Year after year, numerous studies reveal the best places to live in America, and destinations like Naples, Aspen, and Austin are often cited – however, living in these desirable locations comes at a significant price. Except for those affluent souls, where money is no object, most people end up choosing more affordable alternatives. However, for those who decide to make it their home, the high cost is clearly a tradeoff they’re willing to make, valuing the unique lifestyle these cities offer above all else.
 
Living the Dream or Paying the Price? CardRates surveyed 3,000 residents of some of the country’s priciest areas, to find out whether the lifestyle truly is worth the financial burden. The goal was to create a revealing ranking of happiness versus cost of living, pinpointing where residents feel the benefits genuinely outweigh the (steep) price. A list of the top 150 was compiled.
 
Interestingly, five out of the top 10 suburbs are in Florida; there’s definitely something about practically-year-round sunshine that will make a place more appealing!
 
At number 1, and a firm favorite with millionaires, billionaires (including the President-elect) is Palm Beach, Florida. A long spit of land jutting out into the ocean, it’s best known for stylish Worth Avenue, its street of luxury designer stores, beautiful beaches and attractive, Mediterranean-inspired architecture. The cost of living in Palm Beach is 97% higher than the Florida average, and the median home price is $955,600.
 
At number 2 is Palm Beach’s near-neighbor, Boca Raton. It’s home to plenty of golf courses, the stunning, Mediterranean Revival-style Boca Raton Hotel, and more sun-kissed stretches of sand. Its cost of living is 28% above the U.S. average, and 26.4% higher than Florida's. Housing is the primary driver of expenses, with the lowest-priced single-family home at $470,000.
 
Ewa Beach in Hawaii comes in at number 3 - a laid-back coastal community on the western shore of Oahu, and known for its relaxed vibe, scenic beaches, and panoramic views of the Waianae mountains. Living in Ewa Beach, Hawaii, is significantly more expensive than national and state averages, with high housing, utility, transportation, and grocery costs.
 
Naples, Florida, appears at number 4, appealing to those who love natural beauty, a vibrant community, and a luxurious lifestyle. Vanderbilt beach is a standout, while the town’s 1,000 foot-long pier is a great place for fishing, bird-watching and dolphin-spotting, as well as scenic sunsets. Surprisingly, it is more affordable than some southern Florida cities, whereby the median home price is around $602,301, and the median monthly rent is $5,700. 
 
Kailua, Hawaii is at number 5, and is frequently cited as among the most expensive cities in the U.S. In fact, according to MIT’s Living Wage Calculator, a person without children would need to make at least $55,000 before taxes each year to maintain the standard of living. Clearly residents of Kailua feel the trade off is worth it – it is prized for its gorgeous beaches and charming, small town feel.
 
World famous Malibu emerged at number 6 on the list. Another place which attracts the rich and famous, it’s home to the likes of Leonardo diCaprio, Cindy Crawford and Miley Cyrus, drawn to its unspoiled beaches, surfing lifestyle, and tranquil atmosphere.
 
At number 7 is Sunny Isles Beach, Florida (part of its appeal lies in the name...), which offers plenty of watersports, from kayaking to paddleboarding, and luxury shopping thanks to its proximity to Aventura Mall and Bal Harbour Shops.
 
Big Sky, Montana comes in at number 8 of cities where residents are happiest to incur significant costs just to call it home.  It is home to wide, open spaces, a world-class ski resort, and plenty of wildlife. The average price of a single-family home in Big Sky is over $2 million, and there is a long waitlist for long-term rentals. 
 
At number 9 is Garden City, New York, one of the prettiest villages on Long Island with lots of historic architecture - it is 66% more expensive than the national average and 32% more expensive to live in than the average city in New York.
 
Rounding up the top 10 is Coral Gables, Florida, known for its lush, tropical surroundings, arts and culture scene, and elegant shopping and dining. A single person can expect to spend around $50,302 per year on essentials, while a family with children should budget around $99,898. 

Residents of four other pricey New York locations also rank among the happiest in the country - Manhasset (44th), Rye (56th), Scarsdale (64th) and Larchmont (74th).
 
CardRates also wanted to find out what was the aspect of living in an affluent neighborhood area that brings the residents the most satisfaction. Over a third (38%) rated the high quality of schools and the family-friendly environment, suggesting they feel safe and secure here, while 34% loved the access they had to nature and outdoor activities. Proximity to high-paying job opportunities was rated by 16% (well, you have to pay for that beach house somehow) while a vibrant cultural or social scene was appreciated by 12%.
 
When asked what they would do if financial pressures became overwhelming, the majority (39%) said they’d cut back on non-essential spending, 38% said they’d have to seek a higher-paying job, while 18% would bite the bullet and regretfully downsize or move to a more affordable neighborhood. A risky 5% said they would take on additional debt.
 
Another question asked was what drove the decision to stay in the community, despite its high costs, and nearly a third (31%) praised the community connections and friendships, which, some consider, are priceless. 20% valued the proximity to family or important networks, while 18% enjoyed the unique lifestyle and amenities that were only available where they lived, and 9% liked having career-related opportunities.
 
Of course, there are aforementioned downsides, and CardRates found that the biggest one to living in an affluent neighborhood was the high cost of housing, cited by 60% of respondents. 25% mentioned the cost of goods and services, which tend to be higher in affluent areas, and 15% bemoaned the lack of affordable amenities.

"Our study shows that although living in some of the most desirable areas comes with significant financial strain, it is a price worth paying for many residents, who place an enormous value on the unique lifestyle they bring," says Jon McDonald, senior editor at CardRates. "It’s a testament to the aspirational appeal of some of these affluent locations."

Methodology
3,000 respondents were carefully chosen from a geographically representative online panel of double opt-in members. This selection was further tailored to meet the precise criteria required for each unique survey. Throughout the survey, we designed questions to carefully screen and authenticate respondents, guaranteeing the alignment of the survey with the ideal participants.

To ensure the integrity of our data collection, we employed an array of data quality methods. Alongside conventional measures like digital fingerprinting, bot checks, geo-verification, and speeding detection, etc. each response underwent a thorough review by a dedicated team member to ensure quality and contextual accuracy. Our commitment extended to open-ended responses, subjecting them to scrutiny for gibberish answers and plagiarism detection.