This Is the City With the Most $1 Million Homes

By Douglas A. McIntyre Published Jun 18, 8:20AM EDT

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This Is the City With the Most $1 Million Homes — © hikesterson / Getty Images

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.”
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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.

Click here to see which county has the most expensive homes in America.
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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.