The COVID-19 pandemic turned the screws on an already tight U.S. housing market as millions of Americans relocated during the pandemic and prices of building materials rocketed on global supply chain disruptions for everything from lumber to lighting equipment. These are the states where home prices went up the most in the last 12 months.
Nowhere has the tight supply of homes been more apparent than in the Western region of the country, specifically California. Before the pandemic, the difference between family incomes and home prices in the most populous and economically powerful state was already considerably off-kilter.
For example, according to the U.S. Census Bureau, the median home price in Santa Monica, California, is $1,382,700 million, while the annual median household income is $96,570. Compare that to Riverside, Connecticut, where the median home price is just about the same as in Santa Monica, but the local annual median household income is about $215,791. One the other hand, these are the least expensive towns to buy a home.
To identify the 50 most expensive housing markets in the West, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s 2019 American Community Survey five-year estimates, ranking only 1,482 census-designated places, cities, and towns with at least 5,000 residents in the West. It is important that there is no accurate median price for the 16 most expensive markets as they are in the upper category of the ACS of $2 million+.
All but two of the 50 most expensive housing markets in the West are in California. One is in Arizona and the other in Colorado. Median home prices in the most expensive markets range between $1.1 million and over $2 million, while median annual household incomes are between $58,000 and $250,000.
Click here to see the most expensive housing markets in the West
Source: Keizers, CC BY-SA 4.0 , via Wikimedia Commons
50. Villa Park, California
> Median home value: $1,184,100
> Homes worth at least $500,000: 95.7% — 31st highest in the West
> Median household income: $165,000 — 22nd highest in the West
> 5-year pop. change: -1.4% — 1,308th highest in the West
> Population: 5,861 — 1,370th highest in the West
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Source: Art Wager / Getty Images
49. Solana Beach, California
> Median home value: $1,192,600
> Homes worth at least $500,000: 91.4% — 85th highest in the West
> Median household income: $108,118 — 199th highest in the West
> 5-year pop. change: +0.8% — 1,067th highest in the West
> Population: 13,356 — 829th highest in the West
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48. Corte Madera, California
> Median home value: $1,200,300
> Homes worth at least $500,000: 95.3% — 43rd highest in the West
> Median household income: $149,439 — 48th highest in the West
> 5-year pop. change: +2.5% — 825th highest in the West
> Population: 9,838 — 1,005th highest in the West
Source: hermosawave / iStock via Getty Images
47. Mercer Island, Washington
> Median home value: $1,218,200
> Homes worth at least $500,000: 93.5% — 63rd highest in the West
> Median household income: $147,566 — 49th highest in the West
> 5-year pop. change: +6.4% — 434th highest in the West
> Population: 25,675 — 529th highest in the West
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Source: Sundry Photography / Shutterstock.com
46. Sunnyvale, California
> Median home value: $1,223,600
> Homes worth at least $500,000: 85.4% — 137th highest in the West
> Median household income: $140,631 — 57th highest in the West
> 5-year pop. change: +3.1% — 752nd highest in the West
> Population: 152,770 — 70th highest in the West
Source: Fizbin at en.wikipedia, Public domain, via Wikimedia Commons
45. Tamalpais-Homestead Valley, California
> Median home value: $1,243,500
> Homes worth at least $500,000: 94.4% — 57th highest in the West
> Median household income: $163,071 — 25th highest in the West
> 5-year pop. change: +10.9% — 217th highest in the West
> Population: 11,689 — 900th highest in the West
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44. Foster City, California
> Median home value: $1,245,800
> Homes worth at least $500,000: 95.7% — 32nd highest in the West
> Median household income: $158,529 — 35th highest in the West
> 5-year pop. change: +5.0% — 563rd highest in the West
> Population: 33,997 — 425th highest in the West
Source: Sundry Photography / iStock via Getty Images
43. Redwood City, California
> Median home value: $1,251,000
> Homes worth at least $500,000: 92.9% — 70th highest in the West
> Median household income: $117,123 — 129th highest in the West
> 5-year pop. change: +5.5% — 514th highest in the West
> Population: 85,784 — 168th highest in the West
Source: Sanfranman59, CC BY-SA 3.0 , via Wikimedia Commons
42. Larkspur, California
> Median home value: $1,309,200
> Homes worth at least $500,000: 86.4% — 124th highest in the West
> Median household income: $109,426 — 181st highest in the West
> 5-year pop. change: +0.8% — 1,062nd highest in the West
> Population: 12,319 — 865th highest in the West
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Source: Clotee Allochuku, CC BY 2.0 , via Wikimedia Commons
41. Rolling Hills Estates, California
> Median home value: $1,326,600
> Homes worth at least $500,000: 95.7% — 36th highest in the West
> Median household income: $150,135 — 47th highest in the West
> 5-year pop. change: -0.2% — 1,174th highest in the West
> Population: 8,169 — 1,124th highest in the West
Source: Aurore Kervoern / iStock via Getty Images
40. Sausalito, California
> Median home value: $1,346,000
> Homes worth at least $500,000: 89.6% — 99th highest in the West
> Median household income: $111,906 — 160th highest in the West
> 5-year pop. change: +0.3% — 1,109th highest in the West
> Population: 7,116 — 1,231st highest in the West
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Source: Jon 'ShakataGaNai' Davis, CC BY-SA 3.0 , via Wikimedia Commons
39. Blackhawk, California
> Median home value: $1,350,600
> Homes worth at least $500,000: 95.9% — 29th highest in the West
> Median household income: $214,754 — 10th highest in the West
> 5-year pop. change: +3.2% — 737th highest in the West
> Population: 9,604 — 1,024th highest in the West
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Source: ViewApart / Getty Images
38. Santa Monica, California
> Median home value: $1,382,700
> Homes worth at least $500,000: 92.9% — 68th highest in the West
> Median household income: $96,570 — 318th highest in the West
> 5-year pop. change: -0.6% — 1,215th highest in the West
> Population: 91,577 — 153rd highest in the West
37. Millbrae, California
> Median home value: $1,403,100
> Homes worth at least $500,000: 95.0% — 48th highest in the West
> Median household income: $128,494 — 89th highest in the West
> 5-year pop. change: +0.9% — 1,043rd highest in the West
> Population: 22,625 — 582nd highest in the West
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Source: Sundry Photography / iStock via Getty Images
36. Mountain View, California
> Median home value: $1,413,500
> Homes worth at least $500,000: 90.0% — 96th highest in the West
> Median household income: $139,720 — 60th highest in the West
> 5-year pop. change: +4.7% — 587th highest in the West
> Population: 81,656 — 179th highest in the West
35. Lafayette, California
> Median home value: $1,428,900
> Homes worth at least $500,000: 97.3% — 10th highest in the West
> Median household income: $178,889 — 17th highest in the West
> 5-year pop. change: +4.9% — 574th highest in the West
> Population: 26,305 — 521st highest in the West
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Source: https://www.flickr.com/photos/sharonhahndarlin/
34. Orinda, California
> Median home value: $1,464,400
> Homes worth at least $500,000: 97.0% — 12th highest in the West
> Median household income: $223,217 — 9th highest in the West
> 5-year pop. change: +5.0% — 559th highest in the West
> Population: 19,646 — 655th highest in the West
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Source: Focqus, LLC / Getty Images
33. Paradise Valley, Arizona
> Median home value: $1,516,200
> Homes worth at least $500,000: 95.7% — 34th highest in the West
> Median household income: $211,393 — 12th highest in the West
> 5-year pop. change: +6.6% — 420th highest in the West
> Population: 14,362 — 789th highest in the West
Source: NASA - NASA JPL image / Public Domain / Wikimedia Commons
32. La Cañada Flintridge, California
> Median home value: $1,518,000
> Homes worth at least $500,000: 96.5% — 21st highest in the West
> Median household income: $175,788 — 18th highest in the West
> 5-year pop. change: -1.3% — 1,292nd highest in the West
> Population: 20,261 — 636th highest in the West
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Source: Faina Gurevich / iStock via Getty Images
31. Belmont, California
> Median home value: $1,527,500
> Homes worth at least $500,000: 95.2% — 47th highest in the West
> Median household income: $156,052 — 40th highest in the West
> 5-year pop. change: +1.2% — 995th highest in the West
> Population: 27,097 — 509th highest in the West
Source: Estrategy. / Wikimedia Commons
30. Hermosa Beach, California
> Median home value: $1,542,900
> Homes worth at least $500,000: 92.7% — 73rd highest in the West
> Median household income: $136,702 — 65th highest in the West
> 5-year pop. change: -1.1% — 1,261st highest in the West
> Population: 19,539 — 660th highest in the West
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Source: Sundry Photography / iStock via Getty Images
29. Mill Valley, California
> Median home value: $1,598,700
> Homes worth at least $500,000: 95.6% — 39th highest in the West
> Median household income: $163,614 — 24th highest in the West
> 5-year pop. change: +0.6% — 1,080th highest in the West
> Population: 14,330 — 791st highest in the West
Source: xpoint / iStock via Getty Images
28. Coronado, California
> Median home value: $1,617,000
> Homes worth at least $500,000: 95.9% — 28th highest in the West
> Median household income: $108,967 — 186th highest in the West
> 5-year pop. change: -3.3% — 1,369th highest in the West
> Population: 23,639 — 561st highest in the West
Source: Sundry Photography / iStock via Getty Images
27. San Carlos, California
> Median home value: $1,625,700
> Homes worth at least $500,000: 96.9% — 15th highest in the West
> Median household income: $182,083 — 16th highest in the West
> 5-year pop. change: +2.4% — 851st highest in the West
> Population: 30,154 — 473rd highest in the West
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26. Strawberry (Marin County), California
> Median home value: $1,633,700
> Homes worth at least $500,000: 95.6% — 38th highest in the West
> Median household income: $107,063 — 210th highest in the West
> 5-year pop. change: -6.3% — 1,429th highest in the West
> Population: 5,527 — 1,408th highest in the West
25. Alamo, California
> Median home value: $1,670,500
> Homes worth at least $500,000: 96.1% — 25th highest in the West
> Median household income: $239,545 — 6th highest in the West
> 5-year pop. change: -8.6% — 1,452nd highest in the West
> Population: 14,905 — 774th highest in the West
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24. Los Gatos, California
> Median home value: $1,694,000
> Homes worth at least $500,000: 96.4% — 23rd highest in the West
> Median household income: $155,863 — 41st highest in the West
> 5-year pop. change: +1.1% — 1,017th highest in the West
> Population: 30,729 — 466th highest in the West
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Source: Joe Ravi / Wikimedia Commons
23. Cupertino, California
> Median home value: $1,711,300
> Homes worth at least $500,000: 95.2% — 46th highest in the West
> Median household income: $171,917 — 20th highest in the West
> 5-year pop. change: +0.1% — 1,124th highest in the West
> Population: 60,257 — 253rd highest in the West
22. Cherry Hills Village, Colorado
> Median home value: $1,727,100
> Homes worth at least $500,000: 96.9% — 13th highest in the West
> Median household income: $250,000+ — highest in the West(tied)
> 5-year pop. change: +5.0% — 561st highest in the West
> Population: 6,647 — 1,283rd highest in the West
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21. Laguna Beach, California
> Median home value: $1,771,600
> Homes worth at least $500,000: 94.5% — 54th highest in the West
> Median household income: $129,983 — 82nd highest in the West
> 5-year pop. change: -0.8% — 1,236th highest in the West
> Population: 23,036 — 574th highest in the West
20. Newport Beach, California
> Median home value: $1,898,900
> Homes worth at least $500,000: 94.4% — 56th highest in the West
> Median household income: $127,223 — 97th highest in the West
> 5-year pop. change: -1.4% — 1,302nd highest in the West
> Population: 85,694 — 169th highest in the West
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Source: ersler / iStock via Getty Images
19. Burlingame, California
> Median home value: $1,901,900
> Homes worth at least $500,000: 96.4% — 22nd highest in the West
> Median household income: $128,447 — 90th highest in the West
> 5-year pop. change: +2.1% — 881st highest in the West
> Population: 30,576 — 469th highest in the West
Source: Originally uploaded by Nelso (Transferred by DimiTalen) / Wikimedia Commons
18. Kentfield, California
> Median home value: $1,997,100
> Homes worth at least $500,000: 96.7% — 17th highest in the West
> Median household income: $214,081 — 11th highest in the West
> 5-year pop. change: +3.0% — 760th highest in the West
> Population: 7,020 — 1,244th highest in the West
Source: Focqus, LLC / Getty Images
17. Palos Verdes Estates, California
> Median home value: $2,000,000
> Homes worth at least $500,000: 97.6% — 8th highest in the West
> Median household income: $194,543 — 14th highest in the West
> 5-year pop. change: -1.3% — 1,296th highest in the West
> Population: 13,434 — 824th highest in the West
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Source: davidwoodberry / Getty Images
16. Montecito, California
> Median home value: $2 million+
> Homes worth at least $500,000: 99.0% — 2nd highest in the West
> Median household income: $159,706 — 31st highest in the West
> 5-year pop. change: -12.9% — 1,470th highest in the West
> Population: 8,245 — 1,119th highest in the West
15. Malibu, California
> Median home value: $2 million+
> Homes worth at least $500,000: 92.8% — 71st highest in the West
> Median household income: $150,747 — 44th highest in the West
> 5-year pop. change: -1.8% — 1,331st highest in the West
> Population: 12,620 — 857th highest in the West
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Source: dszc / Getty Images
14. Beverly Hills, California
> Median home value: $2 million+
> Homes worth at least $500,000: 94.4% — 55th highest in the West
> Median household income: $106,936 — 213th highest in the West
> 5-year pop. change: -1.4% — 1,301st highest in the West
> Population: 34,186 — 419th highest in the West
Source: Courtesy of San Marino High School
13. San Marino, California
> Median home value: $2 million+
> Homes worth at least $500,000: 97.4% — 9th highest in the West
> Median household income: $166,607 — 21st highest in the West
> 5-year pop. change: -1.2% — 1,281st highest in the West
> Population: 13,194 — 833rd highest in the West
Source: LPS.1 / CC0 / Wikimedia Commons
12. Saratoga, California
> Median home value: $2 million+
> Homes worth at least $500,000: 95.5% — 41st highest in the West
> Median household income: $191,677 — 15th highest in the West
> 5-year pop. change: -0.4% — 1,189th highest in the West
> Population: 30,697 — 467th highest in the West
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11. Manhattan Beach, California
> Median home value: $2 million+
> Homes worth at least $500,000: 95.7% — 33rd highest in the West
> Median household income: $153,023 — 43rd highest in the West
> 5-year pop. change: -0.3% — 1,180th highest in the West
> Population: 35,500 — 408th highest in the West
10. Tiburon, California
> Median home value: $2 million+
> Homes worth at least $500,000: 96.7% — 18th highest in the West
> Median household income: $154,915 — 42nd highest in the West
> 5-year pop. change: -0.2% — 1,161st highest in the West
> Population: 9,144 — 1,050th highest in the West
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Source: SpVVK / Getty Images
9. Palo Alto, California
> Median home value: $2 million+
> Homes worth at least $500,000: 95.7% — 37th highest in the West
> Median household income: $158,271 — 36th highest in the West
> 5-year pop. change: +0.1% — 1,125th highest in the West
> Population: 66,573 — 220th highest in the West
8. Woodside, California
> Median home value: $2 million+
> Homes worth at least $500,000: 97.1% — 11th highest in the West
> Median household income: $250,000+ — highest in the West(tied)
> 5-year pop. change: +1.1% — 1,008th highest in the West
> Population: 5,542 — 1,403rd highest in the West
7. Atherton, California
> Median home value: $2 million+
> Homes worth at least $500,000: 97.9% — 7th highest in the West
> Median household income: $250,000+ — highest in the West(tied)
> 5-year pop. change: +1.2% — 996th highest in the West
> Population: 7,168 — 1,227th highest in the West
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Source: Bill_Dally / iStock via Getty Images
6. Los Altos, California
> Median home value: $2 million+
> Homes worth at least $500,000: 98.0% — 5th highest in the West
> Median household income: $235,278 — 7th highest in the West
> 5-year pop. change: +1.4% — 969th highest in the West
> Population: 30,504 — 470th highest in the West
5. Hillsborough, California
> Median home value: >$2 million+
> Homes worth at least $500,000: 98.0% — 6th highest in the West
> Median household income: $250,000+ — highest in the West(tied)
> 5-year pop. change: +1.7% — 928th highest in the West
> Population: 11,447 — 914th highest in the West
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4. Piedmont, California
> Median home value: >$2 million+
> Homes worth at least $500,000: 96.9% — 14th highest in the West
> Median household income: $224,659 — 8th highest in the West
> 5-year pop. change: +2.0% — 897th highest in the West
> Population: 11,317 — 920th highest in the West
Source: Andrei Stanescu / Getty Images
3. Los Altos Hills, California
> Median home value: >$2 million+
> Homes worth at least $500,000: 98.5% — 4th highest in the West
> Median household income: $250,000+ — highest in the West(tied)
> 5-year pop. change: +2.3% — 862nd highest in the West
> Population: 8,505 — 1,096th highest in the West
2. Menlo Park, California
> Median home value: >$2 million+
> Homes worth at least $500,000: 96.6% — 19th highest in the West
> Median household income: $160,784 — 29th highest in the West
> 5-year pop. change: +3.2% — 732nd highest in the West
> Population: 34,138 — 420th highest in the West
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Source: zokuga / Flickr
1. Stanford, California
> Median home value: $2 million+
> Homes worth at least $500,000: 87.4% — 115th highest in the West
> Median household income: $58,906 — 990th highest in the West
> 5-year pop. change: +14.9% — 124th highest in the West
> Population: 16,326 — 728th highest in the West
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