SAN DIEGO (KSWB) – It is no secret that California cities can be pretty pricy for residents, but cost of living has catapulted some to the top spot in a U.S. News & World Report ranking of most expensive places to live in the country.
Rounding out the top five were San Diego, California; Los Angeles, California; Honolulu, Hawai’i; Miami, Florida; and Santa Barbara, California.
According to the magazine, the Value Index measures how comfortably the average resident of a metro area can afford to live within their means. Specifically, it looks at housing affordability, as well as federal data on the parity between regional prices and national averages.
Home prices were one of the factors that pushed many other California cities up in the ranking, given that average prices are considerably higher than the national rate.
However, the magazine said that many residents are willing to pay elevated prices relating to the cost of living, given other aspects of the region that make it an ideal place to live.
Many metro areas that were placed along the top 10 have “sunny” reputations with their climate, including cities San Diego, Los Angeles, Honolulu, Miami and Santa Barbara.
San Diego, deemed the first most expensive place to live, was given a score of 3.3 in terms of value.
Los Angeles, which came in second place on the ranking, was also given a score of 3.3 for residents’ ability to afford living there. However, the city had lower scores for other metrics used by the magazine to look at “best places to live,” including the overall and quality of life indexes.
Cities outside of the Golden State that landed in the top 15 include San Juan, Puerto Rico (#8); New York City (#11); Boston (#12); and Seattle (#13).
A full list of the top 25 “most expensive places to live” in the U.S. can be found here.