7 of the 10 Most Expensive Cities to Live in the U.S. Are in One State A new report by U.S. News found that San Diego is the most expensive city to live in for 2023-2024, followed by Los Angeles. New York City didn't even rank in the top 10.
By Madeline Garfinkle Edited by Jessica Thomas
Opinions expressed by Entrepreneur contributors are their own.
Rampant inflation over the past year has driven up the cost of living — and a tight housing market that has caused rent prices to surge doesn't exactly help. However, some American cities are more expensive than others, and if you're looking to save, it's best to reconsider whether these 10 cities are in your budget or not.
According to a new report from U.S. News, seven of the top 10 most expensive cities to live in for 2023-2024 are in California. San Diego came in at No. 1, receiving a value rating (how comfortably residents can live within their means in a metropolitan area) of 3.3. The average median home price in San Diego was $889,225 in 2021 — nearly triple the national average of $365,616.
Related: The Cheapest States To Live in 2023
Los Angeles was ranked the second-most-expensive city to live in with the same value rating of 3.3, followed by Honolulu (3.6), Miami (3.6) and Santa Barbara (3.8). Despite New York City historically being one of the most expensive places to reside, the Big Apple didn't even make it in the top 10 (it was ranked No. 11 with a value rating of 4.3).
U.S. News determined its rankings by using data from the U.S. Census Bureau, FBI, U.S. Department of Labor and internal research. Here's the full list of the top 10 most expensive cities to live in for 2023-2024.
1. San Diego, CA
Value: 3.3
Average median home price 2021: $889,225
Average salary: $67,200
2. Los Angeles, CA
Value: 3.3
Average median home price 2021: $807,498
Average salary: $63,056
3. Honolulu, HI
Value: 3.6
Average median home price 2021: $581,658
Average salary: $61,860
4. Miami, FL
Value: 3.6
Average median home price 2021: $490,162
Average salary: $54,790
5. Santa Barbara, CA
Value: 2.8
Average median home price 2021: $464,954
Average salary: $62,020
6. San Francisco, CA
Value: 3.8
Average median home price 2021: $1,082,875
Average salary: $86,590
7. Salinas, CA
Value: 3.8
Average median home price 2021: $986,702
Average salary: $56,350
8. Santa Rosa, CA
Value: 3.9
Average median home price 2021: $828,156
Average salary: $64,080
9. San Juan, PR
Value: 3.9
Average median home price 2021: N/A
Average salary: $31,650
10. Vallejo & Fairfield, CA
Value: 4.1
Average median home price 2021: $562,567
Average salary: $64,270
Related: These Are the Most and Least Affordable Places to Retire in The U.S.
