Feeling broke? You're not alone based on a study by The Economist, which surveyed prices of over 150 items in 133 cities around the world.
The results are stunning, ranking the three most expensive cities to live in in North America as New York City, Los Angeles and Minneapolis.
Shocked? So were we when we saw this information.
Even more stunning is that the cost of living in Minneapolis is slightly down from where it was 10 years ago. The Economist says most American cities cost less to live in today than they did a decade ago because the value of the dollar has weakened.
Overall, Minneapolis is the 26th-most expensive city in the world, on par with iconic cities like London, Rome, and Shanghai.
According to the Minnesota Department of Employment and Economic Development, the cost of living for two full-time workers with two children in Hennepin county is $95,785 a year.
That equates to:
- an hourly wage of $23.03
- $1,987 a month in child care
- $1.022 a month in groceries
- $530 a month in health care
- $1,476 a month in housing
- $809 a month in transportation
- $1,428 a month in taxes
- $730 a month on other expenses