightly above $2000 per month in top US cities like San Diego, Chicago, and New York.
Health Care Cost
Health care in the US generally is very high compared to the cost of healthcare in many other countries. Thankfully, the cost of healthcare in top US cities is almost the same as the national average. The price of healthcare insurance in top US cities varies between $450 to $1000 per month, depending on the kind of health insurance plan.
If you live in one of the top US cities and don’t have health insurance, your healthcare cost will slightly be more than $11,945 per year, the average healthcare cost per person in the US.
Utility costs are unavailable for everyone, though the size of one’s home will determine how much residents need to cover utility costs. According to data obtained from Numbeo, an 85-meter squared apartment in New York requires approximately $159.56 monthly to cover the cost of electricity, heating, and water. The internet and cable subscription cost in New York is roughly $64.69, which is almost the same as the national average cost. The utility cost in other top US cities is very similar to the cost we just analyzed above.
Most top US cities have a higher cost of living compared to the average cost of living in the US, especially in the housing cost aspect. So, if you are planning to move to one of the top US cities, you should prepare enough finances to cater to your needs. And, of course, seek advice and assistance from a reputable US immigration lawyer.