Real estate in America is not cheap. That’s a fact. The median home price topped at over $240,000 just last June, and there’s little to no indication of slowing down. But there’s also another truth about American real estate: it’s either expensive or over-the-top expensive. And by over-the-top, it means upwards of seven figures’ worth. Yes, there’s now an abundance of million-dollar homes in the U.S., compared to past numbers.
Million-Dollar Homes On The Rise
Almost all major cities and states in America has million-dollar homes for sale. A quick look at the numbers reveals that the “usual suspects” are leading the revolution and that current stats are way beyond previous ones.
Real estate watchdog Trulia claims that there are now 2.2 million homes priced at the million-dollar mark. This is as of May 2016, and is double compared to what was recorded exactly four years ago. And the so-called “usual suspect” cities on the list? Count Los Angeles, New York, San Jose, San Francisco, Oakland, Orange County, Long Island, San Diego, Washington D.C., and Seattle. It seems like Tinseltown and the Big Apple are holding it down pretty well.
Million-dollar homes used to be so rare in America. But in high-profile cities like San Francisco, they seem to be all too common these days. The Bay Area has over half (57.4 percent) of the nation’s million-dollar properties; a massive jump from the 19.6 percent three or four years ago. Apart from California, even states like Hawaii saw gains in the number of such homes.
How Much House Can You Get For $1 Million?
Let’s say you got $1 million lying around. If you’re looking to spend it on a new home, here’s what you’ll get in other major U.S. cities. In Chicago, you’ll get a 4500 square-foot abode near Humboldt Park that has hardwood flooring, 5 bedrooms, and 3 ½ baths. Several cities can even give you less floor space for the same money—you’ll get a 2422 square-foot, 3-bathroom, 3-bedroom property in Atlanta, for one. All in all, what you get for your $1 million varies greatly. If you have that kind of money, it’s best to be vigilant.