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This Florida City Has the Most Million-Dollar Homes

Expensive Florida home. One Florida city has among the most million-dollar homes in America.

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One Florida city has among the most million-dollar homes in America. That's pretty wild to think about. So, if you're looking for an expensive home, this city might be a good spot for you to start. Or, if you want to avoid buying an expensive home, you might want to find a different city in which to make roots.

Million-Dollar Homes Abound in Florida Town

Newsweek has a feature out about the cities in America with the most million-dollar homes. "Rising house prices in the U.S. are driving affordability issues, especially for first-time buyers," they note. "This surge is fueled by low inventory and high demand, pushing many out of the market." They added that in 2023, about one in 10 homes were worth at least $1 million, per real-estate analysis firm Redfin. Also, about 8.2% of homes in the U.S. were valued at $1 million or more as of June 2023, which was down from 8.6% in June 2022.

Before we get to our area, it's worth noting that San Francisco has the most homes valued at $1 million or more at 81%. Not far behind is San Jose at 80%. This isn't a surprise, because these cities are both close to the San Francisco Bay Area, which traditionally has high real estate values and high-paying jobs. The rest of the top 10 are packed with California towns, and the first non-California town to make the cut is Honolulu, Hawaii, at 38%.

Which Florida city made the cut? It's Miami at 14% of homes valued at $1 million or above. I think that totally makes sense, because I know that area is considered one of the most expensive in the state.

In a separate feature, Visual Capitalist looked at the states with the most cities with million-dollar homes. In the feature they note that "million-dollar homes are becoming more common, with the U.S. having 621 cities where a typical home is worth $1 million or more." They add that "while high interest rates have caused commercial real estate prices to fall, it hasn’t had the same impact on the residential market." Also, housing inventory has gone up, which is a good thing for buyers, but unfortunately, it's still "below average historical levels." Visual Capitalist also notes that even though mortgage rates have fallen, "U.S. home prices continue to climb, nearing record highs." No. 1 on the tally for the states with the most million-dollar homes, of course, was California, followed by New York. Florida was actually No. 5 on the tally with 30 cities that are considered "million-dollar cities" with homes at or above that price.

If you have some money wasting away in a savings account that doesn't have interest, then you might want to consider making your money grow with low-risk investments. Financial experts say that certain low-risk investments can really help pad your savings.

What Are Low-Risk Investments?

Before we get into the best low-risk investments, let's look at what exactly is a low-risk investment. The official definition is basically what you would expect from the definition of a low-risk investment. According to the financial experts at Capital.com, it's "an investment where there is perceived to be just a slight chance of losing some or all of your money. Low risk investments offer you a security blanket as they’re not likely to suddenly drop in value."

In contrast, according to Investopedia.com, "A high-risk investment is one for which there is either a large percentage chance of loss of capital or under-performance—or a relatively high chance of a devastating loss." They add that, "The first of these is intuitive, if subjective: If you were told there’s a 50/50 chance that your investment will earn your expected return, you may find that quite risky." So, for example, a 50/50 risk might not seem risky to some, but it might seem risky to others. An investment with a 99% risk will obviously seem risky to everyone. But, with high-risk investments come big payouts, so that's what lures people in. For example, a separate article from Investopedia.com states that some high-risk investments can double your money. That's obviously a much bigger return than you would see in your average investment. As they state, "Make no mistake, there is no guaranteed way to double your money with any investment. But there are plenty of examples of investments that doubled or more in a short period of time."

So, if you're interested in making a ton of money, or losing it all, high-risk investments such as investing in foreign emerging markets may be of interest to you. "A country experiencing a growing economy can be an ideal investment opportunity," experts at Investopedia.com state. "Investors can buy government bonds, stocks, or sectors with that country experiencing hyper-growth or ETFs that represent a growing sector of stocks." They add "spurts in economic growth in countries are rare events that, though risky, can provide investors with a slew of brand new companies to invest in to bolster personal portfolios."

Now, let's move onto some low-risk investments for those who don't want to risk losing their money. Of course, talk to your financial advisor before making any of these moves.

Invest in certificates of deposit (CDs)

You've probably heard of CDs being low-risk investments. Fidelity.com explains that "CDs provide reliable, fixed-rate returns on a lump sum of money over a fixed period of time, such as six months, one year, or five years." They add that the great thing is that if you "get a traditional CD at a bank or credit union where they are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA)." Usually, CDs have a minimum deposit, and you’ll have to pay a penalty if you take your money out too soon.

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High-yield savings accounts

High-yield savings accounts are like your regular savings account, but they earn more interest. "You can use these accounts for long-term savings goals or to hold extra money from your checking account," CreditKarma.com states. "For example, if you want to start saving for a house or building up an emergency fund, this could be a great option."

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U.S. treasury bills, notes and bonds

Forbes.com says that right now, the risk level for U.S. treasury bills, notes and bonds is "very low." They add that, "U.S. Treasury securities are backed by the full faith and credit of the U.S. government. Historically, the U.S. has always paid its debts, which helps to ensure that Treasurys are the lowest-risk investments you can own."

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Money market funds

Fidelity.com states that, "Money market funds are mutual funds that invest in short-term, low-risk assets like Treasury and government securities, commercial paper, or municipal debt—depending on the focus of the fund." They add that, "Because their underlying investments are typically high quality, they are generally less volatile than other types of mutual funds, such as stock funds."

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Fixed annuities

Fixed annuities are a pretty safe bet. As Forbes.com explains, "Fixed annuities are a popular type of annuity contract that are frequently used for retirement planning, but can also be useful for medium-term financial goals." They add that, "Sold by insurance companies and financial services companies, a fixed annuity guarantees a fixed rate of return over a set period of time, regardless of market conditions."

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Invest inside your comfort zone

People talk about stepping outside of their comfort zone in life, but really, investing isn't a place to do this. You know how much money you have to "play" with, so if you're worried about putting too much money in the market, these low-risk investments could still help you make money on your money.

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Anne Erickson started her radio career shortly after graduating from Michigan State University and has worked on-air in Detroit, Flint, Toledo, Lansing and beyond. As someone who absolutely loves rock, metal and alt music, she instantly fell in love with radio and hasn’t looked back. When she’s not working, Anne makes her own music with her band, Upon Wings, and she also loves cheering on her favorite Detroit and Michigan sports teams, especially Lions and MSU football. Anne is also an award-winning journalist, and her byline has run in a variety of national publications. You can also hear her weekends on WRIF.