Most expensive cities in the United States
INDIANAPOLIS (WISH) — A few months after GOBankingRates named Zionsville, Indiana, the 15th cheapest and safest place to live in the United States, a new report ranks the most expensive cities.
U.S. News factored in the median gross rent and annual housing costs for mortgage-paying homeowners of each metro area. It found that San Diego, California is the most expensive place to live in the U.S.
While U.S. News gave it high marks for its weather, farmers markets, and tight-knit neighborhoods within city limits, it scored low when it came to actually being able to afford those amenities. The research found home prices are considerably higher than the national median sale price and oftentimes downtowners are paying HOA fees.
People who live in San Diego and several of the other California cities on the list justify the high cost by considering it a “sunshine tax” — providing enjoyable weather year-round.
Rounding out the top 10:
- San Diego, CA
- Los Angeles, CA
- Honolulu, HI
- Miami, FL
- Santa Barbara, CA
- San Francisco, CA
- Salina, CA
- Santa Rosa, CA
- San Juan, PR
- Vallejo and Fairfield, CA
- New York City, NY
- Boston, MA
- Seattle, WA
- San Jose, CA
- Sacramento, CA
- Denver, CO
- Stockton, CA
- Washington D.C.
- Modesto, CA
- Fresno, CA
- Portland, OR
- New Haven, CT
- Boulder, CO
- Trenton, NJ
- Eugene, OR
Last year Smart Asset ranked Indianapolis the most affordable city for first-time homebuyers. However, it’s certainly not as affordable as it once was. In last year’s report, Smart Asset noted that first-year costs had increased by more than 26% and would be unlikely to fall in 2023.