And, now we give you Forbes' list of America's least wallet-friendly cities in 2015.
Drumroll please...
1. Honolulu, Hawaii
2. Southern Connecticut
3. Boston, Massachusetts
4. New York, NY
5. Cambridge, Massachusetts
6. San Francisco, California
7. Oakland, California
8. San Jose, California
9. Essex County, Massachusetts
10.Bergen County, New Jersey
The list is based on three factors: (1) home values from the recent data of Wells Fargo and the National Association of Home Builders' Housing Opportunity Index 2014; (2) cost of living index by Sperling's Best Places; and (3) Consumer Price Index methodology of the Bureau of Labor Statistics.
Among the 92 Metropolitan Areas taken into account, it is noteworthy to point out that nine were from the state of California. San Francisco metro area bags the award of being the worst in terms of affordable housing. Its transportation and consumer goods costs also don't come cheap.
Forbes Staffer Erin Carlyle quoted one Economics professor at the Boston College named Can Erbil in saying that although the cities are pricey, residents have all the reasons to live in such places. After all, who wouldn't want to live in a place where there is controlled density, rich history and culture, and large, excellent institutions in education and health care; albeit the less reasonable amount in the cost of living.
These cities are the most expensive, Erin figured in the end, but not really overpriced.
Meanwhile, The Telegraph also reported a list of the 10 most expensive cities in the world for luxury property based on the Knight Frank wealth report. Two U.S. cities were included in the 2015 list.
The city of Los Angeles barely made it at the tenth spot where your $1 million can buy 57 square meters of property. Fourth on the list is New York City where your $1 million could most likely get you about 34 square meters of space.
Last year, a list of the priciest urban areas in the United States also came out in an article by the CBS News. The list is based on the data of the Council for Community and Economic Research or C2ER.
More than 300 urban areas in the country were considered in terms of their cost of living. They weighed in on the numbers including the average price of rents and home values, consumer goods and services like a can of coffee, a piece of T-bone steak, and a dozen of eggs.
Manhattan in New York topped the list, while two other areas (Brooklyn and Queens) from the state also made the cut. The top ten list also included three cities from California, two from Hawaii, Washington, DC, and Stamford, Connecticut.
