Housing eats up a lot of our paycheck, but just how much?
We turned to the Economic Policy Institute to find out, which recently released a 2015 Family Budget Calculator measuring the annual cost of necessities to live a secure yet modest lifestyle.
The calculator estimates the costs of housing, food, child care, transportation, healthcare, other necessities, and taxes.
In this case, we looked specifically at the how much the EPI estimates a family of four and single people are paying for monthly rent in the most expensive metropolitan areas in the US.
Housing costs are based on the Department of Housing and Urban Development’s (HUD) fair market rents, and include shelter and all tenant-paid utilities (excluding telephone service, cable, and internet). Studio apartments were used for one-person households, and two-bedroom apartments were used for families with two children.
Of course, if you're looking to buy in a major metro, that may cost you more. As for renting, here's how much you can expect to pay per month in the 11 most expensive metro areas in the US:
11. Santa Rosa
A residential area in Santa Rosa, California.
Monthly cost of housing:
4-person family: $1,251
Single person: $820
10. San Diego-Carlsbad
A residential area in San Diego, California.
Monthly cost of housing:
4-person family: $1,354
Single person: $939
9. Los Angeles-Long Beach-Anaheim
A residential area in Los Angeles, California.
Monthly cost of housing:
4-person family: $1,398
Single person: $896
8. Napa
A residential area in Napa, California.
Monthly cost of housing:
4-person family: $1,414
Single person: $843
7. Washington-Arlington-Alexandria
A residential area in Georgetown, Washington DC.
Monthly cost of housing:
4-person family: $1,469
Single person: $1,176
6. San Francisco-Oakland-Hayward
A residential area in San Francisco, California.
Monthly cost of housing:
4-person family: $1,956
Single person: $1,191
5. Santa Cruz-Watsonville
A residential area in Santa Cruz, California.
Monthly cost of housing:
4-person family: $1,597
Single person: $976
4. Bridgeport-Stamford-Norwalk
Apartment complexes in Stamford, Connecticut.
Monthly cost of housing:
4-person family: $1,161
Single person: $727
3. San Jose-Sunnyvale-Santa Clara
A residential area in Santa Clara, California.
Monthly cost of housing:
4-person family: $1,649
Single person: $1,105
2. New York-Newark-Jersey City
Apartments in New York City, New York.
Monthly cost of housing:
4-person family: $1,440
Single person: $1,163
1. Urban Honolulu
A residential area in Honolulu, Hawaii.
1. Urban Honolulu
A residential area in Honolulu, Hawaii.
Monthly cost of housing:
4-person family: $1,820
Single person: $1,267
Source: Businessinsider
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