Los Angeles ranked one of the most expensive cities in the world

If you think it costs a lot to call Los Angeles home, you are not wrong. The City of Angels was just ranked the ninth most expensive city in the world.

That's according to the Cost of Living Index by data company Numbeo.

LA is not alone at the top with seven other U.S. cities also making the list including San Francisco, New York City and Chicago.

Switzerland is home to the top two most expensive cities: Zurich and Geneva. The only other city outside the U.S. that makes the top 10 is Reykjavik, Iceland.

How does Numbeo compile its annual list? The company looks at a series of factors such as the cost of living and the average price of rent, along with the cost of groceries, restaurants and transportation.

With the latest data available, the cost of living including rent in New York City is more than 46 percent higher than in LA.

Numbeo publishes the index twice a year. This most recent study covers January through June 2024.

The top 10 most expensive cities in the world:

1. Geneva, Switzerland
2. Zurich, Switzerland
3. New York City
4.  San Francisco
5. Boston
6. Reykjavik, Iceland
7. Washington, D.C.
8. Seattle
9. Los Angeles
10. Chicago