Global Economy

The most—and least—expensive large U.S. cities based on the cost of monthly expenses like rent, utilities, and more


In a new report shared exclusively with CNBC Make It, doxo, a bill pay service, analyzed the cost of monthly household bills to determine the most and least expensive big cities in the United States.

To rank the cities, doxo focused on the ten most common household bill categories:

  • Mortgage
  • Rent
  • Auto loan
  • Utilities (electric, gas, water & sewer, and waste & recycling)
  • Auto insurance
  • Cable, internet and phone
  • Health insurance
  • Mobile phone
  • Alarm and security
  • Life insurance

The report found the average U.S. household spends $24,557 annually on bills — roughly $2,046 a month.

No. 1 most expensive large U.S. city based on monthly costs: San Jose

San Jose, California is the most expensive large city in the U.S.

Residents of the California city pay an average of $3,504 in monthly expenses, or 71.2% higher than the national average.

San Jose is also one of the many cities in California that ranked among the most expensive metro areas. San Francisco, San Diego and Los Angeles also made the top 10.

Hanwen Chen | Moment | Getty Images

10 most expensive large U.S. cities based on monthly costs

  1. San Jose, Calif.
  2. Boston, Mass.
  3. New York, N.Y.
  4. San Francisco, Calif.
  5. Washington D.C.
  6. San Diego, Calif.
  7. Seattle, Wash.
  8. Los Angeles, Calif.
  9. Miami, Fla.
  10. Portland, Ore.
Read More   DJT: Why Trump Media shares are soaring more than 12%

On the complete opposite side of the country, Boston, Massachusetts is the second most expensive large city in the U.S., according to the doxo report.

Residents of Boston pay, on average, $3,369 in monthly bills. It’s about 57% of their household income and 64.6% above the national average.

On average, residents of Boston pay $3,369 in monthly bills. It’s about 57% of their household income and 64.6% above the national average.

Cavan Images | Cavan | Getty Images

Boston and the surrounding area is known for its standing as a global leader in higher education. Many schools in the area, like Harvard and MIT, are routinely included in the rankings of the top universities in the world.

The average Boston home value is $718,208, down 0.8% over the past year, according to Zillow.

No. 1 least expensive large U.S. city based on monthly costs: Detroit

Detroit, Michigan took the No. 1 spot on the list of the least expensive largest U.S. city for household bills.

The average monthly bill expense per household is $1,571, 23.2% lower than the national average.

The average monthly bill expense per household in Detroit is $1,571, 23.2% lower than the national average.

Mike Kline (Notkalvin) | Moment | Getty Images

The least expensive state based on monthly costs

  1. Detroit, Mich.
  2. Cleveland, Ohio
  3. Dayton, Ohio
  4. Albuquerque, N.M.
  5. Oklahoma City, Okla
  6. Rochester, N.Y
  7. Tucson, Ariz.
  8. El Paso, Texas
  9. Memphis, Tenn.
  10. Saint Louis, Mo.
Read More   This couple paid $200,000 for their 180-year-old rainbow farmhouse and spent just as much on renovations—take a look inside

The second least expensive large U.S. city based on the average cost of monthly household expenses is Cleveland, Ohio.

According to the doxo report, the average monthly bill expense in the city is $1,642, or about 19.8% percent below the national average.

Cleveland is just one of two cities in Ohio to make doxo’s list of the least expensive large U.S. cities based on household bills. Dayton came in the No. 4 with an average cost of $1,764.

Ken Redding | The Image Bank | Getty Images

Cleveland is home to major cultural institutions like the Rock and Roll Hall of Fame and is the largest city on Lake Erie—one of the five Great Lakes in the U.S.

The average Cleveland home value is $98,314, down 0.7% over the past year, according to Zillow.

Cleveland is just one of two cities in Ohio to make doxo’s list of the least expensive large U.S. cities based on household bills. Dayton came in the No. 4 with an average cost of $1,764.

DON’T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!

Get CNBC’s free Warren Buffett Guide to Investing, which distills the billionaire’s No. 1 best piece of advice for regular investors, do’s and don’ts, and three key investing principles into a clear and simple guidebook.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.