Arizona staked its growth reputation on being a cheap place to live. A new report may put an end to that idea.

Business media site CNBC put out its annual list of most expensive states to live in, and Arizona ranked tied for ninth with Idaho as among the most expensive in the U.S.

The annual report looks at factors such as cost of living, the consumer price index, housing affordability and energy costs among other items to determine where it's getting more expensive to live.

Arizona's cost of living scores fared poorly, earning a D- rating from the report. While inflation was hammering most of the U.S. during the past year, Phoenix and its suburbs were among the areas seeing higher inflation than any other U.S. city.

Housing, once the biggest drawing power for plentiful inexpensive house has seen an explosion in value. Realtor.com reported median home price sales were coming in at $435,000, up from about $300,000 three years ago.

The CNBC report noted the average price of a four-bedroom, 2,400-square-foot home in Lake Havasu City last year topped $1 million.

Hawaii, California and Oregon were the top three in the ranking. Click here to see the full report.