11.27.19 Lowest cost of living cities; Beware online micro-loans

The Clark Howard Podcast

Clark Howard

Business, Investing, Entrepreneurship

4.6 • 5.2K Ratings

🗓️ 27 November 2019

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Move.org has published a new survey on the average cost of living in the 75 largest metros in the country. San Francisco is the most expensive city, costing over $4200 a month on average. The cheapest: El Paso at $1100 month - 1/4 the cost! Honolulu: $2600. Of the 75 metros surveyed, more than half require less than $2k a month to live comfortably. See list. Clark names each affordable metro because so many live in high cost cities where home ownership out of reach. If you're at an inflection point, be aware of affordable alternatives. Your future, your wallet - You're NOT stuck wherever you are. More products and services have become available for purchase on a per use basis. Transportation via ride sharing or Zip car, renting vs. buying a home, music and video subscription services. Renting or paying via micro loans for various things is trending. But clothing? The WSJ reports many retailers are offering this option for inexpensive clothing items. You can finance a $30 pair of pants over 3 to 6 months, usually with interest. If there's a piece of fashion clothing you want and you can't afford to pay for it, you should wait until you can. If it's gone it's gone. Borrowing for lifestyle harms your financial future. When you RENT something like clothing, or pay with a microloan from the register - these are not good choices. Just as with a car, you don't lease because you can't afford to buy. Make good long term choices for your wallet, not just what feels good at the moment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Glad you're with us here on the Clark Howard Show where it's about your empowerment with
0:10.5	knowledge so you can keep more of what you may.
0:14.7	Coming up later, people renning everyday items?
0:20.4	Wow I don't like that idea.
0:22.0	Wait till you hear what people are renning instead of owning.
0:27.0	The Clark.com's are main website, ClarkDeals.com is where you find the best deals on buying things.
0:35.1	So speaking of deal no deal, there's a new survey from Move.org on the average cost of living
0:47.0	in the 75 largest metro areas in the country.
0:52.2	So you want guests?
0:55.2	What's the most expensive city to live in the United States according to their research?
1:03.8	San Francisco.
1:06.0	Now in San Francisco, just to exist, it costs, this is shocking.
1:17.6	For $4,200 a month by comparison in the cheapest major metro area in the United States, which
1:27.6	is El Paso, Texas, it's $1100 per month.
1:34.9	Basically one fourth the cost of living for the cheapest place versus the most expensive.
1:42.3	Now what I was really surprised about was I thought the answer would be Honolulu because
1:50.2	most surveys say that Honolulu is the most expensive place in the country.
1:56.0	But Honolulu even though it was well pretty expensive, $2,600 in change a month, nothing
2:05.0	compared to San Francisco's $4,200.
2:09.2	There are quite a few places in the United States.
2:14.2	In fact, more than half of the 75 largest metro areas in the country where you can live
2:23.3	comfortably on less than $2,000 a month.
	...

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