Even with fast-rising prices homes with a seven-figure price tag are relatively rare south of the border. But in some US cities, they are a more familiar occurrence.
A new analysis by mortgage lending platform LendingTree has ranked the top 50 cities by the share of homes valued at $1 million or more, using data from the firm’s property value database.
The top 3 places with the most million-dollar homes are all in California; San Jose, San Francisco, and Los Angeles.
Those three cities along with San Diego are four of the five cities where more than 10% of homes are valued at $1 million or more; New York is the other.
More than half of homes in San Jose are $1m+
San Jose has the largest share of million-dollar homes (53%) and is also the only city with a median value of all homes in seven figures ($1,069,000).
Forty percent of homes in San Francisco are in the $1m+ price bracket and the city’s median among all homes is $891,000.
Third placed Los Angeles is some way behind the top two, with 17.23% of homes with a million-dollar-or-more value and a median value among all homes of $622,000.
The share of homes in the seven-figure club falls to 11.81% for New York and 10.55% for San Diego.
Coastal cities dominate the top 10
Most of the cities with the highest share of million dollar homes are on the coast. The exception is Denver which is farthest inland and a 2.65% share of million dollar homes.
Hartford, CT (0.18%), Pittsburgh (0.17%), and Buffalo, NY (0.10%) have the lowest share of million-dollar homes.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate