Cost of Living Will Soar in These 10 Cities in 2018

by ·

ortland, Ore. is expected to see the largest increase in living expenses out of any U.S. city in 2018, found a new study by personal finance website GOBankingRates.

Seattle is expected to see the second-highest increase in home value and the largest increase in rent. The city’s rapid growth and rising costs can be attributed to the recent tech boom, as well as the construction of Amazon’s new headquarters.

To identify cities that are expected to see a notable increase in prices, GOBankingRates analyzed three key factors: the year-over-year median home value forecast, the year-over-year median rent forecast, and the Bureau of Labor Statistics’ Consumer Price Index change between 2014 and 2017.

For more details on methodology and to view the full study, please visit: Cities Where the Cost of Living is Expected to Soar in 2018

Top 10 Cities Where the Cost of Living is Expected to Soar

1. Portland

  • Projected change in home value*: 2.81 percent
  • Projected change in rent*: 5.34 percent
  • Average CPI change 2014-2017: 2.49 percent

2. Seattle

  • Projected change in home value: 4.86 percent
  • Projected change in rent: 5.73 percent
  • Average CPI change 2014-2017: 2.07 percent

3. Denver

  • Projected change in home value: 3.52 percent
  • Projected change in rent: 4.37 percent
  • Average CPI change 2014-2017: 2.36 percent

4. Atlanta

  • Projected change in home value: 3.34 percent
  • Projected change in rent: 5.08 percent
  • Average CPI change 2014-2017: 1.51 percent

5. San Diego

  • Projected change in home value: 2.86 percent
  • Projected change in rent: 3.91 percent
  • Average CPI change 2014-2017: 2.01 percent

6. San Francisco

  • Projected change in home value: 1.40 percent
  • Projected change in rent: 0.92 percent
  • Average CPI change 2014-2017: 2.95 percent

7. Dallas-Fort Worth

  • Projected change in home value: 5.58 percent
  • Projected change in rent: 2.82 percent
  • Average CPI change 2014-2017: 0.87 percent

8. Phoenix

  • Projected change in home value: 3.21 percent
  • Projected change in rent: 3.87 percent
  • Average CPI change 2014-2017: 1.34 percent

9. Tampa, Fla.

  • Projected change in home value: 2.92 percent
  • Projected change in rent: 2.27 percent
  • Average CPI change 2014-2017: 1.22 percent

10. Miami

  • Projected change in home value: 1.39 percent
  • Projected change in rent: 2.38 percent
  • Average CPI change 2014-2017: 1.76 percent

*Projected change in home value and rent price based on year-over-year change for all years 2014 to 2017.

Additional Insights

  • The Dallas-Fort Worth metro area had the largest predicted increase in home value; Realtor.com anticipates that this area will be the No. 2 housing market in the country next year.
  • Home prices in Denver will continue to drive costs up in 2018 because of a high demand for homes and low supply of available housing.
  • Of the cities on the list, San Francisco had the largest increase in the cost of consumer products and services over the last three years.

More Lifestyle News:

  1. Renting vs. Buying a Home: Which is Best for Your Wallet in Each State? Washington, D.C., Arizona and Nevada are among the 11 states where renting is more affordable than buying a home, found a new study by the leading personal finance website GOBankingRates. To help home-seekers better navigate the housing market in their...
  2. Millennials – Consider these U.S. metro areas to buy a home Minneapolis offers the best chance for millennials to successfully buy and own a home, found a new study by personal finance website GOBankingRates. The study revealed that 42.4 percent of millennials in the city own their living space, which is...
  3. Best and Worst US Cities for Foodies on a Budget Las Vegas and Long Beach, Calif. are the best cities to live if you are looking for affordable food options, found a new study by personal finance website GOBankingRates. According to the study, Seattle is the worst city for foodies...
  4. Where Millennials Can and Can’t Actually Afford to Buy Homes Colorado and Oregon are two of the least affordable states for millennials to buy a home, a new study found. Unsurprisingly, these states also rank as two of the most popular to move to for the age group. Personal finance...
  5. Bankrate: Mortgage Rates Drop to 2017 Lows Mortgage rates fell the lowest levels of the year, with the benchmark 30-year fixed mortgage rate now 4.16 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.28 discount and origination points. The larger...
  6. Bankrate: Mortgage Rates Lowest Since Mid-January Mortgage rates fell to the lowest levels in nearly three months, with the benchmark 30-year fixed mortgage rate now 4.24 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points....
  7. NeighborhoodEdge SM Closing Cost Assistance Program Allocates more than $1 Million to PrimeLending Mortgage Borrowers National home lender PrimeLending, a PlainsCapital Company, announces that its proprietary NeighborhoodEdgeSM closing cost assistance program has helped provide more than $1 million in closing credits to homebuyers since the program’s May 2015 launch. NeighborhoodEdgeSM offers closing cost credits to...
  8. Selling a House in 2018 Can Cost More than $18,000 U.S. homeowners spend $18,342 on average to sell their home, according to Zillow® and Thumbtack’s 2018 Hidden Costs of Selling analysisi. Zillow and Thumbtack identified several common, but often overlooked, seller expenses and calculated what they would cost around the...
  9. 2018 Best Places to Retire U.S. News & World Report, the global authority in rankings and consumer advice, today unveiled the 2018 Best Places to Retire in the United States. The new rankings offer a comprehensive evaluation of the country’s 100 largest metropolitan areas based...
  10. Cities Where Your Retirement Savings Will Last the Longest Detroit and other midwestern cities are the best regions in the U.S. to stretch your retirement savings the furthest, found a new study. Personal finance website GOBankingRates examined the average costs for a 65-year-old for housing, utilities, groceries and healthcare in the...