The number of $1 million neighborhoods in the U.S. has reached 1,280, according to a new report by Zillow. Of these neighborhoods, 346 have reached that threshold since 2014.
After analyzing the cost of single-family homes and condominiums across 29,991 zip codes, Zillow’s data found that more than one in 25 zip codes in the U.S. could now be dubbed "million dollar," meaning at least 10% of homes in the area are worth $1 million or more.
The seven figure areas can be found concentrated in coastal metropolitan markets: On the West Coast, 114 or 32.9% of the total new neighborhoods added since 2014 can be found in Seattle, Portland, Oregon, San Francisco, San Jose, Los Angeles, and San Diego.
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On the East Coast, New York, Boston, Miami, and Washington, D.C. accounted for another 92 new million-dollar ZIPs (26.6% of the total added since 2014 ).
"As home values reach new peaks, $1 million homes are increasingly common, even in neighborhoods once considered middle class," said Zillow's Chief Economist Dr. Svenja Gudell in the report. "The U.S. median home value is just over $200,000, but in San Francisco, Los Angeles and other expensive cities, homes are worth much more."
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New York and northern New Jersey saw the biggest boon in high-value neighborhoods in the past three years, adding 53. According to Zillow’s data map, Manhattan is comprised exclusively of $1 million zip codes. San Francisco and Los Angeles came in second and third, adding 36 and 29 zip codes respectively.
But not all cities are seeing an increase in home prices. Houston, Texas; Pittsburgh, Pennsylvania; St. Louis, Missouri; and Cincinnati, Ohio haven't seen any new $1 million neighborhoods in the same three-year time frame. Las Vegas added just one.