Mapped: The 22 Cities With the Most $1 Million Homes in the U.S.
Map: The 22 Cities With the Most $1 Million Homes
Throughout most of America, owning a $1 million home gives you definite bragging rights – it means you may have six bedrooms, 5,000 square feet, an infinity pool, and at least a few acres of property.
But along the coasts – and particularly in California – the two comma club has lost most of its novelty. That’s because in some places, like San Jose, CA, the majority (53.8%) of homes are already soaring past the $1 million mark, despite most of them looking nothing more than ordinary.
$1 Million Homes by City
Today’s chart uses data from a study by LendingTree, which ranks the largest 50 U.S. cities by the percentage of million dollar homes in each metro area. The data from the study was pulled out of a database of 155 million property prices throughout the country.
Here are the 22 U.S. cities that have at least 1% of their housing stock exceeding the $1 million value mark:
|Rank||City||% of $1mm homes||Median home price|
|#1||San Jose, CA||53.81%||$1,069,000|
|#2||San Francisco, CA||40.03%||$891,000|
|#3||Los Angeles, CA||17.23%||$622,000|
|#4||New York, NY||11.81%||$454,000|
|#5||San Diego, CA||10.55%||$563,000|
The data looks pretty telling, with four of the top five cities being located in California. In each of those cities, more than 10% of all homes have surpassed the $1 million mark.
In the Bay Area specifically, prices are amplified even further: San Francisco (40.0%) and San Jose (53.8%) have by far more $1 million homes than other major cities in the country. It’s also worth noting that in San Jose, the median price of all homes is a whopping $1,069,000.
You can just imagine what houses might cost in some of the Silicon Valley towns like Mountain View or Palo Alto, or just over the Golden Gate Bridge in Marin County.
The Bottom of the List
While the above chart shows the 22 U.S. cities with the most $1 million homes, LendingTree also listed the major cities in the country with the fewest.
Buffalo, located in upstate New York, takes this title, with only 0.10% of homes passing the mark and an overall median home price of just $141,000. So, to buy the average home in San Jose, you’d need to sell off about eight average houses in Buffalo.
The other cities with the smallest concentrations of million dollar homes are also located in the Great Lakes and Midwest regions: Pittsburgh (0.17%), Hartford (0.18%), Cleveland (0.19%), and Indianapolis (0.27%).
Modular Housing vs. Traditional Housing: How Do They Compare?
Modular housing can be completed 40% faster and costs 10-25% less than traditional construction methods. Is the future of housing modular?
Modular Housing vs. Traditional Housing: How Do They Compare?
The U.S. needs new houses. Lots of them.
With housing prices nearing six times annual incomes, increasing supply is a must if there is any hope of bringing down house prices, and modular housing could be the solution.
This visualization is the third and final piece of the Reimagining Home Series from our sponsor Boxabl, where we compare the benefits of modular housing against traditional construction methods. Let’s start with the basics.
What Is Modular Housing?
Modular homes are built offsite, in standardized sections, usually in a factory setting. They are then transported to the building site and assembled on a waiting foundation. Once complete, modular homes look just like any other house.
Modular housing is not the same as manufactured homes, which are also sometimes called mobile homes. Like modular housing, manufactured homes are built offsite in a factory, but the key difference is that they can be moved after being assembled. Modular homes aren’t meant to be moved again after final assembly.
6 Ways Modular Homes Differ to Traditional Homes
The following benefits are based on information from the Modular Home Building Association, as well as a paper given at the 2020 Creative Construction e-Conference by members of the Department of Civil Engineering at the University of Texas at Arlington.
1. Speed of Construction
Because of the piecemeal nature of modular construction, many building activities can be done simultaneously, greatly reducing the overall time of completion. At the same time, because construction happens indoors, weather delays aren’t an issue. Overall, a modular housing project can be completed in 40% less time than using traditional building construction methods.
2. Cost Effectiveness
Standardization of design, less transportation of materials onsite, and the reduced impact of weather are some of the reasons that modular housing can be much cheaper than traditional building methods. According to the authors of the paper, there was a 10-25% decrease in construction costs for modular housing, again, compared to traditional methods.
A common misconception is that modular housing isn’t customizable. While many manufacturers will often begin with a starter floor plan, they may also offer various customization options throughout the home.
4. Safety Record
Construction is a dangerous way to make a living. In 2021, construction and extraction workers held the number two spot for fatal occupational injuries in the U.S., with 951 work fatalities.When you drill down into that number, construction tradespeople are in the majority, by far, with 726 that year alone.
|Transportation and material moving occupations||1,523|
|Construction and extraction occupations||951|
|Installation, maintenance, and repair occupations||475|
|Building and grounds cleaning and maintenance occupations||356|
|Protective service occupations||302|
|Farming, fishing, and forestry occupations||218|
|Sales and related occupations||200|
|Food preparation and serving related occupations||101|
|Office and administrative support occupations||91|
|Personal care and service occupations||64|
|Healthcare practitioners and technical occupations||57|
|Arts, design, entertainment, sports, and media occupations||45|
|Community and social services occupations||40|
|Healthcare support occupations||32|
|Architecture and engineering occupations||29|
|Business and financial operations occupations||27|
|Educational instruction and library occupations||16|
|Life, physical, and social science occupations||10|
|Computer and mathematical occupations||6|
Because modular construction happens in a controlled, factory environment, the number of accidents decreases by 80% compared to traditional building methods.
5. Environmental Impact
Anyone who has walked past a residential build site can testify to the amount of waste produced during construction. Modular construction is more efficient and therefore produces less waste. And because onsite construction is limited to assembly, there is less dust and noise. Carbon emissions are also 38% lower.
6. Built to Last
Modular housing is as good, if not better constructed, than many traditionally-built houses. The factory environment allows for superior quality control, and homes built this way use 15-20% more wood per square foot, which makes them stronger. Moreover, in a study commissioned by the Federal Emergency Management Agency after 1992’s Hurricane Andrew found that modular housing “performed much better than conventional residential framing.”
A Market On The Rise
Not only is modular housing cheaper and greener than traditional construction methods, it is also a market on the rise.
According to a recent report, the global modular construction market is expected to reach $54 billion by 2027, with a CAGR of 2.9% between 2021 to 2027.
Thinking Outside of the Box on Housing
Modular housing could be a solution to the housing affordability crisis not only in the U.S., but around the world. And with the global city population expected to hit 68% by 2050, it’s time to think outside the box on housing.
Boxabl uses advanced, mass production techniques to build and ship homes that significantly lower the cost of home ownership for everyone.
This is the final piece in the Reimagining Home Series from our sponsor, Boxabl. Be sure to read parts one and two on urbanization and affordable housing.
Learn more about how Boxabl is helping tackle the housing affordability crisis.
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