A mansion for under $1M? It's still the norm in 4 major cities

(NewsNation) — A cardinal dollars won't get you a starter location successful hundreds of U.S. cities, but successful 4 large metros, it's inactive capable for a mansion.

Nationally, the median mansion is worthy $1.4 million, but successful Buffalo, Indianapolis, Cleveland and Memphis, a monolithic location inactive costs little than $1 million, according to a new Zillow analysis.

The representation looks precise antithetic successful California, wherever $1 cardinal won't adjacent screen the down outgo connected a emblematic mansion successful San Jose, valued astatine $6.5 million. San Francisco ($4.9 million), Los Angeles ($4.7 million) and San Diego ($4.6 million) besides fertile among the nation's priciest mansion markets.

For its analysis, Zillow defined a mansion arsenic a location with astatine slightest 5,000 quadrate feet of finished surviving abstraction — highlighting the determination differences successful what $1 cardinal tin buy.

"Especially connected the coasts, champagne tastes necessitate champagne budgets," Kara Ng, elder economist astatine Zillow, said successful a statement.

But increasingly, adjacent brew tastes necessitate champagne budgets. California present has 113 cities wherever starter homes cost $1 cardinal oregon more — a fig that has doubled since the pandemic.

Four years ago, astir fractional of each U.S. mansions were valued astatine little than $1 million (45%), but today, lone 3 successful 10 are (30%), Zillow found.

Which cities person the astir mansions nether $1 million?

The U.S. has 415,117 mansions valued astatine little than $1 million, according to Zillow.

Atlanta leads the federation with much than 21,000 mansions worthy six figures, followed by New York successful a distant 2nd with astir 12,500 and Indianapolis successful 3rd with astir 11,700.

"For buyers dreaming of abstraction and presumption with a six-figure terms tag, the Midwest and the South inactive teem with mansions astatine a comparative bargain price," Zillow's study said.

In Buffalo, wherever the emblematic mansion is worthy $825,500, astir 60% of monolithic homes are worthy nether $1 cardinal — the highest stock successful the nation.

Cleveland, Memphis and Indianapolis besides had a precocious stock of sub-$1 cardinal megapads, with much than fractional of section mansions falling into that category.

On the different extremity of the spectrum, successful San Jose, lone 11 homes met Zillow's mansion criteria and were valued nether $1 million. San Diego fared lone somewhat better, with conscionable 69 specified homes.

It's worthy noting that determination is nary cosmopolitan explanation of a mansion, and a 5,000-square-foot location successful Cleveland whitethorn not conjure the movielike representation astir radical imagine.

For perspective, the emblematic size of a new single-family home sold successful 2024 was 2,210 quadrate feet, portion July's priciest sale was a 56,500-square-foot Los Angeles property that went for $110 million.

The 10 U.S. metros wherever the emblematic mansion is astir affordable, according to Zillow