New York is the most expensive city to live in America, according to the October 2005 analysis by Runzheimer International, a management consulting firm. The study considered what a typical family of four with a combined annual income of $60,000 spends on average, and compares the different costs associated with living a similar lifestyle in more than 300 locations in the US.
At an yearly cost of $146,060, NYC homeowners pay 137.9% more than the national average. And it costs $12,173 more a year to live in Manhattan than to live similarly in San Francisco, according to Runzheimer. The difference between the second and third locations, San Francisco and Los Angeles, is $16,161. San Jose and Washington, DC rank third and fourth in their study.
Housing costs ranged from approximately 59% to 69% of total living costs in the top five locations. “Since housing costs make up the largest part of total living costs, special attention must be given to all housing cost components in order to accurately assess the cost of living in a location,” said Brian Van de Water, Vice President of Global Mobility Services at Runzheimer International. “Housing costs also impact other living cost components, so analysis accounts for the impact of mortgage interest and real estate tax amounts on federal income taxes, and in many instances, state income taxes.”
When examining real estate taxes in Runzheimer’s five most expensive cities in the United States, San Francisco residents pay the most at $13,512 annually. New York City real estate taxes for a newly-purchased home comes to $12,504 annually. Los Angeles, San Jose, and Washington, D.C. residents’ real estate tax obligations range from $10,857 to $5,929 per year.
A similar report released in September of 2005 by the Boston Foundation and the Citizens’ Housing and Planning Association, states that Boston is the is the most expensive metropolitan area in the US, outpacing Washington, D.C., San Francisco, and even New York City.
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Manhattan is not a city New York is
Oops. Thanks, Adam!
The end of the world is coming and you’re obsessed with rents?