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Yearly COL index by Mercer, a highly respective and reputable company. Taking into account housing, transport, utilities, supplies, food costs, services, entertainment, etc..
City ranking in order, brackets will be their global ranking
1. NYC (6th globally)
2. L.A (11th)
3. S.F (14th)
4. Honolulu (15th)
5. Boston (21st)
6. Miami (22nd)
7. D.C (23rd)
8. Chicago (24th)
9. Atlanta (29th)
10. Seattle (31st)
11. Philly(50th)
12. Dallas (53rd)
13. Houston (61st)
14. Pittsburgh (65th)
15. Minneapolis (67th)
16. Portland (72nd)
17. St. Louis (78th)
18. Detroit (80th)
19. Cleveland(88th)
20. Toronto (90th)
21. Vancouver (116th)
22. Montreal (135th)
23. Ottawa (137th)
24. Calgary (145th)
All Canadian cities decreased, meaning they got more affordable, while American cities skyrocketed in their positions.
Quote:
New York City (number six in the global ranking) continues to be the most expensive city in North America, followed by Los Angeles (11) and San Francisco (14). All US cities in the ranking have gone up since last year, with the largest changes being for Detroit (+27 positions), Houston and Cleveland (both +24 positions)
Seems to be missing quite a few cities which I know have had high cost increases in recent years, Phoenix as one example. Denver is another one that I'd expect has increased fairly dramatically.
Yearly COL index by Mercer, a highly respective and reputable company. Taking into account housing, transport, utilities, supplies, food costs, services, entertainment, etc..
City ranking in order, brackets will be their global ranking
1. NYC (6th globally)
2. L.A (11th)
3. S.F (14th)
4. Honolulu (15th)
5. Boston (21st)
6. Miami (22nd)
7. D.C (23rd)
8. Chicago (24th)
9. Atlanta (29th)
10. Seattle (31st)
11. Philly(50th)
12. Dallas (53rd)
13. Houston (61st)
14. Pittsburgh (65th)
15. Minneapolis (67th)
16. Portland (72nd)
17. St. Louis (78th)
18. Detroit (80th)
19. Cleveland(88th)
20. Toronto (90th)
21. Vancouver (116th)
22. Montreal (135th)
23. Ottawa (137th)
24. Calgary (145th)
All Canadian cities decreased, meaning they got more affordable, while American cities skyrocketed in their positions.
Atlanta has a higher COL than Seattle? DC and Chicago are neck and neck?
At the city level, this feels off. At metro level, it feels very off.
I genuinely don't understand where people got the idea that Chicago is particularly affordable. Chicago is distinctly high cost except for a relatively cheap real estate market--but the averages are skewed by the low cost of what are basically favelas on the west and especially south sides. People living on the north side are not necessarily paying Manhattan or Boston prices, but they're certainly paying a higher price than Atlanta or other peer cities.
I genuinely don't understand where people got the idea that Chicago is particularly affordable. Chicago is distinctly high cost except for a relatively cheap real estate market--but the averages are skewed by the low cost of what are basically favelas on the west and especially south sides. People living on the north side are not necessarily paying Manhattan or Boston prices, but they're certainly paying a higher price than Atlanta or other peer cities.
It gets the affordable reputation based on size and historical “prestige”.
One trip to the Loop, Lincoln Park, West Loop, Lakeview, and it leaves you with the feeling that it should be among the most expensive cities in the US. It’s simply not. You can find $1k p/month apartments even in the nicest neighborhoods of Chicago. And you can purchase 2 bedroom apartments and condos for less than $500k in those same neighborhoods.
When you extend it into the suburbs, it’s even more obvious. Decent homes in good/great districts can be had for $400k all over the metro. Even in very commutable suburbs. And deeper suburbia offers large homes for the same price.
And then, of course, there are all the city neighborhoods and suburbs littered across the west and south sides that are incredibly cheap. Many cities don’t even have those neighborhoods anymore… Some would argue, peer cities.
I genuinely don't understand where people got the idea that Chicago is particularly affordable. Chicago is distinctly high cost except for a relatively cheap real estate market--but the averages are skewed by the low cost of what are basically favelas on the west and especially south sides. People living on the north side are not necessarily paying Manhattan or Boston prices, but they're certainly paying a higher price than Atlanta or other peer cities.
Chicago is extremely cheap for walkable urban neighborhoods with reliable transit. Those are in short supply over most of the US and very expensive. If you compare it to car-dominant suburbia in other cities (apples to oranges, IMO) then Chicago won't stand out for affordability.
It gets the affordable reputation based on size and historical “prestige”.
One trip to the Loop, Lincoln Park, West Loop, Lakeview, and it leaves you with the feeling that it should be among the most expensive cities in the US. It’s simply not. You can find $1k p/month apartments even in the nicest neighborhoods of Chicago. And you can purchase 2 bedroom apartments and condos for less than $500k in those same neighborhoods.
When you extend it into the suburbs, it’s even more obvious. Decent homes in good/great districts can be had for $400k all over the metro. Even in very commutable suburbs. And deeper suburbia offers large homes for the same price.
And then, of course, there are all the city neighborhoods and suburbs littered across the west and south sides that are incredibly cheap. Many cities don’t even have those neighborhoods anymore… Some would argue, peer cities.
Like for like, I find Chicago to be very affordable.
I genuinely don't understand where people got the idea that Chicago is particularly affordable. Chicago is distinctly high cost except for a relatively cheap real estate market--but the averages are skewed by the low cost of what are basically favelas on the west and especially south sides. People living on the north side are not necessarily paying Manhattan or Boston prices, but they're certainly paying a higher price than Atlanta or other peer cities.
Chicago and Philly are pretty much the only walkable, transit friendly cities left in the country that doesn't cost an arm and a leg. As others said, Chicago premier neighborhoods like Lincoln Park, Lakeview, etc. are way cheaper than it peers.
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