Homeownership is often seen as a central part of the American dream. While housing affordability continues to plague many Americans, there are a growing number of people seeking luxury homes. Nearly half of luxury real estate professionals surveyed said there is an increase in the number of first-time buyers of premium homes, according to Caldwell Banker.
New York is a clear destination for luxury homes. A recent study from Badeloft USA found that New York City is not the top location for premium listings. The study included four metrics in its report: square mile, median home price, number of above-average homes, and number of above-average homes per square mile.
Here’s where the Big Apple ranked, as well as the nine other cities that compete with New York City for luxury housing.
Miami
Square miles: 36
Average home price: $584,600
Number of homes above average: 3,796
Number of homes above average per square mile: 105.44
Beautiful beaches, a vibrant culture, and no state income tax make Miami a fun alternative for luxury homebuyers who aren’t interested in New York.
New York
Square mile: 300.5
Average home price: $763,800
Number of homes above average: 11,427
Number of homes above average per square mile: 38.03
Often seen as a hot spot for luxury homes, New York City doesn’t take the top spot, falling behind Miami with its density of luxury homes.
Las Vegas
Square mile: 141.9
Average home price: $424,000
Number of homes above average: 3,701
Number of homes above average per square mile: 26.08
No state income tax, abundant entertainment options, and a warm climate make Las Vegas a good alternative for Americans who want proximity to the West Coast.
Philadelphia
Square mile: 134.3
Average home price: $218,800
Number of homes above average: 3,214
Number of homes above average per square mile: 23.93
Vibrant museums and a rich history make Philadelphia a good choice for Americans who want culture, sports, and the availability of upscale housing.
Washington, D.C.
Square mile: 68.3
Average home price: $589,100
Number of homes above average: 1,225
Number of homes above average per square mile: 17.93
Job opportunities, cultural entertainment, and sports make Washington, D.C. an enjoyable choice for homebuyers looking for luxury homes to purchase.
Boston
Square mile: 48.4
Average home price: $745,800
Number of homes above average: 698
Number of homes above average per square mile: 14.42
History, dining options, and live sports make Boston a top alternative to New York City
San Antonio
Square mile: 498.9
Average home price: $251,000
Number of homes above average: 6,98
Number of homes above average per square mile: 14.00
Pleasant weather and notable attractions make San Antonio a surprisingly enticing place to live for homebuyers looking for luxury homes.
Detroit
Square mile: 138.7
Square mile: $74,200
Number of homes above average: 1,803
Number of homes above average per square mile: 13.00
With a wide range of cultural and revitalization efforts, Detroit is worth considering for Americans interested in a premium home with lower spending potential.
Chicago
Square mile: 227.7
Average home price: $295,700
Number of homes above average: 2,759
Number of homes above average per square mile: 12.12
Chicago has a familiar feel with luxury home options for less than you can find in New York.
Honolulu
Square mile: 68.4
Average home price: $773,400
Number of homes above average: 826
Number of homes above average per square mile: 12.08
Pristine beaches, cultural events, and outdoor recreation make Honolulu a good choice for luxury homebuyers looking to leave the mainland.