Looking for a million-dollar home? Your search will be quickest in Cambridge, Mass., where about one in eight single-family homes were valued at $1 million or more in 2000. Cambridge's percentage was the highest proportion in the nation among large cities, according to the most recent figures from the U.S. Bureau of the Census.
San Francisco, with seven percent, Pasadena, Calif., (4.7 percent), and Los Angeles (3.8 percent) rounded out the top four in percentage of $1 million homes among cities with a population of 100,000 or more. The next six cities were all in the neighborhood of three percent (see table below).
The Census Bureau analysis, entitled "Home Values: 2000," reported that the median value of a home in the United States was $119,600, an increase of 18 percent over the 1990 median of $101,100 (after adjusting for inflation). Seven of the 10 places with the highest median single-family home values were in the San Francisco Bay area; two were in New England states; the other was in Hawaii.
The entire survey, which is based on sampling, has been made available online at http://www.census.gov/prod/cen2000/doc/sf3.pdf. The survey examined owner-occupied housing only. Among the extremes:
Sunnyvale, Calif., recorded the highest median single-family home value among large cities at $459,200 in 2000, more than four times the national median. The rest of the top 10 cities had median values ranging from more than $300,000 to nearly $400,000.
Flint, Mich. ($49,700), had the lowest median single-family home value among large cities, more than 50 percent below the national figure. The remainder of the 10 lowest median value cities were in the $50,000 to $60,000 range.
Hawaii recorded the highest median value for single-family homes among states ($272,700), more than twice the national median. The lowest median was in Oklahoma ($70,700), one-third below the national estimate.
The median value of single-family homes nationwide soared from $44,600 in 1950 to $119,600 in 2000, after adjusting for inflation. The fastest rise from decade to decade was 43 percent in the 1970s, with the slowest (8.2 percent) in the 1980s.
Can You Spare a Million?
10 Cities With the Highest Percentage of Homes Valued at $1 Million or More.
|Area||Specified Owner-Occupied Single-Family Housing Units||Homes Valued at $1 million or More|
|San Francisco, Calif.||79,545||5,547||7.0|
|Los Angeles, Calif.||412,804||15,501||3.8|
|Fort Lauderdale, Fla.||22,871||765||3.3|
Source: U.S. Bureau of the Census