These 2 California cities are among the top 10 most expensive in the world, data shows
LOS ANGELES - There are two California cities that just ranked among the top 10 most expensive cities in the world, according to the Economist Intelligence Unit’s Worldwide Cost of Living report for 2023.
To get the results, analysts surveyed 173 major cities, comparing more than 400 individual prices across 200 products and services. It excluded Venezuela’s Caracas, where prices have risen by 450% since 2022.
Two cities tied for the most expensive places to live: Singapore and Zurich, Switzerland. This is the ninth time in 11 years that Singapore has been ranked as the most expensive city in the world to live in, EIU data showed.
Los Angeles ranked No. 6 on the list, with new data showing the median home price in LA County has surpassed $900,000. The study found there are several neighborhoods that require almost a six-figure salary to live "comfortably."
To put that into perspective, it's more expensive to live in LA than it is in Paris, France or Copenhagen, Denmark.
In last year's report, LA ranked fourth overall, up from No. 9 in 2021.
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Rounding out the top 10 was San Francisco, where data showed residents who make $100,000 a year are considered "low income." Last year, San Francisco ranked No. 8.
Here are the top 10 most expensive cities according to the report:
1. Zurich and Singapore (tie)
3. New York and Geneva (tie)
5. Hong Kong
6. Los Angeles
7. Paris
8. Tel Aviv and Copenhagen (tie)
10. San Francisco
According to the study, the average cost of living rose by 7.4% this year, with grocery prices increasing the fastest.
To see the full report, tap or click here.