People often wonder how much income you would need to live in some of the most expensive cities in the U.S.A., to live a reasonably comfortable lifestyle and not survive. With that in mind, here are the cost of necessities in each of these cities that have the highest price tag. In defining ‘necessities,’ we will discuss the average rent of a one-bedroom apartment plus estimated costs for any transportation, food, drinks, and other groceries, general utilities, and health insurance. Taking these costs and doubling them gives us the income needed to live comfortably in each of these cities.
Whether it’s a dreamy family summer home in the Hamptons or a luxury pad in Manhattan that will be used for a few months at a time in the summer, the ultra-wealthy most definitely know how to live. These are some of the communities where high-end real estate thrives, and popular cities for luxury real estates in the United States.
Malibu, California, has got to be one of the most renowned places that people recognize as a luxury destination for living as well as vacationing. A lot of people have second homes here as a permanent family getaway, and it’s not hard to understand why. A portion of the properties here really portray the Californian weather, are waterfront properties, and are in complete luxury. There are areas of Malibu that are hiked up in price purely for the concentration of billionaires living here, and it’s not uncommon to see several people living the celebrity lifestyle in this popular area. Some areas such as Carbon each are completely unbeatable even for the most successful of billionaires. In the United States, it only does not get more luxurious than Malibu. If you are ever looking to purchase in a stunning location like this, then Hollywood Hills Homes has some excellent choices when it comes to this area.
San Francisco, California
California continues the immaculate track record with what it provides in the luxury real estate market, with the entry of the location of San Francisco. San Francisco is significantly more extensive and older than Bel Air and Beverly Hills and is also home to a much more diverse public. While San Francisco isn’t considered a luxury city, its higher-end locations are proportionately wealthy. The average property costs in San Francisco are three times the national average because of affluent neighborhoods like Pacific Heights, Presidio Heights, and Sea Cliff.
Palm Beach, Florida
The area of Palm Beach has a reputation for being a place where some of the most wealthiest Americans go to retire, and as far as reps can go, I think it’s safe to say it’s pretty well-deserved. Just over 50% of the city is over the grand age of 65, with under 10% are under the age of 18. For better or for worse, Palm Beach’s average age of 67 is among the highest in the nation and Palm Beach is where the wealthy retirees take their cash to enjoy making it one of the most desired places to be.
East Hampton, New York
There are two Hamptons in New York, East Hampton, and Southampton. You can’t walk far in East Hampton without strolling past beautifully elegant, often you will find beautiful vintage mansions that were built at the turn of the century. The area has become well known for being a traditional summer holiday getaway for the high-class society for well over a century. It most definitely has a steady and high stream of wealthy investors continuously putting money into its real estate year after year. So if you’re after a luxurious place to reside look no further.
Manhattan, New York
This is most definitely not a surprise addition to the list, Manhattan is regarded as one of the hotspots for the U.S.A.’s ultra-wealthy with even celebrities choosing it as a place to live, and it’s not hard to see why. The New York City in North America’s hub, its financial center, and arguably its top cultural hotspot tool. The Rockefeller family, known billionaires, called New York City home. This is the well-known home to the highest concentration of billionaires in the whole of the United States, 740 Park Avenue, is a modern building. Saying that there’s nothing wrong with the rest of Manhattan it’s straightforward to find a bargain luxury pad for under one million or if you want to splash out the ultimate pad for around ten million marks. Sounds like a lot but when you think about the location, you’re achieving you can’t go wrong.
Martha’s Vineyard, Massachusetts
Just like the Hamptons, Martha’s Vineyard is a popular summer destination for the more well off the northeast U.S.A., and it’s considered as the more elite (if possible) version of the Hamptons. It has a lot more to offer you, with scenery and seclusion, so if this is more up your street, Martha’s Vineyard could be an area for you. Only accessible via plane or boat you get the ultimate luxury and exclusive feeling, and it makes it genuinely secluded. Thanks to this, it can be costly to live here with the cost of living in Martha’s Vineyard is on average 60% higher, and property prices being almost double at 96% higher.
Miami is famous in many ways, and one of the reasons is for its luxury living and lifestyle. It has managed to develop a reputation as the “capital of Latin America,” regardless of the fact it’s not located here with being situated in a non-Latin country. There is a continually increasing number of wealthy foreigners such as from South America and elsewhere, which has most definitely driven up real estate prices around the city, making it a much more expensive destination to live than ever before. Nevertheless, it is still a beautiful location to consider buying a property. There has been specially built million-dollar high-rise condos across the city, to conform with the demands. They often look over the golden beaches in this glorious tropical climate, which makes it hard to see why anyone wouldn’t want to live here.
These are just a few of the luxurious places that there are to live in America; there are many more. Is there any destination that you think deserve a spot on the list? Please share them in the comments section below.