Rising Million-Dollar Homes: Philadelphia's Middle-Class Market Expands

The share of million-dollar homes in the US is on the rise, with 8.2% of houses now worth seven figures. In some cities, such as San Jose and San Francisco, the percentage of million-dollar homes is even higher than properties under that mark. This trend highlights the lack of affordable options for homebuyers, as limited supply and high prices push many middle-class buyers into the million-dollar range. The situation is particularly challenging in cities like San Diego, where only a small percentage of homes listed are priced at $1 million or below. The increasing prevalence of million-dollar homes is creating a vicious cycle, as owners of these properties become cash buyers for their next homes, further exacerbating affordability issues.