Everyone dreams of one day living in a rich area like Beverly Hills, California. While it is easy to find out the average monthly rent of properties in this area, it is important to also factor in things like the average mortgage in that area, healthcare costs, utilities, and day-to-day expenses such as food and transportation. The personal finance site GOBankingRates went ahead and combined all of these expenses, allowing them to figure out which places in the US would require the highest annual salary.
Below we count down the 10 most expensive places to live in America and the total annual income needed to live there:
Total Income Needed: About $288,000
This paradise city actually has the highest cost of living compared to the rest of the US, due to inflated prices for daily items like groceries and transportation. It is also home to multiple high-end spots for dining, nightlife, and shopping.
Total Income Needed: About $296,350
This tiny island is a suburb of Charleston and is famous for its beautiful wide beaches and majestic mansions. This island also played an important role in history, serving as the location of the battle at Fort Sullivan in 1776.
Total Income Needed: About $331,560
People looking for an exquisite summer getaway, look no further. Nantucket is a small island near Cape Cod filled with fancy restaurants and upscale boutiques. Its high price-tag will give you access to stunning beaches and water views.
Total Income Needed: About $343,130
Nestled right between New York and Connecticut, Greenwich is the location of multiple hedge funds and finance companies. It makes an ideal spot to host wealthy individuals, as 12 of the world’s billionaires call this place home.
Total Income Needed: About $354,370
This is another small island, but one with a population of only roughly 400 people. It is a prime vacation spot containing two high-rated resorts called the “Sea Island Beach Club” and “The Cloister.”
Total Income Needed: About $380,590
Aspen is a popular vacation spot for anyone who enjoys skiing or scenic views of mountains. It is located in the center of the White River National Forest, with a median home value of roughly $1.4 million. Many celebrities and rich businessmen have decided to call this place home.
Total Income Needed: About $452,630
Nestled right below South Beach, Miami lies Fisher Island. It is home to only about 700 individuals, with the highest per capita income of any area in the United States. As if it wasn’t exclusive enough, the island is only accessible by boat.
Total Income Needed: About $499,240
For wealthy people working in New York City, Alpine is in a prime location. Located almost right across the Hudson River, it is home to celebrities and thriving businessmen who desire a luxurious home in a convenient and quiet location.
Total Income Needed: About $692,390
As you’d expect, your dream home in Beverly Hills is going to cost you. For the high price-tag though, you’ll bask in the sunshine in a beautiful home near all of the Hollywood elites.
Total Income Needed: About $853,740
Taking the crown for the most expensive town in the United States is Sagaponack. It is located in Southampton, part of Eastern Long Island. In 2016, the median price of a home was $5.5 million. Vacation homes are occupied by high-profile celebrities like Billy Joel and Jimmy Fallon as well as former Goldman Sachs bankers.
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