Anyone who’s shopped for a home recently is probably well aware of the tight U.S. housing market. Even before Covid-19 spurred millions of Americans to relocate — just as the cost of building new homes went through the roof due to pandemic-related supply chain disruptions — Americans were converting a decade of stock market gains and the “sugar high” of the 2017 Republican tax cuts into new homes in suburban communities with good schools and strict zoning regulations.
This national shopping spree for first and second homes and rental properties has predictably priced out less-affluent prospective home buyers, especially younger families seeking more space to raise children close enough to good jobs and opportunities to advance professionally and economically. (These are cities where the middle class can no longer afford housing.)
While there are recent indications that home prices nationwide are now growing at a slower pace, prices are still prohibitively expensive for many buyers. In the Northeast, median home prices in the most desirable markets range between $743,000 and $2 million, while median annual household incomes are between $100,000 and $250,000.
To identify the most expensive housing markets in the Northeast, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s 2019 American Community Survey five-year estimates, ranking only the 1,116 census-designated places, cities, and towns with at least 5,000 residents. (All data came from the ACS except percent of population change, which we calculated using ACS data.)
Click here to see the most expensive housing markets in the Northeast
Source: Tomsmith585 / iStock Editorial via Getty Images
50. Westfield, New Jersey
> Median home value: $743,400
> Homes worth at least $500,000: 83.0% — 49th highest in the Northeast
> Median household income: $170,798 — 100th highest in the Northeast
> 5-year pop. change: -2.2% — 848th highest in the Northeast
> Population: 29,877 — 173rd highest in the Northeast
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49. Chatham, New Jersey
> Median home value: $746,300
> Homes worth at least $500,000: 88.6% — 32nd highest in the Northeast
> Median household income: $192,321 — 56th highest in the Northeast
> 5-year pop. change: -2.2% — 843rd highest in the Northeast
> Population: 8,816 — 650th highest in the Northeast
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Source: By NHRHS2010 - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=2682372 / Wikimedia Commons
48. Allendale, New Jersey
> Median home value: $757,000
> Homes worth at least $500,000: 81.8% — 53rd highest in the Northeast
> Median household income: $170,968 — 98th highest in the Northeast
> 5-year pop. change: +0.7% — 367th highest in the Northeast
> Population: 6,765 — 864th highest in the Northeast
Source: Mike Coppola / Getty Images News via Getty Images
47. Ridgewood, New Jersey
> Median home value: $763,300
> Homes worth at least $500,000: 84.7% — 42nd highest in the Northeast
> Median household income: $184,355 — 69th highest in the Northeast
> 5-year pop. change: -0.8% — 640th highest in the Northeast
> Population: 25,179 — 223rd highest in the Northeast
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Source: https://www.flickr.com/photos/roadgeek/
46. Upper Montclair, New Jersey
> Median home value: $766,100
> Homes worth at least $500,000: 85.4% — 39th highest in the Northeast
> Median household income: $211,221 — 39th highest in the Northeast
> 5-year pop. change: -1.4% — 753rd highest in the Northeast
> Population: 11,589 — 502nd highest in the Northeast
Source: Sean Pavone / Getty Images
45. Cambridge, Massachusetts
> Median home value: $768,300
> Homes worth at least $500,000: 81.0% — 56th highest in the Northeast
> Median household income: $103,154 — 600th highest in the Northeast
> 5-year pop. change: +8.1% — 54th highest in the Northeast
> Population: 116,632 — 21st highest in the Northeast
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Source: By Jim.henderson - Own work, CC0, https://commons.wikimedia.org/w/index.php?curid=24218271 / Wikimedia Commons
44. Old Tappan, New Jersey
> Median home value: $790,300
> Homes worth at least $500,000: 88.2% — 33rd highest in the Northeast
> Median household income: $144,076 — 187th highest in the Northeast
> 5-year pop. change: -0.1% — 515th highest in the Northeast
> Population: 5,914 — 969th highest in the Northeast
Source: jerichoschools.org
43. Jericho, New York
> Median home value: $797,400
> Homes worth at least $500,000: 90.4% — 20th highest in the Northeast
> Median household income: $173,709 — 90th highest in the Northeast
> 5-year pop. change: +1.0% — 319th highest in the Northeast
> Population: 13,889 — 417th highest in the Northeast
42. Woodcliff Lake, New Jersey
> Median home value: $812,300
> Homes worth at least $500,000: 89.4% — 27th highest in the Northeast
> Median household income: $171,103 — 97th highest in the Northeast
> 5-year pop. change: +0.2% — 440th highest in the Northeast
> Population: 5,832 — 987th highest in the Northeast
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41. Port Washington, New York
> Median home value: $815,300
> Homes worth at least $500,000: 89.4% — 25th highest in the Northeast
> Median household income: $141,667 — 195th highest in the Northeast
> 5-year pop. change: -2.6% — 882nd highest in the Northeast
> Population: 15,808 — 363rd highest in the Northeast
40. Tenafly, New Jersey
> Median home value: $829,600
> Homes worth at least $500,000: 85.1% — 40th highest in the Northeast
> Median household income: $172,926 — 93rd highest in the Northeast
> 5-year pop. change: -1.1% — 699th highest in the Northeast
> Population: 14,632 — 395th highest in the Northeast
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Source: By Mschwartz20 - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=106102867
39. Roslyn Heights, New York
> Median home value: $830,500
> Homes worth at least $500,000: 89.8% — 22nd highest in the Northeast
> Median household income: $137,150 — 216th highest in the Northeast
> 5-year pop. change: -6.0% — 1,064th highest in the Northeast
> Population: 6,553 — 890th highest in the Northeast
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Source: dougtone / Flickr
38. Woodbury, New York
> Median home value: $842,000
> Homes worth at least $500,000: 77.8% — 70th highest in the Northeast
> Median household income: $181,667 — 72nd highest in the Northeast
> 5-year pop. change: +4.5% — 118th highest in the Northeast
> Population: 8,852 — 645th highest in the Northeast
37. Great Neck, New York
> Median home value: $843,700
> Homes worth at least $500,000: 79.6% — 67th highest in the Northeast
> Median household income: $100,766 — 637th highest in the Northeast
> 5-year pop. change: +1.1% — 314th highest in the Northeast
> Population: 10,205 — 571st highest in the Northeast
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Source: Alex Potemkin / iStock via Getty Images
36. Harrison, New York
> Median home value: $850,500
> Homes worth at least $500,000: 81.1% — 55th highest in the Northeast
> Median household income: $123,030 — 348th highest in the Northeast
> 5-year pop. change: +0.5% — 400th highest in the Northeast
> Population: 28,135 — 189th highest in the Northeast
35. Needham, Massachusetts
> Median home value: $855,300
> Homes worth at least $500,000: 92.4% — 12th highest in the Northeast
> Median household income: $165,547 — 112th highest in the Northeast
> 5-year pop. change: +3.7% — 138th highest in the Northeast
> Population: 30,970 — 163rd highest in the Northeast
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Source: APCortizasJr / iStock Unreleased via Getty Images
34. Belmont, Massachusetts
> Median home value: $859,600
> Homes worth at least $500,000: 88.1% — 34th highest in the Northeast
> Median household income: $129,380 — 278th highest in the Northeast
> 5-year pop. change: +3.1% — 164th highest in the Northeast
> Population: 26,113 — 215th highest in the Northeast
Source: Scott Heaney / iStock via Getty Images
33. Garden City, New York
> Median home value: $860,000
> Homes worth at least $500,000: 89.4% — 26th highest in the Northeast
> Median household income: $174,886 — 86th highest in the Northeast
> 5-year pop. change: -0.3% — 563rd highest in the Northeast
> Population: 22,499 — 251st highest in the Northeast
Source: aimintang / Getty Images
32. Princeton, New Jersey
> Median home value: $866,200
> Homes worth at least $500,000: 87.4% — 37th highest in the Northeast
> Median household income: $137,672 — 213th highest in the Northeast
> 5-year pop. change: +7.1% — 63rd highest in the Northeast
> Population: 31,000 — 162nd highest in the Northeast
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Source: JERRYE & ROY KLOTZ M.D. / Wikimedia Commons
31. Upper Saddle River, New Jersey
> Median home value: $885,900
> Homes worth at least $500,000: 90.9% — 18th highest in the Northeast
> Median household income: $158,536 — 127th highest in the Northeast
> 5-year pop. change: -1.3% — 739th highest in the Northeast
> Population: 8,227 — 713th highest in the Northeast
30. Lexington, Massachusetts
> Median home value: $889,700
> Homes worth at least $500,000: 89.7% — 23rd highest in the Northeast
> Median household income: $186,201 — 66th highest in the Northeast
> 5-year pop. change: +2.0% — 221st highest in the Northeast
> Population: 33,340 — 147th highest in the Northeast
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29. Hingham, Massachusetts
> Median home value: $889,700
> Homes worth at least $500,000: 90.7% — 19th highest in the Northeast
> Median household income: $161,607 — 119th highest in the Northeast
> 5-year pop. change: +19.3% — 7th highest in the Northeast
> Population: 6,461 — 906th highest in the Northeast
Source: JERRYE & ROY KLOTZ MD / Wikimedia Commons
28. Summit, New Jersey
> Median home value: $890,100
> Homes worth at least $500,000: 81.4% — 54th highest in the Northeast
> Median household income: $157,835 — 132nd highest in the Northeast
> 5-year pop. change: +0.2% — 450th highest in the Northeast
> Population: 21,913 — 254th highest in the Northeast
Source: By ALT55-VictorM - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=35267723
27. Pelham Manor, New York
> Median home value: $893,200
> Homes worth at least $500,000: 84.5% — 44th highest in the Northeast
> Median household income: $174,688 — 87th highest in the Northeast
> 5-year pop. change: +0.0% — 477th highest in the Northeast
> Population: 5,569 — 1,033rd highest in the Northeast
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Source: stresstensor / iStock via Getty Images
26. Newton, Massachusetts
> Median home value: $914,700
> Homes worth at least $500,000: 89.3% — 29th highest in the Northeast
> Median household income: $151,068 — 154th highest in the Northeast
> 5-year pop. change: +1.0% — 317th highest in the Northeast
> Population: 88,593 — 35th highest in the Northeast
Source: Michel G. / Flickr
25. Lawrence, New York
> Median home value: $926,600
> Homes worth at least $500,000: 76.9% — 74th highest in the Northeast
> Median household income: $123,000 — 349th highest in the Northeast
> 5-year pop. change: +0.2% — 443rd highest in the Northeast
> Population: 6,544 — 892nd highest in the Northeast
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Source: APCortizasJr / iStock Unreleased via Getty Images
24. Brookline, Massachusetts
> Median home value: $933,200
> Homes worth at least $500,000: 88.7% — 31st highest in the Northeast
> Median household income: $117,326 — 402nd highest in the Northeast
> 5-year pop. change: +0.1% — 470th highest in the Northeast
> Population: 59,180 — 69th highest in the Northeast
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Source: dlyettefi / iStock via Getty Images
23. Winchester, Massachusetts
> Median home value: $943,800
> Homes worth at least $500,000: 89.4% — 28th highest in the Northeast
> Median household income: $169,623 — 101st highest in the Northeast
> 5-year pop. change: +3.0% — 167th highest in the Northeast
> Population: 22,738 — 249th highest in the Northeast
22. Franklin Lakes, New Jersey
> Median home value: $945,900
> Homes worth at least $500,000: 92.5% — 11th highest in the Northeast
> Median household income: $172,766 — 94th highest in the Northeast
> 5-year pop. change: +1.4% — 279th highest in the Northeast
> Population: 10,946 — 539th highest in the Northeast
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Source: By Ɱ (Taken by Arnold Feist, original file transferred to User:Ɱ) - Own work, CC0, https://commons.wikimedia.org/w/index.php?curid=30929015
21. Greenville (Westchester County), New York
> Median home value: $991,300
> Homes worth at least $500,000: 80.9% — 59th highest in the Northeast
> Median household income: $237,436 — 20th highest in the Northeast
> 5-year pop. change: +3.6% — 144th highest in the Northeast
> Population: 7,814 — 756th highest in the Northeast
20. Englewood Cliffs, New Jersey
> Median home value: $997,100
> Homes worth at least $500,000: 88.9% — 30th highest in the Northeast
> Median household income: $148,446 — 165th highest in the Northeast
> 5-year pop. change: +0.0% — 476th highest in the Northeast
> Population: 5,371 — 1,060th highest in the Northeast
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Source: OlegAlbinsky / E+ via Getty Images
19. Nantucket, Massachusetts
> Median home value: $1,001,700
> Homes worth at least $500,000: 91.2% — 17th highest in the Northeast
> Median household income: $110,473 — 487th highest in the Northeast
> 5-year pop. change: +6.8% — 68th highest in the Northeast
> Population: 7,984 — 735th highest in the Northeast
Source: Courtesy of The Village of East Hills
18. East Hills, New York
> Median home value: $1,055,300
> Homes worth at least $500,000: 94.0% — 10th highest in the Northeast
> Median household income: $224,583 — 27th highest in the Northeast
> 5-year pop. change: +1.1% — 304th highest in the Northeast
> Population: 7,147 — 819th highest in the Northeast
Source: stockphoto52 / iStock via Getty Images
17. Cos Cob, Connecticut
> Median home value: $1,055,400
> Homes worth at least $500,000: 91.8% — 14th highest in the Northeast
> Median household income: $149,375 — 163rd highest in the Northeast
> 5-year pop. change: +8.7% — 49th highest in the Northeast
> Population: 6,990 — 832nd highest in the Northeast
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Source: By LINYperson615 - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=106922985
16. North Hills, New York
> Median home value: $1,057,000
> Homes worth at least $500,000: 96.6% — 2nd highest in the Northeast
> Median household income: $155,679 — 138th highest in the Northeast
> 5-year pop. change: +11.7% — 27th highest in the Northeast
> Population: 5,796 — 998th highest in the Northeast
Source: Alexisrael / Wikimedia Commons
15. Kaser, New York
> Median home value: $1,080,900
> Homes worth at least $500,000: 92.2% — 13th highest in the Northeast
> Median household income: $21,541 — 4,119th highest in the Northeast
> 5-year pop. change: +5.3% — 100th highest in the Northeast
> Population: 5,262 — 1,076th highest in the Northeast
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Source: HaizhanZheng / iStock via Getty Images
14. Manhasset, New York
> Median home value: $1,109,400
> Homes worth at least $500,000: 95.2% — 8th highest in the Northeast
> Median household income: $177,321 — 82nd highest in the Northeast
> 5-year pop. change: -3.2% — 956th highest in the Northeast
> Population: 7,985 — 734th highest in the Northeast
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Source: DenisTangneyJr / iStock via Getty Images
13. Greenwich, Connecticut
> Median home value: $1,128,800
> Homes worth at least $500,000: 80.1% — 65th highest in the Northeast
> Median household income: $109,500 — 504th highest in the Northeast
> 5-year pop. change: -1.6% — 773rd highest in the Northeast
> Population: 13,287 — 439th highest in the Northeast
Source: Alex Potemkin / iStock via Getty Images
12. Bronxville, New York
> Median home value: $1,140,300
> Homes worth at least $500,000: 80.3% — 64th highest in the Northeast
> Median household income: $181,286 — 73rd highest in the Northeast
> 5-year pop. change: +0.0% — 485th highest in the Northeast
> Population: 6,409 — 912th highest in the Northeast
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11. Larchmont, New York
> Median home value: $1,148,900
> Homes worth at least $500,000: 85.0% — 41st highest in the Northeast
> Median household income: $215,375 — 34th highest in the Northeast
> 5-year pop. change: +1.5% — 261st highest in the Northeast
> Population: 6,096 — 954th highest in the Northeast
10. Wellesley, Massachusetts
> Median home value: $1,149,100
> Homes worth at least $500,000: 95.3% — 7th highest in the Northeast
> Median household income: $197,132 — 48th highest in the Northeast
> 5-year pop. change: -0.3% — 552nd highest in the Northeast
> Population: 28,747 — 179th highest in the Northeast
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Source: Tyler Blodgett / iStock via Getty Images
9. Westport, Connecticut
> Median home value: $1,150,400
> Homes worth at least $500,000: 91.5% — 15th highest in the Northeast
> Median household income: $206,466 — 41st highest in the Northeast
> 5-year pop. change: +2.5% — 197th highest in the Northeast
> Population: 28,016 — 191st highest in the Northeast
8. Rumson, New Jersey
> Median home value: $1,171,900
> Homes worth at least $500,000: 90.0% — 21st highest in the Northeast
> Median household income: $188,906 — 62nd highest in the Northeast
> 5-year pop. change: -2.9% — 913th highest in the Northeast
> Population: 6,792 — 858th highest in the Northeast
Source: By Noroton at English Wikipedia - Transferred from en.wikipedia to Commons by DanTD., / Public Domain / Wikimedia Commons
7. Riverside, Connecticut
> Median home value: $1,383,800
> Homes worth at least $500,000: 91.3% — 16th highest in the Northeast
> Median household income: $215,791 — 33rd highest in the Northeast
> 5-year pop. change: +0.1% — 461st highest in the Northeast
> Population: 8,604 — 671st highest in the Northeast
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Source: Daniel Case / Wikimedia Commons
6. Short Hills, New Jersey
> Median home value: $1,386,600
> Homes worth at least $500,000: 95.9% — 4th highest in the Northeast
> Median household income: $250,000+ — highest in the Northeast(tied)
> 5-year pop. change: +4.7% — 113th highest in the Northeast
> Population: 13,428 — 435th highest in the Northeast
5. Rye, New York
> Median home value: $1,392,100
> Homes worth at least $500,000: 83.6% — 45th highest in the Northeast
> Median household income: $192,688 — 54th highest in the Northeast
> 5-year pop. change: -0.8% — 647th highest in the Northeast
> Population: 15,820 — 362nd highest in the Northeast
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Source: Alex Potemkin / Getty Images
4. Scarsdale, New York
> Median home value: $1,448,300
> Homes worth at least $500,000: 96.4% — 3rd highest in the Northeast
> Median household income: $250,000+ — highest in the Northeast(tied)
> 5-year pop. change: +1.2% — 291st highest in the Northeast
> Population: 17,837 — 323rd highest in the Northeast
Source: Jerry Dougherty / Wikimedia Commons
3. Darien, Connecticut
> Median home value: $1,471,700
> Homes worth at least $500,000: 94.3% — 9th highest in the Northeast
> Median household income: $232,523 — 21st highest in the Northeast
> 5-year pop. change: +1.6% — 244th highest in the Northeast
> Population: 21,742 — 258th highest in the Northeast
2. Old Greenwich, Connecticut
> Median home value: $1,561,200
> Homes worth at least $500,000: 95.7% — 6th highest in the Northeast
> Median household income: $222,794 — 28th highest in the Northeast
> 5-year pop. change: +1.2% — 299th highest in the Northeast
> Population: 6,844 — 851st highest in the Northeast
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Source: By LINYperson615 - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=106687466
1. Kings Point, New York
> Median home value: $2 million+
> Homes worth at least $500,000: 95.9% — 5th highest in the Northeast
> Median household income: $145,476 — 182nd highest in the Northeast
> 5-year pop. change: +3.0% — 168th highest in the Northeast
> Population: 5,223 — 1,082nd highest in the Northeast
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