Connect with us

Markets

The U.S. States With the Most Million Dollar Homes

Published

on

Whether it’s a mansion in the suburbs or a penthouse in the city center, the price tag of any prime piece of real estate is usually measured in the millions.

Where in the United States can the most multi-million dollar homes be found – and which specific cities have the highest growth rates for high-end property listings?

Million Dollar Homes

Today’s interactive visualization comes to us from Overflow Data, and it shows the percentage of homes worth greater than a million dollars in each state, as well as D.C.

The first thing that stands out here is the skewed distribution.

The rate of million dollar homes per state ranges from 0.5% (Indiana) to 17.3% (D.C.), but the median is only 1.1%. That means that the vast amount of states are closer to the zero end of the spectrum.

In fact, only six jurisdictions exceed the 4% mark:

RankJurisdiction% of million dollar homes
#1Washington, D.C.17.3%
#2California13.6%
#3Hawaii13.5%
#4New York7.0%
#5Massachusetts5.2%
#6Connecticut4.5%

Leading the pack is Washington D.C. with 17.3% of all homes exceeding the $1 million benchmark. This puts the nation’s capital ahead of California (13.6%), Hawaii (13.5%), and New York (7.0%).

The high degree of expensive homes in D.C. is not surprising, since the district is a small, urban jurisdiction, with no real “countryside” where more affordable homes can usually be found.

Washington, D.C. map

Changing Cities

But what specific cities are trending upwards? Where are there increasing amounts of homes worth over a million bucks?

Top 10 Cities With Increasing Rate of Million Dollar Homes

The above map from Realtor.com breaks down the cities that have the biggest increases in million dollar homes over the last three years.

Here’s a closer look:

RankCity>$1mm homes (2017)>$1 mm homes (2014)Difference
#1Denver, CO9.4%3.3%+6.1%
#2Santa Rosa, CA14.1%8.1%+6.0%
#3Boulder, CO14.7%9.0%+5.7%
#4Truckee, CA12.4%7.1%+5.3%
#5Fredericksburg, TX13.6%9.8%+3.8%
#6Heber, UT10.5%6.8%+3.7%
#7Boston, MA9.9%6.8%+3.1%
#8Seattle, WA7.7%5.3%+2.4%
#9Santa Fe, NM11.7%9.4%+2.3%
#10Charleston, SC7.0%4.9%+2.1%

The most impressive representation on the list comes from Colorado, where Denver and Boulder are #1 and #3 respectively.

That said, these cities are anomalies within Colorado as a whole, which has just 2.9% of all homes worth $1 million or more.

Click for Comments

Markets

Mapped: The Median Down Payment for a House, by U.S. State

From coast to coast, the median down payment on a single family home can be close to $100,000 or less than $10,000.

Published

on

A cropped map with the median down payment on a single-family home in America, by state.

The Median Down Payment for a House, by U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Since housing costs vary across U.S. states, so too does the income required to buy a house, and the down payment associated with the purchase.

But how much does the median value change per state?

Creator Julie Peasley maps the median down payment on a single-family home by U.S. state, using data from Realtor.com, accessed through Bankrate, a publisher and rate comparison service focused on the banking industry.

Importantly, a “single-family home” is legally defined as a “structure used as a single-dwelling unit,” which includes:

  • No common walls
  • Built on its own parcel of land
  • Private entrance/exit
  • One set of utilities
  • Single kitchen

This means actual house square footage will vary within and across the states, affecting the median prices and down payments in this data.

The Data: Median Down Payments by State

The top three priciest places for down payments are tied for number one: Washington D.C., Florida, and Hawaii, at a whopping $98,670.

RankU.S. StateMedian Down PaymentAverage Down
Payment Percentage
1Florida$98,67017.0%
2Hawaii$98,67017.0%
3Washington, D.C.$98,67020.9%
4Washington$86,75228.6%
5California$84,24418.4%
6Massachusetts$79,20618.9%
7Colorado$75,30418.5%
8Montana$72,83321.0%
9New Jersey$71,54718.0%
10New Hampshire$71,50020.0%
11Idaho$64,98520.2%
12Oregon$55,01517.3%
13New York$50,84317.0%
14Vermont$48,53417.5%
15Connecticut$47,34218.6%
16Rhode Island$45,28516.6%
17Utah$43,48816.4%
18Delaware$40,41217.0%
19Minnesota$38,50016.1%
20South Dakota$37,63016.8%
21Georgia$35,57215.9%
22Arizona$34,07215.4%
23Nevada$33,30615.0%
24Wyoming$32,38916.0%
25North Carolina$31,86714.5%
26Virginia$29,70413.5%
27Nebraska$29,61715.4%
28Wisconsin$28,33315.0%
29Illinois$27,34814.3%
30Iowa$26,46115.5%
31Tennessee$25,96914.6%
32Maryland$25,72311.9%
33Pennsylvania$25,40213.8%
34North Dakota$24,54315.0%
35South Carolina$24,35715.1%
36Michigan$23,15314.2%
37Alaska$21,35412.2%
38Texas$18,78012.2%
39Kansas$18,32513.1%
40Missouri$17,83212.9%
41New Mexico$17,57612.6%
42Kentucky$17,54813.4%
43Maine$17,54816.0%
44Indiana$17,47712.6%
45Ohio$15,04412.3%
46Oklahoma$13,17712.3%
47Arkansas$11,99611.8%
48Alabama$8,78810.7%
49West Virginia$6,6119.2%
50Louisiana$6,4709.2%
51Mississippi$5,8149.3%
N/ANational$31,50015.0%

Note: Current as of Q3, 2023.

Ranked 4th and 5th are Washington State and California, requiring median down payments in the mid-$80,000s.

Unsurprisingly the median down payment patterns follow how expensive housing is in that particular state, which in itself is a reflection of jobs, income, population, amenities, and the desirability of the location. By looking at the median, it also cuts out the “high end” that would skew the average (mean) payment higher.

At the bottom of the list, Alabama, West Virginia, Louisiana, and Mississippi all average less than $10,000 in median down payments.

However looking at the percentage of the total value put down as a down payment in those states (10%) indicates homebuyers there tend to have longer repayment plans. This is in contrast to the median down payment in Washington, which is close to one-third of the total house value.

Work From Home and U.S. Real Estate

The U.S. housing market has seen quite an upheaval in the last few years. Between December 2019 and November 2021, house prices rose nearly 24%, the fastest rate on record. Research found that areas that were more exposed to remote work experienced higher price growth.

Following the trend of skyrocketing house prices, the national average for down payments has also more than doubled from $13,250 in Q1 2020 to $31,500 in Q3, 2023, per earlier linked Bankrate data.

Rents have also climbed significantly, pricing many young adults out of moving out of their parents homes, which in turn has fueled luxury spending with more disposable income.

On the other hand, the commercial real estate market has struggled with falling demand and higher interest rates, putting downward pressure on prices in the sector.

Continue Reading

Subscribe

Popular