Miami, Florida Named as the Third Most Expensive City in the United StatesDecember 27, 2013
Forbes recently named Miami as the third most expensive city in the United States. This is largely due to the many luxury homes, condominiums, restaurants, nightclubs and shopping options found throughout the city.
After looking at a number of different areas including:
• Cost of living index
• Housing opportunity index
• Median salaries
• Local unemployment rates
Forbes was able to determine the list of the most expensive cities in the United States. Los Angeles is the most expensive with Fresno, California following behind it and the Miami-Miami Beach-Kendall area in Florida taking the third spot.
The high median salaries and the expensive housing make this area one of the best for those seeking luxuries, but not one of the best for the middle or lower class. Many foreign buyers move to Miami because it’s known as a playground for the rich and famous. This causes higher prices and many more luxuries than other cities.
Of course, some of the most expensive areas in the city include South Beach, Key Biscayne and Downtown Miami. There are a number of luxury condominium buildings and luxury single family homes found throughout the area. Whether this is a place you want to make into a second home or a permanent home, you won’t have any trouble finding luxury in Miami.
The rest of the top ten most expensive places to live in the United States include:
• McAllen, TX
• Providence, RI
• West Palm Beach, FL
• El Paso, TX
• Honolulu, HI
• Bradenton, FL
• San Jose, CA
• Charleston, SC
• Oxnard, CA
Some of these are expensive areas due to the real estate or the high number of college graduates in the area. However, Miami is listed in the third spot mainly because of the many luxuries found throughout the city.