| The signs that the economy is starting to improve | | | | glamour, and thousands of hopes and dreams of |
| are subtle, but they're out there. Whether it's through | | | | affluence gilded with gold. Everyone has entertained |
| the slowly lowering gas prices or the fact that the | | | | the idea of moving to LA to "make it." It's the hot |
| housing market is starting to stabilize, the country is | | | | spot of Los Angeles and anyone who is anyone has |
| starting to breathe a sigh of relief that perhaps we | | | | lived or worked there at some point in their career. |
| can stop pinching our pennies quit so tightly. | | | | While southern California may be the very |
| However, in some areas keeping a tight grip on your | | | | embodiment of excess and luxury, it's also home to |
| dollar is more than just a way to try to stay afloat in | | | | such family-friendly places like Disney World, Magic |
| tough economic times; it's simply the price you pay | | | | Mountain, Universal Studios, Knott's Berry Farm. |
| for living and having a mortgage in an expensive city. | | | | Overall, the general cost of living in Los Angeles can |
| Each quarter, the Council for Community Economic | | | | be rather affordable, the surrounding areas like Bel Air |
| Research (C2ER) produces a Cost of Living Index | | | | and Beverly Hills, and the lack of public transportation |
| that measures the average cost of living in | | | | really drives up the cost of living and the home prices |
| metropolitan cities across the United States. To | | | | as well. |
| compile the data, the C2ER gathered approximately | | | | 2. San Francisco, CA 1-1.62 |
| 60 different items that were common to a variety | | | | San Francisco - Los Angeles' cool northern brother. |
| of metro areas, from groceries to medical and | | | | The vibe of northern California is much more relaxed |
| housing costs. From that, the C2ER compares the | | | | and friendly than its southern counterpart. The |
| price of these items and calculates an index number. | | | | greenery, the cooler climates, the views all enhances |
| An index number above 100 indicates a | | | | the lassiez-faire vibe of the city. It's a big city with a |
| higher-than-average cost of living. For example, if you | | | | culturally-diverse community which means more |
| make $100,000 in t he average city, you would need | | | | places to explore, more sights to see and definitely |
| to make $121,000 in Seattle which has a rating of | | | | more delicious foods! Living in San Francisco means |
| 1-1.21. | | | | plenty of access to outdoor activities, an active |
| Following are the top 5 most expensive cities in the | | | | nightlife and a laid-back atmosphere. However, the |
| U.S. | | | | technology boom has made it a highly sought after |
| 5. Boston, MA 1-1.30 | | | | location for people and companies around the globe - |
| Boston is one of the most desirable cities to live in on | | | | pushing the already expensive cost of buying a home |
| the East coast. It's a comfortable city that takes | | | | even higher as product falls short of demand. |
| great pride in its historic charm and beauty. The city | | | | 1. New York, NY 1-2.17 |
| boasts the nation's largest concentration of colleges | | | | Does it come as much of a surprise that New York |
| (so they're an educated and studious city), an | | | | comes in at number one on the list of most |
| extensive public transportation system, and some of | | | | expensive US cities to live in? It's one of the most |
| the best cultural attractions in the U.S. However, one | | | | famous cities forever immortalized in movies, comics, |
| of the downsides to a city with such a wide range of | | | | cartoons, and the hearts of millions around the world. |
| culture, history and charm for its inhabitants is the | | | | The Big Apple wins the top spot on the list because |
| high-dollar home cost. The reason for Boston making | | | | of the outrageous housing market for both renters |
| it to number 5 on our list is almost entirely a factor if | | | | and buyers. On average, NYC has an average home |
| their housing prices. | | | | price of $1.1 million while an average apartment can |
| 4. Washington DC 1-1.38 | | | | cost renters $3,400 per month. While it may seem |
| Washington DC - our nation's capital - has one of the | | | | outrageous, the price of having a place to hang your |
| strongest job markets in our country. This is largely in | | | | hat is worth it when you have places like Central |
| part to the amount of government employers and | | | | Park, Broadway, Yankee stadium, or some of the |
| contracts based in the city. This plus the central | | | | world's best museums at your disposal. |
| location make it a highly desirable place in which to | | | | The thread that ties these cities together is not |
| live. Keep in mind, though the average price for a | | | | location or the amenities; it's the cost of owning or |
| one-bedroom apartment is approximately $1,100 per | | | | renting a home. Home buyers looking to stop renting |
| month - quite a bit for a small space. But you're | | | | or current home owners looking to take advantage |
| paying for the location and the luxury. Add the mild | | | | of historically low interest rates should look no further |
| winters and gorgeous summers, the national | | | | than Quicken Loans. Whether you're looking for a |
| museums and the variety of activities available | | | | dream home in the city of angels or the city that |
| year-round and it becomes clear why Washington DC | | | | never sleeps, one of our highly trained mortgage |
| is number four on the list. | | | | experts help you finance a new home loan or |
| 3. Los Angeles, CA 1-1.40 | | | | refinance your existing loan. |
| Los Angeles - home to celebrities, movie stars, | | | | |