Number of Million Neighborhoods on the Rise
The U.S. has gained 346 new $1 million neighborhoods since 2014, as rising home prices push formerly middle-class housing into 7-figure territory, according to new data from online real estate company Zillow.
Nearly one in 20 U.S. residential ZIP codes now meet Zillow’s definition of a $1 Million Neighborhood, meaning 10 percent of its homes are worth seven figures.
Zillow analyzed residential ZIP codes across the country, looking for places where at least 10 percent of homes in the area are worth $1 million or more, making it a $1 million neighborhood.
About 4 percent of all ZIP codes analyzed had enough $1 million homes to qualify. There are now a total of 1,280 $1 Million Neighborhoods in the U.S., up from 958 in 2014.
There are now 1,280 $1 million neighborhoods in the U.S., 346 of which were added in the past three years.
West Coast metros, where home values have bounced back fastest, saw the greatest increase in the number of $1 million neighborhoods since 2014.
However, St. Louis and Cincinnati haven’t seen any new $1 million neighborhoods over the past 10 years.
Needless to say, this is all good news for home owners, and not so good news for buyers.
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