1. San Francisco, California
San Francisco has long been infamous for its sky-high real estate prices, but in recent years, it’s crossed into near-fantasy territory. The median home price sits above $1.2 million, and even modest condos regularly list for over $800,000. Salaries are high in the tech sector, sure—but unless you’re a senior engineer at Google, the math simply doesn’t work out. Many longtime residents have accepted that renting indefinitely is their only option.
Combine that with strict zoning laws and limited new housing construction, and supply continues to lag far behind demand. Even when new units are added, they’re often luxury developments out of reach for middle-class families. The result? A city where the dream of owning a home feels like it belongs in another tax bracket—or another decade.
2. New York, New York
In New York City, homeownership isn’t just a financial challenge—it’s a logistical puzzle, too. With a median sales price hovering around $800,000 and co-op board approvals that can make or break deals, even well-off buyers find themselves stuck. Most residents rent, not because they want to, but because buying means bidding wars, insane down payments, and monthly maintenance fees that could fund a small business.
Then there’s the reality of space: you’re paying half a million dollars for a studio in Manhattan, if you’re lucky. Outer boroughs like Brooklyn and Queens used to offer more attainable options, but not anymore. Even in places like Bushwick and Long Island City, prices have soared, and ownership feels out of touch for average earners. It’s no wonder people joke that “owning in New York” is more of a mood than a goal.
3. Los Angeles, California
Los Angeles was once a city where middle-class families could buy a small house with a backyard—but that era has vanished. Today, the median home price is around $900,000, and even modest bungalows can go for well over $1 million in many neighborhoods. Factor in high property taxes and fierce competition, and the idea of buying feels more Hollywood than reality.
Wages haven’t kept pace with housing costs, making it increasingly difficult for residents to save enough for a down payment. Young professionals find themselves priced out of even starter homes. Many Angelenos rent indefinitely, moving every few years in search of slightly more affordable options. The vibe now? Buy if you’re rich, rent if you’re realistic.
4. Seattle, Washington
Seattle’s tech boom brought jobs and innovation—but also a housing crisis that’s priced out large swaths of the population. With home prices averaging around $850,000, even dual-income households struggle to buy near the city center. The influx of Amazon and Microsoft employees has driven up demand, and competition remains fierce, especially for single-family homes.
Meanwhile, inventory is tight and many homes are snatched up within days, often with all-cash offers. That’s pushed potential buyers further into the suburbs—or out of the market entirely. Renting isn’t cheap either, but at least it doesn’t require a six-figure down payment. For many Seattleites, homeownership is something their parents had, not something they’ll experience themselves.
5. Austin, Texas
Austin used to be the budget-friendly alternative to cities like San Francisco and Seattle—until it wasn’t. Home prices surged past $500,000 during the pandemic and have stayed stubbornly high. That’s a 75% increase over the past decade, far outpacing income growth. Locals joke that Californians brought their salaries and housing prices with them.
The demand boom was driven by remote work, tech relocations, and speculative investors. Now, even lifelong residents find themselves unable to compete in their own hometown. While the city remains vibrant and creative, the housing market has made it feel exclusive. If you didn’t buy in early, you might never buy in at all.
6. Denver, Colorado
Denver has transformed from a sleepy mountain city to one of the most expensive housing markets in the West. The median home price is around $700,000, a steep climb from just a decade ago. Young professionals moving in for jobs in healthcare and tech have intensified the demand. Unfortunately, housing supply hasn’t kept up.
Zoning laws and limited buildable land have made it hard to add new homes quickly. Meanwhile, competition from out-of-state buyers has made prices even more volatile. Denver locals now face the choice between downsizing expectations or leaving the city entirely. Owning property here is increasingly reserved for the already wealthy.
7. San Diego, California
San Diego combines coastal charm with California-level unaffordability. With median home prices well over $900,000, buying here is out of reach for most middle-income earners. Add in limited housing stock and soaring demand, and the result is a market that feels permanently overheated. Even condos can run north of $600,000 in decent neighborhoods.
High living costs make saving up even harder, especially for first-time buyers. Many residents are stuck in a rent cycle despite solid incomes. The sun, surf, and tacos are still amazing—but they’re not enough to make homeownership any less of a pipe dream. San Diego is now a “live here, rent here” kind of place.
8. Miami, Florida
Miami’s housing market has exploded in recent years, fueled by out-of-state buyers, investors, and wealthy transplants. Home prices have jumped more than 60% since 2020, with the median now near $600,000. That might sound tame compared to California, but it’s wildly disproportionate to local wages. Many residents work in tourism and service jobs that haven’t seen the same kind of growth.
The city’s luxury condos and beachfront developments grab headlines, but the average Miamian is struggling to stay afloat. First-time buyers face steep competition and limited options in a market flooded with cash offers. Even renting has become a challenge, with prices climbing across all neighborhoods. Miami might feel like paradise—but owning a home there often feels like fiction.
9. Boston, Massachusetts
Boston’s deep history and world-class universities come with an equally legendary price tag for housing. The median home price now exceeds $800,000, and even small, older homes in outlying neighborhoods can cost a fortune. The city’s density, combined with strict development rules, keeps supply painfully limited. Demand from students, professors, and professionals only makes things more competitive.
Many buyers turn to condos, but even those come with high HOA fees and bidding wars. For renters hoping to transition into ownership, the jump is massive. Affording a mortgage often means help from family—or a significant financial windfall. Boston remains a desirable place to live, but for most, buying a home there is just a wish.
10. Honolulu, Hawaii
Honolulu might be paradise, but homeownership here is reserved for the fortunate few. The median price of a single-family home has topped $1 million, and even small condos come at a steep premium. Wages in Hawaii tend to be lower than on the mainland, creating a severe affordability gap. Many locals work multiple jobs and still can’t afford to buy.
Tourism and international investment have also inflated housing prices. Short-term rentals and second homes reduce the already limited housing stock. Native Hawaiians and long-time residents have been increasingly displaced, forced to leave the islands entirely. In Honolulu, owning a home isn’t just rare—it’s increasingly seen as unattainable.
11. Nashville, Tennessee
Nashville’s housing market has surged over the past decade, turning this once-affordable city into a real estate hot zone. The median home price has crossed $500,000, which is high relative to local income levels. Incomes haven’t kept pace, especially for artists, service workers, and teachers. A city once known for opportunity is now grappling with widening housing inequality.
New construction often focuses on high-end developments, sidelining affordable housing. Transplants from more expensive cities have driven prices up even faster. Many locals are watching their homeownership dreams get priced out before they even start. Nashville may still sing, but the cost of living is hitting some sour notes.
12. Washington, D.C.
In D.C., buying a home is as complex as the government itself. The median price for a home in the district is around $700,000, and prices are even higher in many desirable neighborhoods. Federal and contract jobs offer stability, but not necessarily enough to cover D.C.’s inflated housing market. Condos have become the default option for young professionals—but even those can be prohibitively expensive.
Historic preservation rules and tight zoning laws limit new development. That keeps inventory low and competition high. Renters often find themselves stuck, unable to save enough for a down payment while dealing with rising costs of living. For many in the nation’s capital, owning property feels more like theory than practice.
13. Portland, Oregon
Portland once had a reputation for being affordable and alternative—but its housing market has gone mainstream in all the worst ways. The median home price is close to $600,000, pricing out many of the city’s creative and working-class residents. Urban growth boundaries and high construction costs limit how much new housing can be built. Meanwhile, demand continues to grow as more people move in.
Locals have watched their rents rise while ownership opportunities vanish. Even fixer-uppers are going for premium prices. For many, it feels like the city’s unique charm is being eroded by unaffordable living. Homeownership in Portland isn’t just difficult—it’s become downright elusive.
This post 13 U.S. Cities Where Owning Property Is Just a Concept Now was first published on American Charm.
