The rising cost of living in the U.S. is becoming a growing concern for residents in major metropolitan areas. A recent analysis by Plasma, a company specializing in stablecoin infrastructure, has identified the cities where living expenses are climbing the fastest. The study, which examined a range of factors from housing prices to average salaries, sheds light on the affordability challenges that many Americans are facing today.
As housing prices continue to climb and everyday costs rise, many Americans are feeling financial strain. According to the study, which analyzed the top 30 most populous U.S. cities, New York City, San Diego, and San Francisco are leading the way in terms of cost-of-living anxiety. The findings reveal just how challenging it is to make ends meet in these cities, even for those with relatively high incomes.
New York City: The Epicenter of Cost-of-Living Concerns
New York City, the nation’s largest metropolis, has topped the list of cities where cost-of-living anxiety is the most pronounced. According to Plasma‘s analysis, over 26,100 searches related to the rising cost of living are made every month in the city. Despite an average monthly salary of $5,250, residents are struggling to cope with high rent and essential living costs.Â
The average rent for a one-bedroom apartment in New York City’s downtown area is a staggering $4,564, while additional monthly expenses, such as groceries, utilities, and transportation, can push costs up to approximately $1,646. With inflation rates sitting at 3.4 percent, even those earning higher wages in the city find it increasingly difficult to maintain their standard of living.
This growing financial strain is compounded by the city’s immense size and diversity. While New York may offer a range of job opportunities, its high cost of living makes it challenging for many to save or plan for the future. According to Plasma’s findings, it’s clear that New Yorkers are increasingly concerned about how long they can afford to stay in the city, as their financial burdens continue to grow.
West Coast Cities: Struggling with High Living Costs
The rising cost of living is not isolated to New York City; West Coast cities are also facing substantial affordability challenges. San Diego, ranked second in the Plasma report, illustrates how even cities with relatively high average salaries are being affected by soaring living costs.Â
The typical monthly income for San Diego residents is $5,759, but with an average rent of $3,206 for a one-bedroom apartment, residents are grappling with the affordability gap. Monthly living expenses in the city exceed $1,300, contributing to widespread concern. More than 8,600 searches related to cost-of-living anxieties reflect how these rising costs are impacting residents’ financial stability.
San Francisco, which ranks third in the study, offers the highest average monthly salary of $7,508. However, the city’s high rent and overall cost of living make it difficult for many to manage their finances. The average rent for a one-bedroom apartment is $3,458, and living expenses typically exceed $1,600. With over 6,200 searches for cost-of-living issues in San Francisco, it’s clear that residents are feeling the pressure. Like San Diego, the city’s residents are struggling to keep up with increasing housing costs, which have outpaced their incomes.
The affordability crisis is also evident in other cities along the West Coast, including Los Angeles and Seattle. These cities continue to face financial challenges, driven by a combination of rising rents and overall living expenses. According to Plasma’s spokesperson, the level of concern reflected in search data underscores the need for financial solutions that cater to the mobility of today’s workforce.
