The top 5 most costly cities in California to live in. Should you want to view a comprehensive analysis of Silicon Valley.
- Santa Barbara
IM Rating: 16
The main factor making Santa Barbara an expensive city is the high cost of housing. The median home value in August 2023 was $2 million, representing a YoY rise of 23.7%. The demand from affluent locals and visitors, together with its ideal location and stunning beaches, all contribute to the high cost of homes. Because of housing, Santa Barbara’s overall cost of living is higher than the US average. While they provide a range of amenities like dining options, sporting events, and top-notch schools, the cost is higher. The city’s economy depends heavily on tourism, which is fueled by the Mediterranean climate and stunning natural surroundings.
- Palo Alto
IM Rating: 17
Palo Alto is a very costly place to live. Housing is an important factor; at a median home price of $3.5 million, it ranks sixth most expensive city in California. The median household income is $210,000, although the average rent is approximately $3,600. With a population of about 60,000, the city is well-known for being home to Stanford University.
- Newport Beach
IM Rating: 18
One of the wealthiest cities in the country, Newport Beach, has a high cost of living due to rising housing costs. The median home value as of July 2023 was $4.9 million, a 23% YoY increase. These expenses are fueled by the city’s favourable position, stunning beaches, and demand from wealthy locals and visitors. Housing expenditures still outweigh other living expenses, even though they are higher than the national average.
- San Francisco
IM Rating: 19
Living in San Francisco is one of the priciest cities in California. With a typical home value of $1.3 million and a median rent of around $4,500, housing prices are a major problem. Due to strong competitive, real estate sell in an average of 21 days on the market. In the city, the median family income is $112,376 and the median rent is $3,700. Residents of San Francisco are drawn to the city by its vibrant tech sector, famous buildings, and diverse culture. We’ve included San Francisco on the list even if its housing costs aren’t as high as those of other cities since its other costs are high enough to affect savings for a down payment on a home.
- Beverly Hills,
IM Score: 20
Beverly Hills is the seventeenth most expensive city in California to live in, with a median home price of $3.02 million and expenses that are 570% higher than the state average. The real estate market is cutthroat, and houses frequently sell in less than 60 days. The typical monthly rent is $9,183, while the median household income is $100,000. With more than 34,000 residents, Beverly Hills is well-known for its opulent way of life, upscale shops, and celebrity sightings.
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