This Florida City Has the Most Million-Dollar Homes
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.
Make Your Money Grow with These Low-Risk Investments
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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