Number Of $1 Million Neighborhoods Rises

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A new analysis shows that the number of zip codes where at least 10 percent of the homes are worth $1 million or more has been rising since 2014. In fact, there are now 1,280 across the country, which is 346 more than there were just three years ago. The reason behind the increase is fairly obvious, as home prices over the past few years have recovered most, if not all, of the value lost following the housing crash. But, despite the rising number of $1 million dollar homes, those price increases haven’t been equally distributed. A closer look at the numbers shows that almost half of those 346 zip codes are located in just five metropolitan areas. Furthermore, they are all located in large cities on the east or west coast. In other words, though the number of $1 million neighborhoods is on the rise, there are still many areas where prices remain affordable and closer to the U.S median home value of $200,000. Some of the major metro areas that still have a median home value near the national average include Orlando, Houston, Dallas, Tampa, and Charlotte. More here.

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