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Cost of Living Soars in These Cities

June 21, 2017 2:18 am

Do you live in one of the most expensive cities in the country? Are you unsure? A recent GoBankingRates study unveiled the places in the country with the highest cost of living.

According to the study, American household debt totaled a record $12.73 trillion as of March 2017, so cost of living concerns are more pertinent than ever.

The study evaluated U.S. cities based on two principal metrics:

- The increase in a city's cost of living index, which includes food, rent, utilities and transportation.
- The Increase in the amount of income required to "live comfortably," a concept used in GOBankingRates studies that combines the money needed to pay for necessities — including food, rent, utilities, transportation and healthcare — with the amount one should budget toward discretionary spending and savings.

Their findings? Read below.

Top 5 Cities Where the Cost of Living is Rising Quickly

5. Jacksonville, Fla.

- Live Comfortably Amount Increase: $2,095
- Cost of Living Index Increase: 3.36 points

4. Austin, Texas

- Live Comfortably Amount Increase: $1,407
- Cost of Living Index Increase: 3.84 points

3. Louisville, Ky.

- Live Comfortably Amount Increase: $2,066
- Cost of Living Index Increase: 4.49 points

2. Seattle

- Live Comfortably Amount Increase: $3,190
- Cost of Living Index Increase: 7.32 points

1. Nashville, Tenn.

- Live Comfortably Amount Increase: $9,135
- Cost of Living Index Increase: 8.61 points

Source: GoBankingRates

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