The most recent data from the U.S. Census Bureau shows that the median home price in the United States is $372,400. That number, from a year ago, has probably changed. The surge in home prices across much of the country has taken prices up over 20% in some places and does not appear to have ended.
Home prices vary widely from city to city and place to place. It only makes sense that cities with the highest home prices are also home to the people with the highest median household income. Almost certainly, that is the primary factor in the price of a house.
Lending Tree looked at the cities with the most homes worth $1 million or more. It used Census Bureau data from the 50 largest cities.
Lending Tree reports that “Million-dollar homes are relatively uncommon throughout most of the country. Only 4.27% of the owner-occupied homes in the nation’s 50 largest metros are valued at $1 million or more.”
The city with the highest percentage of million-dollar homes is San Jose, California, which has overall housing units of 372,659. The number of units valued at or above $1 million is 176,243, which is 47.29% of the total. The median value of owner-occupied housing units is $968,800.
It is hardly a surprise that a city that has one of the highest median incomes in America would have the most $1 million homes. The median household income there is $115,893, almost 50% higher than the national number. Only 7.1% of people live in poverty, a fraction of the national figure.