Connect with us

Markets

Mapped: The 22 Cities With the Most $1 Million Homes in the U.S.

Published

on

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:

RankCity% of $1mm homesMedian home price
#1San Jose, CA53.81%$1,069,000
#2San Francisco, CA40.03%$891,000
#3Los Angeles, CA17.23%$622,000
#4New York, NY11.81%$454,000
#5San Diego, CA10.55%$563,000
#6Seattle, WA9.90%$461,000
#7Boston, MA7.95%$459,000
#8Washington, DC5.27%$395,000
#9Miami, FL3.79%$267,000
#10Denver, CO2.65%$391,000
#11Austin, TX2.16%$282,000
#12Portland, OR1.95%$378,000
#13Sacramento, CA1.72%$378,000
#15Nashville, TN1.52%$235,000
#14Houston, TX1.52%$192,000
#16Phoenix, AZ1.51%$242,000
#17Providence, RI1.32%$266,000
#18Dallas, TX1.31%$213,000
#19Chicago, IL1.30%$223,000
#20Riverside, CA1.12%$332,000
#21Baltimore, MD1.07%$270,000
#22Charlotte, NC1.02%$187,000

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%).

Click for Comments

Investor Education

The Top 5 Reasons Clients Fire a Financial Advisor

Firing an advisor is often driven by more than cost and performance factors. Here are the top reasons clients ‘break up’ with their advisors.

Published

on

Published

on

The following content is sponsored by Morningstar
This circle graphic shows the top reasons for firing a financial advisor.

The Top 5 Reasons Clients Fire a Financial Advisor

What drives investors to fire a financial advisor?

From saving for a down payment to planning for retirement, clients turn to advisors to guide them through life’s complex financial decisions. However, many of the key reasons for firing a financial advisor stem from emotional factors, and go beyond purely financial motivations.

We partnered with Morningstar to show the top reasons clients fire an advisor to provide insight on what’s driving investor behavior.

What Drives Firing Decisions?

Here are the top reasons clients terminated their advisor, based on a survey of 184 respondents:

Reason for Firing% of Respondents
Citing This Reason
Type of Motivation
Quality of financial advice
and services
32%Emotion-based reason
Quality of relationship21%Emotion-based reason
Cost of services17%Financial-based reason
Return performance11%Financial-based reason
Comfort handling financial
issues on their own
10%Emotion-based reason

Numbers may not total 100 due to rounding. Respondents could select more than one answer.

While firing an advisor is rare, many of the primary drivers behind firing decisions are also emotionally driven.

Often, advisors were fired due to the quality of the relationship. In many cases, this was due to an advisor not dedicating enough time to fully grasp their personal financial goals. Additionally, wealthier, and more financially literate clients are more likely to fire their advisors—highlighting the importance of understanding the client. 

Key Takeaways

Given these driving factors, here are five ways that advisors can build a lasting relationship through recognizing their clients’ emotional needs:

  • Understand your clients’ deeper goals
  • Reach out proactively
  • Act as a financial coach
  • Keep clients updated
  • Conduct goal-setting exercises on a regular basis

By communicating their value and setting expectations early, advisors can help prevent setbacks in their practice by adeptly recognizing the emotional motivators of their clients.

Visual Capitalist Logo

Curious about what drives investors to hire a financial advisor? Discover the top 5 reasons here.

Click for Comments

You may also like

Visualizing Asia's Water Dilemma

Subscribe

Continue Reading
HIVE Digital Technologies

Subscribe

Popular