Newport Beach, Calif.
Average listing price: $2,537,126
Median household income: $106,383
Population (as of 2009): 81,680
At almost $1 million more expensive than houses in the next most-expensive market, Newport Beach’s home prices top the list for the second consecutive year. A four-bedroom, two-bathroom home will set prospective buyers back by a cool $2.5 million, on average. Renting isn’t much cheaper—the town commands the highest rents in Orange county. The city’s proximity to the University of California at Irvine and popularity as a tourist destination helps fuel its robust local economy, which has in turn helped keep real estate values high in the area.