Homes priced at $1 million or more are pretty rare among US housing stock but some metros have more than their fair share.
Among the top 50 largest metros just 6% are priced at $1M+ and an analysis from LendingTree has discovered where the highest and lowest concentrations are.
Four are in California: San Jose, where 56.46% of the 369,724 homes are priced at $1 million or more; San Francisco (42.39% of 933,904); Los Angeles (19.09% of 2,098,772); and San Diego (14.12% of 600,545).
The fifth highest share is in Seattle, where 11.25% of the 912,010 homes are priced at $1 million or more.
Conversely, the lowest concentration of big-ticket homes is in Cincinnati, 0.66% of the city’s 564,533 homes. The top 5 is completed by Buffalo, NY; Pittsburgh; Cleveland; and Columbus, OH.
Even expensive homes are worth refinancing
LendingTree’s analysis also looked at the benefit of refinancing America’s high-value homes.
Taking San Jose as an example, an owner of a median-priced home with fair credit, a 30-year mortgage and a 20% down payment, could potentially save more than $30K on the lifetime of the loan if they refinanced at today’s rates (3.8% as an example).
However, the study notes that not every owner would benefit from refinancing, especially those who are not going to stay in the home long enough to recoup the costs of refinancing.
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