19 Counties Where Homes Average $1M+ Where Does Yours Rank?

Last updated 09/13/2024 by

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Summary:

The price of a typical home has soared past $1 million in 19 U.S. counties. While “million-dollar cities” are frequently discussed, the rise of “million-dollar” counties adds a broader perspective on housing affordability. From tech hubs to luxury vacation spots, this is the story of the U.S. counties with the highest median home prices.

The first million-dollar county emerged in 2004. A “million-dollar county” is defined as one where the typical home is worth over $1 million. Fast forward 20 years, and the U.S. now has 19 such counties. While inflation plays a part in rising home prices, the growth in million-dollar counties has far outpaced inflation, reflecting a broader issue of affordability.

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The rise of million-dollar counties over time

The number of U.S. counties where the median home price exceeds $1 million has steadily increased over the past two decades. Nantucket County (MA) became the first in May 2004. By 2014, only two others—New York County (NY) and Pitkin County (CO)—had crossed this threshold, bringing the total to three.

Since then, the trend has accelerated, particularly in states like California, Colorado, and Massachusetts. Between 2015 and 2020, the number of million-dollar counties grew modestly, reaching eight by the end of 2020. The post-pandemic housing boom—fueled by high demand, limited inventory, and low interest rates—led to a rapid increase, peaking at 21 counties by mid-2022. As of 2024, there are 19 counties where home values average above $1 million, reflecting persistently elevated prices despite market corrections.

This growth highlights a significant shift in housing affordability, especially in regions fueled by tech booms and luxury markets, where middle-income households are increasingly priced out. The variation in home prices across U.S. counties is striking. For example, in Orange County, CA, the typical home costs $1,161,599, while in Orange County, FL, it’s much lower at $413,297. In Orange County, VT, the price drops even further to $337,707. These stark differences reflect how location can greatly influence home affordability.

Curious about the typical home price in your own county? Use the search feature in the table above to explore how your area compares.

How is the typical cost (aka ZHVI) of a county calculated?

The Zillow Home Value Index (ZHVI) is based on a trimmed mean of Zestimates, focusing on the 35th to 65th percentile of home values in a given region. Zestimates leverage data such as property sales, tax records, and home characteristics to provide region-specific home value estimates.

Breakdown of counties with million-dollar homes

Key findings

California leads with 7 counties where median home prices exceed $1 million, driven by tech wealth and limited housing supply in areas like San Mateo and Marin.
Colorado’s four million-dollar counties, including Pitkin and Eagle, attract affluent buyers for both primary and vacation homes, thanks to luxury ski resorts and scenic mountain locations.
Massachusetts’ Nantucket and Dukes counties remain popular vacation destinations, while New York’s New York County (Manhattan) draws affluent buyers due to its global status and high-end real estate.
Pitkin and Eagle counties in Colorado exemplify how outdoor amenities and increased demand during the pandemic have driven luxury home prices.
High demand and limited inventory in areas like Nantucket and Pitkin continue to push home prices higher in these sought-after vacation markets.

Million-dollar cities in the U.S.

As you can see in the table above, million-dollar cities are becoming increasingly common. In 2024 there are 621 U.S. cities having typical home values above $1 million. California leads with 218 cities—more than the next four states combined. Atherton, CA, stands out as the most expensive, with a typical home costing $7.5 million. Other states with notable numbers of million-dollar cities include New York (76), New Jersey (60), and Massachusetts (44).

While housing inventory has increased, it remains below historical averages, and home prices continue to rise, even amid higher mortgage rates. States with fewer million-dollar cities, particularly in the Midwest and South, tend to have more affordable housing but often lack high-income job opportunities.

How much income do you need to afford a million-dollar home?

Purchasing a million-dollar home requires a substantial income due to the size of the loan and associated costs. Assuming a 10% down payment ($100,000) and a 30-year fixed mortgage with a 5% interest rate, the monthly mortgage payment would be approximately $4,830. This excludes other costs like property taxes, insurance, and maintenance.

Typically, you don’t want your housing costs to exceed 30% of your gross monthly income. Based on this, to comfortably afford a $4,830 mortgage payment, you would need a household income of at least $193,200 per year. However, with additional costs like taxes and insurance, it would be smart to give yourself some breathing room and only buy a million-dollar home if you have an annual income of over $200,000.

Affording a million-dollar home requires not only a high income but also careful financial planning, particularly with the ongoing impact of interest rates and rising home prices.

The value of county-level real estate analysis

County-level data offers a broader perspective than city-specific data, capturing a mix of suburban and rural areas. Here’s why this level of analysis is key to understanding luxury real estate trends:

Counties often include a variety of housing types across urban, suburban, and rural areas, providing a more comprehensive view of real estate trends than city-level data alone.
Counties are influenced by a wider range of economic factors, including infrastructure projects, local employment, and tourism. For example, Colorado’s million-dollar counties benefit from both tourism and a growing local economy.
Counties tend to exhibit more stable, long-term real estate trends compared to cities, which can experience more rapid price fluctuations. This makes county-level data particularly valuable for understanding regional housing markets.

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Andrew Latham

Andrew is the Content Director for SuperMoney, a Certified Financial Planner®, and a Certified Personal Finance Counselor. He loves to geek out on financial data and translate it into actionable insights everyone can understand. His work is often cited by major publications and institutions, such as Forbes, U.S. News, Fox Business, SFGate, Realtor, Deloitte, and Business Insider.

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