For some people these days, keeping up with the Joneses means buying a home for $1 million or more .
With many top-tier earners now working remotely from home during the pandemic, those who can afford the price tag of a McMansion are not hesitating to invest in one, according to LendingTree.
To find the locations of U.S. metro areas with the most million-dollar homes, LendingTree used data from the U.S. Census Bureau’s most recent American Community Survey. By dividing the number of owner-occupied housing units priced at $1 million or more by the overall number of owner-occupied housing units, LendingTree determined each metro area's share of million-dollar homes (with or without a mortgage) and ranked them accordingly.
Here, in ascending order, are LendingTree’s top 10 metros with the most million-dollar homes.
10. Denver
Denver homes are in demand, especially the select few with a price tag of $1 million or more. The Denver metro area has a total number of 710,638 owner-occupied housing units with a median value of $380,900. Just 24,981 of those owner-occupied units (3.52%) are valued at $1 million or more.
9. Miami
The Miami area has a total number of 1,262,225 owner-occupied housing units with a median value of $280,400. Just 56,589 of those owner-occupied units (4.48%) are valued at $1 million or more.
8. Washington, D.C.
The Washington, D.C., area has a total number of 1,409,325 owner-occupied housing units with a median value of $424,000. Just 94,301 of those owner-occupied units (6.69%) are valued at $1 million or more.
7. Boston
The Boston area has a total number of 1,130,182 owner-occupied housing units with a median value of $437,500. Just 83,991 of those owner-occupied housing units (7.43%) are valued at $1 million or more.
6. Seattle
The Seattle area has a total number of 900,265 owner-occupied housing units with a median value of $435,100. Just 76,786 of those owner-occupied housing units (8.53%) are valued at $1 million or more.
5. New York City
The New York City metro area has a total number of 3,588,835 owner-occupied housing units with a median value of $450,900. Just 356,032 of those owner-occupied housing units (9.92%) are valued at $1 million or more.
4. San Diego
The San Diego area has a total number of 600,104 owner-occupied housing units with a median value of $563,700. A total of 73,131 owner-occupied housing units (12.19%) were valued at $1 million or more.
3. Los Angeles
The Los Angeles area has a total number of 2,114,788 owner-occupied housing units with a median value of $613,400. A total of 359,937 owner-occupied housing units (17.02%) were valued at $1 million or more.
2. San Francisco
The San Francisco area has a total number of 931,032 owner-occupied housing units with a median value of $840,600. A total of 337,480 owner-occupied housing units (36.25%) were valued at $1 million or more.
1. San Jose, Calif.
The San Jose area has a total number of 372,659 owner-occupied housing units with a median value of $968,800. A total of 176,243 owner-occupied housing units (47.29%) were valued at $1 million or more.
The full report can be viewed here.
