San Diego named priciest city to reside in by U.S. News & World Report.
OAN’s Elizabeth Volberding
11:33 AM – Thursday, October 19, 2023
The United States News and World Report recently ranked San Diego as the country’s most expensive city to live in.
The American news magazine released real estate data for 2023 and 2024, ranking the median gross rent and annual living costs in San Diego, as well as additional high fees for homeowner payments.
In the ranking, America’s Finest City was considered the most expensive city in the nation for residents living in the area. In the statistical research conducted to identify the most desirable cities for settling down, the metro region also received a “value score” of 3.3.
The magazine explained that the Value Index measures are based on how “comfortably” the average resident of a city can afford to live “without tension or stress.” It reviews housing reasonability and federal statistics on the equivalency between regional costs and nationwide averages.
Out of the ten most expensive cities in the United States, seven were in California.
Most Expensive Places to Live in the U.S. according to 2023-2024 data:
- San Diego, CA
- Los Angeles, CA
- Honolulu, HI
- Miami, FL
- Santa Barbara, CA
- San Francisco, CA
- Salinas, CA
- Santa Rosa, CA
- San Juan, PR
- Vallejo & Fairfield, CA
A few additional cities were ranked on the list as well, including San Jose (14th), Sacramento (15th), Stockton (17th), Modesto (19th), and Fresno (20th).
The main factor that pushed San Diego to the top of the list included the city’s home prices, given that the average prices are significantly higher than the country’s national ratio.
The report also highlighted how many San Diegans were still willing to pay increased prices for their housing, due to other aspects of the city that make it a “flawless place to live.” The magazine stated that some residents describe the elevated cost-of-living prices in the city as the “sunshine tax” or the price of “enjoying a year-round temperature climate.”
However, according to estimates from the U.S. Bureau of Labor Statistics (BLS), San Diego’s annual rate of inflation in September was higher than the 3.7% national average. The area’s prices increased 4.7% on average over the previous year, as reported by the agency.
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What factors were considered in ranking San Diego as the most expensive city to live in the United States?
San Diego Ranked as the Most Expensive City to Live in the United States
In a recent report, the United States News and World Report revealed that San Diego has been ranked as the most expensive city to live in the country. The report, which analyzed real estate data for 2023 and 2024, considered factors such as median gross rent, annual living costs, and high fees for homeowner payments.
Out of the ten most expensive cities in the United States, seven were located in California. San Diego claimed the top spot on the list, followed by Los Angeles, Honolulu, Miami, Santa Barbara, San Francisco, Salinas, Santa Rosa, San Juan, and Vallejo & Fairfield. Other California cities, including San Jose, Sacramento, Stockton, Modesto, and Fresno, also made it onto the list.
The main contributing factor to San Diego’s high position on the list was the city’s home prices, which were significantly higher compared to the national average. Despite the steep prices, many San Diegans were willing to pay more for housing due to other appealing aspects of the city.
The report mentioned that some residents referred to the elevated cost of living as the “sunshine tax” or the price of “enjoying a year-round temperate climate.” San Diego’s desirable location and favorable climate make it a flawless place to live for many individuals, outweighing the financial burden.
However, it is important to note that San Diego’s annual rate of inflation in September exceeded the national average of 3.7%. According to the U.S. Bureau of Labor Statistics, prices in the area increased by an average of 4.7% over the previous year.
The ranking also included a “value score,” which evaluated how comfortably the average resident of a city could afford to live without tension or stress. San Diego received a value score of 3.3, reflecting the housing affordability and equivalence between regional costs and national averages.
While it may come as a setback to some, San Diego’s status as the most expensive city should not overshadow its numerous attractions and amenities. The city continues to be renowned for its beautiful beaches, vibrant urban life, diverse culture, and thriving job market.
Although the cost of living in San Diego remains a significant consideration for residents, many still find the city’s unique qualities worth the price. As the most expensive city to live in the United States, San Diego stands as a testament to the allure and desirability it holds for those lucky enough to call it home.
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