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Location: That star on your map in the middle of the East Coast, DMV
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Between 2023-24 the US saw an increase to a record 550 cities where typical home values are $1 million or more. As a state California dominates this list. Florida, Texas, and Delaware are the only states that saw a net loss in "million dollar cities" over that time frame. Below are the metro areas with the most "cities" in them.
Total million dollar cities by metro:
New York, NY- 106
San Francisco, CA- 69
Los Angeles, CA- 63
Boston, MA- 23
San Jose, CA- 18
Seattle, WA- 17
Miami-Fort Lauderdale, FL- 17
Washington, D.C.- 14
San Diego, CA- 10
Santa Maria-Santa Barbara, CA; Santa Rosa, CA- 9
Dallas with eight million-dollar cities and Denver with seven are the top metros in states that don’t touch either coast.
Great info. Hard to believe Florida and Texas actually lost cities
I can see it. Many TX and FL markets had some of the most inflated housing values in the post-pandemic boom and currently have some of the softest markets. The upper echelon of price-points are usually the ones that fall the most; easy to bump the average sales prices down in the boutique towns that had average values at or just over $1million in 2021-2022
I’m curious how they’re aggregating this data. They said Siesta Key was no longer a million dollar city, but it’s not even a city so I’m not sure why it was included in the first place.
Location: The Greatest city on Earth: City of Atlanta Proper
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Originally Posted by masssachoicetts
High concentration of wealth for the Northeast USA.
Thats what happens when you dont build housing.
The second part is more indicative than the first. There are reasons both relevant (historic preservation, natural barriers to growth) and irrelevant (nimbyism, zoning that keeps new multifamily from being built).
This narrative of "they have more rich people" doesn't hold up since we're not talking a statistically significant amount of people to have that kind of sway across the entire metropolitan areas. Even in NYC the vast majority of people fall somewhere between dirty poor and middle class.
The second part is more indicative than the first. There are reasons both relevant (historic preservation, natural barriers to growth) and irrelevant (nimbyism, zoning that keeps new multifamily from being built).
This narrative of "they have more rich people" doesn't hold up since we're not talking a statistically significant amount of people to have that kind of sway across the entire metropolitan areas. Even in NYC the vast majority of people fall somewhere between dirty poor and middle class.
I can see it. Many TX and FL markets had some of the most inflated housing values in the post-pandemic boom and currently have some of the softest markets. The upper echelon of price-points are usually the ones that fall the most; easy to bump the average sales prices down in the boutique towns that had average values at or just over $1million in 2021-2022
Not surprising at all here, either. Austin is singled out (isn’t the media so mean to pick on Austin? ) for having one of the most (if not most) housing bubbles? It’s also the only city in the U.S whose market is going reversed.
While I’m in the middle of possibly spending $1.7 million in cash to buy a house, from the humanly compassionate perspective I really don’t think boasting high median housing prices at the one million dollars threshold is really something as a bragging rights for the city. So many middle class, hard working people are struggling to afford a nice property that doesn’t look like a murder scene or a meth lab. With the current interest rate people need to make at least $200k just to afford a $600k range house.-my heart goes out to anyone who just wishes to have a nice place to call home, whether it’s to own or to rent. (Rental market is pretty crazy these days too.)
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