Of all the cities in the United States, New York has traditionally been recognized as the most expensive city to live in. However, around the end of 2023, a study by US News & World Report seems to prove otherwise.
In this sense, the investigation carried out by Real Estate for the year 2023-2024 also confirms the data. America’s Best City in San Diego, California, was determined to be the most unaffordable metropolitan area in the country.
San Diego’s increasingly high home prices are among the city’s leading contributors to the list. Therefore, the analysis indicates that the average prices are higher than the national average.
For example, in August 2023, it would cost up to one million dollars per family. According to the most recent estimates, this figure is nearly $650,000.00 USD higher than the national average.
On the other hand, San Diego residents must pay home owner association dues or apartment complex maintenance costs. Undoubtedly, all these additional charges and current prices make the area more expensive.
Which other cities are included in the list?
Los Angeles ranked second, followed by Honolulu, Miami and Santa Barbara.
However, inflation in San Diego was 3.7% in September. This has been confirmed by the United States Bureau of Labor Statistics (PLS).
These data imply nothing but 4.7% annual inflation. Additionally, rental payments have increased in the area and currently stand at 8.8%.
Similarly, according to the BLS, other expenses, such as going out to dinner, also increased (up 5.8%). Likewise, petrol increased by 5% and medical services by 2.5%. Likewise, alcoholic beverages increased by 2.1%.
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