If you are living in a big city with average income, then it might be difficult for you to control your expenses. Since you need to pay the rent and the grocery bills. In such situations, you are hardly capable of keeping the savings with you each month. In a recent study, GOBankingRates reported that the living expenses in 50 major cities of the US are rising to a great extent.
Top 20 Major Cities with Hefty Living Costs
In the GOBankingRates study, the researchers looked into the jumps in the living costs in the major cities of the US from 2017 to 2018. They estimated the amount needed to pay for necessities i.e., food and grocery, home rent, utility bills, transportation, and healthcare. They also evaluated the amount an individual should budget toward savings and discretionary expenses. Then they consolidated these costs into the income required to live comfortably in one of the major cities. In this way, they determined the places which have more expensive in America in a year’s time.
Here we have listed the top 20 cities where the comfortable living cost required have increased drastically this year compared to that in the previous year:
1. Colorado Springs, Colo.
The cost of living in Colorado Springs increased by a massive amount of $17,596.64 which is the greatest proportional increase in living cost for 2018. This equals a whopping 35.61% increase in the living expenses compared to last year. Here the residents need to stretch their paychecks furthest compared to the residents in other cities.
2. Austin, Texas
The residents of Austin faced the highest increase in the living costs this year. They now need to have $18,531.88 more to live comfortably in Texas. This amount is equal to 33.92% of the amount required to live comfortably previous year.
3. Columbus, Ohio
Although the total cost of living in Columbus isn’t very high. The residents with an annual income of less than $60,000 USD can live comfortably in this city. However, according to the survey, the living expenses for this city have increased by 31.48 percent this year. This is equal to $14,120.68 USD which makes it the third-highest city in the list.
4. Fresno, Calif.
Fresno is on 4th place in this list. Although it has the fourth-lowest average annual rent among the 20 cities listed here, its cost of living comfortably has increased by $13,968.32. This comprises of 31.29% increase compared to the previous year. Furthermore, it has the second-highest average annual transportation costs. That’s why the residents of this city can find a cheap accommodation for themselves, they find it difficult to live up to their expenses.