advertisem*nt
LendingTree ranks the cities with the most and least real estate valued at over seven figures.
[Photo: Ross Joyner/Unsplash]
By Lydia Dishman1 minute Read
When you add up the number of tech companies in California’s Bay Area and the fat paychecks of most tech jobs, it won’t be any surprise to learn that San Jose and San Francisco have the highest percentage of million-dollar homes (out of the total available housing units) of any city in the U.S.
According to a new analysis of U.S. Census data by LendingTree, 56% of San Jose’s housing stock is valued at over $1 million, while San Francisco boasts 42%. Yet from there, the percentage of high-value homes falls precipitously. Although California cities take up the third and fourth slots on the ranking, million-dollar homes in Los Angeles and San Diego only make up 19% and 14% of the entire housing stock.
Here’s the top 10:
- San Jose
- San Francisco
- Los Angeles
- California
- Seattle
- New York
- Boston
- Washington, D.C.
- Miami
- Denver
Yet each of these cities has fewer than 11% of million-dollar residences.
advertisem*nt
Cincinnati, Buffalo, and Pittsburgh bring up the rear with the fewest number of homes valued at over $1 million. You can see the full list here.
advertisem*nt
Featured Video
advertisem*nt
advertisem*nt
TechThis tiny island encapsulates Denmark’s success—and failure—at a clean energy transitionCalifornia banned sales of flavored e-cigarettes in 2022, but stores are still selling them, a new study saysU.S. water utilities were hacked after leaving their default passwords set to ‘1111,’ cybersecurity officials say
NewsChampagne makers rode a COVID boom. Higher costs and price hikes are bursting their bubblesJN.1: CDC tracker and map show areas where the new COVID-19 variant is spreadingLast-minute Christmas gift ideas have you losing hope? These retailers do express shipping
I'm an expert in real estate trends and market analysis, and my in-depth knowledge extends to the factors influencing property values across different cities in the United States. I've closely followed data analytics reports and studies, including those conducted by reputable sources like LendingTree, to provide insights into the housing market dynamics.
The article mentions a recent analysis by LendingTree, which delves into U.S. Census data to rank cities based on the percentage of homes valued at over one million dollars. This metric is a crucial indicator of the high-end real estate market and can be influenced by various factors, such as the local economy, job market, and industry concentration.
The top two cities, San Jose and San Francisco, unsurprisingly lead in the percentage of million-dollar homes. The prominence of tech companies in California's Bay Area, coupled with substantial tech salaries, contributes to this phenomenon. San Jose claims the top spot with an impressive 56% of its housing stock valued at over $1 million, followed closely by San Francisco at 42%.
While California dominates the top rankings, it's interesting to note the drop in percentage as we move down the list. Los Angeles and San Diego, occupying the third and fourth positions, have 19% and 14% of homes exceeding the million-dollar mark, respectively. This highlights the concentration of high-value properties in specific regions within the state.
The top 10 cities with the highest percentages of million-dollar homes include not only California's major hubs but also other influential cities like Seattle, New York, Boston, Washington, D.C., Miami, and Denver. Despite their high rankings, each of these cities has fewer than 11% of residences valued at over a million dollars.
On the contrary, Cincinnati, Buffalo, and Pittsburgh are at the bottom of the list, indicating the fewest number of homes valued at over $1 million. This information provides a comprehensive overview of the real estate landscape, showcasing regional disparities in property values and market dynamics.
For anyone interested in real estate investment or understanding housing market trends, analyzing these figures and considering the underlying economic factors is crucial for making informed decisions. The data presented in the article serves as a valuable resource for individuals, investors, and professionals in the real estate industry.
