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November 5, 2019

Nowhere in US has more million-dollar homes than Los Angeles-Orange County

Nowhere in US has more million-dollar homes than Los Angeles-Orange County 1

Here’s another way to see just how expensive California housing has become: It’s home to almost half of all million-dollar homes in major U.S. metropolitan areas.

LendingTree, an online loan servicer, looked at the number of homes valued at $1 million or more in the nation’s 50 largest metro areas. My trusty spreadsheet found that six California metros in the Top 50 accounted for 48% of the 2.3 million seven-figure residences tallied. These six Golden State markets had just 13.5% of all homes in the study.

That translates to seven-figure residences being fairly common in California and a relative rarity elsewhere in the nation. In those six Golden State markets, 21% of the homes were worth $1-million-plus. In the rest of the nation? Just 3.5% are valued in seven figures.

On the metro-area level, California housing dominated the top of the list that’s otherwise very bi-coastal …

Los Angeles and Orange counties are home to 400,562 seven-figure residences in the L.A.-O.C. metro. That was tops nationally and represented 19% of all L.A.-O.C. residences, the third-largest share of the Top 50 for a market with a $650,300 overall median home value.

San Francisco has the second largest collection of seven-figure homes with 395,858. That equals 42% of all residences, the second-largest share of the 50 metros. It’s got a $910,300 median value.

No. 3 was the New York City region with 393,512 million-dollar homes. That’s 10% of all residences, the sixth-largest share in a market with a $457,100 median.

The San Jose metro’s 208,745 million-dollar homes ranked No. 4 but it’s 56% of all Silicon Valley residences, the largest share of the Top 50. That’s why the area’s homes have a $1.1 million median value.

Seattle was No. 5 with 102,598 million-dollar homes. Then came Washington, D.C. (100,507); Boston (96,432) and San Diego (84,769). Middle America’s only Top 10 metro was Chicago (61,294) at No. 9. Miami rounded out the Top 10 (58,661).

Also from California was Riverside and San Bernardino counties with 19,074 million-dollar homes at No. 17, and Sacramento with 17,426 million-dollar homes at No. 18.

Oh, where’s the least likely place to find a million-dollar home among America’s biggest metro areas? Cincinnati and Buffalo, N.Y., where just 0.66% of homes are worth $1 million or more.

Source

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