More than one out of every three U.S. homes valued at a million dollars or more is located in California, according to recent NAHB analysis of 2000 Census data. Out of an inventory of 55 million owner-occupied single-family homes in the nation, only 314,000 were valued at a million dollars, or six-tenths of one percent of the market, and they're rising on the West Coast for the foreseeable future. Demand for such homes is increasing in California, according to Bob Rivinius, CEO of the California Building Industry Association.
New York state placed a distant second in the number of million-dollar residences, with 22,300, or 7.1 percent of the nation's total. Third on the list was Florida, with just over 18,000, or 5.8 percent, followed by Connecticut with 13,900, or 4.4 percent, and Illinois, with 12,400, or 3.9 percent, in the million-dollar range.
Luxury Home States
(Excludes co-ops and condos)
|Rank and state||Owner-occupied
at $1M Plus
|% of U.S. million-dollar homes|
|2. New York.||2,689,728||22,327||7.1%|
|Total (top 5)||14,658,130||195,332||62.2%|
|6. New Jersey||1,701,732||11,869||3.8%|
|Total (top 10)||24,823,955||240,801||76.7%|
Source: U.S. Census Dept., NAHB