California is home to some of the most expensive markets in the US. According to a recent survey from Finder.com that analyzed the cities with the highest cost of living in the nation, California was home to four of the top five cities on the list, San Francisco, San Jose, Los Angeles and San Diego. Was the only city in the top five that was not in California. It ranked third on the list.
"There are a lot of factors that go into determining how expensive it is to live in a certain area. Cities in California might be showing up on our list more often for a few reasons, including supply and demand of homes, expensive home values, and high costs for other non-housing expenditures, like car insurance," Britny Lawhorn, assistant publisher of mortgages at Finder.com, tells GlobeSt.com.
San Francisco ranked at the top of the list, requiring the highest salary in the nation to live comfortably. Prospective homeowners would need $206,760 to buy a home in the market. The market ranked first in 2018 as well, the last time the survey was conducted; however, the cost of living requirement was down 6.84%. Neighboring San Jose ranked second on the list, the same rank it held in the 2018 survey. The market also had a reduction in average cost of living since 2018, down 15.59%. Los Angeles ranked fourth on the list. The cost of living was down only 1.94% since 2018, and the market held the same ranking. San Diego, on the other hand, moved up three spots since 2018, from eight to fifth place. Still, the cost of living was down compared 2.86%.
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