These Are The States With The Most Million-Dollar Homes
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These Are The States With The Most Million-Dollar Homes

Million-dollar homes are becoming more common, with the U.S. having 621 cities where a typical home is worth $1 million or more.

While high interest rates have caused commercial real estate prices to fall, it hasn’t had the same impact on the residential market. Housing inventory has increased, but it still remains below average historical levels. At the same time, while mortgage rates have fallen, U.S. home prices continue to climb, nearing record highs.

This graphic, via Visual Capitalist’s Dorothy Neufeld, shows the number of cities in each U.S. state where a typical home costs $1 million or more, based on data from Zillow.

Ranked: The Number of Million-Dollar Cities, by State

Below, we show the number of cities where a typical home (the average home in the 35th to 65th percentile) costs $1 million or more by state:

Rank State Number of Million-Dollar Cities
1 California 218
2 New York 76
3 New Jersey 60
4 Massachusetts 44
5 Florida 30
6 Washington 23
7 Colorado 22
7 Hawaii 22
9 Texas 17
10 Maryland 11
11 Utah 9
11 Virginia 9
13 Illinois 8
14 Minnesota 7
15 Connecticut 6
15 Missouri 6
15 South Carolina 6
18 North Carolina 5
19 Arizona 4
19 Idaho 4
19 Montana 4
19 Nevada 4
19 Wyoming 4
24 New Hampshire 3
24 Tennessee 3
26 Deleware 2
26 Michigan 2
26 Ohio 2
26 Pennsylvania 2
26 Rhode Island 2
26 Wisconsin 2
32 Georgia 1
32 Kansas 1
32 Maine 1
32 Oregon 1
  Total: 621

As of July 31, 2024

California has more million-dollar cities than the next four states combined, with Atherton standing as the most expensive city, where a typical home costs $7.5 million.

Today, a typical home in California costs more than twice as much as a typical U.S. home, with residents paying almost $6,000 on monthly payments for a newly-purchased mid-tier home. These costs include mortgage payments, homeowners insurance, and taxes. Since February 2023, the state has added 20 cities where a typical home costs $1 million or more.

Following next in line is New York, with 76 million-dollar cities. A separate report shows that the price of single family homes jumped by 10.9% annually since the first quarter of 2023, giving the state some of the fastest-rising house prices in America.

Ranking in third is New Jersey, which saw one of the greatest increases in million-dollar cities overall since February 2023.

As we can see, there are 15 states without any million-dollar cities, mainly in the Midwest and South. These states are known for having greater housing affordability, and a lower cost of living, but fewer job prospects amid weak labor market activity.

To learn more about this topic from a U.S. city perspective, check out this graphic on the salary needed to buy a home in 50 U.S. cities in 2024.

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Originally Posted at; https://www.zerohedge.com//


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Nine US Senators Launch Inquiry Into Kamala Harris’ Failure As ‘Broadband Czar’

Nine US Senators Launch Inquiry Into Kamala Harris’ Failure As ‘Broadband Czar’

FCC Commissioner Brendan Carr criticized the Biden-Harris administration, pointing out that their $42.45 billion program to bring high-speed internet to rural America has yet to connect a single person. He said it had been 1,038 days, and “not a single person has been connected” since the program debuted.

Carr on X pushed out a post in the early afternoon of Wednesday featuring a new letter from nine US senators, including Sen. John Thune (R-S.D.) and Sen. Ted Cruz (R-TX), stressing concern about VP Harris’ time as ‘broadband czar’ entirely mismanaged the $42.45 billion program to connect rural America. Considering that not a single home in rural America has been connected, the senators warned that the failures are piling up for VP Harris, citing her failure as ‘border czar.’

Dear Vice President Harris:

We are writing to express serious concerns regarding your role as the Biden-Harris administration’s “broadband czar” and the mismanagement of federal broadband initiatives under your leadership. It appears that your performance as “broadband czar” has mirrored your performance as “border czar,” marked by poor management and a lack of effectiveness despite significant federal broadband investments and your promises to deliver broadband to rural areas.

As you are aware, Congress, through the Infrastructure Investment and Jobs Act, provided the National Telecommunications and Information Administration with $42.45 billion for the Broadband, Equity, Access, and Deployment (BEAD) program. These funds are intended to provide broadband access to unserved communities, particularly those in rural areas.

In 2021, you were specifically tasked by President Biden to lead the administration’s efforts to expand broadband services to unserved Americans. And at the time, you stated, “we can bring broadband to rural America today.” Despite your assurances over three years ago, rural and unserved communities continue to wait for the connectivity they were promised. Under your leadership, not a single person has been connected to the internet using the $42.45 billion allocated for the BEAD program. Indeed, Politico recently reported on “the messy, delayed rollout of” this program.

Instead of focusing on delivering broadband services to unserved areas, your administration has used the BEAD program to add partisan, extralegal requirements that were never envisioned by Congress and have obstructed broadband deployment. By imposing burdensome climate change mandates on infrastructure projects, prioritizing government-owned networks over private investment, mandating the use of unionized labor in states, and seeking to regulate broadband rates, your administration has caused unnecessary delays leaving millions of Americans unconnected.

The administration’s lack of focus on truly connecting the unconnected has failed the American people and represents a gross misuse of limited taxpayer dollars. The American public deserves better.

‘All-In’ podcast host Jason Calacanis recently said, “Our government is corrupt and stealing our money. United airlines just put Starlink on 1,000+ planes, but the FCC claims we need to spend 5-10k per rural home for wired connections?!? These homes are putting starlink in on their nickel while they wait for a cable modem in 10 years — wtf??? Pure corruption or insane stupidity — you decide!”

Carr recently chimed in and said Elon Musk’s Starlink offered the FCC a secured commitment of $1,300 per household for 640,000 rural locations. He said in 2023, the federal government rejected Starlink and decided to spend $100,000 per location. 

Musk said Wednesday that the FCC rejected Starlink because of “lawfare.” 

Here’s what X users are saying about an inefficient and what appears to be a ‘corruption’ within the Biden-Harris admin:

Good question.

* * *

Tyler Durden
Wed, 09/18/2024 – 18:00

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