Homes in These Cities are Valued in the Millions

October 5, 2018 by Marty Orefice |

In these cities, more than half of all homes are valued above $1 million.
To afford a $1 million home with a conventional mortgage (i.e. 20 percent down payment) someone would need to earn $191,640 each year. With an FHA loan (i.e. a down payment of 2.5 percent), you would need to earn $246,072 each year.

While those salaries are certainly not the average, $1 million homes are becoming median, according to Business Insider.

In 197 cities throughout the country, the median home is worth $1 million. This number includes 33 cities that were added to the list last year.

Over the next year, it is predicted that 23 new cities will have median home values in the millions. The majority of these cities are in the San Francisco, Los Angeles and New York metropolitan areas.

These are the cities that will be crossing into million dollar territory next year:

Los Angeles Metropolitan Area

The median income in Los Angeles County is $57,952, according to the Census Bureau. That is far less than what a family would need to afford a median value home in the area.

La Habra Heights, California

The median home here is valued at $982,300. Within the next year, the value of La Habra Heights homes is projected to increase to $1,059,783.

San Clemente, California

The median home in San Clemente is valued at $953,400. Within the next year, that value is projected to increase to above $1,052,136.

Seal Beach, California

Seal Beach has 50 percent of its homes valued at or above $964,900. By next summer, those values are projected to increase to above $1,044,530.

Dana Point, California

The median home in this city is worth $936,700, but that price value is expected to increase to $1,030,556 by next summer.

Los Alamitos, California

More than 50 percent of homes in this city are valued at or above $988,300. Over the next year, median home values are projected to increase to $1,086,400.

New York City Metropolitan Area

The median household income in New York City is $55,191, according to the United States Census Bureau. That is about a fourth of what a family would need in order to afford a home of median value within the city.

Woodbury, New York

The median home in Woodbury is worth $965,800 and projected to increase to $1,029,055.

Franklin Lakes, New York

Properties in Franklin Lakes have a median value of $965,800. Within the next year, these home values are expected to increase by $1,027,625.

Rosyln, New York

In Roslyn, the median home is valued at $964,500. Within the next year, that median value is projected to increase to $1,026,293.

San Francisco Metropolitan Area

The median family income in the San Francisco metropolitan area is $96,677, according to the Department of Numbers. That is well below the amount of money a family would need to earn to afford the median-valued home in these San Francisco metropolitan cities. That is about half of what a family would need to afford the median-priced home in these cities.

East Palo Alto, California

The median homes in East Palo Alto are valued at $963,900. They're projected to increase to $1,090,864.

Brisbane, California

Brisbane has a median home value of $958,200. Within the next year, those home values are expected to increase to $1,022,569.

Fairfax, California

Fairfax has a median home value of $893,700. That value is expected to increase to $1,043,621.

Broadmoor Village, California

Median homes here are valued at $984,300, but in the next year, the median value of homes will increase to $1,083,404.

Alameda, California

The median homes in this area are worth $996,000. In the next year, the median home value will increase by $73,000. The median home will be worth $1,069,036.

Daly City, California

The median house in Daly City is worth $986,200 today, but within the next year, the value will increase to $1,081,408.

Newark, California

Next year, more than 50 percent of homes will cost more than $1,005,404 in Newark. This year, the median home in the area is valued at $919,200.

Boston Metropolitan Area

The median income in Boston is $58,516, according to the United States Census Bureau.

Belmont, Massachusetts

In Belmont, the median home is valued at $984,900. Within the next year, that is projected to increase to $1,035,244.

Lexington, Massachusetts

Lexington is near Boston. Median homes in Lexington are valued at $975,500, but in the next year, median home values will increase to $1,013,900.

San Jose Metropolitan Area

At $107,290, residents of San Jose have a higher median income than any other area on this list. Yet, the median income in San Jose, according to Forbes, is not high enough to afford the median cost of a home.

Burbank, California

More than 50 percent of homes in Burbank are valued at or above $999,500. In the next year, median home values are predicted to increase to $1,182,061.

Morgan Hill, California

Median homes in Morgan Hill are worth $984,800 and, in the next year, more than 50 percent of home values are projected to be at or above $1,107,926.

Seattle Metropolitan Area

The median family income in Seattle is $78,612, according to the Department of Numbers. That is far less than the needed $191,640 per year to afford a million dollar home.

Bellevue, Washington

The median home in Bellevue is valued at $948,100. The projected value of this home for next summer is $1,022,917.

Sammamish, Washington

In this community, the median home is valued at $945,000, but in the next year that is expected to increase to $1,006,068.

Sarasota Metropolitan Area

The median income in Sarasota, according to the Census Bureau, is $52,796, which is slightly more than a quarter of what they would need to earn to afford the median homes in the Anna Maria suburb.

Anna Maria, Florida

The median home in this area is valued at $964,200; however, those values will increase to $1,009,404.

Asheville Metropolitan Area

The median family income in Asheville is $50,541, according to the Department of Numbers website. That is about a quarter of how much a family would need to earn in Asheville to pay for the median home.

Biltmore Forest, North Carolina

This year, the median home in this city is $978,900, but it is projected that the median home value will increase to $1,005,018 within the next year.

Betliar Manor House by NanaCola is licensed under CC0.

Marty Orefice

About The Author

Marty Orefice

Martin Orefice is a real estate investor who has been in the industry for over a decade. He has experience with rent to own deals from all sides—as a buyer, seller and investor. He created RentToOwnLabs.com to provide the #1 resource where people can find information about all things rent to own.

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