In areas across the United States where you’ll find the highest costs of living, the most noticeable spike is in California. The golden state dominates this costly living category, mainly due to its appealing climate and opportunities that have attracted waves of settlers since the days of the gold rush. Notably, San Francisco is home to a significant number of billionaires, second only to New York City.
The appeal of California and similar places lies in their sunshine, which isn’t just good for the soul; it supports a vibrant ecosystem through photosynthesis, energizing residents and visitors alike. Contrastingly, the East Coast, with its grey winters, can weigh heavily on one’s spirits despite the festive snowy season.
Here’s a rundown of cities with the steepest median monthly housing costs:
– San Jose, CA: $1,828
– Bridgeport, CT: $1,793
– Oxnard, CA: $1,780
– Washington, D.C. Area: $1,706
– San Francisco, CA: $1,660
– Honolulu, HI: $1,532
– Trenton, NJ: $1,401
– Seattle, WA: $1,368
Despite the high cost of living, these areas often offer the greatest income opportunities, especially with the ongoing tech boom, potentially increasing wealth for many. This makes these high-cost areas a worthwhile consideration for those looking to enhance their careers and financial standing.
If contemplating a move to a place with a higher cost of living, consider what you gain in terms of quality of life and potential income versus the extra cost. For example, paying a bit more to live in sunny Honolulu over Trenton might be a price worth paying for many.
Finally, if investing in real estate appeals to you as part of your financial strategy, platforms like Fundrise and Crowdstreet make it easier than ever to invest in properties across the country. These platforms allow everyday investors to put money into commercial real estate deals previously accessible only to large institutional investors or the ultra-wealthy.
