Top 22 metropolitan areas for where the million dollar houses are (as a percentage of the total housing stock) (state, largest)
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Top 22 metropolitan areas for where the million dollar houses are (as a percentage of the total housing stock)
Quote:
Today’s chart uses data from a study by LendingTree, which ranks the largest 50 U.S. cities by the percentage of million dollar homes in each metro area.
Here are the 22 U.S. cities/metro areas that have at least 1% of their housing stock exceeding the $1 million value mark:
01. San Jose MSA: 53.81%
02. San Francisco/Oakland MSA: 40.03%
03. Los Angeles MSA: 17.23%
04. New York MSA: 11.81%
05. San Diego MSA: 10.55%
06. Seattle MSA: 9.90%
07. Boston MSA: 7.95%
08. Washington DC MSA: 5.27%
09. Miami/Fort Lauderdale MSA: 3.79%
10. Denver MSA: 2.65%
11. Austin MSA: 2.16%
12. Portland MSA: 1.95%
13. Sacramento MSA: 1.72%
14. Houston MSA: 1.52%
15. Nashville MSA: 1.52%
16. Phoenix MSA: 1.51%
17. Providence MSA: 1.32%
18. Dallas/Fort Worth MSA: 1.31%
19. Chicago MSA: 1.30%
20. Riverside/San Bernardino MSA: 1.12%
21. Baltimore MSA: 1.07%
22. Charlotte MSA: 1.02%
Over 53.81% of all the houses in the San Jose MSA are estimated to be worth more than $1 million in value. The San Francisco Bay Area overall appears to be the outlier. This also has some underlying correlation with where the money is as well:
Though there are still some noticeable differences between where high net worth individuals are and where high priced value real-estate is.
Californians probably hear this every month but the real-estate market and its outlook in that entire state looks to be pretty heated and becoming more so each passing year. So much to the point where those trends are having spillover effects in every major metropolitan area in every major state that borders or is in close proximity to California. On a micro-scale, it appears that the DMV metropolitan area is having somewhat of the same sort of effect on Baltimore. Likewise with respect to the Boston and Providence relationship.
I believe it, it's insane just how valuable things have gotten in coastal California Communities. In my town $2 million won't buy you anything nice, maybe a small 3 br 2 bath home.
It does change your mindset though, you just get used to it, and you began to think everything is cheap elsewhere. I go further inland in LA and see nice homes for $800k in my mind I see that as a steal. lol
Thanks for sharing. Should Philly be in this list due to "spillover effects" from New York?
I am surprised that Philadelphia and Atlanta aren't on the list.
But, that isn't necessarily a bad thing, you can get more house (and nice house) for your money. San Jose should not be proud of that statistic, that ridiculous.
Also, the spillover from New York is rather small, Philadelphia has its own real estate market.
Also, I don't know about DC's median home price being 395k. That gets you trash in that area.
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