Portland, Seattle will see largest jump in living expenses
If you were looking for a new place to live, avoid Oregon and Washington state.
Both Portland, Oregon, and Seattle are the cities that will experience the biggest jump in cost of living in 2018, GOBankingRates says. Portland alone will see a nearly 3 percent jump in home values and more than 5 percent increase in rent.
Dallas-Fort Worth is number 7 on the list of top 10, and the metro area is expected to have a busy 2018. GOBankingRates says it had the largest predicted increase in home value and is projected to have the second-biggest housing market in the country.
Aside from the Pacific Northwest taking the top 2 spots, Denver came in third. GOBankingRates says home prices will keep trending upward in 2018 as high demand and low supply will cause homes to skyrocket in price.
Atlanta takes the fourth spot and had the second-highest home price increase in the country from 2016 to 2017. San Diego came in fifth, where they have one of the highest median home prices in the country. Overall, California has the fourth-highest cost of living in the entire country.
California is already home to the most expensive ZIP code in the country, and many cities there are hurting people’s chances of living comfortably and saving money. Many Californians can’t even do one of those things effectively. San Francisco came in sixth in the GOBankingRates study.
Phoenix, Tampa, and Miami round out the study’s top 10.
“Home values are expected to continue rising at a high rate in Tampa, which is good news for people who already own a home there,” GOBankingRates says. “Tampa is one of the best cities in the country to own an investment property — but that’s bad news for people looking to buy a home.”
Best and worst places to save
GOBankingRates says Florida is one of the worst states for families to save money since median household income is below the national average and home list prices are above national average.
If you’re looking for cheaper areas to live, consider staying landlocked. Most inexpensive cities aren’t near water. Mississippi is the cheapest state in the nation, giving you the opportunity to save more of your money by spending less on necessities like mortgages and cost of living. In Mississippi, residents are saving up to half of their income. In contrast, those in Hawaii are losing money — 13 percent of their income! — by living there.
Texas might be a good spot for you to end up since unemployment is low, median income is high, and you get some of the best return on your salaries. Just be careful you handle your money better than some other Texans.
If you’re not ready to jump to full homeownership, it’s OK. But keep in mind that renters are being priced out. Low-income earners are struggling to keep up with payments even in the cheapest apartments. They can’t really leave, either, so they stay put, even if it means they will always struggle with saving extra to get out. Since rent is going up on even the least expensive units, renters are losing their chances of having a place to live at all. Although, where you live is a big factor in how much you’re paying every month.
Meet the Author
Article last modified on July 30, 2018. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Pacific Northwest is 2018’s Hottest Area to Live - AMP.