As the housing market and general cost of living continue to rise in the United States, real estate is starting to look like a venture only the rich can afford.
Many factors can impact the state of housing — the mismatch in average income and house prices, higher down payments, lack of inventory of old houses and more. This only widens the gap in expensive house markets.
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While home prices are generally increasing across the board, some areas are more affected than others. GOBankingRates has provided a list of the most expensive housing markets with their home values and the average household incomes required to afford them.
Palm Beach, Florida
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Metro: Miami-Fort Laudendale-Pompano Beach
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County: Palm Beach
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2024 Home Value: $11,590,488
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Average Household Income: $365,991
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Jupiter Island, Florida
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Metro: Port St. Lucia
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County: Martin
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2024 Home Value: $10,151,033
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Average Household Income: $497,536
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Aspen, Colorado
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Metro: Glenwood Springs
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County: Pitkin
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2024 Home Value: $9,020,371
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Average Household Income: $188,344
Atherton, California
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Metro: San Francisco-Oakland-Berkeley
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County: San Mateo
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2024 Home Value: $7,669,444
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Average Household Income: $594,651
Hunts Point, Washington
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Metro: Seattle-Tacoma-Bellevue
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County: King
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2024 Home Value: $7,378,584
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Average Household Income: $609,224
Manalapan, Florida
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Metro: Miami-Fort Lauderdale-Pompano Beach, FL
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County: Palm Beach
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2024 Home Value: $7,279,338
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Average Household Income: $387,855
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Golden Beach, Florida
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Metro: Miami-Fort Lauderdale-Pompano Beach
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County: Miami-Dade
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2024 Home Value: $7,231,144
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Average Household Income: $406,247
Bal Harbour, Florida
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Metro: Miami-Fort Lauderdale
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County: Miami-Dade
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2024 Home Value: $6,446,573
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Average Household Income: $236,165
Sagaponack, New York
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Metro: New York-Newark-Jersey City,
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County: Suffolk
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2024 Home Value: $6,267,352
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Average Household Income: $316,703
Los Altos Hills, California
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Metro: San Jose-Sunnyvale-Santa Clara, CA
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County: Santa Clara
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2024 Home Value: $5,963,679
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Average Household Income: $460,098
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Beverly Hills, California
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Metro: Los Angeles-Long Beach-anaheim
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County: Los Angeles
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2024 Home Value: $5,923,071
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Average Household Income: $231,793
Mountain Village, Colorado
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Metro: N/A
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County: San Miguel
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2024 Home Value: $5,573,174
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Average Household Income: $147,858
Montecito, California
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Metro: Santa Maria-Santa Barbara
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County: Santa Barbara
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2024 Home Value: $5,549,231
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Average Household Income: $327,332
Lake Buena Vista, Florida
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Metro: Orlando-Kissimmee-Sanford
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County: Orange
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2024 Home Value: $5,545,316
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Average Household Income: $154,280
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Hidden Hills, California
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Metro: Los Angeles-Long Beach-Anaheim
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County: Los Angeles
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2024 Home Value: $5,366,660
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Average Household Income: $423,224
Hillsborough, California
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Metro: San-Francisco-Oakland-Berkeley
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County: San Mateo
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2024 Home Value: $5,318,872
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Average Household Income: $539,950
Gulf Stream, Florida
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Metro: Miami-Fort Lauderdale-Pompano Beach
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County: Palm Beach
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2024 Home Value: $5,229,151
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Average Household Income: $475,275
Sea Island, Georgia
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Metro: Brunswick
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County: Gynn
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2024 Home Value: $5,136,362
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Average Household Income: N/A
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Snowmass Village, Colorado
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Metro: Glenwood Springs
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County: Pitkin
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2024 Home Value: $4,915,899
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Average Household Income: $169,404
Wilson, Wyoming
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Metro: Jackson
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County: Teton
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2024 Home Value: $4,781,155
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Average Household Income: $204,199
Los Altos, California
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Metro: San Jose-Sunnyvale-Santa Clara
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County: Santa Clara
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2024 Home Value: $4,561,489
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Average Household Income: $400,817
Belvedere, California
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Metro: San Francisco-Oakland-Berkeley
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County: Marin
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2024 Home Value: $4,529,067
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Average Household Income: $437,620
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Medina, Washington
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Metro: Seattle-Tacoma-Bellevue
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County: King
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2024 Home Value: $4,463,757
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Average Household Income: $439,677
Monte Sereno, California
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Metro: San Jose-Sunnyvale-Santa Clara
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County: Santa Clara
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2024 Home Value: $4,379,333
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Average Household Income: $422,996
Telluride, Colorado
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Metro: N/A
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County: San Miguel
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2024 Home Value: $4,379,223
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Average Household Income: $115,161
Rancho Santa Fe, California
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Metro: San Diego-Chuka Vista-Carisbad
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County: San Diego
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2024 Home Value: $4,202,523
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Average Household Income: $290,370
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Yarrow Point, Washington
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Metro: Seattle-Tacoma-Bellevue
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County: King
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2024 Home Value: $4,286.562
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Average Household Income: $421,181
Boca Grande, Florida
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Metro: Cape Coral-Fort Myers
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County: Lee
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2024 Home Value: $4,284,322
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Average Household Income: N/A
Del Mar, California
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Metro: San Diego-Chula Vista-Carlsbad
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County: San Diego
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2024 Home Value: $4,202,523
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Average Household Income: $290,370
Hanalei, Hawaii
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Metro: Kapaa
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County: Kauri
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2024 Home Value: $4,110,782
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Average Household Income: $120,725
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Saratoga, California
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Metro: San-Jose-Sunnyvale-Santa Clara
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County: Santa Clara
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2024 Home Value: $4,075,652
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Average Household Income: $329,142
Malibu, California
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Metro: Los Angeles-Long Beach-Anaheim
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County: Los Angeles
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2024 Home Value: $4,058,374
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Average Household Income: $288,162
Water Mill, New York
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Metro: New York-Newark-Jersey City
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County: Suffolk
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2024 Home Value: $4,034,573
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Average Household Income: $295,228
Sullivan’s Island, South Carolina
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Metro: Charleston-North Charleston
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County: Charleston County
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2024 Home Value: $4,034,466
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Average Household Income: $291,546
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Portola Valley, California
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Metro: San Francisco-Oakland-Berkeley
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County: San Mateo
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2024 Home Value: $4,030,239
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Average Household Income: $462,935
Clyde Hill, Washington
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Metro: Seattle-Tacoma-Bellevue
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County: King
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2024 Home Value: $4,022,060
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Average Household Income: $483,738
Bridgehampton, New York
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Metro: New York-Newark-Jersey City
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County: Suffolk
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2024 Home Value: $3,937,093
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Average Household Income: $259,019
Ross, California
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Metro: San Francisco-Oakland-Berkeley
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County: Marin
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2024 Home Value: $3,902,893
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Average Household Income: $430,034
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Key Biscayne, Florida
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Metro: Miami-Fort Lauderdale-Pompano Beach
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County: Miami-Dade
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2024 Home Value: $3,901,773
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Average Household Income: $264,913
Newport Beach, California
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Metro: Los Angeles-Long Beach-Anaheim
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County: Orange
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2024 Home Value: $3,867,801
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Average Household Income: $240,906
Palo Alto, California
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Metro: San Jose-Sunnyvale-Santa Clara
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County: Santa Clara
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2024 Home Value: $3,777,275
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Average Household Income: $301,226
Deal, New Jersey
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Metro: New York-Newark-Jersey City
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County: Monmouth
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2024 Home Value: $3,769,124
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Average Household Income: $159,280
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Woodside, California
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Metro: San Francisco-Oakland-Berkeley
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County: San Mateo
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2024 Home Value: $3,758,363
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Average Household Income: $445,543
Jupiter Inlet Colony, Florida
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Metro: Miami-Fort Lauderdale-Pompano Beach
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County: Palm Beach
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2024 Home Value: $3,726,535
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Average Household Income: $265,348
Stinson Beach, California
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Metro: San Francisco-Oakland-Berkeley
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County: Marin
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2024 Home Value: $3,643,662
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Average Household Income: $101,575
Rolling Hills, California
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Metro: Los Angeles-Long Beach-Anaheim
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County: Los Angeles
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2024 Home Value: $3,480,026
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Average Household Income: $481,340
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Paradise Valley, Arizona
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Metro: Phoenix-Mesa-Chandler
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County: Maricopa
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2024 Home Value: $3,456,447
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Average Household Income: $385,643
Wainscott, New York
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Metro: New York-Newark-Jersey City
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County: Suffolk
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2024 Home Value: $3,421,349
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Average Household Income: $307,122
Stanford, California
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Metro: San Jose-Sunnyvale-Santa Clara
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County: Santa Clara
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2024 Home Value: $3,411,288
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Average Household Income: $155,195
Tiburon, California
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Metro: San Francisco-Oakland-Berkeley
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County: Marin
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2024 Home Value: $3,380,832
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Average Household Income: $312,322
Methodology: For this piece, GOBankingRates found the 50 cities with the richest real estate in terms of 2024 home values as sourced from Zillow’s April 2024 data. For the 50 selected cities, GOBankingRates also found the average household income for each city as sourced from the 2022 American Community Survey conducted by the U.S Census Bureau. All Data was collected and is up to date as of June 2024.
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This article originally appeared on GOBankingRates.com: Real Estate For The Rich: These Are The Most Expensive Housing Markets of 2024