Which cities have the most opportunities for home insurers?

As prices continue to rise, seven-figure house prices are becoming the norm in some cities

Which cities have the most opportunities for home insurers?

Insurance News

By Ryan Smith

Rising home prices are hitting consumers in the pocketbook – but they’re also opening up opportunities for homeowners’ insurers. But even with prices on the rise, homes with seven-figure price tags are still relatively rare. In some cities, however, they’re fast becoming the norm.

A new analysis by online mortgage platform LendingTree has ranked 50 metro areas by their share of homes valued at $1 million or more. California boasts several metro areas with a high proportion of $1 million-plus homes, including the top three: San Jose, San Francisco and Los Angeles.

In those three cities, along with San Diego and New York, more than 10% of homes are valued at $1 million or more, according to LendingTree.

San Jose has the largest share of million-dollar-plus homes at 53%. It’s also the only city in the country with a median home value of more than a million dollars ($1,069,000), according to LendingTree.

Forty per cent (40%) of San Francisco homes cost $1 million or more, and the city’s median home price is $891,000. Los Angeles runs a distant third, with 17.23% of all homes costing $1 million or more and a median home value of $622,000. The share of million-dollar-plus homes is 11.81% in New York and 10.55% in San Diego.

Most of the cities with high percentages of seven-figure homes are on the coast, according to LendingTree. The exception is Denver, with a 2.65% share of seven-figure homes.

The metro areas with the lowest share of million-dollar-plus homes are Hartford, Conn. (0.18%), Pittsburgh (0.17%), and Buffalo, N.Y. (0.10%).



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