Rising Home Prices Lead To More Million-Dollar Neighborhoods
As of this year, the U.S. has 1,280 so-called $1 Million Neighborhoods, an increase of 346 since 2014, according to MarketWatch.
Per a report from Zillow, a $1 Million Neighborhood is a ZIP code where at least 10 percent of the homes are valued at $1 million or more.
New York added 53 such neighborhoods, the most in the country, ahead of San Francisco (36), and Los Angeles (13). Additonally, three-quarters of all ZIPs in San Francisco have home values that reach seven figures.
Rising home values across much of the country aren’t just creating million-dollar neighborhoods. At the end of the second quarter of 2017, more than 14 million properties were equity rich, meaning that their combined loan amount was 50% or less of the property’s market value.
Among the cities that did not add any $1 Million Neighborhoods over the last three years were Cincinnati, St. Louis, Indianapolis, and Columbus, Ohio.
Related
