28 Sep 2017   /   0 comments

Cost of Living: Money in America

Paul

costIf you’re trying to make a big move or you’ve gotten a new job and have to relocate, you may be wondering what the difference in cost of living will be when you move. Because of the different economic situations of metro areas to rural areas, the cost of living tends to increase the larger the metro area. In other situations, sometimes the cost of living will be higher in a smaller metro area just because of its history, location to tourism, and other popularity factors.

Where is the Money in America?

The GDP (Gross Domestic Product) reflects the economic output of a metro area. In a study through HowMuch.net, they compared up to 382 metro areas with the US census Bureau. They found a huge gap in terms of economic output across the metro areas. The large metro areas contribute far more overall economy than small cities and rural areas.

It’s so large of a gap that the top 20 metro areas collectively generate more than 362 put toghether: 7.872 trillion vs. 6.988 trillion. If the top 20 formed their own country, they’d have the third largest economy in the world.

Top 10 Metro Areas with Highest GDP

  1. New York – $1.43 trillion
  2. Los Angeles – $885 billion
  3. Chicago – $569 billion
  4. Dallas – $471 billion
  5. Washington DC – $449 billion
  6. Houston – $442 billion
  7. San Francisco – $406 billion
  8. Philadelphia – $381 billion
  9. Boston – $372 billion
  10. Atlanta – $320 billion

Cost of Living

The difference in cost of living between bigger metro areas and smaller, rural areas can be a drastic difference sometimes. Even the cost of living between different larger metro areas is a dramatic difference. Whether you’re moving across the state or across the country, finding out the difference in cost of living can be beneficial for deciding to live in a suburb or big city.

New York vs Los Angeles

From one side of the country to another, the two largest metro areas battle for cost of living. In Los Angeles, the cost of living is 8% cheaper than living in New York. The biggest factor in the difference of living is food which is 23% cheaper in Los Angeles.

Los Angeles vs Chicago

Comparing spot two and spot three of the top 10 metro areas, the difference in cost of living is a lot more than the previous comparison. To live in Chicago, you would find living there 33% cheaper than living in Los Angeles. The biggest difference: housing. Housing costs are 64% cheaper in Chicago.

Los Angeles vs San Francisco

If you have to make the move across the long state of California, you may be considering going from one metro area to another one. Don’t be fooled. The cost of living is actually 64% more expensive in San Francisco. Housing is also the big difference with San Francisco being 92% more expensive.

Even though they are lower on the list than Los Angeles, San Francisco is currently a growing economy. They’ve seen a rapid growth in the last year along with Atlanta. Not only that, but it happens to be a heavy tourist attraction.

Los Angeles vs Phoenix

TFC has locations in Los Angeles and Phoenix. The cost of living difference is similar to Chicago where Phoenix is 40% cheaper than Los Angeles with housing being 67% cheaper.

Los Angeles vs Fresno

If you’re living in the big metro but want to downsize while being closer to the big city, you can even compare these prices. Fresno is actually 36% cheaper than Los Angeles and once again, housing is 66% cheaper.

Living with TFC Title Loans

If you need to make a move, need some housing expenses covered, or just need some extra cash, TFC Title Loans can help you with car title loans. By using your vehicle’s title as collateral, you could get $2,500 to $50,000 in funds in as little as one business day.

All you need to do is fill out the application online, or you can even call one of our TFC agents to talk you through the process. Once you’ve applied, your representative will ask you to submit some required documentation before they complete your offer. Once you’ve set up your loan agreements, you get to sign your contract and collect your funds instantly! Quick and easy!

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