Why do people choose to live in expensive cities?

The high cost of living in a given city is also likely due to the average salaries being higher. This isn’t always the case so it is worth checking, but higher pay rates often mean higher home prices and rental costs. Lots of networking opportunities and a solid job market are also usually part of the package deal.

Is it better to live in a high cost of living area?

The high cost of housing means California consistently leads the U.S. in the amount of total debt it holds per capita. Renting in higher cost of living areas is not only a good idea to get a feel for costs and best neighborhoods, it’s a good way to pay less for housing, too.

What makes cost of living high?

How much it costs to buy or rent a home is one of the biggest causes of high cost of living. Experts recommend that individuals spend no more than 30\% of their monthly income on housing. Soaring rent prices mean little money left over to save for a down payment.

Is it possible to live in NYC on minimum wage?

there are senior citizens who live on minimum wage jobs in addition to social security and pension benefits. otherwise, there is no other option but to reside in a homeless shelter or single room occupancy hotel.

Should I move to a cheaper city?

It might be worth it to move to a cheaper city, even if your company cuts your pay. Still, such a move may be worth it, if other expenses will fall more than your reduced pay or it will significantly improve your quality of life, according to financial experts.

How can I save money if I live in an expensive city?

How to save money when renting in an expensive city

1. Go small: The easiest way to save money is simply to look for a smaller apartment.
2. Think lower floor: Consider living on the third floor instead of the seventh.
3. Skip amenities: Consider living without amenities such as a front-desk concierge, a gym or a pool.

Why are things more expensive in the city?

One reason is the cost of space, which you already mentioned re: housing. But goods also need to be housed and space costs more per square meter in a city. Another reason is that often the factory or farm that mass produces goods / food are located outside the city… So there is added cost of transportation.

How can I move cities cheaply?

The cheapest way to move locally is to rent a moving truck and do everything yourself. Our research shows that it’s nearly three times less expensive to use a rental truck versus a moving pod. Put another way, a move of 421 miles costs approximately $1.73 per mile if you use a rental truck.