The numbers don’t lie. National home prices have climbed 3.75% since April 2024, while the biggest metro markets are up 4.33%, according to recent industry indexes. Over three years, those figures jump to 5.61% and 5.48%, respectively. Sure, growth has cooled for three straight months—thank a sluggish supply and sky-high mortgage rates—but the top-tier markets remain in a league of their own. As of October 2024, the U.S. average home price sits at $520,771, up from $508,666 earlier in the year. But in the priciest cities? You’re looking at an average of $1.39 million—2.7 times the national norm. That’s not a typo.

Using fresh data from the Council for Community and Economic Research’s 2024 third-quarter Cost of Living Index, we’ve zeroed in on the 10 most expensive housing markets in the country. These aren’t just cities—they’re battlegrounds where wealth, demand, and scarcity collide. We’ll break down the average home prices, toss in median household incomes, rents, and other key stats to show you what it really costs to live where the elite play. Buckle up—this is where the real estate game gets wild.

The Top 10: Where Homes Cost a King’s Ransom

1. New York City (Manhattan), NY • Average Home Price: $2,068,477
   • Premium to U.S. Average: 297%
   • Median Household Income: $76,607
   • Average Rent: $4,723

Manhattan isn’t just the top dog—it’s the whole pack. With homes averaging over $2 million, you’re paying nearly four times the national rate to live in the concrete jungle. Wall Street cash, global allure, and a skyline that screams power keep prices insane. Rents? A brutal $4,723 monthly average. Even with a decent median income, you’re either rich or renting forever here.

2. San Francisco, CA • Average Home Price: $1,693,203
   • Premium to U.S. Average: 225%
   • Median Household Income: $136,689
   • Average Rent: $3,442

Tech billionaires and Silicon Valley spillover make San Francisco a real estate beast. Homes average $1.69 million—225% above the U.S. norm. High incomes help, but $3,442 monthly rent still stings. Foggy hills and startup dreams come at a steep cost, and inventory’s so tight you’ll fight tooth and nail for a fixer-upper.

3. Brooklyn, NY • Average Home Price: $1,395,013
   • Premium to U.S. Average: 168%
   • Median Household Income: $74,692
   • Average Rent: $3,421

Brooklyn’s no longer Manhattan’s cheaper cousin—it’s a titan in its own right. At $1.39 million, homes cost 168% more than the national average. Hipsters turned millionaires and a cultural boom mean $3,421 rents and a median income that barely keeps up. This borough’s a pricey paradox: gritty charm, sky-high costs.

4. San Jose, CA • Average Home Price: $1,364,788
   • Premium to U.S. Average: 162%
   • Median Household Income: $148,900
   • Average Rent: $3,013

The heart of Silicon Valley, San Jose’s $1.36 million average home price reflects tech wealth on steroids. A 162% premium over the U.S. average isn’t cheap, but $148,900 median incomes soften the blow—barely. Rent’s $3,013 a month, and with every coder chasing a condo, good luck finding a deal.

5. Los Angeles, CA • Average Home Price: $1,235,991
   • Premium to U.S. Average: 137%
   • Median Household Income: $76,135
   • Average Rent: $2,941

LA’s glitz comes with a $1.23 million price tag—137% above the national line. Hollywood dreams and beachfront vibes drive demand, but $76,135 median incomes mean most are renting at $2,941 a month. From star-studded hills to urban sprawl, this market’s a pressure cooker.

6. Oakland, CA • Average Home Price: $1,147,811
   • Premium to U.S. Average: 120%
   • Median Household Income: $94,389
   • Average Rent: $2,766

Across the bay from San Francisco, Oakland’s $1.14 million average home price—120% over the U.S. norm—shows it’s no budget option. Gentrification and spillover from pricier neighbors jack up costs. Rents hit $2,766, and even with solid incomes, you’re stretching to own here.

7. Seattle, WA • Average Home Price: $1,082,517
   • Premium to U.S. Average: 107%
   • Median Household Income: $115,409
   • Average Rent: $2,308

Seattle’s tech boom—think Amazon and Microsoft—fuels a $1.08 million average home price, 107% above the national mark. Rainy days and coffee can’t hide the $2,308 rent reality. High incomes help, but fierce competition keeps this market red-hot and relentless.

8. Orange County, CA • Average Home Price: $1,074,022
   • Premium to U.S. Average: 106%
   • Median Household Income: $109,873
   • Average Rent: $2,858

Surf, sun, and $1.07 million homes define Orange County—106% pricier than the U.S. average. It’s LA’s posh neighbor, with $2,858 rents and incomes that barely keep pace. Coastal luxury doesn’t come cheap, and demand here is as steady as the waves.

9. San Diego, CA • Average Home Price: $1,008,531
   • Premium to U.S. Average: 94%
   • Median Household Income: $98,928
   • Average Rent: $2,687

San Diego’s $1 million average home price—94% above the norm—pairs perfect weather with brutal costs. Military bases, biotech, and tourism pump the market, but $2,687 rents and $98,928 incomes mean you’re hustling to hang on. Paradise has a premium.

10. Boston, MA • Average Home Price: $962,401
    • Premium to U.S. Average: 85%
    • Median Household Income: $89,212
    • Average Rent: $2,897

Boston rounds out the top 10 with $962,401 homes—85% over the U.S. average. History, universities, and biotech drive demand, but $2,897 rents and sub-$90K incomes make it a grind. From Beacon Hill to the burbs, this market’s a pricey powerhouse.

Why These Markets Are Insanely Expensive

What’s the deal with these sky-high prices? It’s simple: Demand outstrips supply, and the rich keep pouring in. Manhattan and San Francisco thrive on global finance and tech giants. Brooklyn’s cultural cachet pulls in deep pockets. San Jose and Seattle ride the innovation wave, while LA, Orange County, and San Diego bank on lifestyle and climate. Oakland’s a spillover victim, and Boston’s got brains and legacy fueling its fire. Add low inventory—builders can’t keep up—and you’ve got a recipe for million-dollar medians.

The data backs it up. Inflation’s cooled, but housing costs haven’t. The national average crept from $508,666 to $520,771 in 2024, yet these top 10 markets laugh at that pace, averaging $1.39 million. Rents follow suit, averaging $3,105 across these cities—double what you’d pay in most of America. Median incomes are higher here (averaging $101,981), but they’re nowhere near enough to offset the insanity. You’re either cash-rich or dreaming.