You can still buy a mansion for under $1M in these 4 cities
FILE-A mansion-style home is shown in Atherton, California. (Photo by Justin Sullivan/Getty Images)
The chances of finding a mansion at an affordable price feel unrealistic given these homes cost millions of dollars.
Zillow in a new housing report notes that a median mansion, which is defined as a home with roughly 5,000 square feet of living space, is valued at over $1.4 million.
However, there are four housing markets where you can purchase these palatial estates for less than $1 million.
Mansions under $1 million in 4 cities
By the numbers:
Zillow reports in June 2021, approximately 45% of mansions were valued at less than $1 million, but currently, that number has dropped to 30%.
- Buffalo ($825,000)
- Indianapolis ($965,500)
- Cleveland ($995,200)
- Memphis ($996,700)
Are there other cities where mansions are affordable?
Big picture view:
While Buffalo, Indianapolis, Cleveland, and Memphis have mansions under $ 1 million, consumers can also find them in cities like Cincinnati ($1 million), Louisville ($1 million) and Birmingham, Alabama ($1.1 million).
According to Zillow, Atlanta has the most mansions under $1 million in the U.S. at 21,634. The New York City area is second with 12,555, followed by Indianapolis (11,696), Washington, D.C. (10,613) and Chicago (9,530).
Separately, there’s another option for homebuyers in the form of a "starter mansion," which Zillow defines as a home in the 25th percentile of mansion values in an area. These properties typically cost under $900,000 nationwide. Zillow noted that 21 cities have starter mansions available for less than $1 million.
The Source: Information for this story was provided by data from a Zillow report detailing the affordability of mansions. This story was reported from Washington, D.C.