CALIFORNIA — Golden State residents know that living in California comes at a great cost. And now a new ranking from U.S. News and World Report puts it into perspective: The state is home to seven of the nation’s 10 most expensive places to live. Almost half of the nation’s 25 most expensive cities are in the state, underscoring the cost of California dreaming.
The publication used median rent and annual housing costs for mortgage-paying homeowners compared to income to determine which 25 U.S. metro areas required the most wealth to live “comfortably.”
Of the 25 metro areas on U.S. News’ list, 12 are in California. While the list includes both inland and costal locales up and down the state, the top three most expensive regions were in coastal Southern California: San Diego (No. 1 nationally), Los Angeles (No. 2) and Santa Barbara (No. 5). Because the study takes into account average living housing and living expenses compared to income, Southern California cities outrank the Bay Area despite its sky-high real estate values.
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The nation’s most expensive area is San Diego, with a median home price of $919,507, median monthly rent of $1,842 and average annual salary of $67,200, U.S. News found.
Compare that to the similarly populated Tampa area — which did not make the most-expensive list. There, you can get a home for less than half the price of San Diego (median price $427,241). The median monthly rent is $1,230 and the average annual salary is $53,270, according to U.S. News.
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Here’s a breakdown of the other California areas that made the top-10 list of the nation’s most expensive metros, according to U.S. News and World Report.
Los Angeles (No. 2)
Median Home Price: $836,831
Median Monthly Rent: $1,685
Average Annual Salary: $63,056
Santa Barbara (No. 5)
Median Home Price: $464,954
Median Monthly Rent: $1,810
Average Annual Salary: $62,020
San Francisco (No. 6)
Median Home Price: $1,122,946
Median Monthly Rent: $2,155
Average Annual Salary: $86,590
Salinas (No. 7)
Median Home Price: $925,458
Median Monthly Rent: $1,718
Average Annual Salary: $56,350
Santa Rosa (No. 8)
Median Home Price: $889,590
Median Monthly Rent: $1,856
Average Annual Salary: $64,080
Vallejo and Fairfield (No. 10)
Median Home Price: $606,442
Median Monthly Rent: $1,802
Average Annual Salary: $64,270
Here’s the full list of California metros that made U.S. News’ list of the nation’s 25 most expensive cities to live in:
The most-expensive list was released as part of U.S. News’ Best Places to Live ranking, which included both SoCal metros and those in NorCal.
Check out the complete list of U.S. News’ Most Expensive Places to Live in the U.S. in 2023-2024.
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