LA is the world’s most expensive city, according to new research

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You might want to reconfirm the price tag for 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 company Henley & Partners, LA is currently ranked 10th in the world for its empty living expenses. And, for example, the city’s price tag doesn’t drop anytime soon.

The report analyzed the average square meter price (approximately 1,100-2,200 square feet) for “Prime” apartments, and revealed numbers that raised eyebrows. In LA, this coveted property averages $17,500 per square meter. (For reference, it converts to the eye-opening $2.65 billion in a 1,600-square-foot apartment.) It’s a difficult drug to swallow, even when comparing it to the Monaco location, one spot on a list that pays an incredible $38,800 per square meter.

With Monaco companies in New York, New York and Hong Kong, Los Angeles continues to solidify its position as a hot spot for the ultra-rich people. With the growing number of billionaires gathering in cities, large billionaires flocking to the crowd, with costs showing no signs of slowing down.

So why has LA become so expensive in recent years? Limited housing supply, a growing inflow of out-of-state buyers and rising demand from high-tech elites have pushed the city’s real estate market to new heights. Plus, the combination of sunny weather, Hollywood proximity and Prime Beachfront properties has made LA always the best option for the rich and well-known.

Meanwhile, the average person notices that prices are being paid from many regions. Renting a one-bedroom at Echo Park or Ross Ferris is becoming an increasingly expensive event, and you wonder where the average Joe (or Jane) can afford to live.

As LA secures top 10 spots alongside iconic luxury hotspots like Palm Beach and Miami Beach, it is clear that it has become an undeniable part of the town’s fabric, just like New York City.