1 FL City Among Nation's 10 Most Expensive Places To Live: U.S. News

FLORIDA — While living in Florida is touted as more affordable than many states, there are also pockets of luxury living. And now a new ranking from U.S. News and World Report puts it into perspective: The state is home to one of the nation's 10 most expensive places to live.

The publication used median rent and annual housing costs for mortgage-paying homeowners compared to income to determine which 25 U.S. metro areas required the most wealth to live "comfortably" — and only Miami made the list.

Of the 25 metro areas on U.S. News' list, 12 are in California. While the list includes both inland and costal locales up and down the state, the top three most expensive regions were in coastal Southern California. The nation's most expensive area is San Diego, with a median home price of $919,507, median monthly rent of $1,842 and average annual salary of $67,200, U.S. News found.

Compare that to the similarly populated Tampa area — which did not make the most-expensive list. There, you can get a home for less than half the price of San Diego (median price $427,241). The median monthly rent is $1,230 and the average annual salary is $53,270, according to U.S. News.

Here's a breakdown of why Miami ranks of the nation's most expensive metros, according to U.S. News and World Report.

Miami (No. 4)
Median Home Price: $608,742
Median Monthly Rent: $1,492
Average Annual Salary: $54,790

Here's how U.S. News describes life in Miami:

"Dubbed "The Magic City," Miami is one of the most vibrant metro areas in the U.S., and it's well on its way to becoming one of the largest international business hubs in the world. In Miami, each neighborhood reflects its diverse communities and adds to the character of the area and Miami-Dade County.

"Miami proper draws young professionals with a multitude of trade and banking careers, while Miami Beach still has a party-hard atmosphere. Meanwhile, suburbs such as Key Biscayne, Coral Gables and Doral are popular locations for raising families. Miami's population is very accepting of nontraditional families as well, and plays host to large pride celebrations."

Check out the complete list of U.S. News' Most Expensive Places to Live in the U.S. in 2023-2024.