The cost of living has risen across the nation, but some U.S. metros have experienced particularly significant increases.
Boston had some of the biggest increases in the cost of living over the past decade, according to a new report from Filterbuy.
With inflation impacting the economy, pandemic-driven supply challenges continue to drive up consumer costs. At the same time, wages haven’t risen enough to offset the challenges, and businesses have struggled to attract and retain employees.
From 2010 to 2020, housing costs rose the fastest, while energy costs declined, the report found. Places where the cost of living grew the most, like Seattle and Boston, were in economically prosperous states that saw growth in high-paying jobs and attracted more residents.
“Price increases now, however, appear to be a nationwide phenomenon, and for areas where the rate of job and wage growth is slower, household expenses may take up an increasingly large share of workers’ earnings,” the report stated.
Boston residents experienced one of the largest price increases in the 10 years through 2020, with the cost of living growing 21%. Compared to the average cost of living, Boston’s rose 10.2%, while the area’s cost of goods grew 8.2%. Housing costs rose a whopping 48.3%, as utility costs fell 1.1%.