Manhattan, New York
- The cost of living is 137.8 percentage points higher than the U.S. average
- Borough’s population is 1,629,153
- The median income of a household: $89,812
- Median home value: $1,024,500
- Rate of unemployment: 4.8%
If you’ve been to Manhattan and enjoyed it, don’t ask us to remind you that it’s a costly destination.
It’s also more expensive to reside there.
Space is at an all-time high, and location being the most important in Manhattan, the median value of homes in Manhattan is second after San Francisco on our list of the most expensive U.S. cities. The average rental for an apartment ranges from a staggering $4,604 per month, beating out every other city tracked by the Cost of Living Index. The average house price averages $2.4 million.
The budget-busting doesn’t end there. Residents pay an extra 44% for groceries at the stores, while transport costs are 18% higher than average. Do you want to watch a movie? Tickets are 62% more expensive on average, which is typical in other parts of the nation. All of this is conspiring for Manhattan to become an expensive destination for the U.S.
And you’ll have to be comfortable with crowds if you want to be a part of Manhattan. Big Apple: Manhattan packs 71,907 inhabitants per square mile, according to the U.S. Census Bureau.