The article discusses the 10 most expensive ZIP codes in the U.S., highlighting that these areas, often oceanfront and gated, command multimillion-dollar estates. Newport Coast, California, is the most expensive, with a median listing price of $11.8 million and an estimated required income of over $2.3 million to afford a home there, based on the 30% rule. These markets attract ultra-wealthy buyers, often purchasing with cash, and are driven by scarcity, privacy, and proximity to major economic hubs.
New York, Los Angeles, and San Francisco have been ranked among the top 10 most expensive cities in the world, according to the Worldwide Cost of Living report by the Economist Intelligence Unit. Singapore retained its top spot, followed by Zurich, Switzerland. The housing crisis in the US has affected the rankings, with Los Angeles and San Francisco coming in at sixth and tenth place respectively. Western European cities dominated the top 20 spots, while four Chinese cities experienced a significant drop in rankings due to the country's economic slowdown. Moscow and St Petersburg saw the biggest decline due to Western sanctions and the depreciation of the rouble. The world's cheapest cities included Damascus, Tehran, Buenos Aires, and Chennai.
San Diego has been ranked as the most expensive city in the United States, according to U.S. News and World Report's 2023-2024 list. The report considered various factors such as inflation rate, cost of gas, housing costs, and median gross rent. Los Angeles, Honolulu, Miami, and Santa Barbara also made it to the top five. California dominated the list, with seven cities in the top ten and half of the top 25. The report highlights that these cities require a significant amount of wealth to live comfortably.
Honolulu is the most expensive city in the US, followed by New York and San Francisco, according to a ranking by SmartAsset. To have the purchasing power of $100,000, you would need an annual salary of around $310,000 in these cities. The ranking is heavily influenced by local taxes, with California, Hawaii, and New York having high income tax rates. In contrast, Tennessee and Texas have no income tax. Memphis is the cheapest city in the US, where an annual salary of $117,000 will leave you with $100,000 worth of purchasing power after tax. US census data shows people are leaving counties in states with high tax and moving to those with less.
