LOS ANGELES (CBSLA.com) – We already know how expensive it can be to live in New York City or Los Angeles – but is Anaheim just as pricey?
The Orange County city was named one of the five worst cities to live in to save money, according to a study released Monday.
While Los Angeles was ranked second only to San Francisco on the GOBankingRates.com’s five most expensive places to live, Anaheim ranked fifth just behind New York City.
Other Southland cities rounding out the least affordable list included Santa Ana at 13th; San Diego, 12th, and Long Beach, ranked 10th.
At the opposite end of the cost spectrum were Virginia Beach, Virginia; San Antonio; Oklahoma City; Omaha, Nebraska; and Arlington, Texas, were named as the cheapest places to live.
Seven factors were used in the study to gauge financial well-being in the 60 most populous U.S. cities,
including median household income, unemployment rate, median home list price and median rent price.
Los Angeles has the second-highest median monthly rent ($3,950) and fourth-highest median home listing price ($725,000), but the city’s relatively low $50,205 median income secured its second-place spot.
While Anaheim’s home ($570,000) and rent ($2,650) prices were lower than L.A., Anaheim’s higher median income of $60,752 prevented the home of Disneyland from ranking as high as L.A., according to researchers.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)