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High-priced homes are a big source of business for lenders in the jumbo mortgage space. That's why knowing exactly where these homes exist can help lenders target new customers. LendingTree conducted a study to discover where the million-dollar markets are across the 50 largest metros in the U.S.
The company used Census data to access the share of million-dollar homes in these metros and found that these homes don't make up the majority of housing in any of the 50 metros. However, LendingTree reveals that million-dollar homes do make up a large share of homes in some major metros like San Francisco and San Jose, CA.
According to the report, just 4.27% of the owner-occupied homes in the nation's 50 largest metros are valued at $1 million or more. LendingTree also states that how common million-dollar homes vary significantly from metro to metro.
San Jose, San Francisco and Los Angeles are the top three metros with the highest shares of million-dollar homes. Comparatively, Buffalo, NY; Cleveland, OH and Pittsburgh, PA have the lowest shares of million-dollar homes across the 50 largest metros.
See LendingTree's full ranking of the 50 largest metros by share of million-dollar homes below.