According to a new report by LendingTree, Philadelphia ranked 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 (square footage and construction type, for example) location is still the main determinant of price.
But even when location is considered, 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 (1.67 percent) have at least six-figure values.
For comparison’s sake, the median value of owner-occupied housing units in Greater Philadelphia 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 U.S. distribution of million-dollar homes in The New York Times.