L.A. Is a Mecca for Million-Dollar Homes
Fleur de Lys/MLS
A million-dollar home in most parts of America is kind of a big deal.
But in many core areas of Los Angeles, a $1 million residence is just another house down the street. It's a bummer, because that drives up the cost of real estate and rent for everyone.
Just how insane are L.A. housing prices? We made the top 10 list of U.S. cities with the largest proportion of million-dollar properties for sale:
Real estate site Trulia looked at how big a piece of the listings pie million-dollar listings took up in the nation's largest cities, and it concluded that Los Angeles was No. 9, with nearly 1 in 5 homes for sale here costing at least that much.
The Fleur de Lys estate in Holmby Hills reportedly set a new record price for homes in L.A. County at $102 million. So there's that.
Orange County, with nearly 1 in 4 homes costing at least a mil, was even costlier, ranked fourth. Ventura County, with more than 1 in 5 houses going for $1 million, ranked fifth. San Diego, another city with a near 1-in-5 rate of $1 million properties, came in at No. 10.
As you can see, Southern California is expensive. But not as expensive as two other metro areas of the state - San Francisco and Silicon Valley.
San Francisco, with nearly half (44 percent) of its metro region's homes going for a million-plus, topped the list. San Jose, another 1-out-of-4 town, made No. 3.
This is not normal, people. Here's how the site breaks down normal for much of the rest of the United States:
... In 68 of the 100 largest metros, million-dollar homes make up less than 5% of the for-sale market, including the major metros of Philadelphia, Chicago, Dallas, Houston, and Atlanta. Furthermore, million-dollar homes are less than 2% of the market in 44 of the 100 largest metros.
The top million-dollar-home cities have much different housing stock. In a small city like Birmingham, Ala., a $1 million place is a mansion. Trulia:
... You could fit million-dollar properties from New York, San Francisco, Honolulu, and Miami together inside a million-dollar mansion in Birmingham and still have room to spare.
The median size of a $1 million place in L.A. is 2,360 square feet, Trulia says. Apparently being a millionaire in this town means you're pretty average, which is sad for the rest of us.
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