Los Angeles ranked 2nd most expensive place to live in the US, according to a new survey.
U.S. News and World Report came out with its list of the most expensive places to live, and three of the top five cities are in Southern California.
San Diego was named as the most expensive city in the nation, followed by Los Angeles, Honolulu and Miami.
Santa Barbara ranked No. 5.
A total of eight California cities are in the top 10 spots, including San Francisco, Salinas, Santa Rosa, Vallejo and Fairfield.
The survey is based on the “median gross rent and annual housing costs for mortgage-paying homeowners” of each metro area.
It’s no secret that San Diego can be pricy, but the cost of living has now catapulted “America’s Finest City” to the top spot in a U.S. News & World Report ranking of most expensive places to live in the country.
In the publication’s rankings for 2023-2024, San Diego was deemed the most unaffordable metro area based on median gross rent and annual housing costs for mortgage-paying homeowners.
In August, the median price for a single-family home in San Diego surpassed $1 million for the first time in history — nearly $650,000 more than the national average by some estimates.
U.S. News and World Report also pointed to additional fees that San Diego residents have to pay, such as homeowners association dues or apartment complex maintenance costs, as another factor driving its unaffordability.
However, the magazine said that many residents are willing to pay elevated prices relating to the cost of living, given other aspects of the region that make it an ideal place to live.
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