These Are The States With The Most Million-Dollar Homes: CA, NY, NJ...
These Are The States With The Most Million-Dollar Homes: CA, NY, NJ...
19 Counties Have An Average Home Price Above $1,000,000, 621 Cities have avg home prices $1,000,000 and up
Note, Zillow has the data available for free for downloand (the 621 million dollar cities for example) at:
https://www.zillow.com/research/data/
These 621 million dollar home cities include
· Indian Creek, FL
· Atherton, CA
· Hunts Point, WA
· Jupiter Island, FL
· Sagaponack, LI, NY
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These Are The States With The Most Million-Dollar Homes
BY TYLER DURDEN
SATURDAY, SEP 14, 2024 - 12:00 AM
Million-dollar homes are becoming more common, with the U.S. having 621 cities where a typical home is worth $1 million or more.
While high interest rates have caused commercial real estate prices to fall, it hasn’t had the same impact on the residential market. Housing inventory has increased, but it still remains below average historical levels. At the same time, while mortgage rates have fallen, U.S. home prices continue to climb, nearing record highs.
This graphic, via Visual Capitalist's Dorothy Neufeld, shows the number of cities in each U.S. state where a typical home costs $1 million or more, based on data from Zillow.
Ranked: The Number of Million-Dollar Cities, by State
Below, we show the number of cities where a typical home (the average home in the 35th to 65th percentile) costs $1 million or more by state:
RankStateNumber of Million-Dollar Cities
1California218
2New York76
3NewJersey60
4Massachusetts445Florida306Washington237Colorado227Hawaii229Texas1710Maryland1111Utah911Virginia913Illinois814Minnesota715Connecticut615Missouri615South Carolina618North Carolina519Arizona419Idaho419Montana419Nevada419Wyoming424New Hampshire324Tennessee326Deleware226Michigan226Ohio226Pennsylvania226Rhode Island226Wisconsin232Georgia1
32Kansas1
32Maine1
32Oregon1
Total:621
As of July 31, 2024
California has more million-dollar cities than the next four states combined, with Atherton standing as the most expensive city, where a typical home costs $7.5 million.
Today, a typical home in California costs more than twice as much as a typical U.S. home, with residents paying almost $6,000 on monthly payments for a newly-purchased mid-tier home. These costs include mortgage payments, homeowners insurance, and taxes. Since February 2023, the state has added 20 cities where a typical home costs $1 million or more.
Following next in line is New York, with 76 million-dollar cities. A separate report shows that the price of single family homes jumped by 10.9% annually since the first quarter of 2023, giving the state some of the fastest-rising house prices in America.
Ranking in third is New Jersey, which saw one of the greatest increases in million-dollar cities overall since February 2023.
As we can see, there are 15 states without any million-dollar cities, mainly in the Midwest and South. These states are known for having greater housing affordability, and a lower cost of living, but fewer job prospects amid weak labor market activity.
To learn more about this topic from a U.S. city perspective, check out this graphic on the salary needed to buy a home in 50 U.S. cities in 2024.
read original press report for better formatting, full article at:
https://www.zerohedge.com/personal-finance/these-are-states-most-million-dollar-homes
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19 Counties:
Nantucket County, MA
Pitkin County, CO
Teton County, WY
Santa Clara County, CA
San Mateo County, CA
Dukes County, MA
San Miguel County, CO
Marin County, CA
Eagle County, CO
San Francisco County, CA
New York County (Manhattan), NY
Alameda County, CA
Falls Church City, VA
Routt County, CO
Maui County, HI
Monroe County, FL
Summit County, CO
Kauai County, HI
Orange County, CA
(the rankings change year to year, sometimes even month to month as home prices go up or down)
19 Counties Where Homes Average $1M+ Where Does Yours Rank?
Last updated 09/13/2024 by
Edited by
SUMMARY:
The price of a typical home has soared past $1 million in 19 U.S. counties. While “million-dollar cities” are frequently discussed, the rise of “million-dollar” counties adds a broader perspective on housing affordability. From tech hubs to luxury vacation spots, this is the story of the U.S. counties with the highest median home prices.
The first million-dollar county emerged in 2004. A “million-dollar county” is defined as one where the typical home is worth over $1 million. Fast forward 20 years, and the U.S. now has 19 such counties. While inflation plays a part in rising home prices, the growth in million-dollar counties has far outpaced inflation, reflecting a broader issue of affordability.
The rise of million-dollar counties over time
The number of U.S. counties where the median home price exceeds $1 million has steadily increased over the past two decades. Nantucket County (MA) became the first in May 2004. By 2014, only two others—New York County (NY) and Pitkin County (CO)—had crossed this threshold, bringing the total to three.
Since then, the trend has accelerated, particularly in states like California, Colorado, and Massachusetts. Between 2015 and 2020, the number of million-dollar counties grew modestly, reaching eight by the end of 2020. The post-pandemic housing boom—fueled by high demand, limited inventory, and low interest rates—led to a rapid increase, peaking at 21 counties by mid-2022. As of 2024, there are 19 counties where home values average above $1 million, reflecting persistently elevated prices despite market corrections.
This growth highlights a significant shift in housing affordability, especially in regions fueled by tech booms and luxury markets, where middle-income households are increasingly priced out. The variation in home prices across U.S. counties is striking. For example, in Orange County, CA, the typical home costs $1,161,599, while in Orange County, FL, it’s much lower at $413,297. In Orange County, VT, the price drops even further to $337,707. These stark differences reflect how location can greatly influence home affordability.
Curious about the typical home price in your own county? Use the search feature in the table above to explore how your area compares.
How is the typical cost (aka ZHVI) of a county calculated?
The Zillow Home Value Index (ZHVI) is based on a trimmed mean of Zestimates, focusing on the 35th to 65th percentile of home values in a given region. Zestimates leverage data such as property sales, tax records, and home characteristics to provide region-specific home value estimates.
Breakdown of counties with million-dollar homes
Key findings
California leads with 7 counties where median home prices exceed $1 million, driven by tech wealth and limited housing supply in areas like San Mateo and Marin.
Colorado’s four million-dollar counties, including Pitkin and Eagle, attract affluent buyers for both primary and vacation homes, thanks to luxury ski resorts and scenic mountain locations.
Massachusetts’ Nantucket and Dukes counties remain popular vacation destinations, while New York’s New York County (Manhattan) draws affluent buyers due to its global status and high-end real estate.
Pitkin and Eagle counties in Colorado exemplify how outdoor amenities and increased demand during the pandemic have driven luxury home prices.
High demand and limited inventory in areas like Nantucket and Pitkin continue to push home prices higher in these sought-after vacation markets.
Million-dollar cities in the U.S.
As you can see in the table above, million-dollar cities are becoming increasingly common. In 2024 there are 621 U.S. cities having typical home values above $1 million. California leads with 218 cities—more than the next four states combined. Atherton, CA, stands out as the most expensive, with a typical home costing $7.5 million. Other states with notable numbers of million-dollar cities include New York (76), New Jersey (60), and Massachusetts (44).
While housing inventory has increased, it remains below historical averages, and home prices continue to rise, even amid higher mortgage rates. States with fewer million-dollar cities, particularly in the Midwest and South, tend to have more affordable housing but often lack high-income job opportunities.
How much income do you need to afford a million-dollar home?
Purchasing a million-dollar home requires a substantial income due to the size of the loan and associated costs. Assuming a 10% down payment ($100,000) and a 30-year fixed mortgage with a 5% interest rate, the monthly mortgage payment would be approximately $4,830. This excludes other costs like property taxes, insurance, and maintenance.
Typically, you don’t want your housing costs to exceed 30% of your gross monthly income. Based on this, to comfortably afford a $4,830 mortgage payment, you would need a household income of at least $193,200 per year. However, with additional costs like taxes and insurance, it would be smart to give yourself some breathing room and only buy a million-dollar home if you have an annual income of over $200,000.
Affording a million-dollar home requires not only a high income but also careful financial planning, particularly with the ongoing impact of interest rates and rising home prices.
The value of county-level real estate analysis
County-level data offers a broader perspective than city-specific data, capturing a mix of suburban and rural areas. Here’s why this level of analysis is key to understanding luxury real estate trends:
Counties often include a variety of housing types across urban, suburban, and rural areas, providing a more comprehensive view of real estate trends than city-level data alone.
Counties are influenced by a wider range of economic factors, including infrastructure projects, local employment, and tourism. For example, Colorado’s million-dollar counties benefit from both tourism and a growing local economy.
Counties tend to exhibit more stable, long-term real estate trends compared to cities, which can experience more rapid price fluctuations. This makes county-level data particularly valuable for understanding regional housing markets.
https://www.supermoney.com/million-dollar-counties-cities
The rich are getting richer, at least we know where they live.