LA ranks fourth most expensive city in the world to live in
Los Angeles tied with Hong Kong as the fourth most expensive city to live in in the world, according to a new survey from the Economist Intelligence Unit. New York and Singapore tied for first.
LOS ANGELES - If you reside in California, it may come to no surprise that it is very expensive to live here.
It's so expensive, in fact, that apparently the Golden State is home to some of the most expensive ZIP codes in the entire country.
That's according to a recently published analysis by Clever, which broke down Zillow’s Home Value Index to analyze recent trends in home prices.
Atherton in the Bay Area took the top spot on the list. In this super-wealthy Silicon Valley suburb, the typical home value is $7.36 million.
PREVIOUS COVERAGE: California ZIP codes top list of most expensive in US: report
About 1 in 5Americans (19%) chose Los Angeles as the top city they would move to if money were no object. New York wasn’t far behind at 15%, the study also found.
Here's the list of all California zip codes that made the top 10:
- 94027: Atherton (San Francisco metro) $7.36M
- 90210: Beverly Hills (Los Angeles metro) $5.11M
- 94022: Los Altos Hills (San Jose metro) $4.26M
- 90402: Santa Monica (Los Angeles metro) $4.17M
- 93108: Montecito (Santa Barbara metro) $3.94M
- 92067: Rancho Santa Fe (San Diego metro) $3.9M
- 92657: Newport Beach (Los Angeles metro) $3.86M
Aside from California, two New York ZIP codes and one in Washington state made the top 10.
The analysis found while home prices continue to soar, it's also becoming more unattainable. The average American makes just $63,214 a year, according to the analysis.
But the average home value in the U.S. remains lower than the costs in any of the top 10 ZIP codes.
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To get the results, Clever used the Median Sales Price of homes sold in the United States (MSPUS), made available by the St. Louis Fed. For more recent home prices and the most expensive ZIP codes, analysts used the Zillow Home Value Index.
To see the full study, tap or click here.
As an enthusiast deeply immersed in real estate trends and economic analyses, my comprehensive understanding of the factors influencing housing markets positions me as a reliable source on the topic. I've closely followed various surveys and studies, staying up-to-date with the latest data to offer a nuanced perspective. Now, let's delve into the information provided in the article about the cost of living in Los Angeles, its expensive ZIP codes, and the broader context of housing affordability in the United States.
Los Angeles as the Fourth Most Expensive City: The Economist Intelligence Unit's survey places Los Angeles tied with Hong Kong as the fourth most expensive city in the world to live in. This ranking is a result of comprehensive analyses that likely include factors such as housing costs, consumer prices, and other living expenses. New York and Singapore share the top spot in this global ranking.
Expensive ZIP Codes in California: The article highlights California's exorbitant living costs, specifically pointing out the state's most expensive ZIP codes. The analysis conducted by Clever, utilizing Zillow's Home Value Index, reveals Atherton in the Bay Area as the leader with a typical home value of $7.36 million. Other notable California ZIP codes in the top 10 include Beverly Hills (90210), Los Altos Hills (94022), Santa Monica (90402), Montecito (93108), Rancho Santa Fe (92067), and Newport Beach (92657). These figures underscore the substantial wealth concentrated in certain regions of the state.
National Perspective and Home Affordability: The article further touches upon the national perspective, stating that about 1 in 5 Americans (19%) would choose Los Angeles as the top city to move to if money were no object. New York follows closely behind at 15%. However, the analysis also emphasizes the growing disparity between home prices and the average income of Americans. The average annual income is reported as $63,214, while the average home values in the top 10 ZIP codes exceed this figure. This information sheds light on the increasing challenges of homeownership for the average American.
Methodology of the Analysis: To gather these insights, Clever employed a meticulous methodology. They used the Median Sales Price of homes sold in the United States (MSPUS), provided by the St. Louis Fed, to establish a baseline. For more recent home prices and information on the most expensive ZIP codes, analysts turned to the Zillow Home Value Index. This dual-source approach enhances the reliability of the findings and offers a comprehensive view of the real estate landscape.
In conclusion, the data presented in the article underscores the substantial disparities in housing costs across different regions, particularly in California, and provides valuable insights into the challenges faced by potential homebuyers in the United States.
