The COVID-19 pandemic has ushered in an unprecedented surge in demand for homeownership in the United States. Home inventory, however, is at a record low, as is the average time homes remain for sale on the market. Meanwhile, home prices and the share of homes selling above asking price are at record highs.
Of course, in some parts of the country, exorbitant home prices are nothing new. Even before the pandemic, there were dozens of cities where most homes were valued at over $1 million.
Using data on median home value from the U.S. Census Bureau, 24/7 Wall St. identified the 50 most expensive cities to buy a home in the United States. In each of the cities on this list, the value of the typical home ranges anywhere from about $883,000 to over $2 million. We included cities, towns, villages, and unincorporated communities with populations of at least 25,000 in our analysis.
Not surprisingly, the cities on this list tend to be relatively wealthy areas, with median annual household incomes that far exceed the $62,843 national median. Still, even with higher incomes, high home values make it more likely that residents would need to take out a mortgage. All but four cities on this list are home to a larger share of homeowners who finance their home with the help of a mortgage than the national average of $62.7%. This is the American city with the most foreclosures.
The vast majority of cities on this list are located in California. Much of the state is facing a housing affordability crisis as housing supplies are low, demand for living in much of the state is high, and land, labor, and raw materials are more expensive than average. Here is a look at the cities where home values are rising the fastest.
Click here to see the most expensive cities to buy a home.
Click here to see our detailed methodology.
50. Pacifica, California
> Median home value: $882,800
> Median monthly housing costs with a mortgage: $3,115 — 83rd highest of 1,774 cities
> Share of housing units with a mortgage: 73.9% — 363rd highest of 1,774 cities (tied)
> Homeownership rate: 70.7% — 459th highest of 1,774 cities (tied)
> Median household income: $125,500 — 81st highest of 1,774 cities
[in-text-ad]
49. Lexington, Massachusetts
> Median home value: $889,700
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 65.3% — 702nd lowest of 1,774 cities (tied)
> Homeownership rate: 81.7% — 138th highest of 1,774 cities (tied)
> Median household income: $186,201 — 9th highest of 1,774 cities
24/7 Wall St.
48. Culver City, California
> Median home value: $892,000
> Median monthly housing costs with a mortgage: $2,957 — 107th highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 69.3% — 745th highest of 1,774 cities (tied)
> Homeownership rate: 52.2% — 483rd lowest of 1,774 cities (tied)
> Median household income: $95,044 — 315th highest of 1,774 cities
47. Potomac, Maryland
> Median home value: $893,800
> Median monthly housing costs with a mortgage: $3,893 — 30th highest of 1,774 cities
> Share of housing units with a mortgage: 66.1% — 769th lowest of 1,774 cities (tied)
> Homeownership rate: 87.6% — 36th highest of 1,774 cities
> Median household income: $195,884 — 7th highest of 1,774 cities
[in-text-ad-2]
46. San Clemente, California
> Median home value: $906,100
> Median monthly housing costs with a mortgage: $3,564 — 48th highest of 1,774 cities
> Share of housing units with a mortgage: 71.3% — 565th highest of 1,774 cities (tied)
> Homeownership rate: 68.0% — 557th highest of 1,774 cities (tied)
> Median household income: $110,434 — 151st highest of 1,774 cities
45. San Bruno, California
> Median home value: $908,300
> Median monthly housing costs with a mortgage: $3,066 — 90th highest of 1,774 cities
> Share of housing units with a mortgage: 72.1% — 504th highest of 1,774 cities (tied)
> Homeownership rate: 58.9% — 809th lowest of 1,774 cities (tied)
> Median household income: $109,387 — 165th highest of 1,774 cities
[in-text-ad]
44. Bethesda, Maryland
> Median home value: $911,000
> Median monthly housing costs with a mortgage: $3,882 — 31st highest of 1,774 cities
> Share of housing units with a mortgage: 68.1% — 844th highest of 1,774 cities (tied)
> Homeownership rate: 66.1% — 627th highest of 1,774 cities (tied)
> Median household income: $164,142 — 20th highest of 1,774 cities
24/7 Wall St.
43. Newton, Massachusetts
> Median home value: $914,700
> Median monthly housing costs with a mortgage: $3,757 — 37th highest of 1,774 cities
> Share of housing units with a mortgage: 65.2% — 695th lowest of 1,774 cities (tied)
> Homeownership rate: 72.0% — 406th highest of 1,774 cities (tied)
> Median household income: $151,068 — 36th highest of 1,774 cities
42. San Rafael, California
> Median home value: $923,100
> Median monthly housing costs with a mortgage: $3,476 — 54th highest of 1,774 cities
> Share of housing units with a mortgage: 72.3% — 489th highest of 1,774 cities (tied)
> Homeownership rate: 50.0% — 390th lowest of 1,774 cities (tied)
> Median household income: $91,742 — 358th highest of 1,774 cities
[in-text-ad-2]
41. Redondo Beach, California
> Median home value: $926,500
> Median monthly housing costs with a mortgage: $3,475 — 55th highest of 1,774 cities
> Share of housing units with a mortgage: 76.4% — 211th highest of 1,774 cities (tied)
> Homeownership rate: 51.9% — 468th lowest of 1,774 cities (tied)
> Median household income: $113,499 — 132nd highest of 1,774 cities
40. Fremont, California
> Median home value: $931,600
> Median monthly housing costs with a mortgage: $3,174 — 77th highest of 1,774 cities
> Share of housing units with a mortgage: 73.7% — 370th highest of 1,774 cities (tied)
> Homeownership rate: 60.7% — 878th highest of 1,774 cities (tied)
> Median household income: $133,354 — 60th highest of 1,774 cities
[in-text-ad]
39. Brookline, Massachusetts
> Median home value: $933,200
> Median monthly housing costs with a mortgage: $3,576 — 47th highest of 1,774 cities
> Share of housing units with a mortgage: 62.1% — 465th lowest of 1,774 cities (tied)
> Homeownership rate: 48.9% — 360th lowest of 1,774 cities (tied)
> Median household income: $117,326 — 114th highest of 1,774 cities
38. Encinitas, California
> Median home value: $947,700
> Median monthly housing costs with a mortgage: $3,272 — 70th highest of 1,774 cities
> Share of housing units with a mortgage: 69.1% — 764th highest of 1,774 cities (tied)
> Homeownership rate: 63.3% — 757th highest of 1,774 cities (tied)
> Median household income: $116,022 — 121st highest of 1,774 cities
37. San Ramon, California
> Median home value: $958,800
> Median monthly housing costs with a mortgage: $3,849 — 32nd highest of 1,774 cities
> Share of housing units with a mortgage: 82.2% — 46th highest of 1,774 cities (tied)
> Homeownership rate: 72.4% — 389th highest of 1,774 cities (tied)
> Median household income: $160,783 — 25th highest of 1,774 cities
[in-text-ad-2]
36. Kailua (Honolulu County), Hawaii
> Median home value: $959,200
> Median monthly housing costs with a mortgage: $3,309 — 64th highest of 1,774 cities
> Share of housing units with a mortgage: 68.2% — 838th highest of 1,774 cities (tied)
> Homeownership rate: 71.9% — 410th highest of 1,774 cities (tied)
> Median household income: $114,292 — 128th highest of 1,774 cities
35. East Honolulu, Hawaii
> Median home value: $959,800
> Median monthly housing costs with a mortgage: $3,332 — 61st highest of 1,774 cities
> Share of housing units with a mortgage: 66.2% — 782nd lowest of 1,774 cities (tied)
> Homeownership rate: 83.0% — 105th highest of 1,774 cities (tied)
> Median household income: $133,165 — 61st highest of 1,774 cities
[in-text-ad]
34. Pleasanton, California
> Median home value: $986,800
> Median monthly housing costs with a mortgage: $3,554 — 49th highest of 1,774 cities
> Share of housing units with a mortgage: 77.0% — 193rd highest of 1,774 cities (tied)
> Homeownership rate: 69.9% — 489th highest of 1,774 cities (tied)
> Median household income: $156,400 — 30th highest of 1,774 cities
33. Berkeley, California
> Median home value: $1,004,900
> Median monthly housing costs with a mortgage: $3,343 — 60th highest of 1,774 cities
> Share of housing units with a mortgage: 66.3% — 794th lowest of 1,774 cities (tied)
> Homeownership rate: 42.9% — 190th lowest of 1,774 cities (tied)
> Median household income: $85,530 — 440th highest of 1,774 cities
32. McLean, Virginia
> Median home value: $1,031,200
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 67.0% — 843rd lowest of 1,774 cities (tied)
> Homeownership rate: 86.7% — 48th highest of 1,774 cities (tied)
> Median household income: $207,184 — 4th highest of 1,774 cities
[in-text-ad-2]
31. Santa Clara, California
> Median home value: $1,034,000
> Median monthly housing costs with a mortgage: $3,300 — 66th highest of 1,774 cities
> Share of housing units with a mortgage: 70.4% — 634th highest of 1,774 cities (tied)
> Homeownership rate: 42.9% — 190th lowest of 1,774 cities (tied)
> Median household income: $126,006 — 78th highest of 1,774 cities
30. Santa Barbara, California
> Median home value: $1,051,500
> Median monthly housing costs with a mortgage: $3,193 — 74th highest of 1,774 cities
> Share of housing units with a mortgage: 63.1% — 528th lowest of 1,774 cities (tied)
> Homeownership rate: 40.7% — 138th lowest of 1,774 cities (tied)
> Median household income: $76,606 — 601st highest of 1,774 cities
[in-text-ad]
29. South Pasadena, California
> Median home value: $1,071,000
> Median monthly housing costs with a mortgage: $3,740 — 38th highest of 1,774 cities
> Share of housing units with a mortgage: 72.0% — 516th highest of 1,774 cities (tied)
> Homeownership rate: 47.4% — 308th lowest of 1,774 cities (tied)
> Median household income: $104,308 — 216th highest of 1,774 cities
28. Campbell, California
> Median home value: $1,079,000
> Median monthly housing costs with a mortgage: $3,616 — 45th highest of 1,774 cities
> Share of housing units with a mortgage: 73.7% — 370th highest of 1,774 cities (tied)
> Homeownership rate: 50.7% — 420th lowest of 1,774 cities (tied)
> Median household income: $124,525 — 86th highest of 1,774 cities
27. Danville, California
> Median home value: $1,091,900
> Median monthly housing costs with a mortgage: $3,946 — 27th highest of 1,774 cities
> Share of housing units with a mortgage: 78.8% — 124th highest of 1,774 cities (tied)
> Homeownership rate: 83.8% — 92nd highest of 1,774 cities (tied)
> Median household income: $160,808 — 23rd highest of 1,774 cities
[in-text-ad-2]
26. Arcadia, California
> Median home value: $1,097,600
> Median monthly housing costs with a mortgage: $3,441 — 56th highest of 1,774 cities
> Share of housing units with a mortgage: 60.5% — 374th lowest of 1,774 cities (tied)
> Homeownership rate: 59.5% — 833rd lowest of 1,774 cities (tied)
> Median household income: $93,574 — 333rd highest of 1,774 cities
25. San Francisco, California
> Median home value: $1,097,800
> Median monthly housing costs with a mortgage: $3,647 — 42nd highest of 1,774 cities
> Share of housing units with a mortgage: 66.0% — 760th lowest of 1,774 cities (tied)
> Homeownership rate: 37.6% — 90th lowest of 1,774 cities (tied)
> Median household income: $112,449 — 139th highest of 1,774 cities
[in-text-ad]
24. San Mateo, California
> Median home value: $1,098,400
> Median monthly housing costs with a mortgage: $3,600 — 46th highest of 1,774 cities
> Share of housing units with a mortgage: 70.7% — 616th highest of 1,774 cities (tied)
> Homeownership rate: 54.4% — 585th lowest of 1,774 cities (tied)
> Median household income: $124,842 — 85th highest of 1,774 cities
23. Wellesley, Massachusetts
> Median home value: $1,149,100
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 67.3% — 869th lowest of 1,774 cities (tied)
> Homeownership rate: 80.9% — 154th highest of 1,774 cities (tied)
> Median household income: $197,132 — 6th highest of 1,774 cities
22. Westport, Connecticut
> Median home value: $1,150,400
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 68.3% — 826th highest of 1,774 cities (tied)
> Homeownership rate: 85.2% — 72nd highest of 1,774 cities (tied)
> Median household income: $206,466 — 5th highest of 1,774 cities
[in-text-ad-2]
21. Rancho Palos Verdes, California
> Median home value: $1,156,700
> Median monthly housing costs with a mortgage: $3,959 — 26th highest of 1,774 cities
> Share of housing units with a mortgage: 65.3% — 702nd lowest of 1,774 cities (tied)
> Homeownership rate: 78.0% — 212th highest of 1,774 cities (tied)
> Median household income: $138,557 — 49th highest of 1,774 cities
20. Mercer Island, Washington
> Median home value: $1,218,200
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 65.7% — 736th lowest of 1,774 cities (tied)
> Homeownership rate: 68.7% — 531st highest of 1,774 cities (tied)
> Median household income: $147,566 — 40th highest of 1,774 cities
[in-text-ad]
19. Sunnyvale, California
> Median home value: $1,223,600
> Median monthly housing costs with a mortgage: $3,499 — 53rd highest of 1,774 cities
> Share of housing units with a mortgage: 63.4% — 555th lowest of 1,774 cities (tied)
> Homeownership rate: 45.4% — 255th lowest of 1,774 cities (tied)
> Median household income: $140,631 — 46th highest of 1,774 cities
18. Foster City, California
> Median home value: $1,245,800
> Median monthly housing costs with a mortgage: $3,638 — 43rd highest of 1,774 cities
> Share of housing units with a mortgage: 73.4% — 398th highest of 1,774 cities (tied)
> Homeownership rate: 57.1% — 726th lowest of 1,774 cities (tied)
> Median household income: $158,529 — 27th highest of 1,774 cities
17. Redwood City, California
> Median home value: $1,251,000
> Median monthly housing costs with a mortgage: $3,802 — 34th highest of 1,774 cities
> Share of housing units with a mortgage: 72.7% — 450th highest of 1,774 cities (tied)
> Homeownership rate: 49.8% — 384th lowest of 1,774 cities (tied)
> Median household income: $117,123 — 117th highest of 1,774 cities
[in-text-ad-2]
16. University Park, Texas
> Median home value: $1,295,500
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 65.0% — 675th lowest of 1,774 cities (tied)
> Homeownership rate: 82.2% — 126th highest of 1,774 cities (tied)
> Median household income: $224,485 — 3rd highest of 1,774 cities
15. Santa Monica, California
> Median home value: $1,382,700
> Median monthly housing costs with a mortgage: $3,926 — 28th highest of 1,774 cities
> Share of housing units with a mortgage: 66.1% — 769th lowest of 1,774 cities (tied)
> Homeownership rate: 29.0% — 28th lowest of 1,774 cities
> Median household income: $96,570 — 291st highest of 1,774 cities
[in-text-ad]
14. Mountain View, California
> Median home value: $1,413,500
> Median monthly housing costs with a mortgage: $3,720 — 40th highest of 1,774 cities
> Share of housing units with a mortgage: 70.2% — 662nd highest of 1,774 cities (tied)
> Homeownership rate: 41.6% — 162nd lowest of 1,774 cities (tied)
> Median household income: $139,720 — 47th highest of 1,774 cities
24/7 Wall St.
13. Lafayette, California
> Median home value: $1,428,900
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 72.6% — 460th highest of 1,774 cities (tied)
> Homeownership rate: 71.4% — 431st highest of 1,774 cities (tied)
> Median household income: $178,889 — 12th highest of 1,774 cities
12. Belmont, California
> Median home value: $1,527,500
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 73.1% — 424th highest of 1,774 cities (tied)
> Homeownership rate: 60.8% — 873rd highest of 1,774 cities (tied)
> Median household income: $156,052 — 31st highest of 1,774 cities
[in-text-ad-2]
11. San Carlos, California
> Median home value: $1,625,700
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 75.5% — 257th highest of 1,774 cities (tied)
> Homeownership rate: 72.4% — 389th highest of 1,774 cities (tied)
> Median household income: $182,083 — 11th highest of 1,774 cities
10. Los Gatos, California
> Median home value: $1,694,000
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 67.1% — 855th lowest of 1,774 cities (tied)
> Homeownership rate: 64.9% — 682nd highest of 1,774 cities (tied)
> Median household income: $155,863 — 32nd highest of 1,774 cities
[in-text-ad]
9. Cupertino, California
> Median home value: $1,711,300
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 66.2% — 782nd lowest of 1,774 cities (tied)
> Homeownership rate: 60.2% — 865th lowest of 1,774 cities (tied)
> Median household income: $171,917 — 14th highest of 1,774 cities
8. Newport Beach, California
> Median home value: $1,898,900
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 65.2% — 695th lowest of 1,774 cities (tied)
> Homeownership rate: 56.7% — 701st lowest of 1,774 cities (tied)
> Median household income: $127,223 — 75th highest of 1,774 cities
7. Burlingame, California
> Median home value: $1,901,900
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 70.2% — 662nd highest of 1,774 cities (tied)
> Homeownership rate: 48.1% — 333rd lowest of 1,774 cities (tied)
> Median household income: $128,447 — 72nd highest of 1,774 cities
[in-text-ad-2]
6. Beverly Hills, California
> Median home value: $2,000,000+
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 65.8% — 744th lowest of 1,774 cities (tied)
> Homeownership rate: 41.5% — 160th lowest of 1,774 cities (tied)
> Median household income: $106,936 — 194th highest of 1,774 cities
5. Manhattan Beach, California
> Median home value: $2,000,000+
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 69.2% — 753rd highest of 1,774 cities (tied)
> Homeownership rate: 69.6% — 497th highest of 1,774 cities (tied)
> Median household income: $153,023 — 34th highest of 1,774 cities
[in-text-ad]
4. Palo Alto, California
> Median home value: $2,000,000+
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 58.9% — 289th lowest of 1,774 cities (tied)
> Homeownership rate: 54.6% — 593rd lowest of 1,774 cities (tied)
> Median household income: $158,271 — 28th highest of 1,774 cities
24/7 Wall St.
3. Menlo Park, California
> Median home value: $2,000,000+
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 70.4% — 634th highest of 1,774 cities (tied)
> Homeownership rate: 57.9% — 761st lowest of 1,774 cities (tied)
> Median household income: $160,784 — 24th highest of 1,774 cities
2. Saratoga, California
> Median home value: $2,000,000+
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 62.6% — 495th lowest of 1,774 cities (tied)
> Homeownership rate: 84.6% — 81st highest of 1,774 cities
> Median household income: $191,677 — 8th highest of 1,774 cities
[in-text-ad-2]
1. Los Altos, California
> Median home value: $2,000,000+
> Median monthly housing costs with a mortgage: $4,000+ — the highest of 1,774 cities (tied)
> Share of housing units with a mortgage: 64.5% — 637th lowest of 1,774 cities (tied)
> Homeownership rate: 81.0% — 151st highest of 1,774 cities (tied)
> Median household income: $235,278 — 2nd highest of 1,774 cities
Methodology
To determine the most expensive cities to buy a home in the nation, 24/7 Wall St. reviewed five-year estimates of median owner-occupied home values from the U.S. Census Bureau’s 2019 American Community Survey.
We used census “place” geographies — a category that includes 29,573 incorporated legal entities and census-designated statistical entities. Of those, 29,320 had boundaries that fell within one of the 50 states or the District of Columbia.
We defined cities based on a population threshold — having more than 25,000 people — and 1,775 of the places fell within this threshold.
Cities were excluded if owner-occupied median home values were not available in the 2019 ACS or if the sampling error associated with a town’s data was deemed too high.
The sampling error was defined as too high if the coefficient of variation — a statistical assessment of how reliable an estimate is — for a city’s owner-occupied median home value was above 15% and greater than two standard deviations above the mean CV for all cities’ owner-occupied median home values. We similarly excluded cities that had a sampling error too high for their population, using the same definition.
The remaining 1,774 places were ranked based on their owner-occupied median home values. To break ties, we used median monthly housing costs for houses with a mortgage.
Additional information on median monthly housing costs for homes with a mortgage, the share of owner-occupied housing units that have a mortgage, rates of homeownership, and median annual household income are also five-year estimates from the 2019 ACS.
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
