Get All Access for $5/mo

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.

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.