Curious about the cost of living in the USA? Or considering moving to the United States for further education? Well, you are at the right place. In this blog, we will take you through a realistic breakdown of the cost of living in the USA in 2024.
The cost of living in the USA can vary widely depending on where you are, but there are some key areas where you’ll notice the most significant expenses. Let’s break it down into five main categories: accommodation, education, food and dining, travel, and utilities. Without further ado, let’s calculate the cost of living in the USA in 2024.
Table of contents
Cost of Accommodation in the USA
When it comes to finding a place to live in the USA, your budget will largely depend on the city or state you choose. Cities like New York, San Francisco, and Los Angeles come with sky-high rents. Factor in additional costs like property taxes, insurance, and maintenance, which can add up quickly.
| Type of Accommodation | Cost of Accommodation |
| Apartment (1 bedroom) in City Centre | USD 1,752.87 |
| Apartment (1 bedroom) Outside of Centre | USD 1,441.94 |
| Apartment (3 bedrooms) in City Centre | USD 2,934.32 |
| Apartment (3 bedrooms) Outside of Centre | USD 2,391.85 |
| The price per Square Meter to Buy an Apartment in the City Centre | USD 3,432.35 |
| Price per Square Meter to Buy an Apartment Outside of Centre | USD 2,761.02 |
Cost of Studying
Education in the USA is a major investment, whether you’re pursuing a degree or just taking a few courses. For public universities, out-of-state students can expect to pay more tuition fees. In-state students often get a discount, bringing their cost of studying down. Additionally, don’t forget about other expenses like textbooks, supplies, and living costs, which can push the total cost of living in the USA even higher.
Here is a breakdown of the top 5 universities and the cost of studying in the USA.
| University | Annual Cost of studying in the USA |
| Harvard University | USD 54,002 |
| Stanford University | USD 56,169 |
| Massachusetts Institute of Technology (MIT) | USD 53,790 |
| California Institute of Technology (Caltech) | USD 54,600 |
| University of Chicago | USD 57,642 |
Also Read: If you love to travel then you must explore these best places for solo travel in San Francisco.
Cost of Food and Restaurants
Eating out and grocery shopping are two significant parts of your food budget. If you’re cooking at home, you may end up paying less in comparison to the cost of dining out. Fresh produce and organic items tend to be pricier, especially in areas where they are less readily available. Major cities often have more expensive dining options, but there are also plenty of affordable choices if you know where to look. There are various cafes and restaurants in the USA offering affordable choices.
| Food and Restaurant in the USA | Cost of Food and Restaurant |
| Meal, Inexpensive Restaurant | USD 20.00 |
| Meal for 2 People, Mid-range Restaurant, Three-course | USD 75.00 |
| McMeal at McDonalds (or Equivalent Combo Meal) | USD 11.00 |
| Domestic Beer (0.5 liter draught) | USD 6.00 |
| Imported Beer (0.33 liter bottle) | USD 7.00 |
| Cappuccino (regular) | USD 5.15 |
| Coke/Pepsi (0.33 liter bottle) | USD 2.52 |
| Water (0.33 liter bottle) | USD 2.05 |
Cost of Travel and Transportation
Getting around in the USA can be a significant expense. If you’re using public transportation, monthly passes are one of the best ways for affordable transportation. In big cities like New York or San Francisco, the subway and bus systems are comprehensive and convenient, while smaller cities might have less frequent service. If you prefer driving, you’ll need to consider the cost of owning a car, which includes car payments, insurance, gas, and maintenance.
| Travel and Transportation in the USA | Cost |
| One-way Ticket (Local Transport) | USD 2.50 |
| Monthly Pass (Regular Price) | USD 67.00 |
| Taxi Start (Normal Tariff) | USD 3.52 |
| Taxi 1km (Normal Tariff) | USD 1.71 |
| Taxi 1hour Waiting (Normal Tariff) | USD 30.00 |
| Gasoline (1 liter) | USD 0.96 |
| Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) | USD 33,680.68 |
| Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) | USD 26,155.26 |
Cost of Utilities and Internet
Utilities and the Internet are something that you must consider while calculating the cost of living in the USA. Utilities include electricity, heating, cooling, water, and garbage collection. This amount can vary based on the size of your home, the climate where you live, and your personal usage. Keep in mind that in some remote areas, internet options might be limited or more expensive.
| Utilities | Cost |
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment | USD 207.36 |
| Mobile Phone Monthly Plan with Calls and 10GB+ Data | USD 54.63 |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | USD 70.97 |
Also Read: If you want to experience the nightlife of Belfast, then you must try out these bars in Belfast with your friends.
FAQs About Cost of Living in the USA
The estimated cost of living in the USA is around USD 10,000 to USD 18,000 per year.
The average cost of living in the USA for Indian students ranges between USD 1,100 to USD 1,200 per month.
Students often face higher costs for accommodation, tuition, and textbooks. Many students manage by taking on part-time jobs, applying for scholarships and financial aid, and budgeting carefully.
Yes, there are often hidden costs such as health insurance, which can be significant if not covered by an employer or school. Additionally, taxes, including state and local taxes, can impact your overall budget.
While large cities often have higher living costs, it is possible to find more affordable housing options if you look beyond the city centre. Exploring up-and-coming neighbourhoods or nearby suburbs can offer more budget-friendly alternatives.
Hope you liked reading about the cost of living in the USA. Embark on your study abroad journey with comfort and convenience. Reach out to Fly Homes now at 1800572118 to secure the finest student accommodation abroad.
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