California dominates a world list, but in an expensive way.
Nine of the priciest locales of the least affordable cities to buy a home are in the United States: San Jose, CA, Los Angeles, Long Beach, CA, San Diego, New York City, Miami, San Francisco, Boston, and Oakland, CA, according to a new study from Remitly.
“Home prices are high in many of these cities, especially the California markets. On the one hand, this reflects the desirability of these areas that offer high-paying jobs, a favorable climate, and access to natural and cultural amenities,” says Danielle Hale, chief economist at Realtor.com®.
“On the other hand, this shows the inability of supply to keep pace with this demand, which means the market clears by pushing prices higher, though prices can also remain high if the cost of bringing a home to the market is elevated by the cost of regulatory compliance.”
Priciest cities in the U.S.
Six of the most expensive cities are in California.
“A recent Realtor.com report showed that homeownership in California has not always been so unaffordable to the typical earner, but in order to move back in that direction, the state needs to take steps to make it easier to build,” says Hale.
Only three of the most expensive U.S. cities to buy a home are outside the Golden State, and New York City is one of them.
“In New York City, strong demand has outmatched supply, pushing prices higher in a market where proximity is a key marker of value,” says Hale. “One bright spot for this market is that typical asking prices have been relatively flat in recent months.”
Sunny Miami also made the list.
“Miami is a market that is attracting outsiders for its climate, opportunities, and favorable tax situation,” says Hale. “Recent data show that more than a third (33.6%) of home shoppers in Miami came from another country or state. In fact, 1 in 5 Miami home shoppers from elsewhere was coming from the New York City area. While Miami’s prices have grown, the median remains about a third below the median priced listing in New York City.”
Boston ranks as one of the most unaffordable U.S. cities as well.
“Boston is a major city with above-average wages due in part to a high-skilled workforce and higher-than-usual share of industries that employ high-wage workers,” says Hale.
“As Boston attracts these workers and home shoppers from all over, its home prices have risen. Construction in Boston and Massachusetts lags behind its population relative to other states. In fact, Massachusetts earned the lowest rating in our recent state report cards ranking on home affordability and new construction in large part due to its lengthy zoning codes and highly fragmented districts.”
Most expensive international cities
Eleven of the 20 most expensive cities in the world to buy a home are located outside the United States.
Canada accounts for four of them: Vancouver, Toronto, Mississauga, and Brampton.
France, Portugal, and Spain each have two cities on the list: Paris and Nice in France; Lisbon and Porto in Portugal; and Madrid and Barcelona in Spain.
London also ranks among the priciest cities globally for homeownership.
Top 9 most unaffordable cities
Here’s a deeper dive into the most expensive U.S. metros below.
San Jose, CA
Median listing price: $1,195,000
Median days on the market: 40
Median household income: $141,565
“San Jose is so expensive because a deep pool of high-earning tech buyers are all competing over a very limited number of homes,” Alexander Kalla, a San Jose–based real estate agent, tells Realtor.com. “We have classic supply-and-demand imbalance: Inventory is still well below normal, and many existing owners are ‘locked in’ to ultralow [COVID-19] pandemic-era mortgage rates, so they simply don’t list unless they have to.”
Los Angeles, CA
Median listing price: $1,025,000
Median days on the market: 67
Median household income: $80,366
“Los Angeles remains one of the least affordable housing markets in the country because demand continues to outpace supply, particularly in prime neighborhoods and coastal enclaves,” says Cory Weiss of Douglas Elliman in Beverly Hills. “Strict zoning, limited new inventory, and strong global interest all contribute to pricing pressure at nearly every tier of the market.”
Long Beach, CA
Median listing price: $1,025,000
Median days on the market: 67
Median household income: $83,969
“We have two seasons: summer and January, and everyone wants to live here,” California real estate investor Jameson Tyler Drew tells Realtor.com. “But there are still far too many people with not enough housing being built for them. The mortgage payment and tax burdens aren’t even remotely sustainable for a family trying to start a life. With wages not catching up to rent hikes and mortgage payments, tons of prime buyers are looking elsewhere for their futures, and I don’t blame them.”
San Diego, CA
Median listing price: $899,000
Median days on the market: 56
Median household income: $104,321
“The weather, lifestyle, and a variety of things to do from the beaches to the mountains are the essence of Southern California, and people pay a premium to live in a temperate climate that allows you to take advantage of so much in this area,” California real estate agent Cara Ameer, with Coldwell Banker, tells Realtor.com. “Limited housing supply and elevated interest rates have both impacted prices. In many cases, it is still cheaper to rent versus buy.”
New York City, NY
Median listing price: $749,000
Median days on the market: 76
Median household income: $79,713
“New York City has extraordinary culture, cuisine, entertainment, and arts, which is why people pay so much to live here,” Nikki Beauchamp, an associate broker with Sotheby’s International Realty in New York City, tells Realtor.com. “But New York City has many challenges. Rents are very high, which means it can be difficult for people to save enough to have a down payment.”
Miami, FL
Median listing price: $749,000
Median days on the market: 76
Median household income: $59,390
“Miami is expensive because demand never really slows down,” real estate agent and investor Ron Myers, of Ron Buys Florida Homes, tells Realtor.com. “People move there from other states and other countries every single year. You have warm weather, year-round beaches, nightlife, international business, and no state income tax. That combination keeps prices high. A lot of buyers are not just buying a home. They are buying a lifestyle. They want to live near the water, be close to entertainment, and feel like they are in a global city. Even when prices go up, there are still buyers willing to pay for that.”
San Francisco, CA
Median listing price: $859,000
Median days on the market: 55
Median household income: $141,446
“San Francisco is the best place to live,” Real estate agent Ying He, of BarbCo in San Francisco, tells Realtor.com. “It has long been one of the most expensive cities in the country—and for good reason. It’s easily one of the most beautiful cities in the world, and it’s a paradise for food lovers. The city is a true melting pot. Plus, there are so many career opportunities. For anyone working in tech or AI, there’s no better place to be.”
Boston, MA
Median listing price: $760,000
Median days on the market: 61
Median household income: $94,755
“Boston’s pricing pressure isn’t just about demand; it’s about how little inventory actually trades,” George Sarkis, co-founder and CEO of The Sarkis Team at Douglas Elliman in Boston, tells Realtor.com. “Many prime neighborhoods are tightly held, with homeowners staying long-term and passing properties down through generations. When limited turnover meets steady demand from biotech, private equity, and international buyers, pricing remains elevated regardless of broader national trends.”
Oakland, CA
Median listing price: $859,000
Median days on the market: 55
Median household income: $97,369
“The Bay Area, spanning across Oakland, San Jose, and San Francisco, is a true hub of innovation,” Sam Fitz-Simon, a real estate agent with Compass in Northern California, tells Realtor.com. “Some of the most notable companies in the world either started here or are still based here, and that’s not by accident. People move here from all over the world because this is where opportunity lives. Beyond the business side, it’s just an incredible place to live. The weather is hard to beat, and within a few hours, you’ve got snow, beaches, wine country, and whatever you’re in the mood for. It’s rare to have that kind of access in one place.”