Median Home Price Reaches $1 Million In More Than 200 Cities, Entry Level Price In Parts Of The US

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- 'Nearly Two Dozen Real Estate Markets Are Fast-Approaching Million-Dollar Territory, According To An August Report From Zillow', Business Insider, Aug. 2018.

* Home prices in the United States are still rising, pushing more and more cities into $1 million territory.

* Nearly 200 cities had a median home value of at least $1 million as of June 2018, and another 23 cities are projected to join the seven-figure club by summer 2019.

* California is home to the most million-dollar real estate markets; it has 111 currently, and is expected to add 14 more cities over the next year.

Zillow's data reveals that by June 2019, 23 cities will have median home values of at least $1 million, joining the 197 US cities where the typical home is already valued at seven-figures. (In these cities, half the homes are valued below $1 million and half are valued above.) California and New York are currently home to the most million-dollar real estate markets. The Golden State has a significant edge, with 111 cities that have a median home value of $1 million or more as of June 2018. The San Francisco metro area has 46 $1 million cities — the most of any metro in the country. New York state has 30 cities.

Of the 23 new cities to join the million-dollar club by next summer, 14 are in California — all in the San Francisco and Los Angeles metro areas — and three are in New York. And three cities that had a $1 million median home value before the housing bust in 2006 are set to regain their status by 2019. Keep reading to find out which cities will soon cross the $1 million mark...



- Metro Asheville, North Carolina, 'Biltmore Forest' Median home value, June 2018: $978,900, Projected median home value, June 2019: $1,005,018. *SEE More Cities & Homes in NC, FL, CA, WA, NY, NJ...

- More, https://www.businessinsider.com/us-cities-median-home-value-1-million-san-francisco-california-2018-8
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- 'From Condos To Mansions, What $1 Million Gets You In Today’s Housing Market,' Forbes, Oct. 17, 2019.

The value of any home depends greatly on location and real estate market conditions, and that’s no different for million-dollar homes. A $1 million price tag can buy a palatial dream home in some cities, while buyers in large coastal cities will get less bang for their buck. In most large cities, 87 of the largest 100 included in the Zillow analysis, a detached single-family house is the standard for a $1 million home. All have at least three bedrooms and one-and-a-half bathrooms, and they range from around 1,400 square feet in Fremont, California, to more than 7,000 square feet in El Paso, Texas.

In addition to El Paso, $1 million will buy a mansion of at least 5,000 square feet in nine other large U.S. cities. Most are in Southern states, including four in Texas, two in Tennessee and one each in North Carolina and Alabama. The smallest $1 million single-family homes are in Honolulu and California. The typical $1 million homes in Honolulu, Fremont, Oakland, San Jose and Los Angeles are less than 2,000 square feet.

“Cost of living is definitely a factor, and that plays out in the real estate market itself,” said Zillow senior economist Cheryl Young. “Where people make more money, where things cost more, you’re going to have home prices much higher. And it’s not going to buy you as much home.”

-> Young pointed out that owning a $1 million home was once a status symbol, but because of escalating home prices, it feels closer to the price of entry level for homeownership in some parts of the country.

“We do know that home values in general have gone up considerably in all major markets in the United States, so I would think that especially in terms of home prices, we’re starting to see more homes in the million-dollar range,” said Young...

More, https://www.forbes.com/sites/brendarichardson/2019/10/17/from-condos-to-mansions-what-1-million-gets-you-in-todays-housing-market/#62b9bb4d56af



- A million dollar home looks very different from one place to the next in the US.

[asiliveandbreathe]

1. Imagine the property taxes..I like to look back on my home

in Massachusetts..sold 1994, $164,000 (purchased in '72 for $28,000, was built in '64) - it is the property tax that floors me..$7400 in 2019...and the home is only 1300 sq ft..3 bed, 1 bath..but, almost 1/2 acre land..that is like $700 month, just for tax...yikes..

90210..imagine property tax..but then, probably their discretionary income covers it..

[appalachiablue]

2. That's steep, it's unrealistic to think this crazy pace can continue.

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3. *JOBS* CLUSTERING IN HANDFUL OF US CITIES, A NARROWING OF PLACES:

- 'Jobs of the Future Are Clustering In A Handful of U.S. Cities, Study Finds,' Reuters, Dec. 8, 2019.

WASHINGTON (Reuters) - A new analysis of where “innovation” jobs are being created in the United States paints a stark portrait of a divided economy where the industries seen as key to future growth cluster in a narrowing set of places.

Divergence in job growth, incomes and future prospects between strong-performing cities and the rest of the country is an emerging focus of political debate and economic research. It is seen as a source of social stress, particularly since President Donald Trump tapped the resentment of left-behind areas in his 2016 presidential campaign.

Research from the Brookings Institution released on Monday shows the problem cuts deeper than many thought.
> Even cities that have performed well in terms of overall employment growth, such as Dallas, are trailing in attracting workers in 13 industries with the most productive private sector jobs.

Between 2005 and 2017, industries such as chemical manufacturing, satellite telecommunications, and scientific research flocked tmsnrt.rs/2sQLXVJ to about 20 cities, led by well-established standouts San Francisco, Seattle, San Jose, Boston and San Diego, the study found. Combined, these mostly coastal cities captured an additional 6% of 'innovation' jobs - some 250,000 positions..

..For much of the post-World War Two period labor was more mobile, and the types of industries driving the economy did not cluster so intensely, a trend that started reversing around 1980.

Concerns that the United States is separating effectively into two economies has sparked support for localized efforts to spread the benefits of economic growth...

https://www.reuters.com/article/us-usa-economy-superstars/jobs-of-the-future-are-clustering-in-a-handful-of-u-s-cities-study-finds-idUSKBN1YD0B4