Though home prices have risen significantly over the past two years, paying $1 million or more for a house may still seem excessive to most Americans.
To find out where million-dollar houses are most common, LendingTree recently released analysis of its housing data that looked at the share of million-dollar homes in each of the nation’s 50 largest metropolitan areas.
Key findings from the data:
- Million-dollar homes are relatively uncommon in most of the country. An average of only 4.71% of the owner-occupied homes in the nation’s 50 largest metros are valued at $1 million or more.
- The prevalence of million-dollar homes can vary significantly by metro. For example, 52.89% of owner-occupied homes are valued at $1 million or more in San Jose, California, making it the only one of the nation’s 50 largest metros where a majority of owner-occupied homes are worth at least $1 million.
- Of the 10 metros with the largest share of million-dollar homes, the four with the highest percentage are in California.
- Buffalo, New York, Cleveland, Ohio, and Pittsburgh, Pennsylvania, have the smallest share of homes valued at $1 million or more.
“As home prices continue to rise and million-dollar-plus homes become more common, it will become even more important to implement policies meant to help lower-income families find affordable housing,” said LendingTree’s Senior Economist and report author, Jacob Channel. “If left unchecked, rampant home price growth will continue to make owning a home an unreachable goal for millions of Americans.”
To view the full report and city rankings, click here.