STAFF REPORT
Since the epidemic rocked the economy, the number of million-dollar communities in five affluent California regions has increased by 76%.
There were 169 million-dollar communities in all across five of California’s most expensive metro areas this year, an increase of 10 over the previous 12 months or 6%. Million-dollar cities have increased by 73, or 76%, since 2019.
Nonetheless, the nation’s cities with average property values of seven figures increased at an even quicker rate.
In February of this year, there were 550 US million-dollar communities, an increase of 59 over the previous year or 12%. Additionally, there has been a 152% rise, or 332 cities, since 2019.
Ponder about the million-dollar cities found in those five Californian metros.
San Jose: 18, up 8 from 2019 and unchanged from a year ago. That’s a five-year increase of 80%.
San Diego: 10, up 3 from the previous year and 5 from 2019. That doubles in half a decade.
Santa Maria-Santa Barbara: 9, up 4 from 2019 and unchanged from the previous year. That’s a five-year increase of 80%.
San Francisco: 69 cities in February, up 23 from 2019 and unchanged from a year ago. That is a 50% increase in five years.
Los Angeles-Orange County: 63, up 33 from 2019 and up 7 over the previous year. In just five years, that is a 110% gain.
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California led the country overall with 210 million-dollar cities this year, up 12 from the previous year. There were no data available for 2019.
It should be noted that while only 10% of the U.S. housing supply is in California, it has become home to 38% of the country’s “million-dollar cities.”
Some states that have extremely high housing costs are:
NY: 66 cities, an increase of 12 in a year.
Jersey: 49, up 14 points in a year.
Florida: 32, and two off-a-year.
Massachusetts: thirty-one, increase of four in a year.
Colorado: 21 remained the same after a year.
Washington: 18—an increase of 2 in a year.
Hawaii: 1 in a year, up 17.
Texas: 1 in a year, 14 overall.
Maryland: 10-a rise of two over a year.
According to the survey, at least one city in 34 states had average property values above $1 million in February.