L.A. was just named one of the most expensive cities in the world

You might want to double-check the price tag on that dream apartment: Los Angeles has officially landed on the list of the most expensive cities in the world. According to a new report from wealth migration firm Henley & Partners, L.A. now ranks tenth globally for sky-high living costs. And, let’s just say, the city’s price tag isn’t dropping anytime soon.

The report analyzed the average square meter price of a “prime” 100- to 200-square-meter apartment (that’s roughly between 1,100 and 2,200 square feet) and revealed some eyebrow-raising numbers. In L.A., the price for this coveted piece of real estate averages a whopping $17,500 per square meter. (For reference, that translates to an eye-popping $2.625 million for a 1,600-square-foot apartment.) It’s a tough pill to swallow, even when you compare it to the number one spot on the list—Monaco—where you’ll pay a staggering $38,800 per square meter.

In the company of Monaco, New York and Hong Kong, L.A. continues to cement its status as a hot spot for the ultra-wealthy. With a growing number of millionaires (220,600, to be exact) flocking to the city, the costs show no signs of slowing down.

So, why has L.A. become so expensive in recent years? A limited housing supply, a growing influx of out-of-state buyers and soaring demand from the tech elite have pushed the city’s real estate market to new heights. Plus, the combination of sunny weather, proximity to Hollywood and prime beachfront properties have always made L.A. a top choice for the rich and famous.

Meanwhile, the average person finds themselves priced out of many neighborhoods. Renting a one-bedroom in Echo Park or Los Feliz has become an increasingly expensive affair, leaving many wondering where the average Joe (or Jane) can afford to live.

With L.A. securing a spot in the top 10 alongside iconic luxury hotspots like Palm Beach and Miami Beach, it’s clear that, much like New York City, the sky-high cost of living has become an undeniable part of the town’s fabric—one that residents have no choice but to navigate as part of everyday life in the City of Angels.

The 10 Most Expensive Cities in the World:

1. Monaco

2. New York

3. Hong Kong

4. London

5. Saint-Jean-Cap-Ferrat

6. Paris

7. Sydney

8. Palm Beach

9. Miami Beach

10. Los Angeles