The U.S. city with the highest housing prices is San Francisco. This city has consistently ranked at the top due to a combination of factors that drive demand and limited supply. San Francisco's housing market is influenced by its status as a global technology hub, attracting high-income professionals and investors. The city's limited land availability and stringent zoning laws contribute to the high prices. According to the Zillow Home Value Index, as of 2023, the median home value in San Francisco is approximately $1.6 million, significantly higher than the national median of around $400,000. This disparity is further compounded by the city's high cost of living, including taxes and the high cost of goods and services.