There was a time when the words “million dollar home” brought to mind a mansion in Beverly Hills or a penthouse in Manhattan.
But what does a cool $1 million mean now in a housing market where the median price of a home in the U.S. has increased 30% since 2020 and nearly doubled since 2010?
A house with six bedrooms? Of course, but this is Cleveland.
A luxury penthouse? In a sense. Let’s think close to the ground.
We scoured real estate listings in cities across the country to see what you could get for $1 million. This is a sample.
read more: how to buy a house
New York City: $1,035,000 for a single-bedroom co-op.
This artsy 1-bedroom, 1-bathroom apartment is located in a 1925 building on Manhattan Island. There is an elevator and a manager is always on duty. In addition to the price tag, the building costs $1,700 a month to maintain the building, including hot water, taxes, and doorman service.
Located in the trendy Chelsea neighborhood, we’re just a few blocks or 1 minute subway ride from everything New York City is known for, including the Empire State Building, Times Square, and Central Park.
“[The] David Palmieri, a New York City-based real estate agent, told Yahoo Finance.
Estimated monthly payments including mortgage and maintenance costs are nearly $7,000 at a 25% reduction, and the 30-year mortgage rate is 7%. The median list price in New York City is $820,000.
Tampa, Florida: New waterfront construction, $1,039,000
Less than 2 miles from the water, this 3,000 square foot home in south Tampa features 5 bedrooms and 4.5 bedrooms. The new building features high ceilings, state-of-the-art equipment, and luxurious décor throughout.
Although nearby amenities include a community park with sports facilities, a golf course, and beachfront restaurants, homeowners will have to be brave in the summer. The average high temperature in August is 90 degrees and the average humidity is 80%.
“It feels like I opened the dryer but my clothes are still wet outside 95% of the year,” Reddit user @md28usmc posted in a local Reddit group.
Estimated monthly payments, including property taxes and home insurance, are approximately $6,700 at a 20% reduction and 30-year mortgage rate of 7.2%. The median list price in Tampa is $429,933.
Birmingham, Alabama: Purchased historic home in vibrant neighborhood for $1.03 million
This Georgian home is located in the heart of historic Forest Park, a hilly area filled with charming homes and lively shops. The nearly 4,000-square-foot brick-walled estate features five bedrooms, a formal living room, a formal dining room, a breakfast room, and a sunroom.
The University of Alabama at Birmingham, the state’s largest public employer and the region’s largest academic medical facility, is a 10-minute drive away. Zillow recently named Birmingham as one of the 10 best markets for first-time homebuyers.
“The people here are amazing! So friendly and helpful! Lots of art, music, and entertainment. Great food scene. Great festivals and public parks,” Reddit user @Adventurous-Film-989 said on r/Birmingham. Ta. “You can be anywhere within 15 minutes. There’s a sense of community. I love Birmingham; [am] I’m so glad I moved here with my family. ”
Estimated monthly payments including taxes and insurance are approximately $6,300, with a 20% down payment and a 30-year mortgage rate of 7.2%. The median list price in Birmingham is $167,967.
read more: What first-time home buyers need to know
San Francisco: Condo in the heart of Silicon Valley, $1,068,000
Located in the San Francisco Bay Area metropolis of Menlo Park, this two-bedroom, two-bathroom condo is approximately 1,000 square feet. Updated with sleek kitchen cabinets and quartz countertops and is part of an HOA community with pool and clubhouse.
It is an ideal location for those who want to be close to the technology scene. This unit is less than 11 miles from Meta headquarters and 3 miles from Stanford University. Menlo Park has been called the “venture capital capital.”
“Life in what is commonly understood as Silicon Valley is pretty much a typical suburb, but much more expensive, with nicer weather, and far more Teslas running around,” Reddit user @jmking said. writes on r/ExperiencedDevs.
Estimated monthly payments, including taxes, insurance, and HOA fees of $700, are approximately $7,800 with a 20% down payment and a 30-year mortgage rate of 7.2%. The median list price in Menlo Park is $2,458,667.
Chicago: $1 million luxury townhome near downtown
This spacious urban home measures 3,000 square feet and features 4 bedrooms and 4 bathrooms. Features hardwood floors, an eat-in kitchen, and a gas fireplace. Living spaces extend outdoors to include a private terrace, communal outdoor pool and sundeck within the community.
This townhome is steps from Lincoln Park, home to lakefront beaches and the Lincoln Park Zoo. Downtown Chicago, Millennium Park, and the Chicago Riverwalk are also just a 10-12 minute drive without traffic.
The estimated payment, including $1,500 in property taxes, insurance, and HOA fees, is nearly $8,850 with a 20% down payment and 7.2% 30-year mortgage rate. The median list price in Chicago is $350,000.
St. Louis, Missouri: Turnkey home with multiple fireplaces completed for $1 million
This Craftsman bungalow home has 4 bedrooms and 4 bathrooms over 3,200 square feet. Amenities include two fireplaces, storage cabinets, and a recreation room with wet bar.
The outdoors is just as dressed up as the indoors, with a covered patio, outdoor patio, and front porch swing. St. Louis was recently named the best city in the United States for first-time homebuyers due to its affordability and vibrant community. It is also home to seven Fortune 500 companies and the Gateway Arch.
Estimated payment including taxes and insurance is approximately $6,700, with a 20% down payment and a 30-year mortgage rate of 7.2%. The median list price in St. Louis is $183,667.
Las Vegas: Gated community home near the Strip, $1.025 million
The 3,000-square-foot property has three bedrooms, three bathrooms, and a den. The open concept kitchen features a 6-burner stove and grill, a large island, and a built-in double oven.
The backyard is even more inviting. The heated saltwater pool has three waterfalls and a spa that can be controlled via a smartphone app. This home is less than 10 miles from the Las Vegas Strip. However, the weather can be harsh. Temperatures reach at least 100 degrees on average 70 days a year, and on rare summer days he can reach 115 degrees.
Estimated payment including taxes, insurance, and $250 HOA is approximately $6,500 with a 20% down payment and 7.2% 30-year mortgage rate. The median list price in Las Vegas is $440,967.
Nashville, Tennessee: Modern architecture near downtown, $1,035,000
This newly constructed 2,500 square foot home features 3 bedrooms, 3 bathrooms, 10′ ceilings, and an open gourmet kitchen.
The property is steps from Centennial Park, a 132-acre urban park that includes the Parthenon, Watauga Lake, Centennial Arts Center, and Taylor Swift’s Bench. We’re also less than 8 miles from Vanderbilt University and the heart of the country music scene in downtown Nashville.
Estimated payment including taxes and insurance is approximately $6,350, with a 20% down payment and a 30-year mortgage rate of 7.2%. The median list price in Nashville is $506,633.
Cleveland, Ohio: $900,000 suburban mansion
At approximately 7,000 square feet, this magnificent home has six bedrooms and five bathrooms. Located just outside of downtown, this home features amenities including a large living room with large windows, a library with built-in bookshelves, a recreation room with a wet bar, an exercise room with a sauna and full bath, and 500 bathrooms. is fulfilling. -Bottle wine grotto.
The entire house is decorated with wall panels, intricate moldings, and luxurious lighting. There is also an enclosed glass porch next to the outdoor porch.
Estimated payment including taxes and insurance is approximately $6,500, with a 20% down payment and a 30-year mortgage rate of 7.2%. The median list price in Cleveland is $122,967.
Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).
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