These Were The Most Expensive And Most Affordable U.S. Cities In 2024

Research from Doxo has revealed the most expensive - and most affordable U.S. cities to live in - for 2024.

The 60-page report analyzes average household spending across 10 key bill categories, including rent, mortgage, utilities, and insurance, revealing an average annual cost of $25,513 per U.S. household.

It ranks the 50 largest U.S. cities by expense, detailing monthly bill totals, the Cost of Bills Index (COBI), income percentages, and comparisons to the national average, with highlights on the 10 most and least expensive cities.

The 10 most expensive cities for household bills are dominated by hubs like San Jose, New York, and Boston, where monthly expenses exceed $3,400 and the Cost of Bills Index (COBI) rises well above the national average, according to Doxo and DoxoInsights. 

For instance, San Jose households face an average monthly bill of $3,695, 74% higher than the national average. These cities also require substantial portions of household income, with New York bills consuming 38% and Boston reaching 41%, indicating financial strain on residents.

In contrast, the least expensive cities, such as Indianapolis, Louisville, and Memphis, see average monthly household bill expenses well below $2,000, with COBI values significantly under 100. Detroit, the most affordable among them, has an average bill expense of $1,640—23% below the national average—despite its bills taking up 53% of household income, reflecting lower income levels.

Other cities like Cleveland and El Paso similarly exhibit lower costs but still demand a notable share of household income.

Interestingly, income levels and regional economic factors play a pivotal role in these rankings. Expensive cities, often located in tech and business hubs like California and the Northeast, pair high costs with higher average incomes.

The Doxo report shows that more affordable cities, primarily in the Midwest and South, may have lower living costs but also lower median wages, complicating their affordability.

This comparison underscores the varying economic landscapes of urban centers across the U.S. While residents in more expensive cities face larger bills, their higher incomes may offset the impact, whereas in less expensive cities, lower incomes mean even reduced bills can constitute a significant financial burden.

It'll be interesting to see how this data shifts with the new incoming administration...

You can read the full 60 page spend report PDF here.