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A new report may reveal a new reason why California is called the Golden State.
San Diego was ranked the most expensive city in the country to live in US News and World Report’s 2023-2024 list, followed by Los Angeles.
The city secured this title based on several metrics, including its inflation rate and the cost of gasoline. The report also took into account the cost of living, which comes from annual housing costs, median gross rent and high home ownership fees.
The report said home prices exceed the national average sales price, adding that many people in downtown San Diego have to pay homeowners’ association fees to continue living in apartment complexes.
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“Living in San Diego is not particularly affordable,” the report said. “However, San Diegans are willing to pay these increased prices and often refer to the difference in cost of living as the ‘sunshine tax,’ or the price of enjoying a year-round temperate climate.”
Los Angeles was the second most expensive city, followed by Honolulu and Miami. In fact, California took seven of the top 10 spots in the report and about half of the top 25. New York City, the most populous city in the U.S., came in 11th.
According to the report, the cities at the top of the list require the most wealth to live comfortably.
What are the most expensive cities in the USA?
According to US News & World Report, these are the 25 most expensive American cities. Click here for information on each city’s different qualities, such as value and quality of life.
- #1 – San Diego
- #2 – Los Angeles
- #3 – Honolulu
- #4 – Miami
- #5 – Santa Barbara, California.
- #6 – San Francisco
- #7 – Salinas, California.
- #8 – Santa Rosa, California.
- #9 – San Juan, Puerto Rico
- #10 – Vallejo and Fairfield, California.
- #11 – New York City
- #12 – Boston
- #13 – Seattle
- #14 – San Jose, California.
- #15 – Sacramento, California.
- #16 – Denver
- #17 – Stockton, California.
- #18 – Washington, DC
- #19 – Modesto, California
- #20 – Fresno, California.
- #21 – Portland
- #22 – New Haven, Connecticut
- #23 – Boulder, Colorado.
- #24 – Trenton, NJ
- #25 – Eugene, Oregon.
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The report rates expensive cities based on four indices
US News & World categorizes each city’s rankings using the following indices:
- Quality of Life Index – 36%
- Value index – 23%
- Desirability Index – 22%
- Labor market index – 19%