San Francisco, CA

San Francisco is one of the most expensive places based on the cost of living

Diana

San Francisco is expensive. We all knew that already. The Bay Area, in particular, is expensive. Many also like to call it the "millionaire's playground".

San Francisco is an amazing city, with breathtaking urban areas, and beautiful beaches.

People complain that Los Angeles is expensive, but they have never had the experience of living in San Francisco.

But how expensive is it, in terms of cost of living, compared to other urban areas in the United States? Well, it's still one of the most expensive places.

2020 Annual Average Cost of Living Index

In 2020, San Francisco is one of the most expensive areas, according to the Council for Community and Economic Research 2020 Cost of Living Index.

There were analyzed 269 urban areas.

The cost of living is calculated based on:

"Regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile. It is based on more than 50,000 prices covering almost 60 different items for which prices are collected three times a year by chambers of commerce, economic development organizations, or university applied economic centers in each participating urban area. Small differences in the index numbers should not be interpreted as significant. The composite index is based on six components – housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services." - The Council for Community and Economic Research

Results

The most expensive urban area, based on the cost of living, is New York (Manhattan), followed by Honolulu, Hi.

San Francisco is the third most expensive urban area.

This is no surprise to people who already know how expensive the city really is. But now let's see how the cities are ranked in the 2021 Index. Did it maintain the same position?

You can read the index here.

2021 Cost of Living Index Quarterly

265 urban areas were included in the cost of living index for the first quarter of 2021.

The calculation was based on:

"The Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile. It is based on more than 90,000 prices covering 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations, and university applied economic centers in each participating urban area. Small differences should not be interpreted as showing a measurable difference. The composite index is based on six component categories – housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services." - The Council for Community and Economic Research

Results

Once again, New York (Manhattan) is ranked #1.

But this time, San Francisco is in 2nd place.

San Francisco moved up one spot. This is not the complete index for 2021, but it gives us a glimpse of where things stand. We will see in 2022 if San Francisco was #2 in the full index in 2021.

You can read the index here.

What are your thoughts?

Will San Francisco rank second in 2021 based on the cost of living?

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Sources:

  1. https://www.coli.org/quarter-3-2018-cost-of-living-index-release-2-2-2/
  2. https://www.coli.org/quarter-1-2021-cost-of-living-index-released-3-2-2-2/

#SanFrancisco #SanFranciscocostofliving #SanFranciscoranked #SanFranciscoexpensive

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