Though home prices have remained steep after rapid growth during the height of the pandemic, paying $1 million or more for a house may seem excessive to most Americans. But just because most people aren’t spending seven figures on a place to live doesn’t mean million-dollar homes aren’t prevalent in parts of the U.S.

To see where million-dollar houses are most common, we analyzed the latest housing data to find their share in each of the nation’s 50 largest metropolitan areas. Here's what we found. 

10.57% of owner-occupied homes across the nation’s 50 largest metros are valued at $1 million.

 In 2022, the share across the same metros was 7.71%. That means the share of million-dollar homes in the nation’s largest metros grew year over year by 2.86 percentage points, or 1.32 million housing units.

San Jose and San Francisco have the largest share of million-dollar homes.

 Respectively, 71.57% and 56.57% of owner-occupied homes in these metros are worth $1 million or more — making them the only two in our study where a majority of homes are worth at least $1 million.

Including San Jose and San Francisco, the four metros with the highest percentage of million-dollar homes are in California. 

44% of owner-occupied homes across San Jose, San Francisco, Los Angeles and San Diego are valued at at least $1 million.

Cleveland, Buffalo, N.Y., and Louisville, Ky., are the metros where million-dollar homes are least common.

 In Cleveland, 1.09% of owner-occupied homes are valued at $1 million or more. That figure is 1.16% in Buffalo and 1.44% in Louisville. 

You can check out the full report here:https://www.lendingtree.com/home/cities-with-the-largest-share-of-million-dollar-homes/

Written byLendingTreePosted OnSunday, 17 November 2024 01:29