In order to determine what it actually costs to live in America’s most expensive cities, 24/7 Wall St. first identified the 25 cities with the highest cost of living according to the Bureau of Economic Analysis (BEA) as measured by regional price parities for metro. We matched to each of these cities monthly living costs for a family of four (two parents and two children) and other cost of living data provided by the Economic Policy Institute (EPI).
The EPI data is the basis for its Family Budget Calculator, which measures the income a family needs in order to attain a modest yet adequate standard of living. The budgets estimate community-specific costs for 10 family types (one or two adults with zero to four children) in all counties and metro areas in the United States.
Poverty rates and educational attainment rates come from the U.S. Census Bureau’s 1-year 2016 American Community Survey.