What kind of property can you buy in the United States with $1 million? Yahoo Finance searched for real estate in nine large and medium-sized cities in the United States to see what seven figures can buy. (File photo: REUTERS) (Reuters/Reuters)
There was a time when the term “million dollar home” conjured up images of a Beverly Hills mansion or a Manhattan skyscraper.
But with the median US home price up 30% from 2020 and nearly doubling from 2010, what can $1 million buy you today?
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6 bedroom apartment? Yes, but in Cleveland.
Penthouse? A bit unrealistic.
We scoured real estate listings across the country to see what $1 million can buy. Here are a few examples.
New York City: $1,035,000 1-bedroom co-op strata house
Source: StreetEasy 254 West 25th Street #2C (Easy Street)
This artistic one-bedroom one-bedroom house is located in a building built in 1925 on Manhattan Island. There is an elevator and a caretaker. In addition to the sticker price, there is a monthly building maintenance fee of $1,700 (or includes hot water, taxes and janitorial service).
It is located in the trendy Chelsea neighborhood, just a few blocks or a subway ride away from famous New York City attractions, including the Empire State Building, Times Square, Central Park, and more .
“You can buy a nice one-bedroom unit in a good neighborhood for close to $1 million,” New York City real estate agent David Palmieri told Yahoo Finance.
Expect monthly payments, including mortgage payments and maintenance fees, to be close to $7,000, with 25% down and a 7% interest rate on a 30-year mortgage. The median property price in New York City is $820,000.
Tampa, Florida: New construction near the water, $1,039,000
Tampa, FL: 4510 W McCoy St (Sillow)
This new 3,000-square-foot home in South Tampa, less than two miles from Tampa Bay, offers 5 or 4.5 bedrooms. The property features high ceilings, modern appliances and luxurious details.
Community amenities include community parks with sports facilities, golf courses and riverside restaurants, but owners must withstand the summer heat: the average high temperature in August is 90 degrees and average humidity is 80 percent.
Reddit user @md28usmc posted in a local Reddit group: “It feels like turning on the dryer but 95% of the time the clothes are still wet.”
Expect monthly payments (including property taxes and home insurance) to be around $6,700, with a 20% down payment and an interest rate of 7.2% on a 30-year mortgage. The median home price in Tampa is $429,933.
Birmingham, Alabama: Historic home in vibrant neighborhood for $1,030,000
Birmingham, AL: 4310 Glenwood Avenue
This Georgian style residence is in the heart of historic Forest Park, a hilly area surrounded by charming homes and lively shops. The nearly 4,000-square-foot brick home has five bedrooms, a living room, dining room, breakfast room and sunroom.
The University of Alabama at Birmingham, the state’s largest public employer and home to the region’s largest academic medical facility, is just 10 minutes away. Zillow recently named Birmingham one of the top 10 markets for first home buyers.
“The people here are amazing! So friendly and helpful! Lots of art, music and entertainment. Great food scene, and great festivals and parks.” Reddit user @Adventureous-Film-989 in Birmingham said: “You can be anywhere less than 15 minutes.
Expected monthly payments (including tax and insurance) are around $6,300, with 20% down and a 7.2% interest rate on a 30-year mortgage. The median price of a home in Birmingham is $167,967.
San Francisco: condo in the heart of Silicon Valley for $1,068,000
San Francisco: 6775 Sharon Park Dr. Apt 140 (Sillow)
This two-bedroom two-bedroom condo residence is located in Menlo Park in the San Francisco Bay Area and has an area of nearly 1,000 square feet. It has gorgeous cabinets and quartz countertops, is HOA owned, has a pool and clubhouse.
This location is perfect for those who want to be close to the tech world. The unit is less than 7 miles from Meta headquarters and less than 3 miles from Stanford University. Menlo Park is known as “Venture Capital”.
Reddit user @jmking wrote in r/ExperiencedDevs: “People think of Silicon Valley as a normal suburb, but the reality is that prices are much higher, the weather is much better, and there are more Teslas around.
Expect monthly payments of around $7,800 (including tax, insurance and a $700 HOA property management fee) with 20% down and a 7.2% interest rate on a 30-year mortgage. The median home price in Menlo Park is $2,458,667.
Chicago: A luxury townhouse near downtown for $1 million
Chicago: 1715 N Wells St, Apt 51 (Sillow)
This spacious urban residence covers an area of 3,000 square feet and includes 4 bedrooms and 4 bathrooms. With hardwood floors, the kitchen connects to the dining room and has a gas fireplace. The living space extends outside the house, where there is a private terrace, as well as a shared outdoor pool and sunbathing area.
The townhouse is just steps away from Lakeside Beach and Lincoln Park, home of the Lincoln Park Zoo. Downtown Chicago, Millennium Park and the Chicago River Walk can be reached in 10 to 12 minutes by car (in light traffic).
Estimated monthly payments (including tax, insurance and a $1,500 HOA property management fee) are approximately $8,850 with 20% down and an interest rate of 7.2% on a 30-year mortgage. The median home price in Chicago is $350,000.
St. Louis, Missouri: Turnkey home with multiple fireplaces for sale for $1 million
St. Louis: 844 Westwood Pl (Sillow)
This craftsman style bungalow has 4 bedrooms and 4 bathrooms, with an area of over 3,200 square feet. Featuring a host of amenities including two fireplaces, storage cabinets and an entertainment room with attached bar.
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The exterior is just as stunning as the interior, with a covered patio, alfresco terrace and swing in the front yard. St. Louis was recently named the best city in the United States for first-time homebuyers because of its affordable prices and active communities. It is also home to 7 of the Fortune 500 companies and the Arch of St Louis.
Expected monthly payments (including tax and insurance) are around $6,700, with a 20% down payment and a 7.2% interest rate on a 30-year mortgage. The median home price in St. Louis $183,667.
Las Vegas: Community home near the Strip for $1.025 million
Las Vegas: 5241 Villa Dante Ave (Sillow)
The property covers an area of 3,000 square feet, with 3 bedrooms, 3 bathrooms, and a small room. The open kitchen has 6 burners and a grill, a large island and a built-in double oven.
The backyard is even more attractive. The heated saltwater pool has 3 jets and a spa, controlled by a mobile app. The home is less than 10 miles from the Las Vegas Strip. However, the weather can be harsh – on average 70 days a year the temperature is at least 100 degrees Fahrenheit, and it can reach 115 degrees in the summer.
Estimated monthly payments (including tax, insurance and a $250 HOA property management fee) are approximately $6,500, with a 20% down payment and an interest rate of 7.2% on a 30-year mortgage. The median home price in Las Vegas is $440,967.
Nashville, Tennessee: Modern building near downtown for $1,035,000
Nashville, TN: 3504B Wrenwood Ave
The new 2,500-square-foot home has three bedrooms and three bathrooms, 10-foot ceilings and an open kitchen.
The building is just around the corner from Centennial Park, a 132-acre urban park that includes the Parthenon, Centennial Arts Center and Taylor Swift Mountain. It is also less than 5 miles from Vandenberg University and the Country Music Center in downtown Nashville.
Estimated monthly payments (including tax and insurance) are around $6,350, with a 20% down payment and a 7.2% interest rate on a 30-year mortgage. The median home price in Nashville is $506,633.
Cleveland, Ohio: suburban mansion for $900,000
Cleveland, Ohio: 2824 Drummond Rd (Sillow)
This magnificent house covers an area of almost 7,000 square feet, with 6 bedrooms and 5 bathrooms It is located outside the city center and has complete facilities, including a room -a large living room with large windows, a library with built-in bookshelves, a recreation room with a bar, and a sauna There is also a gym and a wine cellar that can store 500 bottles of wine.
Wall panels, detailed moldings and chic lighting are used throughout. There is also a glass room next to the porch.
Expect monthly payments (including tax and insurance) to be around $6,500, with 20% down and a 7.2% interest rate on a 30-year mortgage. The median home price in Cleveland is $122,967.
Written by Rebecca Chen
Content translated fromYahoo Finance
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2024-04-23 10:14:30
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