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Where Are the Million-Dollar Homes?
A new report reveals which U.S. metropolitan areas have the highest percentage of homes valued at $1 million or more.
In a real estate market where luxury apartments can sell for $100 million or more, we’ve become a bit numb to the value of a mere million. But objectively, $1 million is still about three times the sale price of the median U.S. home (roughly $350,000) — a price very much out of reach for most.
So what makes a house worth a million dollars? While square footage, construction type and quality of finishes will affect value, two homes that are identical on paper can vary wildly in price depending on — you guessed it — location, location, location.
LendingTree recently conducted a study to find out which U.S. metropolitan areas had the highest percentages of owner-occupied homes valued at $1 million or more. While no one area could be shown to have a majority of homes worth a million, San Jose, Calif., home to Silicon Valley tech workers, came closest — with about 47 percent, and the median home value was close too: $968,800. In San Francisco, another tech hub, more than 36 percent of homes were valued at $1 million or more, with a median value of $840,600.
The New York City metropolitan area — where an apartment sold in 2019 for a record $238 million — was fifth on the list, with a median home value of $450,900. (If this number seems low, keep in mind that the metropolitan areas include not just the cities themselves, but also surrounding commuter communities.)
The portion of homes worth $1 million exceeded 10 percent in only five U.S. metropolitan areas, and accounted for less than 1 percent in all 10 metropolitan areas with the lowest percentage of homes in the price bracket, as seen in this week’s chart.
Where Are the Expensive Homes?
The 10 U.S. metropolitan areas among the nation’s 50 largest with the highest percentage of homes valued over $1 million and the 10 with the lowest such percentage.
Greatest Percentage
PERCENTAGE
OF OWNER-OCCUPIED
UNITS OVER $1 MILLION
MEDIAN VALUE
OF OWNER-
OCCUPIED UNITS
METROPOLITAN
AREA
47%
36%
17%
12%
10%
9%
7%
7%
4%
4%
San Jose, Calif.
San Francisco
Los Angeles
San Diego
New York
Seattle
Boston
Washington
Miami
Denver
$968,800
$840,600
$613,400
$563,700
$450,900
$436,100
$437,500
$424,000
$280,400
$380,900
Smallest Percentage
PERCENTAGE
OF OWNER-OCCUPIED
UNITS OVER $1 MILLION
MEDIAN VALUE
OF OWNER-
OCCUPIED UNITS
METROPOLITAN
AREA
0.9%
0.9%
0.9%
0.9%
0.8%
0.7%
0.7%
0.7%
0.7%
0.5%
Kansas City, Mo.
Louisville, Ky.
Memphis
Detroit
Indianapolis
Cincinnati
Columbus, Ohio
Pittsburgh
Cleveland
Buffalo
$183,300
$169,500
$152,200
$170,000
$163,100
$168,900
$184,800
$154,000
$151,600
$148,500
Smallest Percentage
Greatest Percentage
PERCENTAGE
OF OWNER-OCCUPIED
UNITS OVER $1 MILLION
MEDIAN VALUE
OF OWNER-
OCCUPIED UNITS
PERCENTAGE
OF OWNER-OCCUPIED
UNITS OVER $1 MILLION
MEDIAN VALUE
OF OWNER-
OCCUPIED UNITS
METROPOLITAN
AREA
METROPOLITAN
AREA
San Jose, Calif.
San Francisco
Los Angeles
San Diego
New York
Seattle
Boston
Washington
Miami
Denver
Kansas City, Mo.
Louisville, Ky.
Memphis
Detroit
Indianapolis
Cincinnati
Columbus, Ohio
Pittsburgh
Cleveland
Buffalo
47%
36%
17%
12%
10%
9%
7%
7%
4%
4%
0.9%
0.9%
0.9%
0.9%
0.8%
0.7%
0.7%
0.7%
0.7%
0.5%
$968,800
$840,600
$613,400
$563,700
$450,900
$436,100
$437,500
$424,000
$280,400
$380,900
$183,300
$169,500
$152,200
$170,000
$163,100
$168,900
$184,800
$154,000
$151,600
$148,500
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