State leads in high-priced homes
California has earned the distinction of having the most million-dollar-plus homes in the nation. The state ranked No. 1 with 2.3% of its single-family, owner-occupied housing stock worth $1 million or more. And that represents more than 40% of all homes in the nation that fall into this category, according to a new study by Harvard’s Joint Center for Housing Studies.
Nationwide, million-dollar-plus homeowners in 2001 had an average annual household income of more than an $900,000. Half of them had income of $469,000 or more. Only one of four had less than $190,000 annual income, according to the “Million Dollar Homes and Wealth in the United States” by Zhu Xiao Di, research analyst at the center.
Ownership is concentrated among non-Hispanic whites. Though one of 72 white homeowners owns a million-dollar house, only one of 762 minority homeowners has such an expensive house, the study said.
As for $500,000-plus houses, one of 17 white homeowners owns one, but only one of 33 minority homeowners has such a house.
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