10 Cities Requiring $25,000+ Monthly Mortgage Payments

Affordability is at all-time lows for the average homebuyer. Home prices continue to climb and mortgage rates are near multi-decade highs.

But these cities take unaffordability to another level. Even putting 20% down requires a mortgage payment well above $25,000 per month. Yes, per month.

The 10 most expensive housing markets in the U.S. can be found in:

10. Bal Harbour, Florida: $27,685 monthly mortgage payment
9. Beverly Hills, California: $27,784
8. Sagaponack, New York: $28,873
7. Golden Beach, Florida: $33,867
6. Manalapan, Florida: $34,968
5. Atherton, California: $36,433
4. Hunts Point, Washington: $36,854
3. Aspen, Colorado: $44,070
2. Jupiter Island, Florida: $48,534
1. Palm Beach, Florida: $55,453

How do these homeowners afford to live here? Likely, they pay all cash or make a down payment significantly more than the typical 20% required for a jumbo loan.

But out of curiosity, how much would someone pay per month buying the typical single-family home in these cities at 20% down and a prevailing jumbo mortgage rate? Let’s dive deeper.

10. Bal Harbour, Florida. Mortgage Payment: $27,685

Bal Harbour is a wealthy enclave on the northern tip of Miami Beach known for its luxurious shops and resorts. Plenty of beachfront lines the town. Average single-family home prices are more than $5 million, but go up to $35 million for beachfront single-family residences.

9. Beverly Hills, California. Mortgage Payment: $27,784

Beverly Hills may be the most recognizable name on our list, but it’s not the most expensive. Coming in at number nine, typical homes can be had for “just” $27,784 per month.

8. Sagaponack, New York. Mortgage Payment: $28,873

A beachfront town about two hours from Manhattan, this small, sought-after community boasted the most expensive ZIP code in the U.S. in 2015 according to Business Insider. Forbes and The Wall Street Journal attribute prices in this 4.56-square-mile city to its proximity to the Atlantic Ocean, its quaint and active farms, and rich history dating back to 1653.

7. Golden Beach, Florida. Mortgage Payment: $33,867

At number seven on our list is Golden Beach, Florida. Just north of Bal Harbour (#10), this town is on the coast between Miami and Fort Lauderdale. Celebrities such as Bill Gates, Eric Clapton, and Tommy Hilfiger have owned homes here according to Miami Luxury Homes.

6. Manalapan, Florida. Mortgage Payment: $34,968

Moving up the coast in Florida from Golden Beach is Manalapan. Contributing to the high price of homes here is its resistance to development. The town’s official website states that it is “determined to continue the vision of its founders who conceived Manalapan as essentially a low-density residential community of beauty and quality complementing its natural environment.”

5. Atherton, California. Mortgage Payment: $36,433

Between San Francisco and San Jose, Atherton, California exudes exclusivity with its sprawling estates and tree-lined streets. As the fifth most expensive city in the U.S., this affluent enclave seems remote while just minutes away from Silicon Valley's tech hub.

4. Hunts Point, Washington. Mortgage Payment: $36,854

This small peninsula east of Seattle is home to just 400 residents according to the town’s website. The community is or has been home to Seattle-area notables such as former Microsoft CEO Steve Ballmer, Seattle Seahawks head coach Pete Carroll, musician Kenny G, and Blake Nordstrom.

3. Aspen, Colorado. Mortgage Payment: $44,070

One of the more recognizable names on the list is the mountain resort town of Aspen. Renowned for its world-class skiing, vibrant cultural scene, and celebrity allure, Aspen's real estate market features chalets as well as estates. In this Rocky Mountain haven, high-end living meets the charm of an iconic alpine town.

2. Jupiter Island, Florida. Mortgage Payment: $48,534

As the second most expensive city in the U.S., Jupiter Island features pristine beaches and a limited number of estates, keeping prices high. Plenty of golfers have owned homes here, such as Tiger Woods, Greg Norman, Lee Trevino, and others.

1. Palm Beach, Florida. Mortgage Payment: $55,453

Not to be outdone by the four other Florida cities on the list, Palm Beach currently ranks as the most expensive place to buy a home in the U.S. You’ll be hard-pressed to find a single-family home under $5 million here, although there are condos listed below $500,000. According to Redfin, the most expensive listing as of this writing is a 21,000-square-foot home on 2.2 acres offered at $187 million. The payment on that one? A cool $933,000 per month.

Methodology

To arrive at an estimated monthly mortgage payment, we started with typical home prices as reported on the Zillow Home Value Index (ZHVI) Single-Family Home Time Series for November 2023. We assumed a 20% down payment, the typical requirement for a jumbo loan. We then calculated the monthly payment on a 30-year fixed mortgage at 6.375%, a published rate from a national jumbo mortgage lender as of this writing. The stated mortgage payment did not include homeowner’s insurance, property taxes, or dues.