Prices are rising for a wide array of goods and services as the U.S. confronts a level of inflation not seen in decades. Labor shortages, supply chain disruptions, and exploding demand as the pandemic wanes are all adding to pricing pressures. The situation is making it even harder to get by in America’s most expensive states, causing worries for consumers and companies alike.
Companies like to do business in states with a low cost of living, which can be attractive to workers and customers. CNBC’s annual America’s Top States for Business study considers cost of living as a factor in competitiveness, scoring states based on an index of prices for basic items. It is among our ten categories of competitiveness.
Boston Ma made the list of the 5 top most expensive to live in last year.
Food prices in the Massachusetts are almost high enough to spark a revolution. A dozen eggs in Boston will cost twice as much as it would in Joplin, Missouri. You’ll pay around 25% more for a pizza than you would in Burlington, North Carolina. And your apartment rent will be about four times what it would be in Monroe, Louisiana.
2021 Cost of Living score: 8 out of 175 points (Top States Grade: F)
Consumer Price Index (June, New England Region): Up 4%
Average home price (Boston): $744,522
Half gallon of milk: $2.27
Monthly energy bill: $233.86
On the heels of Forbes’ ranking of Mission Hill as one of the country’s worst places to buy a home, CNN/Money comes out with its own list, this time regarding expensive places to live.
With any luck, the income from your new jobs will allow you to enjoy at least the same standard of living to which you’re accustomed now. The table below reflects what a couple without kids who hold middle-management jobs would need to earn to replicate a moderately affluent lifestyle in various cities.
We’ve listed the 50 most expensive metropolitan areas and the 50 least expensive from among the 364 cities and counties that participated in the latest ACCRA cost-of-living survey.
Metro State Income needed
1. New York (Manhattan) New York $166,777
2. San Francisco California $145,350
3. San Jose California $136,252
4. Honolulu Hawaii $129,729
5. Los Angeles-Long Beach California $126,736
6. Orange County California $124,980
7. Oakland California $123,361
8. San Diego California $121,279
9. Stamford Connecticut $120,522
10. Nassau County New York $120,326
13. Framingham-Natick Massachusetts $114,913
14. Bergen-Passaic New Jersey $111,855
15. Boston Massachusetts $111,752
Paducah, Kentucky was the cheapest place to live. You can be “moderately affluent” on $72,492 per year.
More details: Priciest places to be upwardly-mobile: Here’s how much you’d need to earn to afford the same standard of living in 100 cities – By Jeanne Sahadi, CNNMoney.com
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