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L.A. Is a Mecca for Million-Dollar Homes

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.

See also: SoCal Is a Top Real Estate Destination for America's Rich

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.

L.A. Is a Mecca for Million-Dollar Homes
Trulia

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.

Send feedback and tips to the author. Follow Dennis Romero on Twitter at @dennisjromero. Follow LA Weekly News on Twitter at @laweeklynews.


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