From condos in the San Francisco Bay Area to Texas mansions—here's what $1 million gets you in today's housing market:
Although a million-dollar home conjures many images, a condo less than 1,200 square feet is not usually among them. Yet, that is precisely how far your hard-earned dollar will go in San Francisco, where a typical single-family home listing for $1 million will get you a three-bedroom, one-bath home covering 1,150 square feet, according to a new report by Zillow.
In most large cities, 87 of the largest 100 included in the Zillow analysis, a detached single-family house is the standard for a $1 million home. All have at least three bedrooms and one-and-a-half bathrooms, and they range from around 1,400 square feet in Fremont, California, to more than 7,000 square feet in El Paso, Texas.
Young pointed out that owning a $1 million home was once a status symbol, but because of escalating home prices, it feels closer to the price of entry level for homeownership in some parts of the country. Townhouses and row houses are the exceptional $1 million homes in Minneapolis, Washington, D.C., and Philadelphia, perhaps owing to regional construction practices. Boston, New Orleans and Long Beach, California have an unusually high share of duplexes, triplexes or quadplexes worth $1 million.
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