LendingTree reveals [1]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 [2] 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.