Sacramento one of US cities that needs ‘most wealth to live comfortably,’ US News says
It cost more to live in Sacramento than it does in Washington D.C., Portland or Denver, according to a new housing cost ranking.
U.S. News & World Report ranked Sacramento No. 15 out of 25 most expensive places to live in the nation behind San Jose, Seattle and New York City. The median home price in the capital city is $619,981 and the median monthly rent is $1,465.
“Many people think Sacramento’s best attribute is that it’s located a few hours from exciting destinations like San Francisco and Lake Tahoe,” the consumer advice and analysis company wrote on its website. “Though it’s constantly overshadowed by cosmopolitan places in its own state, technological and cultural developments breathe life into the California capital.”
METHODOLOGY
Metro areas were ranked based on their gross rent and the yearly housing expenses of homeowners with mortgages.
The U.S. News & World Report analyzed public data from the U.S. Census Bureau, the Federal Bureau of Investigation, the U.S. Department of Labor, internal resources and user opinions.
California cities that ‘require the most wealth’
California took up nearly half of the list of cities that “require the most wealth to live comfortably” in the U.S. between 2023 and 2024. Housing costs vary slightly on real estate websites like Redfin and Zumper:
No. 1 | San Diego
- Median home price: $919,507
- Median monthly rent: $1,842
No. 2 | Los Angeles
- Median home price: $836,831
- Median monthly rent: $1,685
No. 5 | Santa Barbra
No. 6 | San Francisco
No. 7 | Salinas
No.8 | Santa Rosa
No. 10 | Vallejo and Fairfield
No. 14 | San Jose
No. 15 | Sacramento
No. 17 | Stockton
No. 19 | Modesto
No. 20 | Fresno
This story was originally published October 24, 2023 at 12:15 PM.