Brooklyn, New York
- The cost of living is 74.9 per cent higher than the U.S. average
- Borough’s inhabitants: 2,576,771
- The median income of a household: $63,973
- Median home value: $734,800
- The rate of unemployed: 6.3%
Technically speaking, Brooklyn can be described as one of five boroughs that the borough of New York City, but over the last 15 years or so, it has become an independent city. If Brooklyn were an independent city, the population would be similar to Chicago Chicago, which is the third-largest city in the United States.
At a time, Brooklyn was considered a viable alternative for those who could not afford the cost of living in Manhattan. But not now. The costs associated with housing, such as mortgages and rents, are four times the average for all of America.
Yet the median household earnings in Brooklyn are lower than those in the U.S. median. It’s also below what the average household earns in Manhattan.
Indeed, there isn’t a single thing in Brooklyn that is pricey. Utility bills are around 7% more than the national average, and healthcare is about 4% more expensive. Food, utilities and transportation costs all cost about 11% more than the average American.
To make matters worse, New York is one of the state tax-friendly for retirees and middle-class families.
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