What are the 10 most expensive US cities to buy a home in 2024?
Prospective homeowners in the U.S. continue to be frustrated by high prices. Here are the 10 cities with the highest housing costs in the country.
Some areas of the United States have experienced an increase in housing costs. According to a Washington Post analysis of home value data from the Intercontinental Exchange’s mortgage technology division, prices have risen 5.8% over the past year.
Prices vary greatly depending on where you live, since there are some states with lower housing costs. In other areas, like California, homes come with a much heftier price tag. Here are the top 10 cities where housing is most expensive in the country.
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10 cities in the US where housing is most expensive
In May 2024, the financial website Monkey Insider carried out an analysis to determine which cities have the highest home prices in the country. This research was carried out based on data on the typical value of a home, provided by real-estate marketplace company Zillow.
Mean monthly housing cost figures from the U.S. Census Bureau were also taken into account. Using the Bureau of Labor Statistics (BLS) Consumer Price Index Inflation Calculator, the monthly housing costs were adjusted from 2022 to 2024. The website also took into account the typical values of homes as of March 2024.
The analysis of the data showed that eight of the 10 cities in which housing is most expensive are in California, one is in Hawaii and another one is in Colorado. Here is the complete ranking:
1. San Jose, California
This city has a typical home value of $1,613,768 and a median monthly housing cost of $2,795.
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2. San Francisco, California
In San Francisco, a typical home value is estimated at $1,184,083 and an average monthly housing cost of $2,663.
3. Santa Maria, California
Santa Maria, in Santa Barbara County, is another California city where housing costs tend to be high. Aside from the high median home value of $989,652, the median monthly housing cost in the city is $1,798.
4. Los Angeles, California
Los Angeles has one of the highest median home values among other metropolitan areas in the United States, with a typical home value of $959,412 and a median monthly housing cost of $2,095.
5. San Diego, California
The typical home value in San Diego is $956,040, while homeowners incur an average monthly housing cost of $2,380.
6. Honolulu, Hawaii
The city has a median home value of $880,350, one of the highest among cities in the United States. The average monthly housing expense in the city is $1,860.
7. Oxnard, California
Oxnard is found in Ventura County, California. The median home value in the city is $871,714 and median monthly housing costs reach $2,072.
8. Salinas, California
The typical home value is $842,250, while the average monthly housing cost is $1,897.
9. Santa Rosa, California
In this city, the typical home value is $811,877 and the average monthly housing cost is $2,059.
10. Boulder, Colorado
This city has the tenth highest housing cost among other metropolitan areas in the United States, with a median home value of $749,331 and a median monthly housing cost of $2,042.