California cities dominated the list of areas with the highest percentage of million-dollar homes, as reported by one study.
The cost of living in California, including rent, home prices, and other expenses, continues to rise, according to recent reports.
Los Angeles stands out with housing expenses that are 137 percent higher than the national average, as reported by Payscale. Utility costs are 10 percent above average, groceries are 12 percent more expensive, and transportation costs, including gasoline prices, are 33 percent higher this year.
When compared to the national average, the overall cost of living in Los Angeles is 50 percent higher, according to the study.
The median home price in Los Angeles is nearly $1.2 million, with a median rent of $3,600 per month. Energy bills average around $220 monthly, while phone bills come to about $212 per month, based on Payscale data.
California also boasts the top four metro areas with the largest share of million-dollar homes in 2023, according to U.S. Census Bureau American Community Survey data analyzed by real estate lender Lending Tree.
The report from Lending Tree revealed that nearly 72 percent of homes in San Jose and almost 57 percent in San Francisco were priced over $1 million. These figures represent an increase from 2022, indicating a rising trend in million-dollar properties.
With limited housing supplies and significant wealth from industries like tech and entertainment, over 44 percent of owner-occupied homes in San Jose, San Francisco, Los Angeles, and San Diego are valued at $1 million or more, as stated in the Lending Tree report.
Across the nation, the prevalence of million-dollar homes has increased, with close to 11 percent of owner-occupied homes in the top 50 cities now valued at $1 million or higher—up from 8 percent in 2022, according to the report.
Lending Tree attributes the surge in housing prices to a shortage of supply, with the United States facing a significant deficit in available housing units.
While cities like Cleveland, Ohio; Buffalo, New York; and Louisville, Kentucky have fewer million-dollar homes, their numbers have grown since 2022, with an increase of nearly 5,800 such properties combined.
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