- The U.S. at present has 481 million-dollar cities, by which the everyday dwelling worth is not less than $1 million.
- Idaho, Montana and Tennessee gained million-dollar cities for the primary time, though most million-dollar cities exist inside eight coastal metros.
- There are extra new $1 million cities this yr than there have been prior to now six years mixed.
A report 146 new U.S. cities turned “million-dollar cities” in 2021, the very best variety of new entrants in a single yr, bringing the overall to 481 cities nationwide by which the everyday dwelling worth is not less than $1 million. And if present charges of appreciation maintain, 49 extra might be a part of the $1 million membership by mid-year, in accordance with a Zillow evaluation of present and anticipated dwelling values.
The variety of cities that crossed the $1 million threshold in 2021 is nearly triple that of cities reaching these heights in 2020, underscoring a record-setting yr of dwelling appreciation that noticed the everyday U.S. dwelling acquire 19.6% in worth. The surge in demand for housing final yr despatched dwelling values skyrocketing, even in locations the place costs already had been sky-high, and that helped tip a report variety of cities into the million-dollar membership. The places of those newly seven-figure cities bust the parable that everybody fled California and the Northeast final yr, as California, Massachusetts and New York led the pack for essentially the most new cities with dwelling values above $1 million. Nonetheless, we’re seeing how the geography of wealth within the U.S. has begun to shift, as 2021 was the primary yr for each Idaho and Montana to position any cities on this listing, and now these Western states boast three million-dollar cities every.
Nearly all of million-dollar cities are clustered inside a number of giant coastal areas; the San Francisco and New York metro areas prepared the ground with 76 million-dollar cities every. The Los Angeles metro is third with 57 cities, and San Jose is fourth with 22. In complete, 60% of all million-dollar cities lie inside eight metro areas, and virtually half (44%) are in California.
Indian Creek, Florida, an unique 300-acre island in Biscayne Bay in Miami, is the most costly metropolis within the nation, with a typical dwelling worth of round $28.3 million. The town has a complete inhabitants of 88 residents, together with a handful of high-profile celeb tenants, corresponding to Tom Brady and Enrique Iglesias. Within the No. 2 spot is Atherton, a small city on the San Francisco Peninsula the place the everyday dwelling worth sits round $7.7 million. Hunts Level, Washington; Jupiter Island, Florida; and Sagaponack, New York fill out the highest 5, with typical dwelling values of roughly $6 million every.