In the 15 largest cities in the United States, single homeowners' annual housing costs can vary between $7,188 and $24,168, according to the Economic Policy Institute's recently updated family budget calculator.
It may come as no surprise that annual housing costs in San Jose and San Francisco are the most expensive in CNBC's list of cities for singles, at between $20,592 and $24,168 annually. For total cost of living expenses, the price tag skyrockets to between $61,549 and $69,072 annually. On the more affordable end of the spectrum, Indianapolis has the cheapest housing costs for singles, $7,188 per year, but San Antonio claims the title of most affordable cost of living at $2,716 per month, or $32,587 per year.
The calculator factors in geographic differences in cost of living and six main expenses: housing, food, transportation, health care, other basic necessities and taxes. "In order to keep the budgets modest, the calculator notably does not include many expenses associated with a middle-class lifestyle, such as paying off student loans or saving for college or retirement," the EPI notes. The EPI gathered data for 10 family types in all 3,142 counties and in all 611 metro areas.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
