Homes costing over $1 million are not as common as one would think. But there are some cities that have more real estate costing a million dollars or more, according to a study by LendingTree, which ranked the top 50 cities by the share of homes valued over $1 million.
For the rankings, LendingTree looked at cities with such homes in its property value database, which is a collection of real estate data of more than 155 million U.S. properties.
It found that like tech-startups, homes in this range were most concentrated San Jose, California. More than 53 percent of homes in this tech hub exceeded the million-dollar mark, the study found.
The only other city that came close to San Jose was its neighboring city, San Francisco that took the second place on these rankings with a little over 40 percent of homes priced at an average of $1.4 million. Million-dollar homes in San Jose in comparison averaged $1.5 million.
Los Angeles, another California hot spot for million-dollar houses came in third with 17.23 percent of homes in the million-dollar range. New York, with more than 11 percent of homes in the million-dollar range, and another California city, San Diego, with over 10 percent homes costing $1 million rounded off the top five.
The study also found that most cities in the top 10 rankings were on the coasts with the exception of Denver, which was ranked 10th with 2.65 percent homes in the range of $1 million.
Apart from the Colorado city, Seattle, Boston, Washington, D.C., and Miami were also among the 10 cities with the highest concentration of houses costing $1 million or more.
LendingTree also found that cities with the least concentration of homes costing a million dollars or more were in the rust belt. "These are also generally more affordable cities and have median home values below $200,000 with the exception of Hartford, Connecticut," the study revealed. Additionally, it found that Buffalo, New York had the lowest shares of homes valued at over $1 million with only one out of every 1,000 homes in that area passing the threshold.
Other cities that were at the bottom of the list included Pittsburgh, Cleveland, Indianapolis, Memphis, Columbus, Louisville, Oklahoma City, and Cincinnati.
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