(NewsNation) — A million dollars won’t get you a starter home in hundreds of U.S. cities, but in four major metros, it’s still enough for a mansion.
Nationally, the median mansion is worth $1.4 million, but in Buffalo, Indianapolis, Cleveland and Memphis, a massive home still costs less than $1 million, according to a new Zillow analysis.
The picture looks very different in California, where $1 million won’t even cover the down payment on a typical mansion in San Jose, valued at $6.5 million. San Francisco ($4.9 million), Los Angeles ($4.7 million) and San Diego ($4.6 million) also rank among the nation’s priciest mansion markets.
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For its analysis, Zillow defined a mansion as a home with at least 5,000 square feet of finished living space — highlighting the regional differences in what $1 million can buy.
“Especially on the coasts, champagne tastes require champagne budgets,” Kara Ng, senior economist at Zillow, said in a statement.
But increasingly, even beer tastes require champagne budgets. California now has 113 cities where starter homes cost $1 million or more — a number that has doubled since the pandemic.
Four years ago, nearly half of all U.S. mansions were valued at less than $1 million (45%), but today, only 3 in 10 are (30%), Zillow found.
Which cities have the most mansions under $1 million?
The U.S. has 415,117 mansions valued at less than $1 million, according to Zillow.
Atlanta leads the nation with more than 21,000 mansions under $1 million, followed by New York in a distant second with about 12,500 and Indianapolis in third with roughly 11,700.
“For buyers dreaming of space and status with a six-figure price tag, the Midwest and the South still teem with mansions at a relative bargain price,” Zillow’s report said.
In Buffalo, where the typical mansion is worth $825,500, nearly 60% of massive homes are worth under $1 million — the highest share in the nation.
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Cleveland, Memphis and Indianapolis also had a high share of sub-$1 million megapads, with more than half of local mansions falling into that category.
On the other end of the spectrum, in San Jose, only 11 homes met Zillow’s mansion criteria and were valued under $1 million. San Diego fared only slightly better, with just 69 such homes.
It’s worth noting that there is no universal definition of a mansion, and a 5,000-square-foot home in Cleveland may not conjure the movielike image most people imagine.
For perspective, the typical size of a new single-family home sold in 2024 was 2,210 square feet, while July’s priciest sale was a 56,500-square-foot Los Angeles estate that went for $110 million.
The 10 U.S. metros where the typical mansion is most affordable, according to Zillow
Buffalo, NY: $825,500
Indianapolis, IN: $965,500
Cleveland, OH: $995,200
Memphis, TN: $996,700
Cincinnati, OH: $1,005,900
Louisville, KY: $1,009,000
Birmingham, AL: $1,071,400
Kansas City, MO: $1,111,500
New Orleans, LA: $1,116,100
Richmond, VA: $1,136,300
The 10 U.S. metros with the most mansions valued under $1 million, according to Zillow
Atlanta, GA: 21,634
New York, NY: 12,555
Indianapolis, IN: 11,696
Washington, DC: 10,613
Chicago, IL: 9,530
Houston, TX: 8,735
Philadelphia, PA: 7,421
Minneapolis, MN: 6,054
Birmingham, AL: 4,899
St. Louis, MO: 4,827
