Cost of Living in the USA for Students & Family in 2024
The USA is known for its high cost of living, especially in the major cities. The cost of living varies across different cities and states. So, if you are thinking of studying, migrating for work or settling with your family, it is important to learn the average cost of living in the USA.
This article provides all the necessary guidelines on the cost of living in the USA, along with the key aspects that affect general expenses in different cities.
Disclaimer: This article is compiled from multiple online sources as of September 12th, 2024. The sources are provided below.
Table of Contents
Average Cost of Living in the USA for International Students
The United States is a top choice for international students, but living costs vary greatly depending on the city and lifestyle.
Here's an estimated breakdown of common monthly expenses for students:
Average Cost of Living in the USA for Bachelors, Couples & Families
The living costs in the USA differ widely based on personal lifestyle, location, and housing choices.
Below is a rough estimate of typical monthly expenses:
Cost of Living in Major Cities in the USA
The cost of living can vary significantly between cities.
Here’s a chart of the living expenses in some of the major cities of the USA:
Cost of Living in New York City
The cost of living in New York City is as follows:
Cost of Living in Los Angeles
The cost of living in Los Angeles is as follows
Cost of Living in Chicago
The cost of living in Chicago is as follows
Cost of Living in Houston
The cost of living in Houston is as follows
Cost of Living in Miami
The cost of living in Miami is as follows:
Factors Impacting the Cost of Living in the USA
Here are a few factors that impact the cost of living in the USA:
Geographic Location
Typically, coastal cities and metropolitan areas such as New York and Los Angeles are costlier than non-metropolitan areas.
Lifestyle Choices
Small costs like dining out, entertainment, and transportation can make big differences in the daily expense.
Type of Housing
Expenses also majorly depend on whether you rent, own, or share housing.
Utilities and Services
Utilities such as electricity, water, telephone, and internet may cost differently depending on the location and the service provider.
Healthcare
In general, healthcare in the US can be costly. Many people opt for health insurance to cut the costs.
What is the Average Income in the USA?
Income in the United States can differ vastly based on the type of employment, the sector, and the region. The monthly average salary is approximately USD 5,677 to USD 68,124 per year, higher particularly in the major cities.
Students: Budgeting between USD 1,100 to USD 1,200 per month is enough for students to live comfortably in the US.
Singles: A monthly budget of USD 1,000 to USD 1,500 is often sufficient, depending on location and personal spending habits.
Couples: A combined monthly income of USD 6,372 generally covers living costs, including housing and leisure.
Families: For a family of four, typical monthly expenses range from USD 7,189, covering housing, food, education, and other essential costs.
Here is a chart showing the average salaries in popular job sectors in the USA:
How Expensive is the USA Compared to Other Countries?
The USA is considered to be one of the most costly countries to live in, particularly cities like New York, and Los Angeles. The cost of housing, health care, education, and transportation is much more expensive when compared to other countries.
Below is a comparison of typical expenses between New York City and other major cities around the world:
Tips for Reducing the Cost of Living in the USA
Here are a few tips to consider to lower the living expenses in the USA:
Try sharing your apartment or rent a cheaper apartment in the area.
Preparing meals at home is usually cheaper compared to dining out in restaurants.
Cancel subscriptions and memberships you don’t use often.
Use public transport as often as possible. Owning private vehicles can add to the cost.
Practice energy conservation by using LED bulbs and switching off lights when not in use.
Many shops offer discounts for students, senior citizens, or employees of certain companies. Always check for available discounts before buying something.
Try to avoid credit card debts, as high interest rates can be a burden.
Create a shopping list and stick to it to prevent impulsive purchases.
Utilise budgeting apps to monitor your spending and identify areas where you can cut back.
Try searching for free or low-cost activities in your area, such as community events, outdoor festivals, and museums.
This article provides an overview of living costs in the United States across various categories and cities. If you are planning to move to the USA, the cost of living is an essential consideration.
