According to Forbes magazine, here is the Top 10 list of most expensive cities to own a home (based on the monthly median cost to buy and maintain the home):
10. Miami, FL ($1926/month)
9. Seattle, WA ($1958/month)
8. Sacramento, CA ($2125/month)
7. Boston, MA ($2219/month)
6. Washington, D.C. ($2292/month)
5. San Diego, CA ($2412/month)
4. Los Anegle, CA ($2423/month)
3. New York, NY ($2513/month)
2. San Francisco, CA ($2838/month)
1. San Jose, CA ($2980/month)
Why are prices in Boston so high (from the full article):
San Francisco and Boston are home to solid firms and suffer from lack of space. There is only so much expansion to be had in a city surrounded by water. The result? Homeowners in San Francisco pay $2,838 a month, while those in Boston shell out $2,219 a month.
How they come up with these numbers, I can only guess; and what "Boston" or any other city really includes for the actual area or type of property is unknown, but the bottom line is: It's not cheap to live in Boston (or any of these other cities listed). Often times, even though people are expecting higher prices when they arrive, I still see a huge shock in the eyes of relocating clients when they actually see what their money can actually get them. But Boston is a world-class city and a great place to live for many reasons. That plus the limited supply of developable land keeps prices very high.
Up next....rental pricing (Boston picks up a spot and moves to #6....)