If you are looking at the cost of all of your basic living expenses you might find that they are much higher if you live in an urban area. Zillow and Care.com confirmed that the variance between urban living expenses and suburb expenses is a staggering $9,073. When you break down the cost differences they are typically torn between mortgage payments, property taxes, and the cost of child care.
City Living Costs Families Up to $9,000 More a Year Than Suburban – Zillow Porchlight
Urban living has its perks, but they come at a cost: It turns out families spend $9,073 more a year to cover basic living expenses in the city than in the suburbs, according to a new analysis from Zillow and Care.com. Those costs include mortgage payments, property taxes and child care.
Basic living expenses skyrocket in the urban core, according to a new analysis from Zillow and Care.com.
In the New York City metro area, families spend $71,237 more a year to cover living expenses in the city than in the suburbs. That’s nearly $6,000 extra each month. In Chicago, the city costs $18,472 a year more, and in Dallas, it’s $14,128 extra.
Home costs are a big part of the equation. Nationally, the median property taxes and mortgage payments on an urban home totals more than $22,000 a year, which is $7,000 more than the median homeowners would spend on a suburban home. read more… zillow.com