Yahoo Finance How Much It Costs To Live Comfortably in 15 East Coast Cities
Living on the East Coast is one of America's favorite pastimes. Like, literally, America was born on the shores and battlefields of New England.
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And while some of the most popular cities in the U.S. are on the East Coast, living there can be prohibitively expensive.
We've tracked down some of the most popular cities in the East Coast and researched how much it costs to live there. From groceries, to utilities, to housing, to healthcare, we'll break down how much it costs to live in these cities, and how much you need to make to feel comfortable living there.
Here's how much it costs to live comfortably in 15 East Coast cities.
St. Petersburg, Florida
Total Cost for Homeowners: $98,787
Total Cost for Renters: $91,049
Median Income: $64,375
Monthly Mortgage: $2,353
Monthly Rent Cost: $2,031
Annual Grocery Costs: $5,517
Annual Healthcare Costs: $ 5,654
Annual Utilities Costs: $4,405
Annual Transportation Costs: $5,580
St. Petersburg is a Gulf Coast town that is home to the Tampa Bay Rays baseball team, as well as a growing business sector. Located just east of Tampa, Saint Petersburg has some amazing beaches, great outdoor activities like biking, and a growing downtown that is steadily improving. It's getting more expensive, too, with grocery and healthcare costs reaching nearly $500 per month. You need to make about $91,000 per year to live comfortably in St. Petersburg.
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Charlotte, North Carolina
Total Cost for Homeowners: $99,560
Total Cost for Renters: $84,092
Median Income: $68,367
Monthly Mortgage: $2,473
Monthly Rent Cost: $1,829
Annual Grocery Costs: $5,217
Annual Healthcare Costs: $5,179
Annual Utilities Costs: $4,151
Annual Transportation Costs: $5,551
Charlotte is the state's largest city by population, with nearly 900,000 residents. Charlotte continues to grow, as it offers big city amenities with small-town charm in the suburbs. It's also relatively inexpensive to live there. With a temperate climate and low rent cost, you can live in Charlotte for just $84,000 and still feel very comfortable.
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Virginia Beach, Virginia
Total Cost for Homeowners: $99,835
Total Cost for Renters: $84,631
Median Income: $81,810
Monthly Mortgage: $2,437
Monthly Rent Cost: $1,803
Annual Grocery Costs: $5,275
Annual Healthcare Costs: $5,736
Annual Utilities Costs: $4,101
Annual Transportation Costs: $5,568
Virginia Beach offers the best of a beach town, with some big city features that make it ideal for working professionals that want to enjoy the ocean and nightlife in the same place. There is also a robust military population there as the world's largest Naval Station is located there. And it's not too expensive to live there, either. Rent is only about $1,800 per month, and utilities are low due to its mild climate. If you make $85,000 per year, you would be fine living in Virginia Beach.
Orlando, Florida
Total Cost for Homeowners: $103,308
Total Cost for Renters: $91,990
Median Income: $58,968
Monthly Mortgage: $2,512
Monthly Rent Cost: $2,040
Annual Grocery Costs: $5,295
Annual Healthcare Costs: $5,637
Annual Utilities Costs: $4,320
Annual Transportation Costs: $6,255
Orlando is one of the biggest cities in Florida, and the headquarters of massive theme parks that attract tourists from around the globe. Disney World, Universal Studios, Sea World, and other theme parks call Orlando home, and so do 300,000 permanent residents. Orlando has been growing rapidly over the past few years, with Florida's sunny weather, lack of state taxes, and sprawling neighborhoods, giving you access to suburban or city living. You need to make around $90,000 to live in Orlando comfortably.
Tampa, Florida
Total Cost for Homeowners: $104,209
Total Cost for Renters: $95,311
Median Income: $59,893
Monthly Mortgage: $2,554
Monthly Rent Cost: $2,183
Annual Grocery Costs: $ 5,527
Annual Healthcare Costs: $ 5,468
Annual Utilities Costs: $ 4,066
Annual Transportation Costs: $ 6,397
Tampa is one of the fastest-growing tech cities in the U.S., with many companies setting up shops to take advantage of the nearby beaches, year-round sunshine, and low taxes. And while real estate used to be inexpensive in Tampa, it is becoming more expensive, especially for homeowners. Homes cost at least $400,000 right now, but rents are lower, averaging $1,750 per month. Utilities cost about $350 per month, and groceries and healthcare around $400 per month. To live comfortably in Tampa you need to earn about $95,000 per year.
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Raleigh, North Carolina
Total Cost for Homeowners: $104,575
Median Income: $72,996
Monthly Mortgage: $2,717
Total Cost for Renters: $79,544
Monthly Rent Cost: $1,674
Annual Grocery Costs: $5,290
Annual Healthcare Costs: $5,168
Annual Utilities Costs: $4,184
Annual Transportation Costs: $5,034
Raleigh is the state's capital and is part of the Raleigh, Durham and Chapel Hill "Tri-city" area, which is known for top-notch colleges and technology business growth, making it a popular destination for young students and graduates. The cost of living is reasonable, too, with rent around $1,700 per month and utilities around $4,200 per year. You only need to make about $80,000 per year to live comfortably in this big city.
Atlanta
Total Cost for Homeowners: $107,567
Total Cost for Renters: $92,472
Median Income: $69,164
Monthly Mortgage: $2,655
Monthly Rent Cost: $2,026
Annual Grocery Costs: $5,195
Annual Healthcare Costs: $5,387
Annual Utilities Costs: $4,375
Annual Transportation Costs: $6,972
Atlanta is a massive, sprawling city in the heart of Georgia, boasting a population of nearly 500,000 residents. The entire Atlanta metro area houses over 6 million residents, stretching nearly 100 miles and encompassing Sandy Springs and Alpharetta as well. Atlanta is truly a big city, with booming businesses, access to top-notch restaurants, events, entertainment experiences, and major sports teams too. You'd need to earn about $92,000 to feel comfortable living in Atlanta, but this isn't too bad compared to other large East Coast cities.
Newark, New Jersey
Total Cost for Homeowners: $104,575
Total Cost for Renters: $95,363
Median Income: $72,996
Monthly Mortgage: $2,717
Monthly Rent Cost: $1,928
Annual Grocery Costs: $5,454
Annual Healthcare Costs: $5,403
Annual Utilities Costs: $4,818
Annual Transportation Costs: $8,870
Newark is a coastal city near New York City that is known as one of the biggest transportation hubs in the world. With a world-class international airport and close proximity to the biggest city in the U.S., Newark has become a popular place for traveling professionals. Monthly rent costs are still under $2,000 per month, though living downtown might cost a lot more. And while most costs are fairly average, transportation can get very expensive, averaging nearly $9,000 per year. You can live comfortably in Newark for about $95,000 per year.
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Marietta, Georgia
Total Cost for Homeowners: $112,670
Total Cost for Renters: $89,513
Median Income: $62,585
Monthly Mortgage: $2,888
Monthly Rent Cost: $1,923
Annual Grocery Costs: $5,185
Annual Healthcare Costs: $5,381
Annual Utilities Costs: $4,227
Annual Transportation Costs: $6,881
Marietta, Georgia, is a popular city in Georgia that offers suburban neighborhoods with some great city amenities. The cost of living is quite reasonable, with rents under $2,000 per month and reasonable food and utility costs. Transportation can get expensive, but overall you can live on less than $90,000 salary per year.
Silver Spring, Maryland
Total Cost for Homeowners: $130,010
Total Cost for Renters: $93,382
Median Income: $91,970
Monthly Mortgage: $3,477
Monthly Rent Cost: $1,950
Annual Grocery Costs: $5,927
Annual Healthcare Costs: $4,732
Annual Utilities Costs: $4,620
Annual Transportation Costs: $8,006
Silver Spring is an up-and-coming suburb of Washington D.C., and it boasts a bustling business center, and tons of recreational activities, and is even home to entertainment giant Discovery. The cost to live there is reasonable, too, especially compared with Washington D.C. Rent is under $2,000 per month and healthcare is low, too. Transportation is higher, probably due to commutes to Washington D.C.. overall, you can live in Silver Spring, Maryland, for around $93,000 per year.
Jersey City, New Jersey
Total Cost for Homeowners: $132,473
Total Cost for Renters: $121,465
Median Income: $81,390
Monthly Mortgage: $3,473
Monthly Rent Cost: $3,014
Annual Grocery Costs: $5,674
Annual Healthcare Costs: $5,430
Annual Utilities Costs: $4,726
Annual Transportation Costs: $8,733
Jersey City is located right across the bay from New York City, making it a popular destination for busy professionals that work in New York but want to avoid the 24/7 hustle of city life. Jersey City has a large downtown, but also some great state parks and easy access to the Statue of Liberty and Ellis Island. Jersey City is expensive, as you'll need to make more than $120,000 annually to feel comfortable there. This has a lot to do with how close it is to New York and the high housing costs.
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Miami
Total Cost for Homeowners: $139,353
Total Cost for Renters: $125,112
Median Income: $47,860
Monthly Mortgage: $3,843
Monthly Rent Cost: $3,250
Annual Grocery Costs: $5,643
Annual Healthcare Costs: $5,670
Annual Utilities Costs: $4,033
Annual Transportation Costs: $8,210
Miami has become one of the premiere tech destinations, with many startups moving there and a huge number of financial and crypto companies setting up shop downtown. Miami offers amazing beaches, top-notch nightlife activities, and is a hub for young professionals. It's getting very expensive to live in Miami, though, as rents average $3,250 per month and transportation costs exceed $8,000 per year. You should make at least $125,000 per year if you plan on living in Miami.
Naples, Florida
Total Cost for Homeowners: $148,166
Total Cost for Renters: $118,031
Median Income: $125,306
Monthly Mortgage: $4,450
Monthly Rent Cost: $3,194
Annual Grocery Costs: $ 6,153
Annual Healthcare Costs: $5,817
Annual Utilities Costs: $4,134
Annual Transportation Costs: $4,580
Naples, Florida is a high-end suburb that offers a plethora of golf courses, luxury shopping establishments, and of course, world-class beaches. Naples is also very expensive, with home costing an average of $700,000, and rents average around $3,200 per month. Food costs are higher here too, coming in over $500 per month per household. Unless you make about $120,000 per year, you might want to avoid living in Naples.
Boston
Total Cost for Homeowners: $158,156
Total Cost for Renters: $119,548
Median Income: $81,744
Monthly Mortgage: $4,659
Monthly Rent Cost: $3,050
Annual Grocery Costs: $5,859
Annual Healthcare Costs: $4,890
Annual Utilities Costs: $4,932
Annual Transportation Costs: $7,489
One of the oldest cities in America, Boston has a long history. From the Boston Tea Party to key Revolutionary War battles, Boston is cemented as one of the most important cities in the U.S. It's also a very expensive place to live, with high rent and transportation costs, and houses that sell for an average of $730,000. You need to make about $120,000 per year to feel comfortable living in Boston.
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Washington, D.C.
Total Cost for Homeowners: $159,689
Total Cost for Renters: $105,950
Median Income: $93,547
Monthly Mortgage: $4,706
Monthly Rent Cost: $2,467
Annual Grocery Costs: $6,001
Annual Healthcare Costs: $5,207
Annual Utilities Costs: $4,476
Annual Transportation Costs: $7,688
Washington, D.C., is the capital of the United States and the center of politics for the country. It has a massive, sprawling metro area with nearly 700,000 residents. It's expensive, too, with houses that go for around $740,000 on average, and high grocery and transportation costs. If you're renting, you need to make at least $105,000 per year to feel comfortable living there. And if you buy a home, you need to make much more.
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Methodology: To find how much you need to live comfortably in major East Coast cities, GOBankingRates analyzed the highest population cities in this region based on the following factors; [1] 2023 Home Value Index for Single Family Homes by City, [2] 2023 Zillow Observed Rental Index by City both sourced from Zillow Housing Data. Cost of Living Indexes for each city by expenditure category; [3] Cost of Living for Groceries, [4] Cost of Living for Transportation, [5] Cost of Living for Healthcare, [6] Cost of Living for Utilities for each city all sourced from Sperlings' Best Places. These indexes were multiplied by the median annual expenditure cost for each category as sourced from the 2021 Bureau of Labor Statistics Annual Expenditures. [7] The median household income for each city as sourced from the American Consumer Survey from the US Census. GOBankingRates then calculated an annual cost of a 30-year mortgage amount using the 30-Year National Fixed Rate Mortgage Rate sourced from the Federal Reserve Bank of St. Louis. With all these factors, GOBankingRates used the 50/30/20 rule to calculate the salary someone would need to live comfortably in each city and sorted the data to show the lowest to highest salaries needed to buy a home. All information is up to date as of May 30, 2023.
This article originally appeared on GOBankingRates.com: How Much It Costs To Live Comfortably in 15 East Coast Cities
