Extra
Number of $1 million homes has doubled
Census Bureau survey finds 1 home in 100 over the seven-figure mark, double the proportion in 2000. See how many are in your state.
By MSN Money staff and news services
More homeowners than ever are feeling like a million bucks, the U.S. Census Bureau says.
The percentage of U.S. homes worth at least a million dollars nearly doubled in three years, from 0.5% to 1.0%, according to data released Tuesday.
Unlike reports derived from home sales, the American Community Survey (ACS) data are based on value estimates from individual homeowners. The data reported extend through 2003 -- meaning that 2005 numbers should be even higher, given the continuing run-up in real estate prices over the last two years.
California led the million-dollar parade, with more than 4% of homes -- 1 in 25 -- valued above that amount in 2003. Following were Connecticut (3.3%), Washington, D.C. (3.3%), Massachusetts (2.2%) and New York (2.1%).
"The real estate market is a great example of how rapidly our communities can change from year to year," Census Bureau Director Louis Kincannon said in a press statement. "Yearly housing value snapshots from the ACS will help state and local governments monitor the availability and affordability of housing in their communities."
West on top, South on bottom
During the same period, 2000 to 2003, the national median home value rose almost 16% to $140,000. (According to the National Association of Realtors, the median price for an existing home sold in April 2005 rose to a record $206,000; the median price for new construction rose to $230,800.)
In the survey period, California also led the nation with the highest median home value ($316,600), followed closely by Hawaii ($302,300), Massachusetts ($300,800) and the District of Columbia ($246,300). States with the lowest median home values were West Virginia ($78,201), North Dakota ($78,600), Mississippi ($78,681) and Arkansas ($79,902).
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Among counties included in the survey, San Mateo ($644,300), San Francisco ($607,000), Santa Clara ($553,500) and Santa Cruz ($553,000) -- all in California -- had some of the highest median home values. Among counties with the least expensive homes were Hidalgo, Texas ($54,000); Jefferson, Ark. ($61,900) and Cameron, Texas ($62,800).
San Francisco ($607,000) had the most expensive median home values among the 69 large cities with populations of 250,000 or more in 2003. Also among the highest were three other cities in California -- San Jose ($481,000); San Diego ($376,800) and Oakland ($370,000).
Among states with the lowest median housing values, seven were in the South. In addition to Mississippi and Arkansas, Oklahoma ($83,525); Alabama ($87,203); Louisiana ($90,168); Kentucky ($92,599) and Texas ($94,515) also ranked near the bottom.
Six Northeastern states were among those with the highest percentage increase in housing values. Florida, one of the fastest-growing states in the nation, was also one of the states with the largest increases in housing values.
From 2000 to 2003, Massachusetts (50%), California (46%), the District of Columbia (44%), New Hampshire (41%) and Rhode Island (39%) experienced the largest increases in median housing value.
| Number of million-dollar homes | | 2003 rank | Place | 2003 | 2002 | 2001 | 2000 | | U.S. | 738,838 | 595,441 | 466,953 | 394,878 | | 1 | California | 281,455 | 219,776 | 183,906 | 155,732 | | 2 | New York | 82,637 | 72,612 | 50,376 | 45,214 | | 3 | Florida | 43,763 | 35,839 | 25,996 | 23,301 | | 4 | Massachusetts | 34,042 | 24,333 | 23,300 | 12,492 | | 5 | New Jersey | 31,957 | 25,446 | 15,486 | 15,625 | | 6 | Connecticut | 29,270 | 24,099 | 15,147 | 12,926 | | 7 | Illinois | 24,227 | 20,280 | 17,677 | 13,375 | | 8 | Texas | 17,932 | 17,785 | 10,751 | 9,561 | | 9 | Washington | 14,536 | 9,015 | 10,173 | 7,575 | | 10 | Virginia | 13,942 | 8,481 | 7,004 | 5,756 | | 11 | Maryland | 12,989 | 9,094 | 7,703 | 5,349 | | 12 | Michigan | 10,721 | 8,171 | 8,866 | 7,579 | | 13 | Pennsylvania | 10,432 | 6,827 | 5,864 | 3,982 | | 14 | Georgia | 10,422 | 10,797 | 5,358 | 7,905 | | 15 | Colorado | 10,113 | 6,922 | 5,642 | 5,335 | | 16 | Arizona | 9,430 | 7,854 | 4,066 | 4,755 | | 17 | South Carolina | 8,035 | 8,472 | 7,789 | 2,766 | | 18 | Minnesota | 7,975 | 4,672 | 4,737 | 3,163 | | 19 | Ohio | 7,566 | 5,564 | 5,593 | 4,206 | | 20 | North Carolina | 7,543 | 6,520 | 4,223 | 2,993 | | 21 | Missouri | 6,201 | 2,420 | 1,839 | 3,081 | | 22 | Wisconsin | 4,589 | 3,079 | 1,489 | 1,546 | | 23 | Hawaii | 4,561 | 5,244 | 3,920 | 3,243 | | 24 | Nevada | 4,286 | 2,812 | 2,099 | 3,070 | | 25 | Tennessee | 4,000 | 7,746 | 4,960 | 5,140 | | 26 | District of Columbia | 3,370 | 3,135 | 2,467 | 1,627 | | 27 | Oregon | 3,295 | 2,506 | 3,596 | 3,787 | | 28 | Alabama | 3,016 | 3,569 | 1,450 | 1,668 | | 29 | Maine | 2,996 | 1,596 | 947 | 343 | | 30 | Kentucky | 2,784 | 2,123 | 2,191 | 440 | | 31 | Rhode Island | 2,727 | 1,999 | 1,650 | 1,116 | | 32 | Indiana | 2,616 | 2,598 | 1,597 | 1,604 | | 33 | Montana | 2,341 | 1,582 | 1,386 | 592 | | 34 | New Mexico | 2,187 | 2,461 | 526 | 841 | | 35 | Kansas | 2,166 | 1,362 | 708 | 712 | | 36 | Oklahoma | 2,078 | 929 | 1,305 | 1,674 | | 37 | Utah | 2,054 | 1,443 | 1,389 | 1,081 | | 38 | Wyoming | 1,792 | 2,816 | 2,284 | 1,856 | | 39 | New Hampshire | 1,784 | 1,494 | 867 | 1,699 | | 40 | Delaware | 1,692 | 1,023 | 575 | 990 | | 41 | Idaho | 1,388 | 705 | 1,368 | 155 | | 42 | Louisiana | 1,370 | 1,655 | 2,751 | 3,719 | | 43 | South Dakota | 1,245 | 2,131 | 941 | 241 | | 44 | Nebraska | 1,168 | 486 | 557 | 345 | | 45 | Vermont | 1,030 | 1,090 | 99 | 48 | | 46 | Mississippi | 978 | 1,230 | 642 | 1,804 | | 47 | Arkansas | 613 | 1,591 | 1,571 | 801 | | 48 | Alaska | 604 | 675 | 355 | 55 | | 49 | West Virginia | 558 | 832 | 589 | 673 | | 50 | Iowa | 362 | 407 | 1,178 | 1,113 | | 51 | North Dakota | 0 | 143 | 0 | 224 |
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Source: Census Bureau American Community Survey
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