Mapped: U.S. States With the Most Million-Dollar Homes
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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 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
3New Jersey60
4Massachusetts44
5Florida30
6Washington23
7Colorado22
7Hawaii22
9Texas17
10Maryland11
11Utah9
11Virginia9
13Illinois8
14Minnesota7
15Connecticut6
15Missouri6
15South Carolina6
18North Carolina5
19Arizona4
19Idaho4
19Montana4
19Nevada4
19Wyoming4
24New Hampshire3
24Tennessee3
26Deleware2
26Michigan2
26Ohio2
26Pennsylvania2
26Rhode Island2
26Wisconsin2
32Georgia1
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.
Learn More on the Voronoi App
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.
The post Mapped: U.S. States With the Most Million-Dollar Homes appeared first on Visual Capitalist.