It's getting more expensive to live in the Pacific Northwest, according to a new report.
Filterbuy recently released their research, which shows which U.S. cities' cost of living is rising the most. They looked at many variables between 2010 and 2020, including the cost of goods, utilities, and housing, and found that Portland had the highest surge out of all large metro markets.
Researches say the cost of living in the Portland metro area rose by 22%, putting it in the No. 3 spot for the highest spikes. Here's the breakdown over a 10-year period:
- Cost of goods has increased 3.8%
- Cost of utilities went down by 9.3%
- Cost of housing spiked 30.5%
"Housing costs were the biggest driver of cost of living increases nationally in the last decade at more than 25," Portland Business Journal pointed out in the report. "The median sale price of a home in Portland rose from $455,000 in December 2020 to $511,000 in December 2021."
Here were the Top 15 large metro areas that saw a spike in the cost of living between 2010 and 2020:
- Seattle, Washington metro area (23.2%)
- Denver, Colorado metro area (22.9%)
- Portland, Oregon metro area (22%)
- Miami, Florida metro area (21.3%)
- San Francisco, California metro area (21.1%)
- Boston, Massachusetts metro area (21%)
- Sacramento, California metro area (21%)
- Dallas, Texas metro area (20.3%)
- Fresno, California metro area (19.1%)
- San Diego, California metro area (18.9%)
- New York-Newark-Jersey City, New York-New Jersey-Pennsylvania (18.8%)
- Austin, Texas metro area (17.8%)
- Pittsburgh, Pennsylvania area (17.7%)
- San Antonio, Texas metro area (17.4%)
- Hartford, Connecticut (17%)
You can check out the full report here.