Yahoo Finance 125 Cities Where Frugal People Should Never Live
Perhaps you’ve lived in the same city you grew up in and intend to spend the rest of your life there. Or, maybe you’ve done quite the opposite and relocated frequently.
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Regardless of where you fall on the curve, you should be interested in knowing which cities are the priciest in the U.S. This is especially important if you are on a tight budget or looking to plan the most comfortable retirement on an average salary. Location really matters.
GOBankingRates analyzed the most expensive cities across the country, using various sets of data to determine where frugal people should never live. Let’s dive in.
Lake Forest, Illinois
Household median income: $202,153
Average home value: $1,080,760
Average monthly mortgage: $6,537
Average monthly expenditure: $2,002
Total monthly cost of living: $8,538
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Bellaire, Texas
Household median income: $215,636
Average home value: $1,062,624
Average monthly mortgage: $6,427
Average monthly expenditure: $2,101
Total monthly cost of living: $8,529
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Paradise Valley, Arizona
Household median income: $221,333
Average home value: $3,431,045
Average monthly mortgage: $20,752
Average monthly expenditure: $2,113
Total monthly cost of living: $22,865
Burr Ridge, Illinois
Household median income: $174,342
Average home value: $827,679
Average monthly mortgage: $5,006
Average monthly expenditure: $2,148
Total monthly cost of living: $7,154
Brentwood, Tennessee
Household median income: $181,576
Average home value: $1,294,132
Average monthly mortgage cost: $7,827
Average monthly expenditure cost: $2,049
Total monthly cost of living: $9,876
Zionsville, Indiana
Household median income: $152,788
Average home value: $604,232
Average monthly mortgage: $3,655
Average monthly expenditure: $1,971
Total monthly cost of living: $5,626
Leawood, Kansas
Household median income: $174,779
Average home value: $726,745
Average monthly mortgage: $4,396
Average monthly expenditure: $2,190
Total monthly cost of living: $6,586
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Carmel, Indiana
Household median income: $132,859
Average home value: $547,764
Average monthly mortgage: $3,313
Average monthly expenditure: $1,942
Total monthly cost of living: $5,255
Westfield, Indiana
Household median income: $117,519
Average home value: $454,722
Average monthly mortgage: $2,750
Average monthly expenditure: $1,946
Total monthly cost of living: $4,696
Nolensville, Tennessee
Household median income: $158,266
Average home value: $810,107
Average monthly mortgage: $4,900
Average monthly expenditure: $2,098
Total monthly cost of living: $6,998
Hillsborough, California
Household median income: $250,000
Average home value: $5,118,119
Average monthly mortgage: $30,956
Average monthly expenditure: $2,492
Total monthly cost of living: $33,448
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Johnston, Iowa
Household median income: $98,324
Average home value: $403,537
Average monthly mortgage: $2,441
Average monthly expenditure: $1,858
Total monthly cost of living: $4,299
Milton, Georgia
Household median income: $142,845
Average home value: $953,965
Average monthly mortgage: $5,770
Average monthly expenditure: $2,147
Total monthly cost of living: $7,917
Bentonville, Arkansas
Household median income: $99,074
Average home value: $447,905
Average monthly mortgage: $2,709
Average monthly expenditure: $1,894
Total monthly cost of living: $4,603
Johns Creek, Georgia
Household median income: $153,882
Average home value: $698,220
Average monthly mortgage: $4,223
Average monthly expenditure: $2,198
Total monthly cost of living: $6,421
Los Altos, California
Household median income: $250,000
Average home value: $4,489,981
Average monthly mortgage: $27,157
Average monthly expenditure: $2,417
Total monthly cost of living: $29,574
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Holladay, Utah
Household median income: $106,099
Average home value: $832,226
Average monthly mortgage: $5,034
Average monthly expenditure: $1,942
Total monthly cost of living: $6,976
Jenks, Oklahoma
Household median income: $101,767
Average home value: $336,170
Average monthly mortgage: $2,033
Average monthly expenditure: $1,966
Total monthly cost of living: $4,000
West Linn, Oregon
Household median income: $134,116
Average home value: $805,213
Average monthly mortgage: $4,870
Average monthly expenditure: $2,123
Total monthly cost of living: $6,994
Pinecrest, Florida
Household median income: $178,095
Average home value: $2,253,263
Average monthly mortgage: $13,628
Average monthly expenditure: $2,322
Total monthly cost of living: $15,951
Rogers, Arkansas
Household median income: $78,075
Average home value: $345,091
Average monthly mortgage: $2,087
Average monthly expenditure: $1,873
Total monthly cost of living: $3,960
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Coralville, Iowa
Household median income: $67,691
Average home value: $314,439
Average monthly mortgage: $1,902
Average monthly expenditure: $1,836
Total monthly cost of living: $3,737
Edmond, Oklahoma
Household median income: $96,389
Average home value: $343,751
Average monthly mortgage: $2,079
Average monthly expenditure: $2,014
Total monthly cost of living: $4,094
Bettendorf, Iowa
Household median income: $100,570
Average home value: $328,006
Average monthly mortgage: $1,984
Average monthly expenditure: $2,044
Total monthly cost of living: $4,027
Bixby, Oklahoma
Household median income: $93,765
Average home value: $312,609
Average monthly mortgage: $1,891
Average monthly expenditure: $2,013
Total monthly cost of living: $3,903
Lake Oswego, Oregon
Household median income: $127,252
Average home value: $988,197
Average monthly mortgage cost: $5,977
Average monthly expenditure cost: $2,180
Total monthly cost of living: $8,157
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Cupertino, California
Household median income: $223,667
Average home value: $3,165,630
Average monthly mortgage: $19,147
Average monthly expenditure: $2,412
Total monthly cost of living: $21,559
Scottsdale, Arizona
Household median income: $104,197
Average home value: $966,048
Average monthly mortgage: $5,843
Average monthly expenditure: $2,039
Total monthly cost of living: $7,882
Williamsburg, Virginia
Household median income: $66,815
Average home value: $454,339
Average monthly mortgage: $2,748
Average monthly expenditure: $1,873
Total monthly cost of living: $4,621
Bellevue, Washington
Household median income: $149,551
Average home value: $1,659,276
Average monthly mortgage: $10,036
Average monthly expenditure: $2,237
Total monthly cost of living: $12,273
Rexburg, Idaho
Household median income: $46,286
Average home value: $412,607
Average monthly mortgage: $2,496
Average monthly expenditure: $1,769
Total monthly cost of living: $4,265
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Mandeville, Louisiana
Household median income: $84,886
Average home value: $363,759
Average monthly mortgage: $2,200
Average monthly expenditure: $2,056
Total monthly cost of living: $4,256
Saratoga, California
Household median income: $237,730
Average home value: $4,046,022
Average monthly mortgage: $24,472
Average monthly expenditure: $2,462
Total monthly cost of living: $26,934
Hayden, Idaho
Household median income: $72,227
Average home value: $597,520
Average monthly mortgage: $3,614
Average monthly expenditure: $1,877
Total monthly cost of living: $5,491
Sandy Springs, Georgia
Household median income: $93,303
Average home value: $820,079
Average monthly mortgage: $4,960
Average monthly expenditure: $2,063
Total monthly cost of living: $7,023
Branson, Missouri
Household median income: $49,790
Average home value: $296,486
Average monthly mortgage: $1,793
Average monthly expenditure: $1,796
Total monthly cost of living: $3,589
Oxford, Mississippi
Household median income: $56,784
Average home value: $345,046
Average monthly mortgage: $2,087
Average monthly expenditure: $1,869
Total monthly cost of living: $3,956
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Fayetteville, Arkansas
Household median income: $56,881
Average home value: $357,764
Average monthly mortgage: $2,164
Average monthly expenditure: $1,862
Total monthly cost of living: $4,026
Hopkins, Minnesota
Household median income: $70,058
Average home value: $361,276
Average monthly mortgage: $2,185
Average monthly expenditure: $1,936
Total monthly cost of living: $4,121
Palo Alto, California
Household median income: $214,118
Average home value: $3,701,644
Average monthly mortgage: $22,389
Average monthly expenditure: $2,403
Total monthly cost of living: $24,792
Hilton Head Island, South Carolina
Household median income: $93,694
Average home value: $1,008,790
Average monthly mortgage: $6,101
Average monthly expenditure: $2,034
Total monthly cost of living: $8,136
Manhattan Beach, California
Household median income: $187,217
Average home value: $3,137,677
Average monthly mortgage: $18,978
Average monthly expenditure: $2,351
Total monthly cost of living: $21,329
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Little Canada, Minnesota
Household median income: $69,673
Average home value: $380,810
Average monthly mortgage: $2,303
Average monthly expenditure: $1,961
Total monthly cost of living: $4,264
East Lansing, Michigan
Household median income: $44,094
Average home value: $289,944
Average monthly mortgage: $1,754
Average monthly expenditure: $1,849
Total monthly cost of living: $3,602
Sparks, Nevada
Household median income: $82,938
Average home value: $508,594
Average monthly mortgage: $3,076
Average monthly expenditure: $2,008
Total monthly cost of living: $5,084
Franklin, Tennessee
Household median income: $106,592
Average home value: $892,662
Average monthly mortgage: $5,399
Average monthly expenditure: $2,117
Total monthly cost of living: $7,516
Overland Park, Kansas
Household median income: $100,876
Average home value: $446,494
Average monthly mortgage: $2,701
Average monthly expenditure: $2,167
Total cost of living: $4,868
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Lenexa, Kansas
Household median income: $101,074
Average home value: $442,084
Average monthly mortgage: $2,674
Average monthly expenditure: $2,165
Total monthly cost of living: $4,839
Seattle
Household median income: $116,068
Average home value: $965,541
Average monthly mortgage: $5,840
Average monthly expenditure: $2,214
Total monthly cost of living: $8,053
Gulf Shores, Alabama
Household median income: $62,021
Average home value: $475,155
Average monthly mortgage: $2,874
Average monthly expenditure: $1,928
Total monthly cost of living: $4,802
Murray, Kentucky
Household median income: $37,421
Average home value: $164,553
Average monthly mortgage: $995
Average monthly expenditure: $1,831
Total monthly cost of living: $2,826
Reno, Nevada
Household median income: $73,073
Average home value: $557,948
Average monthly mortgage: $3,375
Average monthly expenditure: $2,006
Total monthly cost of living: $5,381
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Fargo, North Dakota
Household median income: $64,432
Average home value: $299,900
Average monthly mortgage: $1,814
Average monthly expenditure: $1,992
Total monthly cost of living: $3,806
Starkville, Mississippi
Household median income: $36,076
Average home value: $261,628
Average monthly mortgage: $1,582
Average monthly expenditure: $1,841
Total monthly cost of living: $3,423
Santa Fe, New Mexico
Household median income: $67,663
Average home value: $600,128
Average monthly mortgage: $3,630
Average monthly expenditure: $1,976
Total monthly cost of living: $5,606
Columbus, Ohio
Household median income: $62,994
Average home value: $259,081
Average monthly mortgage: $1,567
Average monthly expenditure: $1,993
Total monthly cost of living: $3,560
New Orleans
Household median income: $51,116
Average home value: $241,306
Average monthly mortgage: $1,459
Average monthly expenditure: $1,951
Total monthly cost of living: $3,410
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Hudson, Wisconsin
Household median income: $90,250
Average home value: $484,474
Average monthly mortgage: $2,930
Average monthly expenditure: $2,123
Total monthly cost of living: $5,053
Norfolk, Nebraska
Household median income: $57,479
Average home value: $231,894
Average monthly mortgage: $1,403
Average monthly expenditure: $1,991
Total cost of living: $3,394
Ann Arbor, Michigan
Household median income: $78,546
Average home value: $533,630
Average monthly mortgage: $3,228
Average monthly expenditure: $2,105
Total monthly cost of living: $5,333
South Portland, Maine
Household median income: $82,489
Average home value: $514,792
Average monthly mortgage: $3,114
Average monthly expenditure: $2,111
Total monthly cost of living: $5,225
Newport Beach, California
Household median income: $149,471
Average home value: $3,864,149
Average monthly mortgage: $23,371
Average monthly expenditure: $2,101
Total monthly cost of living: $25,472
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Cincinnati
Household median income: $49,191
Average home value: $240,591
Average monthly mortgage: $1,455
Average monthly expenditure: $1,978
Total monthly cost of living: $3,433
Laguna Beach, California
Household median income: $141,875
Average home value: $3,146,164
Average monthly mortgage: $19,029
Average monthly expenditure: $2,179
Total monthly cost of living: $21,208
Portland, Oregon
Household median income: $85,876
Average home value: $562,695
Average monthly mortgage cost: $3,403
Average monthly expenditure cost: $2,157
Total monthly cost of living: $5,560
Blacksburg, Virginia
Household median income: $42,012
Average home value: $408,217
Average monthly mortgage cost: $2,469
Average monthly expenditure cost: $1,925
Total monthly cost of living: $4,394
Las Vegas
Household median income: $66,356
Average home value: $436,591
Average monthly mortgage cost: $2,641
Average monthly expenditure cost: $2,057
Total monthly cost of living: $4,698
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Santa Rosa, California
Household median income: $92,604
Average home value: $753,914
Average monthly mortgage cost: $4,560
Average monthly expenditure cost: $2,168
Total monthly cost of living: $6,728
Tuscaloosa, Alabama
Household median income: $47,257
Average home value: $215,381
Average monthly mortgage cost: $1,303
Average monthly expenditure cost: $1,992
Total monthly cost of living: $3,295
Minneapolis
Household median income: $76,332
Average home value: $337,927
Average monthly mortgage cost: $2,044
Average monthly expenditure cost: $2,157
Total monthly cost of living: $4,200
Fairfield, California
Household median income: $98,857
Average home value: $632,342
Average monthly mortgage cost: $3,825
Average monthly expenditure cost: $2,244
Total monthly cost of living: $6,069
Auburn, Alabama
Household median income: $55,509
Average home value: $398,434
Average monthly mortgage cost: $2,410
Average monthly expenditure cost: $2,045
Total monthly cost of living: $4,455
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Portsmouth, New Hampshire
Household median income: $100,169
Average home value: $776,468
Average monthly mortgage cost: $4,696
Average monthly expenditure cost: $2,265
Total monthly cost of living: $6,961
Key Biscayne, Florida
Household median income: $173,015
Average home value: $3,895,573
Average monthly mortgage cost: $23,562
Average monthly expenditure cost: $2,303
Total monthly cost of living: $25,864
Eugene, Oregon
Household median income: $61,481
Average home value: $474,912
Average monthly mortgage cost: $2,872
Average monthly expenditure cost: $2,061
Total monthly cost of living: $4,933
Fresno, California
Household median income: $63,001
Average home value: $387,273
Average monthly mortgage cost: $2,342
Average monthly expenditure cost: $2,077
Total monthly cost of living: $4,420
Biddeford, Maine
Household median income: $63,261
Average home value: $478,296
Average monthly mortgage cost: $2,893
Average monthly expenditure cost: $2,061
Total monthly cost of living: $4,954
West Chester, Pennsylvania
Household median income: $71,875
Average home value: $621,541
Average monthly mortgage cost: $3,759
Average monthly expenditure cost: $2,117
Total monthly cost of living: $5,877
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Bozeman, Montana
Household median income: $74,113
Average home value: $822,254
Average monthly mortgage cost: $4,973
Average monthly expenditure cost: $2,102
Total monthly cost of living: $7,075
Boone, North Carolina
Household median income: $28,242
Average home value: $492,360
Average monthly mortgage cost: $2,978
Average monthly expenditure cost: $1,853
Total monthly cost of living: $4,831
Missoula, Montana
Household median income: $59,783
Average home value: $555,311
Average monthly mortgage cost: $3,359
Average monthly expenditure cost: $2,056
Total monthly cost of living: $5,415
Modesto, California
Household median income: $73,375
Average home value: $447,780
Average monthly mortgage cost: $2,708
Average monthly expenditure cost: $2,160
Total monthly cost of living: $4,868
Stockton, California
Household median income: $71,612
Average home value: $447,580
Average monthly mortgage cost: $2,707
Average monthly expenditure cost: $2,149
Total monthly cost of living: $4,856
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Denver
Household median income: $85,853
Average home value: $620,346
Average monthly mortgage cost: $3,752
Average monthly expenditure cost: $2,247
Total monthly cost of living: $5,999
Santa Barbara, California
Household median income: $98,346
Average home value: $1,968,617
Average monthly mortgage cost: $11,907
Average monthly expenditure cost: $2,117
Total monthly cost of living: $14,023
Box Elder, South Dakota
Household median income: $71,532
Average home value: $336,492
Average monthly mortgage cost: $2,035
Average monthly expenditure cost: $2,164
Total monthly cost of living: $4,199
Miami
Household median income: $54,858
Average home value: $629,115
Average monthly mortgage cost: $3,805
Average monthly expenditure cost: $2,060
Total monthly cost of living: $5,865
Vallejo, California
Household median income: $86,112
Average home value: $559,318
Average monthly mortgage cost: $3,383
Average monthly expenditure cost: $2,259
Total monthly cost of living: $5,642
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Rapid City, South Dakota
Household median income: $62,784
Average home value: $343,785
Average monthly mortgage cost: $2,079
Average monthly expenditure cost: $2,155
Total monthly cost of living: $4,235
Sacramento, California
Household median income: $78,954
Average home value: $489,601
Average monthly mortgage cost: $2,961
Average monthly expenditure cost: $2,231
Total monthly cost of living: $5,192
College Park, Maryland
Household median income: $76,973
Average home value: $446,382
Average monthly mortgage cost: $2,700
Average monthly expenditure cost: $2,217
Total monthly cost of living: $4,917
Salinas, California
Household median income: $84,250
Average home value: $732,035
Average monthly mortgage cost: $4,428
Average monthly expenditure cost: $2,221
Total monthly cost of living: $6,648
Martinsburg, West Virginia
Household median income: $55,240
Average home value: $284,606
Average monthly mortgage cost: $1,721
Average monthly expenditure cost: $2,116
Total monthly cost of living: $3,837
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Malibu, California
Household median income: $186,905
Average home value: $4,019,068
Average monthly mortgage cost: $24,308
Average monthly expenditure cost: $2,472
Total monthly cost of living: $26,780
Omaha, Nebraska
Household median income: $70,202
Average home value: $279,525
Average monthly mortgage cost: $1,691
Average monthly expenditure cost: $2,233
Total monthly cost of living: $3,924
Spearfish, South Dakota
Household median income: $58,734
Average home value: $430,575
Average monthly mortgage cost: $2,604
Average monthly expenditure cost: $2,161
Total monthly cost of living: $4,765
Asheville, North Carolina
Household median income: $63,810
Average home value: $479,623
Average monthly mortgage cost: $2,901
Average monthly expenditure cost: $2,189
Total monthly cost of living: $5,090
Los Angeles
Household median income: $76,244
Average home value: $1,043,649
Average monthly mortgage cost: $6,312
Average monthly expenditure cost: $2,199
Total monthly cost of living: $8,512
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Greenwich, Connecticut
Household median income: $128,839
Average home value: $2,352,462
Average monthly mortgage cost: $14,228
Average monthly expenditure cost: $2,530
Total monthly cost of living: $16,758
Newport, Rhode Island
Household median income: $81,330
Average home value: $924,572
Average monthly mortgage cost: $5,592
Average monthly expenditure cost: $2,285
Total monthly cost of living: $7,877
Morgantown, West Virginia
Household median income: $41,103
Average home value: $272,821
Average monthly mortgage cost: $1,650
Average monthly expenditure cost: $2,118
Total monthly cost of living: $3,768
Cody, Wyoming
Household median income: $67,764
Average home value: $475,719
Average monthly mortgage cost: $2,877
Average monthly expenditure cost: $2,235
Total monthly cost of living: $5,113
San Jose, California
Household median income: $136,010
Average home value: $1,561,409
Average monthly mortgage cost: $9,444
Average monthly expenditure cost: $2,529
Total monthly cost of living: $11,973
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San Diego
Household median income: $98,657
Average home value: $1,147,699
Average monthly mortgage cost: $6,942
Average monthly expenditure cost: $2,367
Total monthly cost of living: $9,309
Boulder, Colorado
Household median income: $80,243
Average home value: $1,188,427
Average monthly mortgage cost: $7,188
Average monthly expenditure cost: $2,287
Total monthly cost of living: $9,475
Juneau, Alaska
Household median income: $95,711
Average home value: $508,525
Average monthly mortgage cost: $3,076
Average monthly expenditure cost: $2,442
Total monthly cost of living: $5,517
San Francisco
Household median income: $136,689
Average home value: $1,423,316
Average monthly mortgage cost: $8,609
Average monthly expenditure cost: $2,630
Total monthly cost of living: $11,238
Lincoln, Nebraska
Household median income: $67,846
Average home value: $278,322
Average monthly mortgage cost: $1,683
Average monthly expenditure cost: $2,330
Total monthly cost of living: $4,014
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Trenton, New Jersey
Household median income: $44,444
Average home value: $314,829
Average monthly mortgage cost: $1,904
Average monthly expenditure cost: $2,195
Total monthly cost of living: $4,099
Anchorage, Alaska
Household median income: $95,731
Average home value: $395,639
Average monthly mortgage cost: $2,393
Average monthly expenditure cost: $2,500
Total monthly cost of living: $4,893
Boston
Household median income: $89,212
Average home value: $789,164
Average monthly mortgage cost: $4,773
Average monthly expenditure cost: $2,451
Total monthly cost of living: $7,224
Somerville, Massachusetts
Household median income: $120,778
Average home value: $1,144,067
Average monthly mortgage cost: $6,920
Average monthly expenditure cost: $2,559
Total monthly cost of living: $9,479
Palisades Park, New Jersey
Household median income: $93,250
Average home value: $933,280
Average monthly mortgage cost: $5,645
Average monthly expenditure cost: $2,426
Total monthly cost of living: $8,070
Washington, D.C.
Household median income: $101,722
Average home value: $730,878
Average monthly mortgage cost: $4,421
Average monthly expenditure cost: $2,557
Total monthly cost of living: $6,977
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South Burlington, Vermont
Household median income: $90,410
Average home value: $572,238
Average monthly mortgage cost: $3,461
Average monthly expenditure cost: $2,495
Total monthly cost of living: $5,956
Laramie, Wyoming
Household median income: $50,539
Average home value: $356,762
Average monthly mortgage cost: $2,158
Average monthly expenditure cost: $2,305
Total monthly cost of living: $4,463
State College, Pennsylvania
Household median income: $43,459
Average home value: $386,204
Average monthly mortgage cost: $2,336
Average monthly expenditure cost: $2,281
Total monthly cost of living: $4,617
Cambridge, Massachusetts
Household median income: $121,539
Average home value: $1,745,218
Average monthly mortgage cost: $10,556
Average monthly expenditure cost: $2,576
Total monthly cost of living: $13,132
Kailua, Hawaii
Household median income: $138,363
Average home value: $1,542,772
Average monthly mortgage cost: $9,331
Average monthly expenditure cost: $2,716
Total monthly cost of living: $12,047
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New Haven, Connecticut
Household median income: $54,305
Average home value: $312,915
Average monthly mortgage cost: $1,893
Average monthly expenditure cost: $2,404
Total monthly cost of living: $4,296
Burlington, Vermont
Household median income: $64,931
Average home value: $544,631
Average monthly mortgage cost: $3,294
Average monthly expenditure cost: $2,501
Total monthly cost of living: $5,795
New York City
Household median income: $76,607
Average home value: $777,303
Average monthly mortgage cost: $4,701
Average monthly expenditure cost: $2,682
Total monthly cost of living: $7,384
Stanford, California
Household median income: $69,631
Average home value: $3,402,961
Average monthly mortgage cost: $20,582
Average monthly expenditure cost: $2,315
Total monthly cost of living: $22,897
Honolulu
Household median income: $82,772
Average home value: $1,320,402
Average monthly mortgage cost: $7,986
Average monthly expenditure cost: $2,687
Total monthly cost of living: $10,673
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Beverly Hills, California
Household median income: $116,771
Average home value: $5,830,739
Average monthly mortgage cost: $35,266
Average monthly expenditure cost: $2,352
Total monthly cost of living: $37,618
Methodology: For this study, GOBankingRates analyzed some of the most expensive cities across the country to find the places where frugal people would never live. First, GOBankingRates found cities that are typically considered the most expensive in the United States (sourced from RocketHomes’ “Most Expensive Cities in US,” U.S. News & World Report’s “Most Expensive Places to Live” and Forbes’ “Most Expensive Cities in U.S.” GOBankingRates analyzed each city to find cost of living as sourced from Sperling’s BestPlaces, average single family home value as sourced from Zillow Home Value Index and total population, total households, mean household income and median household income as sourced from the U.S. Census American Community Survey, and the livability index as sourced from AreaVibes. Using the cost-of-living indexes and the average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for each city were calculated. Using the average home value as well as the national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost for each city was found. Adding the average mortgage cost and the average expenditure costs gave the average total cost of living for each city. To qualify for this study, cities had to have at least 10,000 households. The mean household income was scored and weighted at 1.00, the median household income was scored and weighted at 1.00, the average expenditure cost was scored and weighted at 1.00, and the average mortgage cost was scored and weighted at 1.00. All the scores were summed and sorted to show the places where frugal people would never live. All data was collected on and is up to date as of April 24, 2024.
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This article originally appeared on GOBankingRates.com: 125 Cities Where Frugal People Should Never Live
