Fueled in part by low interest rates and an influx of pandemic relief funds, demand for housing surged in the United States over the last two years. Inventory could not keep pace, as new construction was hobbled by rising commodity prices and supply constraints. As a result, home values rose at an unprecedented rate.
Soaring by over 36% since mid-2020, the median home sale price in the United States now stands at an all-time high of $440,300, well beyond the means of a typical working American. Even before the pandemic hit the U.S. housing market, there were dozens of cities where most homes were prohibitively expensive for the majority of Americans.
Using data from the U.S. Census Bureau’s 2020 American Community Survey, 24/7 Wall St. identified the 50 cities with the most expensive housing markets. Cities are ranked by their median home value, and in the case of a tie, the city where the larger share of homes are worth at least $2 million ranks higher.
Among the cities on this list, median home values range from about $930,000 to over $2 million – the maximum value tracked by the ACS. In fact, in a dozen of these cities, over one-third of all homes are worth at least $2 million. The vast majority of these places are located in California, though there are also a handful in Northeastern and Southern states.
While these places may not be affordable for most people, those who do live there tend to be relatively well-off financially. In each of the cities on this list, the median household income exceeds the national median of $64,994 – and in all but six of these cities, the typical household earns over $100,000 a year. (Here is a look at the richest town in every state).
Despite higher incomes, homeowners in most of these places are more likely to still be paying down a mortgage than the typical American homeowner. In all but four cities on this list, the share of homeowners paying a mortgage exceeds the 62.1% share nationwide. (Here is a look at the counties with the most foreclosures so far this year).
Click here to see the cities with the most expensive homes.
Click here to read our detailed methodology.
50. San Clemente, California
> Median home value: $931,400
> Homes worth $2 million or more: 8.2% — 45th highest of 1,788 cities
> Share of housing units with a mortgage: 72.9% — 409th highest of 1,788 cities
> Homeownership rate: 65.7% — 667th highest of 1,788 cities
> Median household income: $108,183 — 210th highest of 1,788 cities
[in-text-ad]
49. Lexington, Massachusetts
> Median home value: $933,800
> Homes worth $2 million or more: 4.2% — 74th highest of 1,788 cities
> Share of housing units with a mortgage: 67.3% — 873rd highest of 1,788 cities
> Homeownership rate: 81.7% — 148th highest of 1,788 cities
> Median household income: $185,686 — 10th highest of 1,788 cities
48. Dublin, California
> Median home value: $934,500
> Homes worth $2 million or more: 1.1% — 216th highest of 1,788 cities
> Share of housing units with a mortgage: 81.8% — 48th highest of 1,788 cities
> Homeownership rate: 63.7% — 768th highest of 1,788 cities
> Median household income: $152,745 — 36th highest of 1,788 cities
47. Eastern Goleta Valley, California
> Median home value: $938,400
> Homes worth $2 million or more: 13.7% — 32nd highest of 1,788 cities
> Share of housing units with a mortgage: 57.8% — 289th lowest of 1,788 cities
> Homeownership rate: 73.6% — 372nd highest of 1,788 cities
> Median household income: $118,094 — 130th highest of 1,788 cities
[in-text-ad-2]
46. North Tustin, California
> Median home value: $938,900
> Homes worth $2 million or more: 7.8% — 50th highest of 1,788 cities
> Share of housing units with a mortgage: 73.4% — 375th highest of 1,788 cities
> Homeownership rate: 89.2% — 27th highest of 1,788 cities
> Median household income: $149,631 — 42nd highest of 1,788 cities
45. East Palo Alto, California
> Median home value: $941,300
> Homes worth $2 million or more: 2.3% — 121st highest of 1,788 cities
> Share of housing units with a mortgage: 67.1% — 886th highest of 1,788 cities
> Homeownership rate: 48.8% — 351st lowest of 1,788 cities
> Median household income: $83,511 — 534th highest of 1,788 cities
[in-text-ad]
44. Pacifica, California
> Median home value: $943,500
> Homes worth $2 million or more: 2.0% — 137th highest of 1,788 cities
> Share of housing units with a mortgage: 72.5% — 435th highest of 1,788 cities
> Homeownership rate: 69.2% — 538th highest of 1,788 cities
> Median household income: $130,466 — 77th highest of 1,788 cities
24/7 Wall St.
43. Newton, Massachusetts
> Median home value: $952,100
> Homes worth $2 million or more: 8.3% — 44th highest of 1,788 cities
> Share of housing units with a mortgage: 65.0% — 732nd lowest of 1,788 cities
> Homeownership rate: 71.5% — 446th highest of 1,788 cities
> Median household income: $154,398 — 32nd highest of 1,788 cities
42. San Bruno, California
> Median home value: $958,300
> Homes worth $2 million or more: 1.8% — 153rd highest of 1,788 cities
> Share of housing units with a mortgage: 69.7% — 659th highest of 1,788 cities
> Homeownership rate: 60.5% — 873rd lowest of 1,788 cities
> Median household income: $113,103 — 163rd highest of 1,788 cities
[in-text-ad-2]
41. East Honolulu, Hawaii
> Median home value: $968,200
> Homes worth $2 million or more: 8.0% — 47th highest of 1,788 cities
> Share of housing units with a mortgage: 63.0% — 579th lowest of 1,788 cities
> Homeownership rate: 84.3% — 103rd highest of 1,788 cities
> Median household income: $139,487 — 56th highest of 1,788 cities
40. Redondo Beach, California
> Median home value: $974,200
> Homes worth $2 million or more: 5.0% — 65th highest of 1,788 cities
> Share of housing units with a mortgage: 75.8% — 216th highest of 1,788 cities
> Homeownership rate: 53.3% — 524th lowest of 1,788 cities
> Median household income: $116,832 — 140th highest of 1,788 cities
[in-text-ad]
39. San Rafael, California
> Median home value: $975,500
> Homes worth $2 million or more: 5.8% — 58th highest of 1,788 cities
> Share of housing units with a mortgage: 71.3% — 532nd highest of 1,788 cities
> Homeownership rate: 49.4% — 365th lowest of 1,788 cities
> Median household income: $97,009 — 336th highest of 1,788 cities
24/7 Wall St.
38. Kailua (Honolulu County), Hawaii
> Median home value: $992,100
> Homes worth $2 million or more: 10.8% — 36th highest of 1,788 cities
> Share of housing units with a mortgage: 67.0% — 889th highest of 1,788 cities
> Homeownership rate: 74.6% — 329th highest of 1,788 cities
> Median household income: $122,706 — 107th highest of 1,788 cities
37. Encinitas, California
> Median home value: $992,100
> Homes worth $2 million or more: 14.9% — 28th highest of 1,788 cities
> Share of housing units with a mortgage: 66.8% — 883rd lowest of 1,788 cities
> Homeownership rate: 63.8% — 764th highest of 1,788 cities
> Median household income: $120,488 — 118th highest of 1,788 cities
[in-text-ad-2]
36. Fremont, California
> Median home value: $999,500
> Homes worth $2 million or more: 6.3% — 57th highest of 1,788 cities
> Share of housing units with a mortgage: 73.6% — 356th highest of 1,788 cities
> Homeownership rate: 61.4% — 881st highest of 1,788 cities
> Median household income: $142,374 — 52nd highest of 1,788 cities
35. San Ramon, California
> Median home value: $1,001,600
> Homes worth $2 million or more: 1.0% — 248th highest of 1,788 cities
> Share of housing units with a mortgage: 80.0% — 81st highest of 1,788 cities
> Homeownership rate: 71.8% — 433rd highest of 1,788 cities
> Median household income: $167,345 — 21st highest of 1,788 cities
[in-text-ad]
34. Brookline, Massachusetts
> Median home value: $1,006,200
> Homes worth $2 million or more: 15.7% — 26th highest of 1,788 cities
> Share of housing units with a mortgage: 61.2% — 450th lowest of 1,788 cities
> Homeownership rate: 48.5% — 341st lowest of 1,788 cities
> Median household income: $113,642 — 159th highest of 1,788 cities
33. Pleasanton, California
> Median home value: $1,056,100
> Homes worth $2 million or more: 9.7% — 40th highest of 1,788 cities
> Share of housing units with a mortgage: 75.1% — 261st highest of 1,788 cities
> Homeownership rate: 67.9% — 585th highest of 1,788 cities
> Median household income: $160,689 — 24th highest of 1,788 cities
32. Berkeley, California
> Median home value: $1,059,500
> Homes worth $2 million or more: 9.9% — 39th highest of 1,788 cities
> Share of housing units with a mortgage: 65.7% — 795th lowest of 1,788 cities
> Homeownership rate: 42.9% — 182nd lowest of 1,788 cities
> Median household income: $91,259 — 403rd highest of 1,788 cities
[in-text-ad-2]
31. McLean, Virginia
> Median home value: $1,061,500
> Homes worth $2 million or more: 14.5% — 29th highest of 1,788 cities
> Share of housing units with a mortgage: 64.3% — 676th lowest of 1,788 cities
> Homeownership rate: 87.4% — 52nd highest of 1,788 cities
> Median household income: $222,587 — 4th highest of 1,788 cities
30. Santa Barbara, California
> Median home value: $1,082,300
> Homes worth $2 million or more: 13.9% — 31st highest of 1,788 cities
> Share of housing units with a mortgage: 64.2% — 668th lowest of 1,788 cities
> Homeownership rate: 41.3% — 148th lowest of 1,788 cities
> Median household income: $81,618 — 565th highest of 1,788 cities
[in-text-ad]
29. South Pasadena, California
> Median home value: $1,113,100
> Homes worth $2 million or more: 15.5% — 27th highest of 1,788 cities
> Share of housing units with a mortgage: 73.1% — 395th highest of 1,788 cities
> Homeownership rate: 49.0% — 353rd lowest of 1,788 cities
> Median household income: $109,927 — 190th highest of 1,788 cities
28. Santa Clara, California
> Median home value: $1,120,400
> Homes worth $2 million or more: 4.8% — 68th highest of 1,788 cities
> Share of housing units with a mortgage: 70.0% — 635th highest of 1,788 cities
> Homeownership rate: 43.5% — 191st lowest of 1,788 cities
> Median household income: $136,870 — 63rd highest of 1,788 cities
27. Arcadia, California
> Median home value: $1,136,700
> Homes worth $2 million or more: 18.8% — 20th highest of 1,788 cities
> Share of housing units with a mortgage: 57.6% — 275th lowest of 1,788 cities
> Homeownership rate: 60.4% — 869th lowest of 1,788 cities
> Median household income: $95,736 — 351st highest of 1,788 cities
[in-text-ad-2]
26. Danville, California
> Median home value: $1,152,300
> Homes worth $2 million or more: 8.4% — 43rd highest of 1,788 cities
> Share of housing units with a mortgage: 79.2% — 95th highest of 1,788 cities
> Homeownership rate: 84.7% — 94th highest of 1,788 cities
> Median household income: $167,827 — 19th highest of 1,788 cities
25. San Francisco, California
> Median home value: $1,152,300
> Homes worth $2 million or more: 16.7% — 23rd highest of 1,788 cities
> Share of housing units with a mortgage: 65.2% — 752nd lowest of 1,788 cities
> Homeownership rate: 38.0% — 89th lowest of 1,788 cities
> Median household income: $119,136 — 126th highest of 1,788 cities
[in-text-ad]
24. Campbell, California
> Median home value: $1,156,000
> Homes worth $2 million or more: 7.2% — 52nd highest of 1,788 cities
> Share of housing units with a mortgage: 71.3% — 531st highest of 1,788 cities
> Homeownership rate: 49.2% — 360th lowest of 1,788 cities
> Median household income: $122,644 — 108th highest of 1,788 cities
24/7 Wall St.
23. San Mateo, California
> Median home value: $1,186,400
> Homes worth $2 million or more: 16.9% — 22nd highest of 1,788 cities
> Share of housing units with a mortgage: 69.1% — 718th highest of 1,788 cities
> Homeownership rate: 52.7% — 492nd lowest of 1,788 cities
> Median household income: $126,102 — 92nd highest of 1,788 cities
22. Rancho Palos Verdes, California
> Median home value: $1,209,200
> Homes worth $2 million or more: 11.6% — 33rd highest of 1,788 cities
> Share of housing units with a mortgage: 64.7% — 697th lowest of 1,788 cities
> Homeownership rate: 77.6% — 254th highest of 1,788 cities
> Median household income: $146,163 — 47th highest of 1,788 cities
[in-text-ad-2]
21. Wellesley, Massachusetts
> Median home value: $1,212,100
> Homes worth $2 million or more: 16.3% — 24th highest of 1,788 cities
> Share of housing units with a mortgage: 65.2% — 748th lowest of 1,788 cities
> Homeownership rate: 82.8% — 126th highest of 1,788 cities
> Median household income: $213,684 — 5th highest of 1,788 cities
20. University Park, Texas
> Median home value: $1,351,400
> Homes worth $2 million or more: 21.3% — 17th highest of 1,788 cities
> Share of housing units with a mortgage: 66.6% — 866th lowest of 1,788 cities
> Homeownership rate: 83.0% — 125th highest of 1,788 cities
> Median household income: $247,716 — the highest of 1,788 cities
[in-text-ad]
19. Mercer Island, Washington
> Median home value: $1,386,300
> Homes worth $2 million or more: 23.6% — 15th highest of 1,788 cities
> Share of housing units with a mortgage: 65.0% — 734th lowest of 1,788 cities
> Homeownership rate: 66.9% — 623rd highest of 1,788 cities
> Median household income: $150,506 — 38th highest of 1,788 cities
18. Sunnyvale, California
> Median home value: $1,397,200
> Homes worth $2 million or more: 20.3% — 18th highest of 1,788 cities
> Share of housing units with a mortgage: 63.5% — 611th lowest of 1,788 cities
> Homeownership rate: 44.9% — 232nd lowest of 1,788 cities
> Median household income: $150,464 — 39th highest of 1,788 cities
17. Foster City, California
> Median home value: $1,399,600
> Homes worth $2 million or more: 17.6% — 21st highest of 1,788 cities
> Share of housing units with a mortgage: 72.6% — 426th highest of 1,788 cities
> Homeownership rate: 53.3% — 525th lowest of 1,788 cities
> Median household income: $163,322 — 22nd highest of 1,788 cities
[in-text-ad-2]
16. Redwood City, California
> Median home value: $1,424,200
> Homes worth $2 million or more: 20.2% — 19th highest of 1,788 cities
> Share of housing units with a mortgage: 70.8% — 568th highest of 1,788 cities
> Homeownership rate: 47.5% — 304th lowest of 1,788 cities
> Median household income: $123,294 — 105th highest of 1,788 cities
15. Santa Monica, California
> Median home value: $1,452,100
> Homes worth $2 million or more: 34.2% — 12th highest of 1,788 cities
> Share of housing units with a mortgage: 67.3% — 869th highest of 1,788 cities
> Homeownership rate: 27.9% — 22nd lowest of 1,788 cities
> Median household income: $98,300 — 322nd highest of 1,788 cities
[in-text-ad]
14. Lafayette, California
> Median home value: $1,557,200
> Homes worth $2 million or more: 28.9% — 14th highest of 1,788 cities
> Share of housing units with a mortgage: 73.9% — 338th highest of 1,788 cities
> Homeownership rate: 71.4% — 452nd highest of 1,788 cities
> Median household income: $188,140 — 9th highest of 1,788 cities
13. Mountain View, California
> Median home value: $1,560,600
> Homes worth $2 million or more: 30.4% — 13th highest of 1,788 cities
> Share of housing units with a mortgage: 70.8% — 571st highest of 1,788 cities
> Homeownership rate: 41.4% — 149th lowest of 1,788 cities
> Median household income: $144,116 — 50th highest of 1,788 cities
12. Belmont, California
> Median home value: $1,604,700
> Homes worth $2 million or more: 21.7% — 16th highest of 1,788 cities
> Share of housing units with a mortgage: 73.6% — 363rd highest of 1,788 cities
> Homeownership rate: 57.5% — 725th lowest of 1,788 cities
> Median household income: $160,046 — 26th highest of 1,788 cities
[in-text-ad-2]
11. San Carlos, California
> Median home value: $1,756,800
> Homes worth $2 million or more: 38.3% — 11th highest of 1,788 cities
> Share of housing units with a mortgage: 75.8% — 211th highest of 1,788 cities
> Homeownership rate: 69.5% — 526th highest of 1,788 cities
> Median household income: $189,739 — 7th highest of 1,788 cities
10. Los Gatos, California
> Median home value: $1,775,500
> Homes worth $2 million or more: 41.9% — 10th highest of 1,788 cities
> Share of housing units with a mortgage: 65.8% — 814th lowest of 1,788 cities
> Homeownership rate: 65.9% — 660th highest of 1,788 cities
> Median household income: $156,270 — 31st highest of 1,788 cities
[in-text-ad]
9. Cupertino, California
> Median home value: $1,866,200
> Homes worth $2 million or more: 44.5% — 9th highest of 1,788 cities
> Share of housing units with a mortgage: 63.5% — 612th lowest of 1,788 cities
> Homeownership rate: 60.8% — 886th lowest of 1,788 cities
> Median household income: $182,857 — 11th highest of 1,788 cities
24/7 Wall St.
8. Newport Beach, California
> Median home value: $1,976,400
> Homes worth $2 million or more: 49.5% — 8th highest of 1,788 cities
> Share of housing units with a mortgage: 62.8% — 567th lowest of 1,788 cities
> Homeownership rate: 54.3% — 565th lowest of 1,788 cities
> Median household income: $133,849 — 66th highest of 1,788 cities
7. Burlingame, California
> Median home value: $2,000,000+
> Homes worth $2 million or more: 50.4% — 7th highest of 1,788 cities
> Share of housing units with a mortgage: 71.2% — 534th highest of 1,788 cities
> Homeownership rate: 51.3% — 438th lowest of 1,788 cities
> Median household income: $138,344 — 59th highest of 1,788 cities
[in-text-ad-2]
6. Manhattan Beach, California
> Median home value: $2,000,000+
> Homes worth $2 million or more: 55.8% — 6th highest of 1,788 cities
> Share of housing units with a mortgage: 68.3% — 795th highest of 1,788 cities
> Homeownership rate: 67.7% — 592nd highest of 1,788 cities
> Median household income: $153,926 — 33rd highest of 1,788 cities
5. Menlo Park, California
> Median home value: $2,000,000+
> Homes worth $2 million or more: 60.6% — 5th highest of 1,788 cities
> Share of housing units with a mortgage: 68.4% — 787th highest of 1,788 cities
> Homeownership rate: 58.2% — 758th lowest of 1,788 cities
> Median household income: $167,567 — 20th highest of 1,788 cities
[in-text-ad]
4. Beverly Hills, California
> Median home value: $2,000,000+
> Homes worth $2 million or more: 66.2% — 4th highest of 1,788 cities
> Share of housing units with a mortgage: 64.8% — 713th lowest of 1,788 cities
> Homeownership rate: 43.3% — 186th lowest of 1,788 cities
> Median household income: $101,241 — 278th highest of 1,788 cities
24/7 Wall St.
3. Saratoga, California
> Median home value: $2,000,000+
> Homes worth $2 million or more: 69.6% — 3rd highest of 1,788 cities
> Share of housing units with a mortgage: 64.6% — 692nd lowest of 1,788 cities
> Homeownership rate: 86.1% — 68th highest of 1,788 cities
> Median household income: $201,046 — 6th highest of 1,788 cities
2. Palo Alto, California
> Median home value: $2,000,000+
> Homes worth $2 million or more: 73.0% — 2nd highest of 1,788 cities
> Share of housing units with a mortgage: 59.9% — 377th lowest of 1,788 cities
> Homeownership rate: 56.3% — 662nd lowest of 1,788 cities
> Median household income: $174,003 — 15th highest of 1,788 cities
[in-text-ad-2]
1. Los Altos, California
> Median home value: $2,000,000+
> Homes worth $2 million or more: 83.8% — the highest of 1,788 cities
> Share of housing units with a mortgage: 63.8% — 639th lowest of 1,788 cities
> Homeownership rate: 79.8% — 192nd highest of 1,788 cities
> Median household income: $240,094 — 2nd highest of 1,788 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 2020 American Community Survey. Cities are ranked by median home value, and in the case of a tie, cities where a larger share of homes are worth $2 million or more ranked higher.
We considered places in the 50 states and the District of Columbia with populations of at least 25,000. Cities were excluded if owner-occupied median home values were not available in the 2020 ACS or if the sampling error associated with a town’s data was deemed too high.
Additional information on the share of homes worth at least $2 million, 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 2020 ACS.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
