New York Times: See How the Philadelphia Region Ranks Among 50 Largest Metros Based on Share of Million-Dollar Homes

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Million-Dollar Homes Bryn Mawr House
Image via RedFin.
Million-dollar home on Pennstone Road in Bryn Mawr, Montgomery County.

According to a new report by LendingTree, Philadelphia ranked at No. 27 among the nation’s 50 largest metros based on its share of million-dollar homes, writes Michael Kolomatsky for The New York Times.

While many things affect the price of a home, such as square footage and construction type, location is still the main factor in determining the final price tag.

But even when location is taken into account, the report found that million-dollar homes are relatively uncommon throughout the country.

Only 4.27 percent of the owner-occupied homes in the 50 largest metros are valued at $1 million or more.

In the Philadelphia metropolitan area, out of the overall 1,534,074 owner-occupied housing units, 25,599 are valued at or above one million dollars. This represents a percentage of 1.67.

Meanwhile, the median value of owner-occupied housing units in the Philadelphia metro is $250,700.

The metro with the highest share of million-dollar homes in the country is San Jose, California, at 47 percent, followed by San Francisco at 36 percent, and Los Angeles with 17 percent.

Read more about the metros with the largest share of million-dollar homes in The New York Times.

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