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Which Metro Has the Most $1M Homes?

LendingTree reveals that million dollar homes are most uncommon throughout most of the nation, as just 5.86% of the owner-occupied homes in the nation’s 50 largest metros are valued at $1 million or more.

California is home to four of the top 10 metros with the largest share of million-dollar homes, and nearly one-third of homes in these markets is valued at at least $1 million. 

San Jose, California, has the highest share of $1 million in the state at 56.46%. San Jose’s average home value is $1.09 million. Cincinnati, Ohio, has the smallest share of $1 million homes at just 0.66%. 

The average home value in San Jose is $917,600 higher than in Cincinnati. 

San Francisco, San Diego, and Los Angeles are the other California markets with the nation’s highest share of $1 million homes. Los Angeles has the highest overall number of homes valued at #1 million or more at nearly 2.1 million. 

LendingTree released a report last month that found that the median-home price in San Francisco is worth 5.4 homes in one of the nation’s largest cities. 

Additionally, a median-prices home in San Francisco costs almost 10 times the area’s median-yearly income of $112,376. 

The study found that for what it costs to buy a home in San Francisco, one could purchase 23.2 homes in Detroit, Michigan. LendingTree states that Detroit has an average home price of $51,600.

Seattle is the metro has the largest share of million-dollar homes outside of California. LendingTree states that companies such as Microsoft and Amazon have contributed to the 11.3% of homes in the area that are valued at $1 million or more. The median-home price for Seattle is $487,400. 

The markets of New York; Boston, Massachusetts; Washington, D.C.; Miami, Florida; and Denver, Colorado, rounded out the top 10. 

Following Cincinnati for the lowest share of $1 million homes was Buffalo, New York; Pittsburgh, Pennsylvania; Cleveland, Ohio; Columbus, Ohio; Memphis, Tennessee; Indianapolis, Indiana; Hartford, Connecticut; Louisville, Kentucky; and Kansas City, Missouri. 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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