Two Bay Area, California cities have the highest cost of living in the country according to a list published by GOBankingRates. (Matias Baglietto/NurPhoto via Getty Images / Getty Images)
Phoenix, Arizona grew the most population-wise, gaining 18,337 residents between 2021 and 2022. Their estimated population is now 1,609,456. The cost of living in the state capital is around $54,460 annually.
The city with the highest population loss in the same time frame is New York City, losing 113,580 residents. The required salary to live there comfortably according to GOBankingRates is $175,909.
In an aerial view, the downtown skyline is seen during a heat wave on July 15, 2023 in Phoenix, Arizona. Weather forecasts today are expecting temperatures to reach 115 degrees. The Phoenix area is grappling with record-breaking temperatures as prolo (Brandon Bell/Getty Images)
The cost of living has risen across the country over the past few years, as has the national debt. The Inflation Reduction Act, passed a little over two years ago during the Biden administration, with the purported aim of reducing Americans’ cost of living. Vice President Kamala Harris cast the deciding, tie-breaking vote in the Senate in favor of the IRA. President Biden signed it into law in August 2022.
Inflation averaged out in 2022 at 8.0%, according to Investopedia, a 40-year high. In 2023, the average rate of inflation was 4.1%. In contrast, for the 2020 fiscal year, the average rate of inflation was 1.2%
The U.S. Treasury estimates that the IRA will add $800 billion to the federal budget over the next 10 years. The US national debt currently stands at about $35 trillion, up from about $26 trillion in 2020, according to the US Treasury.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Inflation has steadily declined over the past year, with the CPI for August 2024 measuring at 2.5%, but prices for household goods, housing, and energy remain higher than 2020-2021 levels.
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66fe5a46855a48bb894f30169f1eafc5&url=https%3A%2F%2Fwww.foxbusiness.com%2Flifestyle%2Fwhat-really-costs-live-comfortably-americas-50-biggest-cities-report&c=14965178730451804529&mkt=en-us
Author :
Publish date : 2024-10-02 13:05:00
Copyright for syndicated content belongs to the linked Source.
