Fast-growing, land-constrained regions dominate the ranks of states with the most million-dollar homes, telling a story of supply imbalances in many parts of the country. Three-quarters of the million-dollar homes are in just 10 states, and California is the poster child, with 41% of the U.S. total.
Bob Rivinius, CEO of the California Building Industry Association, says the state needs a million new homes to meet pent-up demand. Then it needs 230,000 new homes and apartments annually to keep pace. He says high fees, lack of insurance for multifamily construction, local growth controls and lawsuits by anti-growth groups will limit the number of new units built in California this year to a record 186,000.
Million-Dollar Single-Family Homes by State |
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Owner-occupied single-family homes |
Homes valued at $1 million-plus |
% of total U.S. million-dollar homes |
|
1. California |
5,527,618 |
128,619 |
41.0% |
2. New York |
2,689,728 |
22,327 |
7.1% |
3. Florida |
3,242,202 |
18,094 |
5.8% |
4. Connecticut |
728,244 |
13,906 |
4.4% |
5. Illinois |
2,470,338 |
12,386 |
3.9% |
Total Top Five |
14,658,130 |
195,332 |
62.2% |
6. New Jersey |
1,701,732 |
11,869 |
3.8% |
7. Texas |
3,849,585 |
10,137 |
3.2% |
8. Massachusetts |
1,187,871 |
10,090 |
3.2% |
9. Washington |
1,157,462 |
7,384 |
2.4% |
10. Michigan |
2,269,175 |
5,989 |
1.9% |
Total Top 10 |
24,823,955 |
240,801 |
76.7% |
Total U.S. |
55,212,108 |
313,759 |
100.0% |
Source: NAHB, 2003. Analysis of 2000
Census Bureau data does not include condominiums or co-ops. |
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