Cost of Living in the U.S.: 2024 Guide – Eastern U.S. States

The cost of living in the United States varies significantly based on location, lifestyle choices, and economic conditions. This guide aims to provide a comprehensive overview of the cost of living in major regions and cities in 2024.

We’ve already taken a look at U.S. Western cities; now we’ll take a look at major cities in the East, analyzing the following factors:

• Housing
• Transportation
• Healthcare
• Taxes

Note that, in general, living in rural areas in the U.S. can be cheaper than living in urban areas because of lower land prices, and reduced expenses for groceries, transportation, and utilities. While rural living may be cheaper in some aspects, it may also come with trade-offs such as limited job opportunities, fewer amenities, and longer travel times for certain services or activities.

Cost of living in New York City

New York City is globally renowned for its status as a cultural, financial, and commercial hub. The city is iconic for its towering skyscrapers like the Empire State Building and Times Square’s vibrant neon lights. NYC is a melting pot of diverse cultures, reflected in its neighborhoods, cuisine, and arts scene, with institutions such as Broadway theaters, the Metropolitan Museum of Art, and the Museum of Modern Art (MoMA).

Housing

• Housing costs, both rental and real estate prices, are among the highest in the country due to high demand and limited space. NYC’s housing market is highly competitive and expensive, especially in Manhattan and Brooklyn.
• Average Rent Cost: The average rent for a one-bedroom apartment in New York City is $3,739 a month.
• Median Home Prices: The median sale price for homes in New York City is $825,000.

Transportation

• The cost of public transportation in New York is 75 percent higher than the national average.
• NYC has an extensive public transit system (MTA) with subways, buses, and commuter rails.
  • Fare for most riders on subways and local, limited, and Select Bus Service buses: $2.90.
  • Express buses cost $7.

Healthcare

• The average cost of health insurance in New York City is $873 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
• The average cost of a doctor’s visit is $190.00

Taxes

• Residents of NYC are subject to both federal and state income taxes (New York State), with progressive tax rates. There is also a combined state and local sales tax rate applicable to most retail purchases and dining. According to AARP, these are the current rates for main taxes in NYC:
• Income tax: 4 – 10.9 percent
• Property tax: 1.4 percent of a home’s assessed value (average)
• Sales tax: 8.53 percent

Cost of living in Detroit

Detroit, historically known as the Motor City, is renowned for its contributions to the automotive industry, being home to major automobile manufacturers like Ford, General Motors, and Chrysler. Beyond its industrial legacy, Detroit is celebrated for its rich musical heritage, particularly in the genres of Motown and techno. The city has produced legendary musicians and bands, shaping the sound of American music. Additionally, Detroit boasts cultural landmarks such as the Detroit Institute of Arts.

Housing

• Detroit is known for its affordable housing market compared to many other major cities. Both rental and homeownership options can be relatively inexpensive.
• Average Rent Cost: The average rent for a one-bedroom apartment in Detroit is $1,202 per month.
• Median Home Prices: The median sale price for homes in Detroit is $83,000.

Transportation

• Detroit has public transit options such as buses, but the city is known for its car-centric culture, leading to higher dependency on personal vehicles.
• For the buses, the 4-hour pass is $2 and the 24-hour pass is $5.
• Motorists are paying an average of $53 for a full 15-gallon tank of gasoline.

Healthcare

• The average cost of health insurance in Detroit is $497 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
• The average cost of a doctor’s visit can range from $200 – $300.

Taxes

• Michigan has a progressive income tax system. Detroit residents also pay local taxes, including property taxes and sales tax on purchases. According to AARP, these are the current rates for main taxes in Chicago:
• Income tax: 4.05 percent
• Property tax: 1.38percent of a home’s assessed value (average)
• Sales tax: 6 percent.

Cost of living in Boston

Boston is known for its rich history, prestigious universities, and cultural landmarks. As one of the oldest cities in the United States, Boston is steeped in revolutionary history, with sites like the Freedom Trail and the Boston Tea Party Ships & Museum. The city is a major center for education and innovation, home to renowned institutions such as Harvard University and MIT, fostering a culture of intellectual curiosity and cutting-edge research. Additionally, Boston is known for its passionate sports fans, with iconic teams like the Boston Red Sox (MLB), New England Patriots (NFL), and Boston Celtics (NBA).

Housing

• Average Rent Cost: The average rent for a one-bedroom apartment in Boston is $3,325.
• Median Home Prices: The median sale price for homes in Boston is $999,000.

Transportation

• Boston’s public transit system (MBTA) includes subways, buses, commuter rail, and ferries, providing accessibility but also facing challenges like traffic congestion.
  • The cost for one-way fares is Subway: $2.40. Bus: between $1.70 (local buses) and $4.25 (express buses) Commuter rail: $2.40 — $13.25 (depending on the zones traveled)
• Boston launched three free routes in March of 2022. More than 12 million trips were taken on three free routes, creating an estimated savings of more than $6 million for riders.

Healthcare

• The average cost of health insurance in Boston is $639 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
• The average cost of a doctor’s visit is $172.

Taxes

• Massachusetts has a progressive income tax system, sales tax on retail sales statewide, and property taxes for homeowners in Boston. According to AARP, these are the current rates for main taxes in Boston:
• Income tax: 5-9 percent. Starting with the 2023 tax year, the Bay State taxes income over $1 million an additional 4 percent, for a total of 9 percent.
• Property tax: 1.14 percent of a home’s assessed value (average)
• Sales tax: 6.25 percent. There are no local sales taxes.

Cost of living in Washington, D.C.

Washington, D.C., the capital of the United States, is known for its rich historical and political significance as the center of American governance. The city is home to iconic landmarks such as the White House, the Capitol Building, and the National Mall. Washington, D.C., also boasts a vibrant cultural scene with world-class museums and institutions like the Smithsonian Institution, the National Gallery of Art, and the Kennedy Center for the Performing Arts.

Housing

• Average Rent Cost: The average rent for a one-bedroom apartment in Washington, D.C. is $2,224.
• Median Home Prices: The median sale price for homes in Washington, D.C. is around $605,000.

Transportation

• D.C. has an extensive Metro subway system (WMATA) along with buses and commuter rail services, providing convenient access for residents and commuters.
  • Metro opens at 5 am during the week and 7 on the weekends, and runs until 3 am Friday and Saturday and midnight all other days. The system is relatively clean and easy to use, and its six lines and 91 stations service most of the city and all the major suburbs.
  • The cost to ride is weekday (5:00 a.m. – 9:30 p.m.) – $2.00 – $6.00. Weekday (after 9:30 p.m.) and weekends – $2.00
• Over the past couple of years, the fire-engine-red Capital Bikeshare bikes have become ubiquitous around the area—with more than 350 docking stations in Washington. For visitors, Bikeshare has two membership options: 24 hours of use for $7 or a three-day pass for $15.

Healthcare

• The average cost of health insurance in Washington D.C. is $538 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
• The average cost of a doctor’s visit is $172.

Taxes

• Washington, D.C., offers tax deductions and credits to reduce your tax liability, including an adult-dependent care credit, child care credit, and property tax fairness credit. According to Forbes, these are the current rates for main taxes in Boston:
• Income tax: 4-10.75 percent.
• Property tax: 0.85 percent of a home’s assessed value (average)
• Sales tax: 6 percent.

Cost of living in Miami

Miami is known for its vibrant nightlife, beautiful beaches, and multicultural atmosphere. The city’s iconic South Beach area attracts tourists and locals alike with its trendy nightclubs, Art Deco architecture, and lively entertainment scene. The city’s diverse population contributes to its rich cultural tapestry, with neighborhoods like Little Havana showcasing Cuban heritage, and Wynwood known for its vibrant street art and galleries.

Housing

• Miami is known for its luxury real estate market, especially in popular beachfront areas like Miami Beach and South Beach.
• Average Rent Cost: The average rent for a one-bedroom apartment in Miami is $2,058.
• Median Home Prices: The median sale price for homes in Miami is around $675,000.

Transportation

• Miami has public transit options such as buses and Metrorail, but the city is largely car-dependent, especially for suburban commuters.
  • Metrorail and Metrobus fare – $2.25
• Transit riders can purchase mobile passes via the GO Miami-Dade Transit app, pre-load their registered EASY Card online via the Transit Store or visit an EASY card location.

Healthcare

• The average cost of health insurance in Miami is $613 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
• The average cost of a doctor’s visit is $160.

Taxes

• Florida does not have a state income tax, which can be advantageous for residents. According to AARP, these are the current rates for main taxes in Miami:
• Property tax: 0.91 percent of a home’s assessed value (average)
• Sales tax: 7 percent.

Cost of living in Atlanta

Atlanta is known for its dynamic cultural scene, Southern hospitality, and diverse attractions. The city gained prominence as a major transportation hub, symbolized by Hartsfield-Jackson Atlanta International Airport, one of the world’s busiest airports. Atlanta is also renowned for its role in the civil rights movement, with landmarks like the Martin Luther King Jr. National Historic Site honoring the legacy of Dr. King. The city’s cultural offerings include world-class museums like the High Museum of Art, the Atlanta History Center, and the Center for Civil and Human Rights.

Housing

• Atlanta offers a relatively affordable cost of living compared to other major cities in the region
• Average Rent Cost: The average rent for a one-bedroom apartment in Atlanta is $1,555.
• Median Home Prices: The median sale price for homes in Atlanta is around $410,000.

Transportation

• Atlanta has a transit system (MARTA) comprising buses and rail services, but the city’s layout and suburban sprawl contribute to car dependency for many residents.
  • Fare for rail trips and bus rides are: Single Trip – $2.50 Round Trip – $5.00 Ten Trips – $25.00 Twenty Trips – $42.50
• Offering 12 stops along a 2.7-mile loop, the Atlanta Streetcar is a viable option for getting between downtown and Eastside sights. The tickets cost $1 per one-way ride and $3 for a one-day pass.

Healthcare

• The average cost of health insurance in Atlanta is $358 for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
• The average cost of a doctor’s visit ranges from $86 – $131.

Taxes

• Georgia is one of the more tax-friendly states for older workers and retirees, with tax breaks for seniors on their retirement income and property, and no state tax on Social Security, estates, or inheritances. According to AARP, these are the current rates for main taxes in Atlanta:
• Income tax: 1 percent to 5.75 percent
• Property tax: 0.92 percent of a home’s assessed value (average)
• Sales tax: 7.38 percent.

Cost of living in Baltimore

Baltimore is known for its rich maritime history, diverse neighborhoods, and cultural heritage. The city’s Inner Harbor is a focal point, featuring historic ships, and museums like the National Aquariums. Baltimore is renowned for its role in American literature and arts, with Edgar Allan Poe’s grave and museum, as well as the Baltimore Museum of Art. Baltimore is also recognized for its historical significance in the Civil Rights Movement, with sites like the Frederick Douglass-Isaac Myers Maritime Park Museum highlighting African American heritage.

Housing

• Average Rent Cost: The average rent for a one-bedroom apartment in Baltimore is $1,410.
• Median Home Prices: The median sale price for homes in Baltimore is around $200,000.

Transportation

• Baltimore has public transit options such as buses, light rail, and MARC commuter trains, providing connectivity within the city and to surrounding areas.
  • Single one-way fare tickets for use on local buses and 90-minute rides on the Light Rail cost $1.80; one-way fare tickets for the Express Bus cost $2.30; and fare for commuter buses and MARC train service depends on destination and route. A day pass is also available for $4.20.

Healthcare

• The average cost of health insurance in Baltimore is $342 for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
• The average cost of a doctor’s visit ranges from $99 – $151.

Taxes

• Maryland does not tax Social Security benefits but does tax withdrawals from IRAs. It also is the only state to have both an estate tax and an inheritance tax. According to AARP, these are the current rates for main taxes in Atlanta:
• Income tax: 2 percent to 5.75 percent
• Property tax: 1.05 percent of a home’s assessed value (average)
• Sales tax: 6 percent.