The 20 Most Expensive Places to Live in the US in 2023-2024

In a constantly evolving world, the pursuit of the American dream often leads individuals and families to seek residence in some of the nation’s most desirable locations. However, with desirability comes a cost, and in this case, it’s the financial one. The US News & World Report recently unveiled a comprehensive ranking of the 20 most expensive places to live in the United States for 2023-2024, and the results might surprise you.

20. Fresno, California

Situated in the heart of California’s Central Valley, Fresno kicks off our list of the most expensive places to live in the US. With a population of over 1 million, this city boasts a median home price of $430,711, a median monthly rent of $1,098, and an average annual salary of $53,860. While it may be one of the more affordable options in California, it still surpasses the state average in terms of cost of living.

19. Modesto, California

Just a stone’s throw away from San Francisco and Yosemite National Park, Modesto comes in at number 19. Residents here pay more for basic necessities like utilities and groceries compared to the national average. The population in the metro area is 829,992, with a median home price of $463,918, a median monthly rent of $1,251, and an average annual salary of $53,906.

18. Washington, DC

Our nation’s capital, Washington, DC, is known for its historic charm, world-class museums, and cultural festivals. With a population of over 6 million, it offers an average annual salary of $80,480, a median home price of $538,037, and a median monthly rent of $1,783. While it’s a vibrant place to live, the cost of residing here is higher than in many other US cities.

17. Stockton, California

Stockton, the 11th largest city in California, makes the list at number 17. Despite seeming more affordable than its Bay Area neighbors, the cost of living in Stockton remains significantly higher than the national average. The metro area has a population of 771,406, a median home price of $589,200, a median monthly rent of $1,387, and an average annual salary of $55,020.

16. Denver, Colorado

Known as the “Mile High City” for its elevation, Denver offers stunning landscapes and 300 days of sunshine annually. However, its cost of living has seen a substantial increase. The metro area has a population of 2,936,665, a median home price of $658,554, a median monthly rent of $1,554, and an average annual salary of $66,750.

15. Sacramento, California

The capital of California, Sacramento, may have a lower median home price compared to other major cities in the state, but its average home price is still more than $230,000 higher than the national average. The population in the metro area is 2,379,368, with a median home price of $619,981, a median monthly rent of $1,465, and an average annual salary of $65,580.

14. San Jose, California

San Jose, with a population of 1,995,351, boasts a median home price of $1,524,907, a median monthly rent of $2,511, and an average annual salary of $99,430. Here, housing prices are among the highest in the country, and the cost of basic needs, such as utilities and groceries, is even steeper.

13. Seattle, Washington

Seattle, home to a population of 3,971,125, offers an enticing waterfront, a rich coffee culture, and numerous attractions. It also presents an average annual salary of $76,170, a median home price of $768,396, and a median monthly rent of $1,701.

12. Boston, Massachusetts

Described as a “mini New York City” by some, Boston combines a great food scene and modern accommodations with a family-friendly environment. The metro area is home to 4,912,030 people and has a median home price of $716,746, a median monthly rent of $1,659, and an average annual salary of $76,850.

11. New York City, New York

New York City, with a population of over 20 million, is an iconic metropolis known for its cultural diversity and vibrant atmosphere. Despite its allure, the city has witnessed a sharp increase in rental costs, making groceries and energy bills more expensive. The average annual salary here is $74,108, while the median home price is $642,004, and the median monthly rent is $1,574.

10. Vallejo and Fairfield, California

Vallejo and Fairfield, situated just 18 miles apart, offer a more affordable option for those seeking refuge from the high costs of the San Francisco Bay Area. With a population of 451,432, the average annual salary is $64,270, the median home price is $606,442, and the median monthly rent is $1,802. While still above the national average, the cost of living here is lower than the California average.

9. San Juan, Puerto Rico

San Juan, Puerto Rico, may entice potential residents with low rents, but the average energy bill exceeds mainland US rates. The metro area boasts a population of 2,096,657, with a median monthly rent of $551 and an average annual salary of $31,650.

8. Santa Rosa, California

Santa Rosa, located in the heart of wine country, attracts residents from all over. With a population of 492,498, it offers a median home price of $889,590, a median monthly rent of $1,856, and an average annual salary of $64,080.

7. Salinas, California

An agricultural hub, Salinas, California, has real estate prices almost twice the national median-home sale price. The metro area, with a population of 438,953, boasts a median home price of $925,458, a median monthly rent of $1,718, and an average annual salary of $56,350.

6. San Francisco, California

San Francisco, the 13th largest city in the US, offers stunning vistas and a vibrant cultural scene. With a population of 4,725,584, it has a median home price of $1,122,946, a median monthly rent of $2,155, and an average annual salary of $86,590. However, the limited construction of new homes within city limits has led to skyrocketing house prices.

5. Santa Barbara, California

Known for its celebrity residents and breathtaking coastline, Santa Barbara is a dream to live in if you can afford it. The metro area, with a population of 447,651, has a median home price of $464,954, a median monthly rent of $1,810, and an average annual salary of $62,020.

4. Miami, Florida

Miami, often associated with a lively party scene, may downplay it, but the cost of living here is higher than the national average. The metro area has a population of 6,105,897, with a median home price of $608,742, a median monthly rent of $1,492, and an average annual salary of $54,790.

3. Honolulu, Hawaii

Honolulu, the capital of Hawaii, attracts millions of visitors annually with its tropical paradise, but living in this scenic locale comes at a cost. The metro area, with a population of 1,015,167, offers a median home price of $581,658, a median monthly rent of $1,870, and an average annual salary of $61,860.

2. Los Angeles, California

Los Angeles, known for its sprawling metropolis, faces a housing crisis that has significantly contributed to its high cost of living. With a population of 18,628,215, the metro area has a median home price of $836,831, a median monthly rent of $1,685, and an average annual salary of $63,056.

1. San Diego, California

San Diego takes the crown as the most expensive city to live in, often referred to by residents as the “sunshine tax” due to its beautiful climate. The metro area has a population of 3,296,317, with a median home price of $919,507, a median monthly rent of $1,842, and an average annual salary of $67,200.

In conclusion, these 20 cities represent some of the most sought-after places to live in the United States, but they also come with a high cost of living. As you plan your future, consider the trade-offs between the amenities and opportunities these cities offer and the financial commitments required to call them home. Whether it’s the sunny shores of San Diego, the cultural allure of New York City, or the natural beauty of Denver, each of these locations presents a unique blend of advantages and challenges for its residents.