There was a time when the term “million-dollar home” conjured up images of a Beverly Hills mansion or a Manhattan penthouse.
But with the median price of a U.S. home up 30% since 2020 and nearly doubling since 2010, what can $1 million buy you today?
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6 bedroom property? Yes, but in Cleveland.
Penthouse? A bit unrealistic.
We scoured real estate listings across the country to see what $1 million can buy. Here are some examples.
New York City: $1,035,000 1-bedroom co-op strata house
This artistic one-bedroom, one-bathroom split-level house is located in a building built in 1925 on Manhattan Island. There is an elevator and a caretaker. In addition to the sticker price, there is a monthly building maintenance fee of $1,700 (or includes hot water, taxes and janitorial service).
It’s located in the trendy Chelsea neighborhood, just a few blocks or subway ride away from places New York City is famous for, including the Empire State Building, Times Square, Central Park, and more.
“You can buy a nice one-bedroom unit in a good neighborhood for close to $1 million,” New York City real estate agent David Palmieri told Yahoo Finance.
Expect monthly payments, including mortgage payments and maintenance fees, to be close to $7,000, with 25% down and a 7% interest rate on a 30-year mortgage. The median property price in New York City is $820,000.
Tampa, Florida: New construction near the water, $1,039,000
This new 3,000-square-foot home in South Tampa, less than two miles from Tampa Bay, offers 5 or 4.5 bedrooms. The building features high ceilings, modern appliances and luxurious details.
Community amenities include community parks with sports facilities, golf courses and waterfront restaurants, but owners must withstand the summer heat: average high temperatures in August are 90 degrees and average humidity is 80 percent.
Reddit user @md28usmc posted in a local Reddit group: “It feels like turning on the dryer but 95% of the time the clothes are still wet.”
Expect monthly payments (including property taxes and home insurance) to be about $6,700, with a 20% down payment and an interest rate of 7.2% on a 30-year mortgage. The median home price in Tampa is $429,933.
Birmingham, Alabama: Historic home in vibrant neighborhood for $1,030,000
This Georgian-style residence is located in the heart of historic Forest Park, a rolling hilly area surrounded by charming homes and vibrant shops. The nearly 4,000-square-foot brick home has five bedrooms, a living room, a dining room, a breakfast room and a sunroom.
The University of Alabama at Birmingham, the state’s largest public employer and home to the region’s largest academic medical facility, is just a 10-minute drive away. Zillow recently named Birmingham one of the top 10 best markets for first-home buyers.
“The people here are amazing! So friendly and helpful! Lots of art, music and entertainment. Great food scene, and great festivals and parks.” Reddit user @Adventureous-Film-989 said in Birmingham : “You can be anywhere in less than 15 minutes. There’s a sense of belonging here. I love Birmingham and am so happy that my whole family is moving here.”
Expected monthly payments (including tax and insurance) are about $6,300, with 20% down and an interest rate of 7.2% on a 30-year mortgage. The median home price in Birmingham is $167,967.
San Francisco: condo in the heart of Silicon Valley for $1,068,000
This two-bedroom, two-bathroom condo residence is located in Menlo Park in the San Francisco Bay Area and has an area of nearly 1,000 square feet. It has stylish cabinets and quartz countertops, is HOA-owned, has a pool and clubhouse.
This location is perfect for those who want to be close to the tech world. The unit is less than 7 miles from Meta headquarters and less than 3 miles from Stanford University. Menlo Park is known as the “Venture Capital Capital.”
Reddit user @jmking wrote in r/ExperiencedDevs: “People’s perception of Silicon Valley is that it’s almost a typical suburb, but the reality is the prices are much higher, the weather is much nicer, and there are more Teslas around. “
Expect monthly payments of approximately $7,800 (including tax, insurance and $700 HOA property management fee) with 20% down and an interest rate of 7.2% on a 30-year mortgage. The median home price in Menlo Park is $2,458,667.
Chicago: Luxury townhome near downtown for $1 million
This spacious urban residence covers an area of 3,000 square feet and includes 4 bedrooms and 4 bathrooms. Featuring hardwood floors, the kitchen connects to the dining room and has a gas fireplace. The living space extends outside the house, where there is a private terrace, as well as a shared outdoor pool and sunbathing area.
The townhouse is just steps from Lakeside Beach and Lincoln Park, home to the Lincoln Park Zoo. Downtown Chicago, Millennium Park and the Chicago Riverwalk can be reached in 10 to 12 minutes by car (in light traffic).
Estimated monthly payments (including tax, insurance and $1,500 HOA property management fee) are approximately $8,850 with 20% down and an interest rate of 7.2% on a 30-year mortgage. The median home price in Chicago is $350,000.
St. Louis, Missouri: Turnkey home with multiple fireplaces for sale for $1 million
This craftsman-style bungalow has 4 bedrooms and 4 bathrooms, with an area of over 3,200 square feet. Featuring an array of amenities including two fireplaces, storage cabinets and an entertainment room with attached bar.
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The outside is just as stunning as the inside, with a covered patio, alfresco terrace and front yard swing. St. Louis was recently named the best city in the United States for first-time homebuyers due to its affordable prices and active communities. It is also home to 7 of the Fortune 500 companies and the Arch of St. Louis.
Expected monthly payments (including tax and insurance) are about $6,700, with a 20% down payment and an interest rate of 7.2% on a 30-year mortgage. The median home price in St. Louis is $183,667.
Las Vegas: Community home near the Strip for $1.025 million
The property covers an area of 3,000 square feet, with 3 bedrooms, 3 bathrooms, and a small room. The open kitchen features 6 burners and grill, a large island and built-in double oven.
The backyard is even more inviting. The heated saltwater pool features 3 cascades and a spa, controlled by a mobile app. The home is less than 10 miles from the Las Vegas Strip. However, the weather can be harsh—on average 70 days a year the temperature is at least 100 degrees Fahrenheit, and can reach 115 degrees in the summer.
Estimated monthly payments (including tax, insurance and $250 HOA property management fee) are approximately $6,500, with a 20% down payment and an interest rate of 7.2% on a 30-year mortgage. The median home price in Las Vegas is $440,967.
Nashville, Tennessee: Modern building near downtown for $1,035,000
The newly built 2,500-square-foot home has three bedrooms and three bathrooms, 10-foot ceilings and an open kitchen.
The property is just around the corner from Centennial Park, a 132-acre urban park that houses the Parthenon, Centennial Arts Center and the Taylor Swift Bench. It is also less than 5 miles from Vandenberg University and the Country Music Center in downtown Nashville.
Estimated monthly payments (including tax and insurance) are approximately $6,350, with a 20% down payment and an interest rate of 7.2% on a 30-year mortgage. The median home price in Nashville is $506,633.
Cleveland, Ohio: Suburban mansion for $900,000
This magnificent house covers an area of nearly 7,000 square feet, with 6 bedrooms and 5 bathrooms. It is located outside the city center and has complete facilities, including a large living room with large windows, a library with built-in bookshelves, an entertainment room with a bar, and a sauna. There is also a gym and a wine cellar that can store 500 bottles of wine.
Wainscoting, detailed moldings and chic lighting are used throughout. It also has a glass room located next to the porch.
Expect monthly payments (including tax and insurance) to be approximately $6,500, with 20% down and an interest rate of 7.2% on a 30-year mortgage. The median home price in Cleveland is $122,967.
Written by Rebecca Chen
Content translated from Yahoo Finance
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