Owning a million-dollar home has long been a symbol of success and luxury. Yet, with housing prices rising, that once-elusive price tag is becoming more common in today’s real estate market. Whether buying or selling, understanding where you can get the best value for your million bucks is more relevant than ever.
To shed light on this, we analyzed over 6,000 Redfin listings of homes priced between $1 million and $1.25 million across 50 major U.S. metro areas. Our analysis of key data points such as square footage, lot size, bedrooms, bathrooms, and HOA fees reveals just how much home a million dollars can buy in each city. By breaking down the details, we provide insights into where your money stretches the furthest—and where it might not.
How Much Square Footage Does $1 Million Buy in Major Cities?
When it comes to stretching your dollar in the real estate market, location is everything. In some U.S. cities, a $1 million budget can land you a sprawling estate, while in others, it barely scratches the surface.
Here are the five cities where $1 million buys the most square footage:
- Indianapolis, IN – 4,692 square feet
- Memphis, TN – 4,530 square feet
- Tulsa, OK – 4,235 square feet
- Birmingham, AL – 4,184 square feet
- Minneapolis, MN – 4,079 square feet
Understandably, the regions where buyers get the most space for their money are largely concentrated in the South and Midwest—areas known for their more affordable living costs and expansive land availability.
Take Indianapolis, for example. With $1 million, you can secure a massive 4,692 square-foot home, making it the best city for spacious living at exceptional affordability. Memphis follows closely behind, offering 4,530 square feet, while Tulsa isn’t far off with 4,235 square feet. These Southern cities have long been known for their cost-friendly real estate, and a combination of lower population density and housing demand helps drive these numbers. In Birmingham, Alabama, a million dollars gets you 4,184 square feet, showcasing the region’s trend of larger homes for less.
Rounding out the top five is Minneapolis, where you can expect to get 4,079 square feet for your million. While not a Southern city, Minneapolis reflects the affordability of the Midwest, where lower land costs allow for bigger properties compared to coastal cities.
While $1 million can get you a large property in some areas, in others, it barely secures a cozy apartment. In high-demand, densely populated cities, a million dollars doesn’t stretch nearly as far.
Here are the five cities where $1 million buys the least square footage:
- Honolulu, HI – 1,130 square feet
- San Francisco, CA – 1,236 square feet
- New York, NY – 1,254 square feet
- Boston, MA – 1,403 square feet
- San Jose, CA – 1,448 square feet
Unsurprisingly, the cities where you’ll get the least square footage for your money are concentrated on the coasts, where housing prices have skyrocketed.
Topping the list is Honolulu, Hawaii, where $1 million will only buy you 1,130 square feet. The tropical paradise may be known for its breathtaking views and serene island living, but that comes with a hefty price tag for limited space. Following closely behind is San Francisco, where the average $1 million home offers just 1,236 square feet. As one of the most expensive cities in the U.S., San Francisco’s booming tech industry and limited land drive its notoriously high real estate prices.
Contrary to what many might expect, New York City is not at the bottom of the list. With 1,254 square feet for $1 million, the Big Apple remains one of the priciest markets, offering only slightly more space than San Francisco and Honolulu. Still, with Manhattan’s towering skyscrapers and ever-growing demand, it’s no surprise that space comes at a premium.
Rounding out the list are Boston and San Jose, where $1 million buys 1,403 and 1,448 square feet, respectively. Both cities boast strong economies and limited housing availability, pushing real estate prices higher and keeping square footage minimal.
In these coastal and high-demand areas, a million dollars may buy you location, but it doesn’t buy much in the way of space. If you find the views and opportunities worth your money, these cities are right up your alley. However, if maximizing square footage is your priority, you’ll need to look beyond these hot markets.
Where Does $1 Million Buy the Most & Least Land?
In the real estate market, land is often just as important as the home itself, and where you’re buying can make all the difference in how much land your money will get you. In some cities, $1 million secures expansive properties, while in others, it barely covers a postage stamp-sized lot.
Here’s a look at the cities where $1 million buys the most land:
- Louisville, KY – 1.38 acres
- Richmond, VA – 1.02 acres
- Memphis, TN – 0.94 acres
- Milwaukee, WI – 0.93 acres
- Cleveland, OH – 0.91 acres
Regional trends play a huge role in these numbers, with the first three of the top five cities for land value located in the upper Southeastern U.S.—an area known for its relatively affordable property prices.
In these cities, the combination of lower population density and abundant land makes it possible to secure large properties for less. Louisville tops the list, where $1 million buys an impressive 1.38 acres, making it an ideal location for those seeking plenty of outdoor space. Cities like Richmond and Memphis follow close behind, offering over an acre for the same price, while Milwaukee and Cleveland also provide significant land at just under an acre.
On the flip side, in some of the nation’s most crowded and expensive markets, a million dollars doesn’t stretch very far. Take Washington, D.C., for example, where $1 million buys just 0.04 acres—the smallest lot size for your money in the U.S.
Here’s where $1 million buys the least land:
- Washington, DC – 0.04 acres
- Boston, MA – 0.05 acres
- New York, NY – 0.06 acres
- San Francisco, CA – 0.08 acres
- Chicago, IL – 0.09 acres
These cities are known for their tight real estate markets and high demand, which drives land prices sky-high. In San Francisco and New York City, you’re paying for prime location, but with that comes limited space—barely enough for a small backyard.
When it comes to getting the most for your money, cities in the South and Midwest dominate, while the big coastal cities offer a trade-off between location and space.
Where Do Million-Dollar Homes Have the Highest & Lowest HOA Fees?
For many homeowners, HOA (Homeowners Association) fees are an unavoidable part of living in certain communities, covering everything from security to landscaping and amenities. However, like property prices, these fees vary dramatically depending on where you live. In some cities, a million-dollar home comes with exorbitantly high monthly fees, while in others, you can expect relatively minimal charges.
Let’s take a look at the cities where $1 million homes have the highest HOA fees:
- Miami, FL – $1,683 per month
- Chicago, IL – $1,352 per month
- New York, NY – $1,300 per month
Topping the list is Miami, where homeowners of million-dollar abodes can expect to pay a whopping $1,683 monthly in HOA fees, on average. Miami’s luxury market often includes high-end amenities such as private beach access, pools, and concierge services, all of which drive up monthly costs. Despite not ranking among the cities with the least square footage or land, Miami claims the highest HOA fees, reflecting its demand for premium living experiences. Chicago and New York follow closely behind, where dense urban living and luxury building services like 24/7 doormen and private gyms contribute to hefty monthly fees.
On the other end of the spectrum, these cities have the lowest HOA fees for million-dollar homes:
- Baltimore, MD – $63 per month
- Cleveland, OH – $75 per month
- Memphis, TN (tied with three other states) – $92 per month
In Baltimore, Cleveland, and Memphis, million-dollar homes feature much more affordable HOA fees, with Baltimore taking the top spot at just $63 per month. These cities tend to offer more traditional homeownership models with fewer shared amenities, keeping monthly costs low. This is particularly true for Cleveland and Memphis, where million-dollar homes often come with larger lots and less reliance on shared community services.
The trends are clear: if you’re investing in a million-dollar home in a major city, the location not only affects the size and amount of land but also determines how much extra you’ll pay in HOA fees. While luxury comes at a price in places like Miami and New York, more affordable cities offer a break regarding these additional costs.
Here’s What a Million-Dollar Home Looks Like In Your City
Curious to see how million-dollar homes in your nearest metro area stack up? We’ve compiled our full data study for all 50 U.S. cities analyzed into the interactive table below. Search for your city of choice or click on the heading of each column to sort by category.
Closing Thoughts
In today’s competitive real estate market, knowing where your million-dollar investment stretches the furthest can give you a serious edge. Whether it’s square footage, land, or monthly fees, the results of this study reveal how much value you can expect in different cities across the U.S.
Much like in poker, having a solid strategy is crucial. Whether you’re targeting a roomy property in the South or a luxurious condo in the heart of Miami, grasping the real estate market’s dynamics is essential for maximizing your investment. If you thrive on such high-stakes excitement, why not extend that thrill at BetMGM? With our variety of sports betting, online casino games, and poker, you can keep challenging yourself and testing your strategies, ensuring the adrenaline keeps flowing.
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Methodology
We analyzed data from over 6,000 Redfin listings of homes priced between $1 million and $1.25 million across the 50 most populous U.S. metro areas to uncover what a “million-dollar home” offers in each city. Key data points analyzed include square footage, lot size, number of bedrooms and bathrooms, year built, monthly HOA fees, and days on the market. Medians were pulled across all data factors to offset outliers in the data. Any city with fewer than 50 million-dollar home listings was eliminated from the study.
