Number of $1+ million homes in U.S. grows

California’s San Francisco and San Jose are the only U.S. metros where more than 50% of owner-occupied homes are worth at least $1 million, according to a new LendingTree study.

Million-dollar homes are relatively uncommon across the country, but their share is increasing.

According to LendingTree’s study of data from the Census Bureau’s American Community Survey, 6.68% of owner-occupied homes in the nation’s 50 largest metros in 2021 are valued at $1 million or more in 2021. In 2020, only 4.71% of owner-occupied homes in the nation’s 50 largest metros were valued at $1 million or more.

In San Jose, 66.28% of homes are valued at $1 million or more. In San Francisco, that figure is 52.91%.

California is home to the top 4 cities with the highest percentage of million-dollar homes, and home to 5 of the top 10. Behind San Jose and San Francisco are:

• Los Angeles (26.48%)
• San Diego (23.15%)

In these top four metros, 42.21% of owner-occupied homes are valued at $1 million or more. This high rate is driven by dense populations and the wealth generated by the tech and entertainment industries.

Rounding out the top 10 are:

• Seattle
• New York
• Boston
• Washington D.C.
• Denver
• Sacramento.

The metros with the fewest homes valued at $1 million or more are:

• Buffalo
• Cleveland
• Pittsburgh
• Louisville.

Each of these metros has fewer than 1% of owner-occupied homes worth $1 million or more. Combined, these four metros average 0.85% of owner-occupied homes worth $1 million or more.

Rounding out the bottom 10 were:

• Memphis
• Indianapolis
• Oklahoma City
• Detroit
• Hartford, Conn.
• Cincinnati

Last year, Columbus, Cincinnati, Indianapolis, Detroit, and Memphis also had fewer than 1% of owner-occupied homes worth $1 million or more. However, their share of million-dollar homes has since grown.