Millennials make up the largest share of home buyers at 37%, according to a recent report by the National Association of Realtors
Although a million-dollar home conjures many images, a condo less than 1,200 square feet is not usually among them. Yet, that is precisely how far your hard-earned dollar will go in San Francisco, where a typical single-family home listing for $1 million will get you a three-bedroom, one-bath home covering 1,150 square feet, according to a new report by Zillow.
In most large cities, 87 of the largest 100 included in the Zillow analysis, a detached single-family house is the standard for a $1 million home. All have at least three bedrooms and one-and-a-half bathrooms, and they range from around 1,400 square feet in Fremont, California, to more than 7,000 square feet in El Paso, Texas.
Young pointed out that owning a $1 million home was once a status symbol, but because of escalating home prices, it feels closer to the price of entry level for homeownership in some parts of the country. “Nationwide, the typical $1 million home at 2,200 square feet may not be sufficient to impress colleagues or neighbors,” said Young. “Only in the most affordable markets, such as some in the South, will you find $1 million homes that verge on palatial, and the reality for some markets – particularly those on the coast and in California – is that $1 million homes often stand out more for their diminutive size given their hefty price tags.
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