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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.
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Palm Beach, Florida
Metro: Miami-Fort Laudendale-Pompano Beach
County: Palm Beach
2024 Home Value: $11,590,488
Average Household Income: $365,991
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Jupiter Island, Florida
Metro: Port St. Lucia
County: Martin
2024 Home Value: $10,151,033
Average Household Income: $497,536
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Aspen, Colorado
Metro: Glenwood Springs
County: Pitkin
2024 Home Value: $9,020,371
Average Household Income: $188,344
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Atherton, California
Metro: San Francisco-Oakland-Berkeley
County: San Mateo
2024 Home Value: $7,669,444
Average Household Income: $594,651
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Hunts Point, Washington
Metro: Seattle-Tacoma-Bellevue
County: King
2024 Home Value: $7,378,584
Average Household Income: $609,224
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Manalapan, Florida
Metro: Miami-Fort Lauderdale-Pompano Beach, FL
County: Palm Beach
2024 Home Value: $7,279,338
Average Household Income: $387,855
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BobPalosaari / Getty Images/iStockphoto
Golden Beach, Florida
Metro: Miami-Fort Lauderdale-Pompano Beach
County: Miami-Dade
2024 Home Value: $7,231,144
Average Household Income: $406,247
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Bal Harbour, Florida
Metro: Miami-Fort Lauderdale
County: Miami-Dade
2024 Home Value: $6,446,573
Average Household Income: $236,165
Elzbieta Sekowska / Shutterstock.com
Sagaponack, New York
Metro: New York-Newark-Jersey City,
County: Suffolk
2024 Home Value: $6,267,352
Average Household Income: $316,703
NNehring / Getty Images/iStockphoto
Los Altos Hills, California
Metro: San Jose-Sunnyvale-Santa Clara, CA
County: Santa Clara
2024 Home Value: $5,963,679
Average Household Income: $460,098
Read Next: Don’t Buy a House in These 10 US Cities: Growing Populations and Overcrowding
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Beverly Hills, California
Metro: Los Angeles-Long Beach-anaheim
County: Los Angeles
2024 Home Value: $5,923,071
Average Household Income: $231,793
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Mountain Village, Colorado
Metro: N/A
County: San Miguel
2024 Home Value: $5,573,174
Average Household Income: $147,858
Rob Latour/Shutterstock / Rob Latour/Shutterstock
Montecito, California
Metro: Santa Maria-Santa Barbara
County: Santa Barbara
2024 Home Value: $5,549,231
Average Household Income: $327,332
VisionsbyAtlee / Getty Images
Lake Buena Vista, Florida
Metro: Orlando-Kissimmee-Sanford
County: Orange
2024 Home Value: $5,545,316
Average Household Income: $154,280
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Ralph Esposito / Dolce Hayes Mansion
Hidden Hills, California
Metro: Los Angeles-Long Beach-Anaheim
County: Los Angeles
2024 Home Value: $5,366,660
Average Household Income: $423,224
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Hillsborough, California
Metro: San-Francisco-Oakland-Berkeley
County: San Mateo
2024 Home Value: $5,318,872
Average Household Income: $539,950
FloridaStock / Shutterstock.com
Gulf Stream, Florida
Metro: Miami-Fort Lauderdale-Pompano Beach
County: Palm Beach
2024 Home Value: $5,229,151
Average Household Income: $475,275
Evangelio Gonzalez / Flickr.com
Sea Island, Georgia
Metro: Brunswick
County: Gynn
2024 Home Value: $5,136,362
Average Household Income: N/A
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Property p4149416 / Courtesy of HomeAway.com
Snowmass Village, Colorado
Metro: Glenwood Springs
County: Pitkin
2024 Home Value: $4,915,899
Average Household Income: $169,404
Property p798608vb / Courtesy of HomeAway.com
Wilson, Wyoming
Metro: Jackson
County: Teton
2024 Home Value: $4,781,155
Average Household Income: $204,199
NNehring / Getty Images/iStockphoto
Los Altos, California
Metro: San Jose-Sunnyvale-Santa Clara
County: Santa Clara
2024 Home Value: $4,561,489
Average Household Income: $400,817
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Belvedere, California
Metro: San Francisco-Oakland-Berkeley
County: Marin
2024 Home Value: $4,529,067
Average Household Income: $437,620
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Medina, Washington
Metro: Seattle-Tacoma-Bellevue
County: King
2024 Home Value: $4,463,757
Average Household Income: $439,677
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Monte Sereno, California
Metro: San Jose-Sunnyvale-Santa Clara
County: Santa Clara
2024 Home Value: $4,379,333
Average Household Income: $422,996
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Telluride, Colorado
Metro: N/A
County: San Miguel
2024 Home Value: $4,379,223
Average Household Income: $115,161
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Rancho Santa Fe, California
Metro: San Diego-Chuka Vista-Carisbad
County: San Diego
2024 Home Value: $4,202,523
Average Household Income: $290,370
Discover More: Housing Market 2024: 50 Most Affordable Cities for Homebuyers
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Yarrow Point, Washington
Metro: Seattle-Tacoma-Bellevue
County: King
2024 Home Value: $4,286.562
Average Household Income: $421,181
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Boca Grande, Florida
Metro: Cape Coral-Fort Myers
County: Lee
2024 Home Value: $4,284,322
Average Household Income: N/A
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Del Mar, California
Metro: San Diego-Chula Vista-Carlsbad
County: San Diego
2024 Home Value: $4,202,523
Average Household Income: $290,370
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Hanalei, Hawaii
Metro: Kapaa
County: Kauri
2024 Home Value: $4,110,782
Average Household Income: $120,725
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Saratoga, California
Metro: San-Jose-Sunnyvale-Santa Clara
County: Santa Clara
2024 Home Value: $4,075,652
Average Household Income: $329,142
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Malibu, California
Metro: Los Angeles-Long Beach-Anaheim
County: Los Angeles
2024 Home Value: $4,058,374
Average Household Income: $288,162
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Water Mill, New York
Metro: New York-Newark-Jersey City
County: Suffolk
2024 Home Value: $4,034,573
Average Household Income: $295,228
Sullivan’s Island, South Carolina
Metro: Charleston-North Charleston
County: Charleston County
2024 Home Value: $4,034,466
Average Household Income: $291,546
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Portola Valley, California
Metro: San Francisco-Oakland-Berkeley
County: San Mateo
2024 Home Value: $4,030,239
Average Household Income: $462,935
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Clyde Hill, Washington
Metro: Seattle-Tacoma-Bellevue
County: King
2024 Home Value: $4,022,060
Average Household Income: $483,738
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Bridgehampton, New York
Metro: New York-Newark-Jersey City
County: Suffolk
2024 Home Value: $3,937,093
Average Household Income: $259,019
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Ross, California
Metro: San Francisco-Oakland-Berkeley
County: Marin
2024 Home Value: $3,902,893
Average Household Income: $430,034
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Key Biscayne, Florida
Metro: Miami-Fort Lauderdale-Pompano Beach
County: Miami-Dade
2024 Home Value: $3,901,773
Average Household Income: $264,913
Ron and Patty Thomas / Getty Images/iStockphoto
Newport Beach, California
Metro: Los Angeles-Long Beach-Anaheim
County: Orange
2024 Home Value: $3,867,801
Average Household Income: $240,906
DenisTangneyJr / Getty Images/iStockphoto
Palo Alto, California
Metro: San Jose-Sunnyvale-Santa Clara
County: Santa Clara
2024 Home Value: $3,777,275
Average Household Income: $301,226
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Deal, New Jersey
Metro: New York-Newark-Jersey City
County: Monmouth
2024 Home Value: $3,769,124
Average Household Income: $159,280
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Woodside, California
Metro: San Francisco-Oakland-Berkeley
County: San Mateo
2024 Home Value: $3,758,363
Average Household Income: $445,543
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Jupiter Inlet Colony, Florida
Metro: Miami-Fort Lauderdale-Pompano Beach
County: Palm Beach
2024 Home Value: $3,726,535
Average Household Income: $265,348
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Stinson Beach, California
Metro: San Francisco-Oakland-Berkeley
County: Marin
2024 Home Value: $3,643,662
Average Household Income: $101,575
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Rolling Hills, California
Metro: Los Angeles-Long Beach-Anaheim
County: Los Angeles
2024 Home Value: $3,480,026
Average Household Income: $481,340
Learn More: Dave Ramsey: Why You Shouldn’t Pay Off Your Mortgage Early Even If You Can
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Paradise Valley, Arizona
Metro: Phoenix-Mesa-Chandler
County: Maricopa
2024 Home Value: $3,456,447
Average Household Income: $385,643
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Wainscott, New York
Metro: New York-Newark-Jersey City
County: Suffolk
2024 Home Value: $3,421,349
Average Household Income: $307,122
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Stanford, California
Metro: San Jose-Sunnyvale-Santa Clara
County: Santa Clara
2024 Home Value: $3,411,288
Average Household Income: $155,195
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Tiburon, California
Metro: San Francisco-Oakland-Berkeley
County: Marin
2024 Home Value: $3,380,832
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
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