If you’re looking to relocate to a new city, you’ll want to take a look at this list. We’ve spent hours compiling the data to rank these cities as the top 5 most expensive in the nation. A common thread we’ve uncovered is that each city has low unemployment rates. Keep in mind this list includes only the city limits and not the surrounding suburbs. There may be plenty of opportunities for affordable living around these cities.
- San Jose, California
The tech surge of the past few years has pushed home prices in the Silicon Valley through the roof. Neighboring cities, including San Jose, have seen home prices skyrocket as a result. The average home price in San Jose is an astounding $900,000, with the cost of living reaching 122% higher than the national average.
- New York City, New York
With the average cost of owning a home topping out at just over a million dollars and the cost of living over 118% higher than the national average it’s not surprising that New York City tops this list. The high cost of living in the big apple combined with the high home prices push it up to #2 on our list, though it was a close race between NYC and San Jose for that top spot.
- San Francisco, California
San Francisco has one of the most expensive real estate markets in the country, reaching a whopping average home price of $800,000. The cost of living however is only just above 60% higher than the national average. The lower cost of living in “The City” is what keeps it out of the number 1 and 2 spots.
- Washington, D.C.
The District of Columbia is home to the US government so it’s not a surprise to see D.C. on this list. Not quite as expensive as San Francisco, New York, or San Jose, the average home price in D.C. comes in at just over $700,000 while the cost of living is about 95% higher than the national average. Surprisingly though utility costs in D.C. are about 23% lower than the national average but it still manages to make number 4 on the list.
- Honolulu, Hawaii
With it’s beautiful beaches and great weather Hawaii is an amazing place to live and has always been one of the most expensive, so it’s not a big surprise to see it make this list. Honolulu has an average home price that weighs in at approximately $650,000 and the cost of living shows a 82% increase over the national average.
Looking to own a home in any of these great cities? Consider renting-to-own a home as an alternative. Our huge list of rent-to-own homes nationwide can connect you directly with home owners.