COVID-19 put further pressure on an already tightening U.S. housing market as millions of Americans relocated because of the pandemic.
Since the virus outbreak and ensuing lockdowns, demand for housing has been outpacing the number of homes coming into the market. Adding to the pressure has been the rising cost of building materials as global supply chains tightened during the global health crisis, causing U.S. housing starts to fumble.
Despite some recent signals showing home prices are beginning to rise at a slower rate, buying a home in America is still inordinately difficult and costly these days. In fact, this slower growth could be caused in part by prospective buyers postponing purchases until the market starts to cool. These are the cities where home values are rising the fastest.
Take almost any local housing market — especially suburban bedroom communities closest to urban centers — and chances are you need a six-figure income to afford to put a deposit down on the cheapest available homes. One region that is still relatively affordable, however, is the Midwest, where even the most expensive markets are relatively cheaper.
While the 50 most expensive housing markets in the West range from $1.1 million to over $2 million, in the Midwest, they range between $400,000 and $1.1 million. Meanwhile, median annual household incomes in these Midwest housing markets are between $96,000 and $250,000. This is the least expensive place to live in every state.
To identify the most expensive housing markets in the Midwest, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s 2019 American Community Survey five-year estimates, ranking only the 1,574 census-designated places, cities, and towns with at least 5,000 residents. We also calculated the percent of population change using ACS data.
By far, the most represented state is Illinois, with 29 of the 50 most expensive housing markets in the Midwest, including seven in the top 10. Minnesota has eight markets, and close behind is Missouri with seven. Ohio has three markets on the list, while Wisconsin, Kansas, and Michigan have one each.
Click here to read the most expensive housing markets in the Midwest
50. Creve Coeur, Missouri
> Median home value: $402,300
> Homes worth at least $500,000: 35.5% — 43rd highest in the Midwest
> Median household income: $96,319 — 186th highest in the Midwest
> 5-year pop. change: +3.3% — 354th highest in the Midwest
> Population: 18,538 — 565th highest in the Midwest
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49. Riverside, Illinois
> Median home value: $406,300
> Homes worth at least $500,000: 32.3% — 48th highest in the Midwest
> Median household income: $111,657 — 91st highest in the Midwest
> 5-year pop. change: -1.1% — 1,085th highest in the Midwest
> Population: 8,759 — 1,069th highest in the Midwest
Source: Jen Keller / Flickr
48. Mequon, Wisconsin
> Median home value: $407,000
> Homes worth at least $500,000: 35.0% — 45th highest in the Midwest
> Median household income: $116,486 — 73rd highest in the Midwest
> 5-year pop. change: +2.8% — 405th highest in the Midwest
> Population: 24,144 — 415th highest in the Midwest
Source: tomorrowspix / Getty Images
47. Parkville, Missouri
> Median home value: $411,600
> Homes worth at least $500,000: 25.5% — 69th highest in the Midwest
> Median household income: $136,389 — 38th highest in the Midwest
> 5-year pop. change: +13.1% — 50th highest in the Midwest
> Population: 6,724 — 1,296th highest in the Midwest
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Source: Kbh3rd, CC BY 3.0 , via Wikimedia Commons
46. Glendale, Missouri
> Median home value: $414,800
> Homes worth at least $500,000: 29.0% — 63rd highest in the Midwest
> Median household income: $140,184 — 32nd highest in the Midwest
> 5-year pop. change: -0.6% — 959th highest in the Midwest
> Population: 5,891 — 1,414th highest in the Midwest
Source: https://www.flickr.com/photos/davidwilson1949/
45. Naperville, Illinois
> Median home value: $416,700
> Homes worth at least $500,000: 28.8% — 64th highest in the Midwest
> Median household income: $125,926 — 50th highest in the Midwest
> 5-year pop. change: +1.7% — 515th highest in the Midwest
> Population: 147,501 — 27th highest in the Midwest
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44. Campton Hills, Illinois
> Median home value: $426,000
> Homes worth at least $500,000: 27.7% — 66th highest in the Midwest
> Median household income: $154,375 — 22nd highest in the Midwest
> 5-year pop. change: +0.8% — 643rd highest in the Midwest
> Population: 11,105 — 894th highest in the Midwest
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Source: benkrut / iStock via Getty Images
43. Lake Elmo, Minnesota
> Median home value: $426,600
> Homes worth at least $500,000: 33.6% — 47th highest in the Midwest
> Median household income: $118,421 — 66th highest in the Midwest
> 5-year pop. change: +9.4% — 80th highest in the Midwest
> Population: 8,969 — 1,057th highest in the Midwest
Source: Thomson200, CC0, via Wikimedia Commons
42. Victoria, Minnesota
> Median home value: $427,400
> Homes worth at least $500,000: 29.9% — 57th highest in the Midwest
> Median household income: $152,137 — 24th highest in the Midwest
> 5-year pop. change: +15.8% — 38th highest in the Midwest
> Population: 9,383 — 1,016th highest in the Midwest
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41. Elmhurst, Illinois
> Median home value: $432,600
> Homes worth at least $500,000: 38.6% — 39th highest in the Midwest
> Median household income: $118,609 — 65th highest in the Midwest
> 5-year pop. change: +2.2% — 459th highest in the Midwest
> Population: 46,463 — 184th highest in the Midwest
40. Park Ridge, Illinois
> Median home value: $437,000
> Homes worth at least $500,000: 35.9% — 42nd highest in the Midwest
> Median household income: $111,642 — 92nd highest in the Midwest
> 5-year pop. change: -0.4% — 901st highest in the Midwest
> Population: 37,457 — 231st highest in the Midwest
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Source: Hannah Wolfe, CC BY-SA 3.0 , via Wikimedia Commons
39. Pepper Pike, Ohio
> Median home value: $440,600
> Homes worth at least $500,000: 36.1% — 41st highest in the Midwest
> Median household income: $190,682 — 10th highest in the Midwest
> 5-year pop. change: +2.5% — 425th highest in the Midwest
> Population: 6,269 — 1,353rd highest in the Midwest
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38. Libertyville, Illinois
> Median home value: $447,900
> Homes worth at least $500,000: 38.8% — 38th highest in the Midwest
> Median household income: $134,110 — 42nd highest in the Midwest
> 5-year pop. change: -0.1% — 816th highest in the Midwest
> Population: 20,382 — 507th highest in the Midwest
37. Des Peres, Missouri
> Median home value: $449,800
> Homes worth at least $500,000: 34.4% — 46th highest in the Midwest
> Median household income: $150,800 — 25th highest in the Midwest
> 5-year pop. change: +1.6% — 522nd highest in the Midwest
> Population: 8,619 — 1,083rd highest in the Midwest
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36. Glen Ellyn, Illinois
> Median home value: $453,900
> Homes worth at least $500,000: 43.7% — 35th highest in the Midwest
> Median household income: $110,678 — 95th highest in the Midwest
> 5-year pop. change: -0.1% — 832nd highest in the Midwest
> Population: 27,855 — 327th highest in the Midwest
Source: TriggerPhoto / iStock via Getty Images
35. Leawood, Kansas
> Median home value: $463,200
> Homes worth at least $500,000: 41.6% — 36th highest in the Midwest
> Median household income: $157,515 — 20th highest in the Midwest
> 5-year pop. change: +4.0% — 296th highest in the Midwest
> Population: 34,670 — 261st highest in the Midwest
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Source: 93558439@N05 / Flickr
34. Edina, Minnesota
> Median home value: $476,300
> Homes worth at least $500,000: 46.4% — 33rd highest in the Midwest
> Median household income: $104,244 — 139th highest in the Midwest
> 5-year pop. change: +4.8% — 239th highest in the Midwest
> Population: 51,746 — 150th highest in the Midwest
Source: J. Annie Wang / Flickr
33. Minnetrista, Minnesota
> Median home value: $477,800
> Homes worth at least $500,000: 46.5% — 32nd highest in the Midwest
> Median household income: $171,786 — 15th highest in the Midwest
> 5-year pop. change: +11.9% — 56th highest in the Midwest
> Population: 7,621 — 1,207th highest in the Midwest
Source: ajlavin / Flickr
32. Barrington, Illinois
> Median home value: $483,400
> Homes worth at least $500,000: 45.7% — 34th highest in the Midwest
> Median household income: $117,931 — 70th highest in the Midwest
> 5-year pop. change: -2.7% — 1,414th highest in the Midwest
> Population: 10,290 — 958th highest in the Midwest
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Source: Micah, Public domain, via Wikimedia Commons
31. Shorewood, Minnesota
> Median home value: $485,300
> Homes worth at least $500,000: 47.6% — 31st highest in the Midwest
> Median household income: $139,956 — 33rd highest in the Midwest
> 5-year pop. change: +4.8% — 242nd highest in the Midwest
> Population: 7,867 — 1,174th highest in the Midwest
Source: bkueppers / Getty Images
30. New Albany, Ohio
> Median home value: $497,800
> Homes worth at least $500,000: 49.5% — 30th highest in the Midwest
> Median household income: $203,409 — 6th highest in the Midwest
> 5-year pop. change: +19.6% — 24th highest in the Midwest
> Population: 10,925 — 904th highest in the Midwest
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29. Glenview, Illinois
> Median home value: $499,900
> Homes worth at least $500,000: 50.0% — 29th highest in the Midwest
> Median household income: $115,198 — 79th highest in the Midwest
> 5-year pop. change: +3.1% — 372nd highest in the Midwest
> Population: 47,416 — 176th highest in the Midwest
28. La Grange, Illinois
> Median home value: $501,700
> Homes worth at least $500,000: 50.2% — 28th highest in the Midwest
> Median household income: $123,965 — 55th highest in the Midwest
> 5-year pop. change: -1.0% — 1,061st highest in the Midwest
> Population: 15,545 — 667th highest in the Midwest
27. Clarendon Hills, Illinois
> Median home value: $506,400
> Homes worth at least $500,000: 50.4% — 27th highest in the Midwest
> Median household income: $111,958 — 89th highest in the Midwest
> 5-year pop. change: +1.2% — 578th highest in the Midwest
> Population: 8,716 — 1,071st highest in the Midwest
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Source: Racaris, Public domain, via Wikimedia Commons
26. Lincolnshire, Illinois
> Median home value: $508,700
> Homes worth at least $500,000: 51.3% — 26th highest in the Midwest
> Median household income: $116,316 — 74th highest in the Midwest
> 5-year pop. change: +4.1% — 282nd highest in the Midwest
> Population: 7,572 — 1,213th highest in the Midwest
25. Deerfield, Illinois
> Median home value: $518,500
> Homes worth at least $500,000: 52.4% — 25th highest in the Midwest
> Median household income: $153,431 — 23rd highest in the Midwest
> 5-year pop. change: +2.2% — 450th highest in the Midwest
> Population: 19,006 — 548th highest in the Midwest
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Source: benkrut / iStock via Getty Images
24. Northbrook, Illinois
> Median home value: $534,800
> Homes worth at least $500,000: 54.9% — 23rd highest in the Midwest
> Median household income: $124,863 — 52nd highest in the Midwest
> 5-year pop. change: -0.7% — 970th highest in the Midwest
> Population: 33,343 — 272nd highest in the Midwest
23. Birmingham, Michigan
> Median home value: $541,500
> Homes worth at least $500,000: 54.2% — 24th highest in the Midwest
> Median household income: $122,804 — 58th highest in the Midwest
> 5-year pop. change: +3.5% — 338th highest in the Midwest
> Population: 21,201 — 483rd highest in the Midwest
22. Hawthorn Woods, Illinois
> Median home value: $566,100
> Homes worth at least $500,000: 64.6% — 16th highest in the Midwest
> Median household income: $175,795 — 12th highest in the Midwest
> 5-year pop. change: +10.1% — 75th highest in the Midwest
> Population: 8,402 — 1,104th highest in the Midwest
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21. Highland Park, Illinois
> Median home value: $584,500
> Homes worth at least $500,000: 59.9% — 21st highest in the Midwest
> Median household income: $150,269 — 26th highest in the Midwest
> 5-year pop. change: -0.5% — 937th highest in the Midwest
> Population: 29,628 — 307th highest in the Midwest
Source: Guerillaart, CC BY-SA 4.0 , via Wikimedia Commons
20. River Forest, Illinois
> Median home value: $596,900
> Homes worth at least $500,000: 61.6% — 20th highest in the Midwest
> Median household income: $129,928 — 46th highest in the Midwest
> 5-year pop. change: -2.3% — 1,365th highest in the Midwest
> Population: 10,970 — 902nd highest in the Midwest
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19. Medina, Minnesota
> Median home value: $606,100
> Homes worth at least $500,000: 62.6% — 19th highest in the Midwest
> Median household income: $148,110 — 27th highest in the Midwest
> 5-year pop. change: +18.6% — 28th highest in the Midwest
> Population: 6,380 — 1,340th highest in the Midwest
18. Western Springs, Illinois
> Median home value: $609,900
> Homes worth at least $500,000: 65.7% — 15th highest in the Midwest
> Median household income: $174,760 — 13th highest in the Midwest
> 5-year pop. change: +1.1% — 604th highest in the Midwest
> Population: 13,272 — 759th highest in the Midwest
Source: Neva O'Laughlin / Wikimedia Commons
17. Inverness, Illinois
> Median home value: $628,700
> Homes worth at least $500,000: 72.0% — 12th highest in the Midwest
> Median household income: $192,576 — 9th highest in the Midwest
> 5-year pop. change: +2.7% — 408th highest in the Midwest
> Population: 7,633 — 1,205th highest in the Midwest
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Source: Jacob Boomsma / iStock via Getty Images
16. North Oaks, Minnesota
> Median home value: $633,300
> Homes worth at least $500,000: 74.9% — 10th highest in the Midwest
> Median household income: $178,816 — 11th highest in the Midwest
> 5-year pop. change: +9.8% — 76th highest in the Midwest
> Population: 5,177 — 1,533rd highest in the Midwest
15. Clayton, Missouri
> Median home value: $633,400
> Homes worth at least $500,000: 63.2% — 17th highest in the Midwest
> Median household income: $107,596 — 113th highest in the Midwest
> 5-year pop. change: +4.3% — 266th highest in the Midwest
> Population: 16,588 — 627th highest in the Midwest
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Source: 129679309@N05 / Flickr
14. Northfield, Illinois
> Median home value: $638,400
> Homes worth at least $500,000: 59.8% — 22nd highest in the Midwest
> Median household income: $148,077 — 28th highest in the Midwest
> 5-year pop. change: +4.3% — 269th highest in the Midwest
> Population: 5,534 — 1,468th highest in the Midwest
Source: MichaelHeimlich / iStock via Getty Images
13. Lake Bluff, Illinois
> Median home value: $642,700
> Homes worth at least $500,000: 69.0% — 14th highest in the Midwest
> Median household income: $164,421 — 17th highest in the Midwest
> 5-year pop. change: -3.1% — 1,451st highest in the Midwest
> Population: 5,632 — 1,446th highest in the Midwest
Source: benkrut / iStock via Getty Images
12. Long Grove, Illinois
> Median home value: $648,700
> Homes worth at least $500,000: 77.3% — 9th highest in the Midwest
> Median household income: $214,073 — 4th highest in the Midwest
> 5-year pop. change: -1.5% — 1,190th highest in the Midwest
> Population: 7,963 — 1,159th highest in the Midwest
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11. Orono, Minnesota
> Median home value: $680,100
> Homes worth at least $500,000: 63.0% — 18th highest in the Midwest
> Median household income: $159,028 — 19th highest in the Midwest
> 5-year pop. change: +4.1% — 284th highest in the Midwest
> Population: 8,113 — 1,145th highest in the Midwest
Source: jferrer / iStock via Getty Images
10. Burr Ridge, Illinois
> Median home value: $686,600
> Homes worth at least $500,000: 70.6% — 13th highest in the Midwest
> Median household income: $159,335 — 18th highest in the Midwest
> 5-year pop. change: +0.1% — 769th highest in the Midwest
> Population: 10,763 — 915th highest in the Midwest
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Source: YSPhoto / iStock via Getty Images
9. Wilmette, Illinois
> Median home value: $707,800
> Homes worth at least $500,000: 72.2% — 11th highest in the Midwest
> Median household income: $164,681 — 16th highest in the Midwest
> 5-year pop. change: -0.6% — 963rd highest in the Midwest
> Population: 27,247 — 338th highest in the Midwest
Source: Paul Sableman / Flickr
8. Town and Country, Missouri
> Median home value: $734,800
> Homes worth at least $500,000: 83.9% — 4th highest in the Midwest
> Median household income: $192,983 — 8th highest in the Midwest
> 5-year pop. change: +1.1% — 611th highest in the Midwest
> Population: 11,077 — 896th highest in the Midwest
7. Oak Brook, Illinois
> Median home value: $801,100
> Homes worth at least $500,000: 79.0% — 8th highest in the Midwest
> Median household income: $141,055 — 31st highest in the Midwest
> 5-year pop. change: +1.2% — 581st highest in the Midwest
> Population: 8,075 — 1,149th highest in the Midwest
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Source: Courtesy of the City of Ladue, Missouri
6. Ladue, Missouri
> Median home value: $831,800
> Homes worth at least $500,000: 82.4% — 6th highest in the Midwest
> Median household income: $214,875 — 3rd highest in the Midwest
> 5-year pop. change: +0.5% — 689th highest in the Midwest
> Population: 8,601 — 1,086th highest in the Midwest
Source: BSPollard / Getty Images
5. Lake Forest, Illinois
> Median home value: $842,900
> Homes worth at least $500,000: 81.8% — 7th highest in the Midwest
> Median household income: $172,165 — 14th highest in the Midwest
> 5-year pop. change: +1.2% — 594th highest in the Midwest
> Population: 19,173 — 544th highest in the Midwest
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Source: jferrer / Getty Images
4. Hinsdale, Illinois
> Median home value: $884,700
> Homes worth at least $500,000: 83.3% — 5th highest in the Midwest
> Median household income: $203,368 — 7th highest in the Midwest
> 5-year pop. change: +2.3% — 447th highest in the Midwest
> Population: 17,710 — 591st highest in the Midwest
Source: https://www.flickr.com/photos/golf_pictures/
3. Glencoe, Illinois
> Median home value: $953,700
> Homes worth at least $500,000: 84.4% — 3rd highest in the Midwest
> Median household income: $248,851 — 2nd highest in the Midwest
> 5-year pop. change: +0.1% — 773rd highest in the Midwest
> Population: 8,888 — 1,061st highest in the Midwest
Source: Kellsboro / Flickr
2. The Village of Indian Hill, Ohio
> Median home value: $955,500
> Homes worth at least $500,000: 89.5% — 2nd highest in the Midwest
> Median household income: $207,174 — 5th highest in the Midwest
> 5-year pop. change: -0.5% — 936th highest in the Midwest
> Population: 5,762 — 1,429th highest in the Midwest
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Source: UrAveragePhotographer / Getty Images
1. Winnetka, Illinois
> Median home value: $1,091,700
> Homes worth at least $500,000: 89.5% — highest in the Midwest
> Median household income: $250,000+ — highest in the Midwest
> 5-year pop. change: +0.2% — 746th highest in the Midwest
> Population: 12,428 — 813th highest in the Midwest
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