New York City tops the list of U.S. cities where the cost of living is rising fastest, followed by three cities in California, according to a new analysis of inflation rates across major metropolitan areas.
The analysis, first shared with Fox 5 New York, was conducted by Plasma, a layer-1 blockchain company focused on stablecoin payments. It examined inflation trends across 30 of the most populous U.S. cities.
The study used a weighted model that factored in consumer price index data, housing costs, average salaries and recurring monthly expenses including groceries, utilities, transportation, childcare and leisure.
Fox 5 reported the following are the top 10 U.S. cities where the cost of living is rising fastest.
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In New York City, average monthly earnings of about $5,250 were often outweighed by housing and everyday costs, with rent for a one-bedroom apartment in the city center approaching $4,600 a month, the outlet reported.
Basic monthly expenses also added roughly $1,650 more, further stretching household budgets.
Plasma said in its analysis that even with inflation running at 3.4% across the metro area, many New Yorkers, including higher earners, were struggling to keep pace with rising costs.
