As the cost of living continues to rise, certain areas of the country are feeling the pressure more than others.
The website SmartAsset recently released the report, Cost of Living Shakeup: How Price Changes Affected U.S. Cities This Year – 2023 Study.
The study compares economic data from the first quarter of 2023 and the first quarter of 2022 for 237 areas in the U.S.
According to the report, Plano had the largest percentage increase in cost of living between 2022 and 2023. The report indicates that Plano saw a 9.5% increase during that time.
The study leans on data from the Council for Community and Economic Research. For the study, data from each of the 237 areas was assessed and assigned an index value.
The index value of 100 represents the national average. Above 100 represents a higher cost of living. In 2022, Plano ranked 112 on the study’s scale. In 2023, the ranking increased 10 points to 122.
The cost of living in Plano now sits 21.8% higher than the national average and is considered to be the 22nd most expensive place across the study.
The top three areas that saw the highest increase in the cost of living besides Plano, include:
- Kalamazoo, Michigan
- Hampton Roads-SE, Virginia
- Tulsa, Oklahoma
The study also found that costs have dropped by 15% in New York City and San Francisco, compared to the national average.
Miami is now the most expensive Florida city, and sits 20% more expensive than the average U.S. city.
While Plano may have ranked the highest on the list, its Texas counterpart Harlingen was labeled the most affordable area.
Harlingen is located on the southern tip of Texas near the U.S.-Mexico border. With the lowest cost of living among all 237 areas, this region’s cost of living rate sits 24% lower than the national average.
The SmartAsset study was released on Aug. 7. For more information, click here.
