Housing Bubble
Million dollar homes - Cambridge, Mass. has highest concentration
June 01, 2003
About 1-in-8 single-family homes in Cambridge, Mass., were valued at $1 million
or more in 2000, the highest proportion in the nation among large
cities, according to the Commerce Department's Census Bureau.
San Francisco (7 percent), Pasadena, Calif., (4.7 percent) and Los Angeles
(3.8 percent) rounded out the top four in percentage of $1 million
homes among cities of 100,000 population or more. The next six cities were
in the neighborhood of 3 percent. (Table 1)
The Census Bureau analysis, Home Values: 2000 (PDF), said the median value of a home in the United States was $119,600, an increase of 18 percent over the 1990 median of $101,100 (after adjusting for inflation). Median value means one-half of all homes were worth more and one- half less.
Seven of the 10 places with the highest median single-family home values
were in the San Francisco Bay area; two were in New England states; the
other was in Hawaii.
Sunnyvale, Calif., recorded the highest median single-family home value among
large cities at $459,200 in 2000 more than four times the national
median. The rest of the top 10 cities had median values ranging from more
than $300,000 to nearly $400,000.(Table 2)
Flint, Mich. ($49,700), had the lowest median single-family home value among
large cities, more than 50 percent below the national figure. The
remainder of the 10 lowest median value cities were in the $50,000 to $60,000
range (Table 3).
Hawaii recorded the highest median value for single-family homes among states ($272,700), more than twice the national median. The lowest median was in Oklahoma ($70,700), one-third below the national estimate.
The median value of single-family homes nationwide soared from $44,600 in
1950 to the $119,600 figure in 2000, after adjusting for inflation. The
fastest rise from decade to decade was 43 percent in the 1970s, with the slowest
(8.2 percent) in the 1980s.
Other highlights:
- Between 1990 and 2000, Oregon had the sharpest rise in median home values of any state, up 78 percent. Other western states experiencing large increases were Utah (66 percent) and Colorado (58 percent). Values decreased in 11 states and the District of Columbia, with Connecticut showing the sharpest drop (27 percent).
- Of all 55.2 million owner-occupied homes in the nation, 70 percent were mortgaged and 30 percent were not. The median value of mortgaged homes ($128,800) was much higher than those without a mortgage ($96,900).
- Householders who were 45-to-54 years old had homes with the highest median value ($131,100), and householders younger than 25 years old had the lowest ($84,700).
- The median value of single-family homes of householders who reported their race as Asian alone was $199,300, more than 50 percent higher than the national median.
- Non-Hispanic whites alone had a median of $123,400 and Hispanic householders' median was $105,600.
- The median home values of homes occupied by householders who identified themselves as African-American alone and those who said they were American Indian or Alaska native alone were about $81,000 for each group, one-third below the national median.
The data are based on the sample of households who responded to the census long form. Nationally, about 1-in-6 housing units were included. Estimates in the report are subject to sampling and nonsampling error.
Table 1: Ten Places of 100,000 People or More With the Highest Percentage of Homes Valued at $1 Million or More: 2000
(For specified owner-occupied single-family housing units. Data based on sample. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see Summary File 3 PDF)
Area |
Specified
owner-occupied single-family housing units |
Homes valued at $1 million or more |
|
|---|---|---|---|
| Number |
Percent |
||
| United States | 55,212,108 | 313,759 | 0.6 |
| Cambridge, Mass. | 4,453 | 516 | 11.6 |
| San Francisco, Calif. | 79,545 | 5,547 | 7.0 |
| Pasadena, Calif. | 19,318 | 912 | 4.7 |
| Los Angeles, Calif. | 412,804 | 15,501 | 3.8 |
| Fort Lauderdale, Fla. | 22,871 | 765 | 3.3 |
| Berkeley, Calif. | 15,869 | 510 | 3.2 |
| Stamford, Conn. | 18,034 | 485 | 2.7 |
| Honolulu, Hawaii (CDP)* | 40,162 | 1,048 | 2.6 |
| Atlanta, Ga. | 61,208 | 1,597 | 2.6 |
| Fremont, Calif. | 40,429 | 1,052 | 2.6 |
*Honolulu is a Census Designated Place (CDP). By agreement with the state of Hawaii, the Census Bureau does not show data separately for the city of Honolulu, which is coextensive with Honolulu County.
Note: Because of sampling error, the estimates in these tables may not be significantly different from one another or from estimates for other geographic areas not listed in these tables.
Source: U.S. Census Bureau, Census 2000 Summary File 3.
Table 2: Large Cities with Highest Median Home Values
| Area |
Owner-occupied single-family housing units |
Median value |
|---|---|---|
| United States | 55,212,108 | $119,600 |
| Sunnyvale, Calif. | 19,314 | 495,200 |
| Cambridge, Mass. | 4,453 | 398,500 |
| Santa Clara, Calif. | 15,831 | 396,500 |
| San Francisco, Calif. | 79,545 | 396,400 |
| San Jose, Calif. | 146,892 | 394,000 |
| Honolulu, Hawaii | 40,162 | 386,700 |
| Berkeley, Calif. | 15,869 | 380,200 |
| Fremont, Calif. | 40,429 | 363,400 |
| Stamford, Conn. | 18,034 | 362,300 |
| Daly City, Calif. | 15,803 | 335,000 |
Table 3: Large Cities with Lowest Median Home Values
| Area | Owner-occupied single-family housing units |
Median value |
|---|---|---|
| United States | 55,212,108 | $119,600 |
| Flint, Mich. | 26,410 | 49,700 |
| Kansas City, Kan. | 31,461 | 52,500 |
| Brownsville, Texas | 20,258 | 53,000 |
| Waco, Texas | 18,226 | 53,300 |
| Gary, Ind. | 18,997 | 53,400 |
| Buffalo, N.Y. | 33,030 | 59,300 |
| Philadelphia, Pa. | 315,437 | 59,700 |
| Pittsburgh, Pa. | 66,568 | 59,700 |
| Abilene, Texas | 22,578 | 61,100 |
| Rochester, N.Y. | 30,910 | 61,300 |
Source: U.S. Census Bureau
