LEE ANN BAUMER, ABR, SRS, CSA, Green, SRES
4550 W. Tilghman Street
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June 21, 2017 2:18 am
Do you live in one of the most expensive cities in the country? Are you unsure? A recent GoBankingRates study unveiled the places in the country with the highest cost of living.
According to the study, American household debt totaled a record $12.73 trillion as of March 2017, so cost of living concerns are more pertinent than ever.
The study evaluated U.S. cities based on two principal metrics:
- The increase in a city's cost of living index, which includes food, rent, utilities and transportation.
- The Increase in the amount of income required to "live comfortably," a concept used in GOBankingRates studies that combines the money needed to pay for necessities — including food, rent, utilities, transportation and healthcare — with the amount one should budget toward discretionary spending and savings.
Their findings? Read below.
Top 5 Cities Where the Cost of Living is Rising Quickly
5. Jacksonville, Fla.
- Live Comfortably Amount Increase: $2,095
- Cost of Living Index Increase: 3.36 points
4. Austin, Texas
- Live Comfortably Amount Increase: $1,407
- Cost of Living Index Increase: 3.84 points
3. Louisville, Ky.
- Live Comfortably Amount Increase: $2,066
- Cost of Living Index Increase: 4.49 points
- Live Comfortably Amount Increase: $3,190
- Cost of Living Index Increase: 7.32 points
1. Nashville, Tenn.
- Live Comfortably Amount Increase: $9,135
- Cost of Living Index Increase: 8.61 points
Published with permission from RISMedia.
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