EXHIBIT 5.1

     Opinion of Munger, Tolles & Olson LLP as to the legality of securities
                                 to be issued.


October 12, 2001


KB HOME
10990 Wilshire Boulevard
Los Angeles, CA  90024

        Re:     Registration Statement on Form S-3 (Registration No. 333-______)

Ladies and Gentlemen:

        We have acted as counsel for KB HOME, a Delaware corporation (the
"Company"), in connection with the Company's Registration Statement on Form S-3
(No. 333-_____) (the "Registration Statement"), filed with the Securities and
Exchange Commission under the Securities Act of 1933, as amended, for the
registration of the sale by the Company from time to time of up to $750,000,000
maximum aggregate initial offering price of (a) its debt securities ("Debt
Securities"), (b) shares of its Preferred Stock, par value $1.00 per share (the
"Preferred Stock"), (c) shares of its Common Stock, par value $1.00 per share
(the "Common Stock"), (d) warrants to purchase Debt Securities, Preferred Stock,
Common Stock or other securities of the Company or another issuer (the
"Warrants"), which will be issued pursuant to a warrant agreement (the "Warrant
Agreement") to be entered into by the Company and a warrant agent (the "Warrant
Agent"), (e) depositary shares evidencing fractional interests in shares of the
Company's Preferred Stock ("Depositary Shares"), which will be issued pursuant
to a deposit agreement (the "Deposit Agreement") to be entered into by the
Company and a depositary (the "Depositary"), and (f) contracts to purchase
shares of Common Stock ("Stock Purchase Contracts") and units consisting of a
Stock Purchase Contract and other securities which may secure the holders'
rights obligations to purchase the Common Stock underlying the Stock Purchase
Contracts ("Stock Purchase Units"), which will be issued pursuant to a purchase
contract agreement and a pledge agreement (together, the "Stock Purchase
Contract Agreements") to be entered into by the Company and a purchase contract
agent (the "Purchase Contract Agent"). The Debt Securities, Preferred Stock,
Common Stock, Warrants, Depositary Shares, Stock Purchase Contracts and Stock
Purchase Units are herein collectively referred to as the "Securities". Debt
Securities, Preferred Stock, Warrants, Stock Purchase Contracts and Stock
Purchase Units may be convertible or exchangeable for Securities or other
securities of the Company or another issuer. The Debt Securities will be issued
under (i) the Senior Indenture, dated as of October 14, 1997 (the "Senior
Indenture"), between KB HOME and SunTrust Bank, Atlanta (the "Senior Trustee"),
(ii) the Senior Subordinated Indenture, dated as of November 19, 1996 (the
"Senior Subordinated Indenture"), between KB HOME and SunTrust Bank, Atlanta
(the "Senior Subordinated Trustee"), or (iii) the form of Subordinated
Indenture, presently undated (the "Subordinated Indenture"), incorporated by
reference as an exhibit 4.11 to the Registration Statement.

        We have examined originals or copies, certified or otherwise identified
to our satisfaction, of such documents, corporate records, certificates of
public officials and other instruments as we have deemed necessary or advisable
for purposes of this opinion.

        Based upon foregoing, we are of the opinion that:





        1. For Debt Securities issued pursuant to the Senior Indenture or the
Senior Subordinated Indenture, when the specific terms of a particular Debt
Security have been duly authorized and established in accordance with such
Indenture, and such Debt Security has been duly authorized, executed,
authenticated, issued and delivered in accordance with such Indenture, against
payment therefor or upon exchange in accordance with the applicable underwriting
or other agreement, such Debt Security will constitute the valid and binding
obligation of the Company subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors' rights and to general equitable principles.

        2. For Debt Securities issued pursuant to the Subordinated Indenture,
when the Company and a trustee execute and deliver the Subordinated Indenture
and the specific terms of a particular Debt Security have been duly authorized
and established in accordance with such Indenture, and such Debt Security has
been duly authorized, executed, authenticated, issued and delivered in
accordance with such Indenture, against payment therefor or upon exchange in
accordance with the applicable underwriting or other agreement, such Debt
Security will constitute the valid and binding obligation of the Company subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors' rights
and to general equitable principles.

        3. When the issuance of Common Stock has been duly authorized, the
certificates for such Common Stock have been duly executed by the Company,
countersigned by the transfer agent therefor and duly delivered to the
purchasers thereof, against payment therefor in accordance with the applicable
underwriting or other agreement, such Common Stock (including any Common Stock
duly issued (a) upon the exchange or conversion of any Debt Security or
Preferred Stock that is exchangeable or convertible into Common Stock, (b) upon
the exercise of any Warrant exercisable for Common Stock, or (c) upon settlement
of any Stock Purchase Contract or Stock Purchase Units), will be validly issued,
fully paid and nonassessable.

        4. When the issuance of Preferred Stock has been duly authorized, the
Certificate of Designations establishing the terms of such Preferred Stock has
been duly approved and executed by the Company and filed with the Secretary of
State of the State of Delaware, the certificates for such Preferred Stock have
been duly executed by the Company, countersigned by the transfer agent therefor
and delivered to the purchasers thereof, against payment therefor in accordance
with the applicable underwriting or other agreement, such Preferred Stock
(including any Preferred Stock duly issued (a) upon the exchange or conversion
of any Debt Security that is exchangeable or convertible into Preferred Stock,
(b) upon the exercise of any Warrant exercisable for Preferred Stock, or (c)
withdrawn upon surrender of any Depositary Shares) will be validly issued, fully
paid and nonassessable.

        5. When the Company and a Warrant Agent execute and deliver a Warrant
Agreement and the specific terms of a particular Warrant have been duly
authorized and established in accordance with such Warrant Agreement, and such
Warrant has been duly authorized, executed, countersigned, issued and delivered
in accordance with such Warrant Agreement, against payment therefor in
accordance with the applicable underwriting or other agreement, such Warrant
will constitute the valid and binding obligation of the Company subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors' rights
and to general equitable principles.

        6. When the Company and a Depositary execute and deliver a Deposit
Agreement and the specific terms of particular Depositary Shares have been duly
authorized and established in accordance with such Deposit Agreement, and such
Depositary Shares have been duly authorized, executed,





countersigned, issued and delivered in accordance with such Deposit Agreement,
against payment therefor in accordance with the applicable underwriting or other
agreement, such Depositary Shares will constitute the valid and binding
obligations of the Company subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors' rights and to general equitable principles.

        7. When the Company and a Purchase Contract Agent execute and deliver
the Stock Purchase Contract Agreements and the specific terms of particular
Stock Purchase Contracts and, if applicable, Stock Purchase Units have been duly
authorized and established in accordance with such Stock Purchase Contract
Agreements, and such Stock Purchase Contracts and, if applicable, Stock Purchase
Units have been duly authorized, executed, countersigned, issued and delivered
in accordance with such Stock Purchase Contract Agreements, against payment
therefor in accordance with the applicable underwriting or other agreement, such
Stock Purchase Contracts and, if applicable, such Stock Purchase Units will
constitute the valid and binding obligations of the Company subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors' rights
and to general equitable principles.

        In connection with the opinions expressed above, we have assumed that,
at or prior to the time of delivery of any such Security, (a) the Company's
Board of Directors shall have duly established the terms of such Security and
duly authorized the issuance and sale of such Security, in each case in
accordance with Delaware law, and such authorization shall not have been
modified or rescinded; (b) the Registration Statement shall have been declared
effective and such effectiveness shall not have been terminated or rescinded;
(c) the Senior Indenture and the Senior Subordinated Indenture shall have been
duly authorized, executed and delivered by the applicable Trustee and shall have
been qualified under the Trust Indenture Act of 1939, as amended; (d) the
Subordinated Indenture shall have been duly authorized, executed and delivered
by the Company in accordance with applicable law and the applicable Trustee and
shall have been qualified under the Trust Indenture Act of 1939, as amended; (e)
the applicable Certificate of Designations, if any, shall have been duly
approved and executed by the Company in accordance with applicable law and filed
with the Secretary of State of the State of Delaware in accordance with Delaware
law; (f) the applicable Warrant Agreement, if any, shall have been duly
authorized, executed and delivered by the Company in accordance with applicable
law and the applicable Warrant Agent; (g) the applicable Deposit Agreement, if
any, shall have been duly authorized, executed and delivered by the Company in
accordance with applicable law and the applicable Depositary; (h) the applicable
Stock Purchase Contract Agreements shall each have been duly authorized,
executed and delivered by the Company in accordance with applicable law and the
applicable Purchase Contract Agent; (i) there will not have occurred any change
in law affecting the validity or enforceability of such Security; and (j) in
connection with the issuance and sale of Debt Securities, Preferred Stock,
Warrants, Stock Purchase Contracts or Stock Purchase Units convertible into or
exchangeable for securities of another issuer, such other issuer shall have
taken any and all necessary and appropriate steps to enable the Company lawfully
to deliver securities, and, if applicable, a prospectus related thereto, of such
other issuer upon such conversion or exchange. We have also assumed that none of
the terms of any Security to be established subsequent to the date hereof, nor
the issuance and delivery of such Security, nor the compliance by the Company
with the terms of such Security will violate any applicable law or will result
in a violation of any provision of any instrument or agreement then binding upon
the Company, or any restriction imposed by any court or governmental body having
jurisdiction over the Company.

        We are members of the Bar of the State of California and the foregoing
opinion is limited to the laws of the State of California, the General
Corporation Law of the State of Delaware and the federal laws of the United
States of America. With respect to the Senior Indenture, the Senior Subordinated
Indenture, the Subordinated Indenture and the Debt Securities, the Warrant
Agreement and the Warrants, the Deposit





Agreement and the Depositary Shares, and the Stock Purchase Contract Agreements
and the Stock Purchase Contracts and Stock Purchase Units, which are, or we
expect will be, stated to be governed by the laws of the State of New York, we
have assumed with your consent that such laws are the same as the laws of the
State of California with respect to the legal, valid and binding nature of each
such Indenture and the Debt Securities, the Warrant Agreement and the Warrants,
the Depositary Agreement and the Depositary Shares and the Stock Purchase
Contracts Agreements, the Stock Purchase Contracts and the Stock Purchase Units.

        We hereby consent to the use of this opinion as Exhibit 5.1 to the
Registration Statement and to the reference to our name in the Registration
Statement and the related Prospectus. In giving such consent, we do not thereby
admit that we are in the category of persons whose consent is required under
Section 7 of the Securities Act of 1933.

Very truly yours,

MUNGER, TOLLES & OLSON LLP