Yahoo Finance 11 States With the Most $1 Million Homes
In the last year, high mortgage rates, low home stock and inflation have contributed to an increase in the cost of homes.
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There are currently 550 cities in the United States where the “typical” home is valued at $1 million or greater, per an analysis from Zillow. Of those 550 cities, 210 are in California.
Redfin reported in 2023 that 8.2% of houses across the U.S. had million-dollar valuations.
These are the 11 states with the most $1 million cities in 2024, ranked from most to least.
California
Number of $1 million cities: 210
Percentage of homes valued at $1 million or more: 23.1%
San Francisco, San Jose, Anaheim, Oakland, San Diego and Los Angeles all have substantial percentages of $1 million homes. According to Visual Capitalist, in 2023, 81% of homes in San Francisco were worth $1 million or more.
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New York
Number of $1 million cities: 66
Percentage of homes valued at $1 million or more: 9.1%
Sagaponack, Water Mill, Bridgehampton, New York and Amagansett are the most expensive cities in the state.
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New Jersey
Number of $1 million cities: 49
Percentage of homes valued at $1 million or more: 4.6%
The most expensive cities in New Jersey are Hoboken, Jackson, Jersey City, Lakewood and Brick.
Florida
Number of $1 million cities: 32
Percentage of homes valued at $1 million or more: 3.5%
Florida’s most expensive cities are Fort Lauderdale, Miami, Cape Coral, Fort Myers and Sarasota.
Massachusetts
Number of $1 million cities: 31
Percentage of homes valued at $1 million or more: 9.0%
Boston, Cambridge, Newton and Vineyard Haven are all residential areas where many of the million-dollar homes can be found.
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Colorado
Number of $1 million cities: 21
Percentage of homes valued at $1 million or more: 7.4%
Cherry Hills Village, Aspen, Mountain Village, Bow Mar and Edwards are some of Colorado’s most expensive locations.
Hawaii
Number of $1 million cities: 17
Percentage of homes valued at $1 million or more: 22.9%
Hawaii’s most expensive places are Hanalei, Puako, Haleiwa, Kailua and Laie.
Texas
Number of $1 million cities: 14
Percentage of homes valued at $1 million or more: 2.5%
You’ll find the wealthiest homes in Lubbock, Corpus Christi, Fort Worth, San Antonio and El Paso.
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Maryland
Number of $1 million cities: 10
Percentage of homes valued at $1 million or more: 4.4%
Maryland’s wealthiest homes are found in Chevy Chase, Potomac, Cabin John, Bethesda and Royal Oak.
Virginia
Number of $1 million cities: 7
Percentage of homes valued at $1 million or more: 4.5%
Great Falls, McLean, Upperville, Waterford and Dunn Loring are home to some of the most expensive homes in the state.
South Carolina
Number of $1 million cities: 6
Percentage of homes valued at $1 million or more: 2.1%
Charleston, Hilton Head Island, Bluffton and Gastonia are South Carolina’s most expensive locations.
If you’re looking for a state not known for an abundance of million-dollar homes, you can focus on Georgia, Kansas, Maine, Michigan, Rhode Island, Wisconsin and Delaware. Zillow determined these states to have only a single $1 million city each.
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This article originally appeared on GOBankingRates.com: 11 States With the Most $1 Million Homes
