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New York City tops the list of U.S. cities where the cost of living is rising the fastest, followed by three cities in California, according to a new analysis of inflation rates in major metropolitan areas.
The analysis, first shared with Fox 5 New Yorkwas made by Plasma, a Layer 1 blockchain company focused on stablecoin payments. It examined inflation trends in 30 of the most populous cities in the United States.
The study used a weighted model that took into account consumer price index data, housing costs, average wages and recurring monthly expenses such as groceries, utilities, transportation, child care and leisure.
Fox 5 reported that the following are the top 10 US cities where the cost of living is rising the fastest.
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In New York City, the median monthly income of about $5,250 was often outweighed by housing and everyday costs, with rent for a one-bedroom downtown apartment approaching $4,600 a month, the outlet reported.
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Basic monthly expenses it also added approximately $1,650 more, further increasing family budgets.
Plasma said in its analysis that even with inflation at 3.4 percent in the metro area, many New Yorkers, including the highest earners, were struggling to keep pace with rising costs.
