10 Cities With Climbing Costs of Living

10 Cities With Climbing Costs of Living

One major determining factor in deciding where to buy or rent a home is cost of living. A recently released study by GOBankingRates.com ranks the cities with costs of living that climbed the most in 2016-a sign of a housing market heating up.

Researchers based the ranking on the increase in the "cost of living index," which includes food, rent and transportation, and the increase in income needed to "live comfortably." The ranking includes cities where both the cost of living index increased and the income needed increased.

The top ten cities:

1. Nashville, Tennessee
 Cost of Living Index Increase: 8.61 points
 Income Needed Increase: $9,135

2. Seattle, Washington
 Cost of Living Index Increase: 7.32 points
 Income Needed Increase: $3,190

3. Louisville, Kentucky
 Cost of Living Index Increase: 4.49 points
 Income Needed Increase: $2,066

4. Austin, Texas
 Cost of Living Index Increase: 3.84 points
 Income Needed Increase: $1,407

5. Jacksonville, Florida
 Cost of Living Index Increase: 3.36 points
 Income Needed Increase: $2,095

6. Los Angeles, California

Cost of Living Index Increase: 2.89 points

Live Comfortably Amount Increase: $1,676

7. Philadelphia, Pennsylvania

Cost of Living Index Increase: 2.78 points

Live Comfortably Amount Increase: $2,590

8. Virginia Beach, Virginia

Cost of Living Index Increase: 2.65 points

Live Comfortably Amount Increase: $1,720

9. Indianapolis, Indiana

Cost of Living Index Increase: 2.58 points

Live Comfortably Amount Increase: $1,111

10. New Orleans, Louisiana

Cost of Living Index Increase: 2.15 points

Live Comfortably Amount Increase: $1,221

Source: GoBankingRates.com

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LIVING COMFORTABLY IN THESE CITIES WILL COST YOU

Hankering to wing off to Worcester, or relocate to Rochester? Wherever you're considering moving, it's important to know whether your income can sustain a "comfortable" life there.

Finder.com recently crunched the numbers to determine just that in close to 80 cities around the country.

Among the key findings of Finder.com's analysis-and shocking no one-is San Francisco, Calif. at No. 1, requiring the highest salary of all the cities analyzed, and Los Angeles, San Diego and San Jose in the top 10. In these cities, the salary required to obtain a mortgage for the average home is higher than the salary required for mortgage payments, average debt and average expenditures.

The salary needed to live comfortably in San Francisco, according to the analysis, is $180,600-the average home in the Golden Gate City costs $1,119,500. In Los Angeles, the salary needed to live comfortably is $90,244; in San Jose, $129,864.

The city with the lowest salary requirement is Jackson, Miss., where residents can live comfortably for $43,265.

The U.S. Census Bureau reports the average salary was $52,250 in 2013. In the Finder.com analysis, this figure is sufficient income to live in 36 of the 78 cities analyzed.

For its analysis, Finder.com defined living "comfortably" as:

 - Having the ability to purchase an average home (with a 20 percent down payment);
 - Having the ability to cover average per-person expenditures; and
 - Having the ability to pay off annual non-mortgage related household debt.

Using those controls, Finder.com analyzed factors such as the state's median home price, average interest rate for a 30-year, 20-percent-down mortgage, and average non-housing expenditure.

To learn income requirements for a comfortable life in your desired city, visit Finder.com.

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