LA has more homes worth over $1M than Miami
More than 17 percent of all homes in Los Angeles are valued at over $1 million, according to a new survey.
The report, published Monday by real estate data firm LendingTree, ranks the city third in the nation for the highest-share of million-dollar homes.
L.A. ranks right behind two other California cities — San Jose and San Francisco — which took the top spots in the survey. In San Jose, homes valued over $1 million made up 53 percent of the market. San Francisco’s million-dollar-share was at 40 percent.
Rounding out the top five were New York and San Diego. Miami — the only city on the ranking without a median home value over $300,000 — ranked No. 9.
Within the million-plus market, the median value of such homes in L.A. was $1.4 million. Overall, the median value of a single-family home is $622,000, according to LendingTree.
California’s overwhelming presence on the rankings is due in large part to its severe housing shortage. A report conducted over 15 years by consulting firm ECONorthwest found California is short by 3.4 million units, accounting for more than half the 7.3-million-unit shortage nationwide.
Another study labeled L.A. as the most unaffordable city for renters and buyers, as measured by the ratio of the median home price to median household income. The report, published by UCLA Anderson School of Management, also found that six of the seven costliest U.S. cities for housing are in California.
On the other end of Lending Tree’s rankings was Buffalo, New York, where only 0.10 percent of homes were valued at over $1 million. The median home value there is $141,000.
Source: The Real Deal