From south to north, several cities in California are not only the most expensive places to live in the United States but have now also made it to the list of the top ten most expensive places to reside globally in 2024.
California, with its pleasant climate and beautiful scenery, has always been a desirable place to live for many people, but living here comes at a price. Especially with the ongoing shadow of inflation, an increasing number of residents feel the rising cost of living in California, with housing costs being a significant burden for many.
According to the recent 2024 Cost-of-Living Index released by the data company Numbeo, in the top ten most expensive cities to live globally, California claims two spots. Numbeo compared living costs, rent, grocery expenses, dining, and local purchasing power indices across cities worldwide to reach this conclusion.
On Numbeo’s latest list of the top ten most expensive cities to live globally, Los Angeles in California ranks ninth, with housing costs being the most expensive expenditure.
The California Association of Realtors (C.A.R.) report for June showed that the median home price in Los Angeles in June was $889,180, while the average median home price in the United States for June was only $426,900.
Not only is buying a home expensive, but renting in Los Angeles is also not cheap. Data from real estate company Zillow indicates that the median monthly rent in Los Angeles is $2,800.
A study released this year by Smart Asset pointed out that in Los Angeles, a single person needs to earn $110,781 annually or $53.26 per hour to live comfortably. For a dual-income family with two children, the annual income required is $276,557.
Although living costs in Los Angeles are already high, San Francisco in Northern California is even more expensive, ranking fourth on Numbeo’s list.
Data shows that the median home price for the entire state of California in June was $900,720, exceeding the $900,000 mark for the third consecutive month. In San Francisco alone, the average median home price is $1.65 million, where spending a million dollars won’t get you a luxury home but only a starter home. Additionally, the median monthly rent in San Francisco is $3,395.
Economists predict that home prices in California will continue to rise in the second half of the year, albeit at a slightly slower pace compared to previous years.
Considering all expenses, to live comfortably in San Francisco, a single person needs to earn $119,558 annually or $57.48 per hour; for a dual-income family with two children, the required annual income is $339,123.
The top ten cities with the highest cost of living globally are as follows: Geneva and Zurich in Switzerland, New York, San Francisco, Boston in the United States, Reykjavik in Iceland, Washington D.C., Seattle, Los Angeles in the United States, and Chicago.
While San Diego, located in California, just missed the top ten, its 11th ranking also proves that the cost of living there is very high. Once hailed as the “Best City in America,” San Diego’s median home price has now exceeded $1.05 million.