(FOX40.COM) — The cost of living in Sacramento is among the highest in the country, according to a study.
U.S. News and World Report ranked California’s capital city as the 15th most expensive place to live in America. The report lists 25 cities with Sacramento having a higher cost of living than Denver (No. 16), Washington DC (No. 18), Portland (No. 21), and Eugene (No. 25).
“Many people think Sacramento’s best attribute is that it’s located a few hours from exciting destinations like San Francisco and Lake Tahoe,” U.S. News and Report 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.”
According to the report, Sacramento’s housing costs were nearly $300,000 more than the national average in 2022. Sacramento’s median home price is $619,981 compared to the national average of $383,883.
The capital city has a median monthly rent of $1,465 while people in Sacramento have an average annual salary of $65,580.
“Sacramento residents benefit from a desirable income to cost-of-living ratio,” U.S. News and Report said on its website. “Although the median home sale price in Sacramento is significantly higher than the national median, it’s lower than those in other major California metro areas — which is one of the factors helping to drive Sacramento’s population growth.”
Stockton (No. 17) and Modesto (No. 19) also made the list, ranking behind Sacramento. San Diego was ranked first as the most expensive place to live in the U.S. with Los Angeles coming in second.
Other California cities considered expensive include Santa Barbara (No. 5), San Francisco (No. 6), Salinas (No. 7), Santa Rosa (No. 8), Vallejo/Fairfield (No. 10) and San Jose (No. 14).
Honolulu (No. 2), Miami (No. 4), San Juan, Puerto Rico (No. 9), New York City (No. 11), Boston (No. 12) and Seattle (No. 13) made the list.
How were the rankings determined?
To determine the rankings, the U.S. News and World Report analyzed data from the U.S. Census Bureau, the Federal Bureau of Investigation, the U.S. Department of Labor, internal resources and public opinions from a survey.
Factors that were measured in the rankings included a value index for housing affordability, price parity, desirability and the job market.