According to a new study by the Council for Community and Economic Research, Manhattan is the most expensive place to live in the U.S. — with Brooklyn coming in at a close second. The organization analyzed the cost of common goods and services such as rent, milk, haircuts, wine, movie tickets and gasoline in 307 cities and found that Manhattan is the costliest for the sixth year in a row.
On average, the average price of a home in Manhattan is $1,303,421. In Brooklyn, it’s $959,907. Many individuals like Dean Frutiger, a project manager with the council, attribute the high cost of housing to supply and demand. “The (higher) housing prices … have an impact on everyone right down the line,” he told the New York Daily News. “The local grocer has to pay for more his property, therefore he’ll have to charge higher to cover his expenses. Housing values impact cost structures across the board.”
Honolulu, San Francisco and San Jose were ranked as the nation’s third, fourth and fifth most expensive cities, with Queens coming in sixth.