In a nation where only 4.27 percent of owner-occupied properties in the top 50 metros are valued at $1 million or more, Boston has the seventh most, a study released June 9 indicates.
How common million-dollar homes are can vary significantly from metro to metro, according to the study, conducted by LendingTree. For example, 47.29 percent of homes are valued at $1 million or more in San Jose, the metro with the largest share. In Buffalo, which has the smallest, that figure is just 0.54% percent. By comparison, the Boston metro area has 7.43 percent, remaining in seventh place for the second year in a row.
In Providence, which slipped from 23d in 2020 to 28th this year, 1.67 percent of the homes are valued at $1 million-plus. Hartford came in 40th, with 0.92 percent.
Of the 10 metros with the largest share of million-dollar homes, the four with the highest percentage are in California, driven by a high concentration of wealth originating in the tech and entertainment industries. An average of 28.19 percent of homes across San Jose, San Francisco, Los Angeles, and San Diego are valued at at least $1 million.