America's Most Expensive City Isn't New York
City-living sure isn't doing anyone's wallet any favors. A new study just been released by Nested lays out -- in excruciating numbers -- how much it costs to live in the most expensive cities in the (Broke) United States of America, and the results aren't super encouraging if you'd planned on taking that cruise to the Caribbean anytime soon.
Detroit comes in at number 10. There you can raise a family on a combined income of less than $36,000 and can expect to spend about $457 a month on average in rent as a single person. Chicago, the nation's third-largest city, is cheap compared to New York and L.A., and a single person's monthly rent on average is $1,045. New York comes in second place for the most expensive spot, with the average person spending $1,994 on rent and making $82,000 annually. And rocketing to number one: San Francisco, where rent will run you $2,077 a month on average, and the annual income you need to raise a family is well over four times the average of Detroit.
To arrive at these numbers, Nested looked at recent market listings in locations worldwide, then calculated minimum space recommendations for a single person and for a family of four (420 square feet and 797 square feet, respectively) based on recommendations published by the Greater London Authority. They also calculated minimum salary recommendations based on a report that stated no more than 29% of a person's salary should go to rent or living expenses.
Here's a list of the top 10 most expensive cities in the country, ranked by average monthly rent for a single person:
1. San Francisco, $2,077
2. New York City, $1,994
3. Boston, $1,721
4. Washington, D.C., $1,397
5. Seattle, $1,288
6. Los Angeles, $1,200
7. Miami, $1,192
8. Chicago, $1,045
9. Houston, $625
10. Detroit, $457
One more thing worth noting: all the under-appreciated cities you could move to instead (minus Houston).