These States Have the Most Expensive Homes In the U.S.

The housing market is on fire as median home values have risen 8% over the last year, according to Zillow. The bonfire isn’t over yet as Zillow predicts values will increase by another 4.2% within the next year.

The current national median home list price is about $268,500, according to Zillow, which means the average home buyer has to perform a considerable amount of due diligence to find affordable housing.

Unfortunately, some buyers are up against extremely pricey markets, which can make house hunting an even bigger challenge. So which markets have the most expensive homes in the country? Researchers at 24/7 Wall Street examined median home prices in National Association of Realtor 3,199 county and county-equivalents during the second quarter of 2017. Did your hometown rate?

17. Rhode Island

Newport, Rhode Island

Newport is the most expensive housing market in Rhode Island. | HaizhanZheng/Getty Images

  • Median home price: $404,994
  • Most expensive housing market: Newport County 

Residents typically pull in a median household income of about $60,596 in the state and the median mortgage payment is $1,637 for homes in Newport County. About 7.1% of the homes in this market are valued at $1 million or more.

Next: Only 2.7% of the homes in this market are valued at $1 million or more.

16. Oregon

Crater Lake National Park, Oregon

The median home price in Oregon’s most expensive housing market is $413,259. | shippee/iStock/Getty Images

  • Median home price: $413,249
  • Most expensive housing market: Clackamas County

The median household income is $68,915 and residents are paying about $1,670 in a monthly mortgage payment.

Next: This county has a lot of million dollar homes.

15. Connecticut

Greenwich, Connecticut

Boats anchored in Greenwich Bay. Greenwich is located in Fairfield County, the most expensive housing market in Connecticut. | stockphoto52/Getty Images

  • Median home price: $429,548
  • Most expensive housing market: Fairfield County

Residents are pulling in about $86,670 in household income. Median mortgage payments are closer to $2,000 a month at $1,736. About 14.2% of Fairfield County homes are valued at $1 million or more.

Next: About 4% of the homes in this housing market are valued at $1 million or more.

14. Tennessee

Nashville, Tennessee

Nashville, Tennessee | SeanPavonePhoto/iStock/Getty Images

  • Median home price: $453,433
  • Most expensive housing market: Williamson County

The median mortgage payment is about $1,833. Median household incomes reach six figures at approximately $100,140 for residents in Williamson County.

Next: This area has plenty of million dollar homes.

13. Florida

City of Naples at night. Florida, USA

The median home price in Florida’s more exclusive communities is close to $500,000.| typhoonski/Getty Images

  • Median home price: $454,051
  • Most expensive housing market: Monroe County

Median household income is lower than what you might expect at only $60,303 for the most expensive housing market. The median mortgage payment is about $1,835. About 10.5% of the homes are valued at $1 million or more.

Next: This area has a surprising number of expensive homes.

12. Idaho

Rexburg Idaho Temple Harvest Sunset

Homes in Idaho’s most expensive areas cost more than you might expect. | Bret-Barton/iStock/Getty Images

  • Median home price: $456,220
  • Most expensive housing market: Blaine County

Although median household income is $58,086 in the most expensive housing market in Idaho, median mortgage payments are about $1,844. About 16.6% of the homes are worth a million dollars plus.

Next: You would think this area would have more million-dollar homes.

11. New Jersey

New Jersey

The median home price in Bergen County, New Jersey, is more than $484,000. | SeanPavonePhoto/iStock/Getty Images

  • Median home price: $484,775
  • Most expensive housing market: Bergen County

The median mortgage payment is nearly $2,000 at $1,959. About 7% of the homes in Bergen County are valued at $1 million or more. Residents in the state make about $76,126 per household.

Next: Homeowners in this area are paying at least $2,000 a month in mortgage payments.

10. Maryland

Baltimore, Maryland

Baltimore may be Maryland’s biggest city, but the state’s most expensive homes are in Montgomery County. | SeanPavonePhoto/iStock/Getty Images

  • Median home price: $516,442
  • Most expensive housing market: Montgomery County

Salaries in Montgomery County are in the six-figure range, as the median household income is about $100,352. About 9% of the homes are worth $1 million dollars or more. The median mortgage payment is about $2,087.

Next: Median household incomes are surprisingly low.

9. Washington

San Juan Islands Washington USA

You’ll spend a lot to live in Washington’s San Juan Islands. | SEASTOCK/Getty Images

  • Median home price: $565,568
  • Most expensive housing market: San Juan County

San Juan County has about 11.6% of the homes valued at $1 million or more, but median household income is only at about $58,029 in the area. The median mortgage payment is about $2,286.

Next: Finding a million dollar home won’t be hard here.

8. Utah

Grand Staircase-Escalante National Monument, Utah

The median home price top $653,000 in Summit County, Utah. | kojihirano/Getty Images

  • Median home price: $653,466
  • Most expensive housing market: Summit County

Although median household income in the state is $65,977, residents in the most expensive housing market make $91,470. About 16.9% of the homes are valued at $1 million or more too.

Next: This state is known for its beauty (and pricey homes).

7. Hawaii

Honolulu Hawaii

Honolulu is the most expensive housing market in Hawaii. | Ehabaref/iStock/Getty Images

  • Median home price: $705,856
  • Most expensive housing market: Honolulu County

The median mortgage payment is about $2,853 and residents make $77,161 in this county. About 12% of the homes in this market are valued at $1 million or more.

Next: You won’t believe how many million-dollar homes are in this area.

6. Wyoming

Jackson Hole.

You’ll pay a lot to get a view of the Tetons in Wyoming. | Szabolcs_Nagy/Getty Images

  • Median home price: $747,676
  • Most expensive housing market: Teton County

Approximately 28.3% of the homes are worth $1 million or more and residents in Teton make about $75,594. This is compared to the state average of $59,882.

Next: It’s easy to find a home for a million bucks here.

5. Colorado

Colorado Springs, Colorado

Home prices are on the rise in Colorado. | RondaKimbrow/Getty Images

  • Median home price: $748,919
  • Most expensive housing market: Pitkin County

The median mortgage payment is $3,027 and residents in Pitkin make about $69,789 per household. Approximately 33.7% of the homes are worth $1 million or more.

Next: Homeowners in the most expensive market make a lot more than everyone else.

4. Virginia

Richmond, Virginia, USA

Richmond, the capital of Virgnia. | iStock.com/SeanPavonePhoto

  • Median home price: $850,801
  • Most expensive housing market: Falls Church City

Residents who live in Falls Church city make about $115,244 per household. However, the state median household average is $68,114. About 15.4% of the homes in Falls Church City are million dollar plus homes.

Next: This ranking is not surprising.

3. New York

New York City

Manhattan, which encompassas all of New York County, is the most expensive housing market in New York state. | Sborisov/iStock/Getty Images

  • Median home price: $932,366
  • Most expensive housing market: New York County

Residents make about $75,513 in the most expensive housing market in the state. The median mortgage payment is $3,768. Meanwhile, 43% of the homes are worth $1 million or more.

 Next: This county has the most million dollar homes on the list.

2. Massachusetts

Nantucket, MA

Nantucket is the most expensive housing market in Massachusetts. | j76n/Getty Images

  • Median home price: $977,237
  • Most expensive housing market: Nantucket County

Residents in Nantucket County in Massachusetts pull in about $89,428. About 47.1% of the homes in this area are million dollar plus homes.

Next: Check out the median mortgage payment here.

1. California

San Francisco

San Francisco County is the most expensive place to buy a home in California. | Heyengel/iStock/Getty Images

  • Median home price: $1,087,599
  • Most expensive housing market: San Francisco County

The median mortgage payment in San Francisco County is about $4,395. Residents in the area make about $87,701 and approximately 35.9% of the homes are worth $1 million or more.

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