The U.S. city with the most expensive homes is San Francisco, California. This city has consistently ranked at the top of lists for the most expensive housing markets in the country. The high cost of living, driven by factors such as a strong job market, limited housing supply, and a high demand for real estate, contributes to the exorbitant prices. According to a report by the Zillow Home Value Index, the median home value in San Francisco reached $1.7 million in 2021, significantly higher than the national median of around $350,000. This disparity is further compounded by the city's unique geography, which limits the amount of developable land, thus driving up prices. Additionally, San Francisco's status as a global technology hub, with companies like Google and Facebook having a significant presence, has attracted a wealth of high-income professionals willing to pay premium prices for housing.