Homes in These Cities are Valued in the Millions
October 5, 2018 by Marty Orefice |
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.
