Number of Million-Dollar Homes Rising — Here's Where They’re Most Prevalent [New LendingTree Report]

Though home prices have remained steep after rapid growth during the height of the pandemic, paying $1 million or more for a house may seem excessive to most Americans. But just because most people aren’t spending seven figures on a place to live doesn’t mean million-dollar homes aren’t prevalent in parts of the U.S.

To see where million-dollar houses are most common, we analyzed the latest housing data to find their share in each of the nation’s 50 largest metropolitan areas. Here's what we found. 

• 10.57% of owner-occupied homes across the nation’s 50 largest metros are valued at $1 million. In 2022, the share across the same metros was 7.71%. That means the share of million-dollar homes in the nation’s largest metros grew year over year by 2.86 percentage points, or 1.32 million housing units.
• San Jose and San Francisco have the largest share of million-dollar homes. Respectively, 71.57% and 56.57% of owner-occupied homes in these metros are worth $1 million or more — making them the only two in our study where a majority of homes are worth at least $1 million.
• Including San Jose and San Francisco, the four metros with the highest percentage of million-dollar homes are in California. 44% of owner-occupied homes across San Jose, San Francisco, Los Angeles and San Diego are valued at at least $1 million.
• Cleveland, Buffalo, N.Y., and Louisville, Ky., are the metros where million-dollar homes are least common. In Cleveland, 1.09% of owner-occupied homes are valued at $1 million or more. That figure is 1.16% in Buffalo and 1.44% in Louisville. 

You can check out the full report here: https://www.lendingtree.com/home/cities-with-the-largest-share-of-million-dollar-homes/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:

"As home prices continue to rise and million-dollar-plus homes become more common, it will become even more important to implement policies meant to help lower-income families find affordable housing. If left unchecked, rampant home price growth will continue to make owning a home an unreachable goal for millions of Americans."