We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. Learn more.
Pete Grieve is a personal finance reporter at Money who frequently covers news stories about housing topics including home buying, mortgage rates and homeowners insurance.
Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.
The typical home is now worth over $1 million in 550 U.S. cities — a figure that’s grown 12% in the last year, Zillow reports.
Many of the country’s most expensive real estate markets are in the largest metro areas. The New York City area alone has 106 cities with home values above $1 million, up from 82 a year ago. (This metro includes parts of New Jersey and Pennsylvania.)
According to the new data from Zillow, which estimates what existing homes are worth to create an index of home values, 210 of the cities with $1 million-plus homes are in California, up from 198 last year.
After New York City, the San Francisco and Los Angeles metro areas have the next most $1 million cities, with 69 and 63, respectively. The count is unchanged for San Francisco compared to a year ago, while the Los Angeles area gained seven.
Ads by Money. We may be compensated if you click this ad.Ad
Your future dream home awaits — Unlock your interest rate now
Unlock your interest rate now
Your Information
i
Not sure which loan type to choose? Go with a 30 Year Fixed Rate Loan, 90%+ of Americans do.
i
You can enter the mortgage loan amount, or the total home price if you have a downpayment.
$
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, LLC, NMLS# 1907, Equal Housing Opportunity, Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and Product details
The information on the daily averages includes financial product data that was in the MRC database at the time of publication. The assumptions used to calculate the rates are as follows: Rates are based on a $315,000 for conforming loans and $850,000 for non-conforming loans of an owner occupied, single-family residence with an 80% loan-to-value ratio, and rate lock ranging from 30 to 60 days. Rates are available for consumers for fico levels starting at 620 and up to 850. Rates are subject to change without notice. Quotes are for "no-cash-out" loans. All quotes are for products or loans that can be sold on the secondary market with no prepayment penalties nor negative amortization. Home Equity: The information on the daily averages includes financial product data that was in the Curinos database at the time of publication. Home Equity Loans - Rates are based on a fixed rate home equity loan for an owner-occupied residence, second lien, 15-year or 10- year repayment terms with an 80% loan-to-value ratio, Fico range of 740 and above, with a maximum loan amount of $50,000.00 . Home Equity Line of Credit - Rates are based on a variable rate, second lien revolving home equity line of credit for an owner-occupied residence with an 80% loan-to-value ratio, Fico range of 740 and above with a maximum line of credit of $50,000.00. Contact mediasupport@mortgageresearchcenter.com to have your rates included in this chart.
Your Estimated Rate
6.6%
Estimated interest rate*
Money’s Methodology
*Based on the U.S. average rate for consumers with an Exceptional Fico score (780+) getting a conventional loan, no points, and a 20% down payment. Actual rates may vary. Click "View Rates" to contact Mortgage Research Center Mortgage Rates (NMLS #1907) for a more accurate quote.
Overall, the number of cities where the typical home is worth at least $1 million increased by 59 from a year ago, when the count was 491.
The typical home value in the U.S. is up 4.2% in the past year, rising from $335,200 to $349,200. While the increase in values means that many homeowners have gained home equity, it also means that mortgages are unaffordable for many potential buyers — especially considering that current mortgage rates are still nearly 7%.
"The housing market is tight with few homes available, and competition is still high for attractive homes," Zillow said in a report. "That competitive pressure is pushing home values higher across the U.S."
States with the most $1 million cities
Here's a list of the states that have the most cities where the typical home is worth $1 million or more:
California: 210 cities (+12 in the last year)
New York: 66 cities (+8)
New Jersey: 49 cities (+14)
Florida: 32 cities (-2)
Massachusetts: 31 cities (+4)
Colorado: 21 cities (unchanged)
Washington: 18 cities (+2)
Hawaii: 17 cities (+1)
Texas: 14 cities (-1)
Maryland: 10 cities (+2)
Ads by Money. We may be compensated if you click this ad.Ad
Buy your new home with more convenience and less hassle
A Mortgage Expert at Rocket Mortgage (NMLS #3030) can lend you a hand for a smoother process. Your dream home is possible. Click below to make it happen.
