These 10 Cities Have the Most Million-Dollar Homes
Always thought a million-dollar home was extravagant? In some cities across the country, it’s quickly becoming the new norm via a hot housing market and booming tech industries. Here are the top cities in the U.S. that lay claim to having the most seven-figure dwellings.
Although the median value of a home in the United States is about $244,054, according to Zillow, million-dollar homes are on the rise. That said while they can be common in some markets, in most of the country they arent; less than 6 percent of the owner-occupied homes in the nation’s 50 largest metros are valued at $1 million or more, reports a Lending Tree survey on the cities with the largest share of million-dollar homes. Don’t quite have the funds to pick up and move to these ritzy areas? Implement some of these ideas to make your home look more expensive instead.
San Jose, California
Home to eBay and Cisco Systems and surrounded by tech giants (Facebook, Google, Apple, and more), San Jose is considered the true heart of Silicon Valley. Over half the homes in this mountainous metro area—home to 2 million residents—are valued at $1 million dollars or more. Home to many engineers and programmers, half of San Jose’s residents make six-figure salaries, making it one of the biggest growing economies in the United States. Just how far will your $1 million go? Via Trulia, we found that with a million bucks you could score you a simple, 1,600 square foot ranch-style house. Find out which small towns in America have the most millionaires.
The average value of a house in San Fran is $910,300—yikes!—and the Bay City consistently shows up on the list of the most expensive cities in the country. In fact, a story in the New York Times ran with the headline: “San Francisco Is So Expensive, You Can Make Six Figures and Still Be ‘Low Income.’” The ongoing tech boom has created a city of “haves” and “have nots.” So what can a million-dollars get you here? On Zillow, we found condos and small abodes at around 1200 square feet and under. Check out the 10 most expensive neighborhoods in the United States.
Los Angeles, the second-largest city in the United States, is so large and expansive, the average house in the metro area is closer to $650K, with about 20 percent of homes in the area coming in at $1 million or over. The famed “City of Angels” is home to the entertainment and tech industries, bringing high housing costs. Prices vary where you look. In Venice Beach, we found a 500 square foot bungalow for $1.2 million. While for the same price, we found a 3-bedroom hillside house with a pool in Monrovia. The area’s overcrowding and natural disasters seem to be creating an exodus for some Angelinos, so perhaps, housing will become more affordable. Check out these American towns that used to be poor but are now rich.
With surf, sand, and some of the most temperate weather in the United States, San Diego is a dream destination for many, which makes affordable housing hard to come by. The average home here costs $606,200, with about 14 percent of homes ringing up at over a million bucks. In the tony La Jolla neighborhood, a million dollars will get you a condo with ocean views, while more inland can get you bigger space and digs. Find out the best beach in every state.
Seattle is the city with the largest share of million-dollar homes outside of California. Billion (and trillion) dollar companies like Microsoft and Amazon call this gorgeous Northwestern city home, no doubt contributing to the 11.3 percent share of homes in the area that are valued at $1 million or more. The average home in the Emerald City is a cool $487,400. For a million dollars, we found an array of homes, with many featuring lots of windows to maximize the city’s scarce light (Seattle sees an average of 220 overcast days a year). Find out the best city in the U.S. for retirement.
New York City
The average home or apartment in the New York City area is $457,000, but that is found in areas outside of Manhattan. Manhattan keeps its reign as one of the most expensive cities in America, with average rents of $3,800 and the average apartment costing $1.3 million. More affordable properties can be found in outer boroughs of Queens, Staten Island, and the Bronx, while Brooklyn is now rivaling Manhattan in property prices, particularly in the Brooklyn Heights and Cobble Hill neighborhoods. Still, the Big Apple will always be the epicenter of cool and an investment here seems like a good, long-term buy. Find out 20 words and phrases you had no idea were coined in New York City
Besides its fabled history, winning sports teams, and famed chowder there are many reasons to settle in this historic city, making it one of the hottest housing markets in the country. While the average home costs around $464,000, nearly ten percent of homes are in the million-dollar range. Places in Cambridge (home to Harvard University) are pricey and more likely to be townhomes or apartments. While many might think Southie (South Boston) is a little rough around the edges, quaint rowhouses are fetching million dollar price tags thanks to the area’s proximity to the waterfront. We hear the best times to buy are in October, after the start-of-school rush, and again in February when frigid temps make sellers more amenable to deals. You know you’re from the East Coast if you’ve tried all of these foods.
With great public transit, a plethora of historic sites and museums, and a vibrant, young population—thanks to the many universities—living in the nation’s capital is uber-popular…and uber-pricey. The average home in the D.C. area is $433,000. A million dollars will get you a condo or apartment downtown while you get a better deal once you hit the Maryland suburbs of Silver Spring or Wheaton. Because of a lack of houses on the market, experts tell us you have to be prepared to make an offer when you find a home you love or even just like—fast. Follow this 10-step plan to buying your first home in five years and you’ll be ready.
Bienvenido a Miami! Home to year-round sunshine Miami is on the rise—and it’s home prices are proving it. About 5 percent of homes in Miami cost $1 million. While many people think of popular South Beach when they think of this Florida city, popular areas like the up-and-coming Wynwood Design District, family-friendly Coconut Grove, and the more affordable Aventura neighborhood, are hot places to reside—and great digs can be found for $1 million dollars or more. Miami is also home to some of the oldest homeowners in the United States.