Most expensive cities to own a home in 2024

How many California cities made the list?

Updated January 9, 2024

Reviewed By Ross Martin

Table of contents:

Cities 1 - 3
Cities 4 - 6
Cities 8 - 10

Buying a home in any U.S. city has come with challenges over the last few years, thanks to limited inventory and increased interest rates on mortgages. Some experts are predicting a break in the real estate market in 2024, particularly as the Federal Reserve has mentioned rate cuts ahead.

However, homebuyers still have many challenges to face, both in terms of price and competition. And these factors vary depending on what market you want to buy in.

The Zebra analyzed the 50 most populous cities in the U.S. to find the areas where it's most expensive to buy and own a home. We used the following four data points:

Price increase in homes: We looked at the change in price for single family homes during the third quarters of 2022 and 2023 to identify areas that are trending upward.
Median sales price: This impacts the size of your mortgage. We looked specifically at single family homes for this data point.
Change in active listing counts: If inventory is decreasing, there will be a limited supply for buyers, which could cause prices to rise even more.
Median property taxes paid: Some cities and counties are more expensive than others when it comes to the amount of property taxes paid to local governments.

Keep reading to discover the 10 worst cities for owning a home in 2024.

#1: San Jose, California

San Jose is all around one of the most expensive U.S. cities for buying and owning a home. It had the highest price increase at just under 10% as well as the highest median sales price of $1.85 million. San Jose homeowners also pay an average of $8,858 in property taxes each year. And while inventory isn't as tight as in other cities, there was still a 26% drop in listings over the last year.

San Jose by the numbers

Price increase in homes: 9.60%
Single family home median sales price: $1,850,000
Change in active listing counts: -26.10%
Median property taxes paid: $8,858

#2: San Diego, California

San Diego is another California city experiencing a tough real estate market. Home prices are up 8.7% over the last year and the median sales price is just under $1 million. The city also had one of the biggest drops in listings, which were down nearly 37% in 2023. The median property tax paid is nearly $5,200 per year.

San Diego by the numbers

Price increase in homes: 8.70%
Single family home median sales price: $978,500
Change in active listing counts: -36.90%
Median property taxes paid: $5,197

#3: New York City, New York

It's no surprise that New York City ends up on the list of worst places to own a home in 2024 since it's notoriously one of the most expensive cities in the world. The data is deceiving here because the median sales price is just $665,000 for a single family home, but it would cost much more to buy a condo in a central location. Listings were down over 23% year over year, and property taxes are the highest out of all the cities we analyzed.

New York City by the numbers

Price increase in homes: 5.50%
Single family home median sales price: $665,000
Change in active listing counts: -23.60%
Median property taxes paid: $9,091

#4: Washington, DC

Washington, DC has experienced a 5.4% increase in prices over the last year, with the median sales price exceeding $610,000. On top of that, competition in and around the Beltway is stiff thanks to nearly a 25% drop in listings. Property taxes aren't quite as high as other cities on our list, but are still expensive with a median bill of nearly $4,600 per year.

Washington, DC by the numbers

Price increase in homes: 5.40%
Single family home median sales price: $612,600
Change in active listing counts: -24.20%
Median property taxes paid: $4,592

#5: San Francisco, California

The third California city on our list of worst cities for owning a home, San Francisco buyers face the second most expensive market in the country. The median sales price is at $1.3 million. While expensive, prices aren't rising quickly; the city saw just a 1.6% increase year over year. Property taxes are quite high in San Francisco, however, averaging around $7,335. Listings are also on the decline, decreasing by more than 18% last year.

San Fransisco by the numbers

Price increase in homes: 1.60%
Single family home median sales price: $1,300,000
Change in active listing counts: -18.70%
Median property taxes paid: $7,335

#6: Los Angeles, California (tied)

Prices have only increased by 1.4% in Los Angeles, but the median sales price is still one of the highest in the country at $897,600. The city also has one of the biggest drops in inventory, which is down more than 26%. And while not as high as in other cities on our list, Los Angeles still comes in the top 10 for most expensive property taxes, at around $5,200 per year.

Los Angeles by the numbers

Price increase in homes: 1.40%
Single family home median sales price: $897,600
Change in active listing counts: -26.60%
Median property taxes paid: $5,214

#6: Providence, Rhode Island (tied)

Providence ties with Los Angeles in part due to the large jump in prices, which increased 5.8% in one year. The median sales price is more moderate compared to others, coming in at just over $480,000. The median property taxes paid aren't quite as high as other areas based on dollar amount, but do take up a larger percentage of the median sales price. Plus, listings are down over 18%.

Providence by the numbers

Price increase in homes: 5.80%
Single family home median sales price: $480,100
Change in active listing counts: -18.10%
Median property taxes paid: $4,488

#8: Hartford, Connecticut

Hartford has one of the lowest median sales prices on the list. However, the annual rise in prices is one of the highest at 9.00%. Property taxes are also quite expensive in Hartford, with a median paid amount of over $5,800. On top of that, active listings have dropped over 17%.

Hartford by the numbers

Price increase in homes: 9.00%
Single family home median sales price: $375,100
Change in active listing counts: -17.70%
Median property taxes paid: $5,843

#9: Seattle, Washington

Seattle has one of the biggest drops in active listings, topping 28%. On top of that, the median sales price for a new home is among the highest at $744,300. Price increases haven't been huge in the last year, but median property taxes also place in the top 10 at over $5,400.

Seattle by the numbers

Price increase in homes: 0.40%
Single family home median sales price: $744,300
Change in active listing counts: -28.70%
Median property taxes paid: $5,417

#10: Boston, Massachusetts

Boston stands out as the only city on our list that has had an increase in active listings. However, prices continue to rise for homes on the market and the median sales price is over $745,000. On top of that, Boston homeowners have one of the most expensive property tax bills. The median annual amount paid is $6,244.

Boston by the numbers

Price increase in homes: 6.60%
Single family home median sales price: $745,100
Change in active listing counts: 16.60%
Median property taxes paid: $6,244

Methodology

The Zebra pulled four data points to analyze the top 50 MSAs (by population) in the U.S. related to the cost of home buying and ownership.

Price increase in homes: National Association of Realtors^[1]
Median sales price: National Association of Realtors^[2]
Change in active listing counts: Realtor.com^[3]
Median property taxes paid: LendingTree^[4]

MSA data was used where applicable, and we sometimes substituted city or state data as necessary.

Sources