Brooklyn Ranks #2 In Nation’s Most Expensive Urban Areas

In news that should come as a shock to no one who has any possible interest whatsoever in reading our blog, The Council for Community and Economic Research (C2ER) has released a top ten list of the most expensive urban areas in their 2012 Cost of Living Index, and it appears that it requires a significant amount of money to live in Brooklyn.

We know. Our chins hit the floor, too.

Out of 304 participating urban areas, the national average on the index, which is based on six components – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services, is 100.

Ranking number 2 (only one spot behind Manhattan, and four above Queens) Brooklyn’s cost of living index number is 178.6.

Ouch.

Here’s a breakdown of what the C2ER market prices in Brooklyn:

Half-gallon of milk – $2.12
Monthly rent – $2,411
Home price – $959,907
Gallon of gas – $3.910
Haircut – $13.83
Movie ticket – $12.25
Bottle of wine – $10.02

As a comparison, here’s the breakdown of the number two least expensive city, McAllen, Texas, on the C2ER’s list of most affordable urban areas to live:

Half-gallon of milk – $2.34
Monthly rent – $740
Home price – $202,994
Gallon of gas – $3.288
Haircut – $9
Movie ticket – $9.08
Bottle of wine – $6.14

McAllen’s index number may be 85.4, but at least our milk is cheaper…and we have Talde.

Do these prices seem about right to you? Are you ready to pack up and head down to McAllen, Texas, or do the benefits of living in the big city outweigh the cost of living?