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These Cities Have the Largest Share of Million-Dollar Homes

Home Best Practices
By RISMedia Staff
June 30, 2022
Reading Time: 1 min read
These Cities Have the Largest Share of Million-Dollar Homes

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.

The takeaway:

“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.

Tags: 50 largest metrosLendingTree StudyMillion-Dollar Homes
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RISMedia Staff

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