Who Wants to Be a Millionaire?

💰🏘️ Easy-peasy… just buy a house. Homes valued at $1 million or higher are now the norm in 481 US cities, according to Zillow data published Wednesday, more than double the number from five years ago.

• ~145 cities reached the $1 million average home mark last year, an annual record. To give you some context, only 126 towns period had seven-figure average home values a decade ago.
• Nearly half of all million-dollar cities are clustered within four large coastal regions: San Francisco (76), NYC, (76), LA (57), and San Jose (22). 44% of the overall list is located in California.
• The most expensive US city is Indian Creek, FL, which only has 88 residents… but those include people like Tom Brady and Enrique Iglesias. The city’s average home value is a staggering $28.3 million, nearly four times as high as second place (Atherton, CA; $7.7 million).

🇺🇸📈 The big picture: The average US home gained 19.6% in value last year, according to Bloomberg.

More than six million existing homes were sold in 2021, the highest number since 2006, with properties staying on the market for an average of ~19 days.