A mansion for less than $1 million? That’s the norm in four markets

Seven in 10 U.S. mansions are valued above $1 million

— The median mansion costs less than $1 million in four large metro areas: Buffalo, Indianapolis, Cleveland and Memphis.

— Nationwide, the median mansion is worth more than $1.4 million, and more than $4.5 million in four major California markets.

— An entry-level 5,000-square-foot home, or a “starter mansion,” goes for less than half a million dollars in Buffalo.

Owning a mansion may sound like a fantasy, but there are parts of the U.S. where a home buyer can live like a king while spending like a prince. A new Zillow® analysis has found four major markets where the median mansion costs below $1 million – less than California Bay Area buyers are paying for a typical home.

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While the term “mansion” may feel outdated, it still carries cultural weight as a status symbol. However, today's dream homes are shaped as much by budget realities as buyer priorities. With affordability tight, buyers are often prioritizing functional space over excess.

Those holding on to mansion-sized fantasies will find they are surprisingly within reach in a few markets. A median mansion nationwide, defined as a home with at least 5,000 square feet of finished living space, is worth more than $1.4 million. But in Buffalo ($825,500), Indianapolis ($965,500), Cleveland ($995,200) and Memphis ($996,700), buyers can stretch out in a palatial pad for a six-figure price.

“Home prices surged during the pandemic, pushing even starter homes into million‑dollar territory in hundreds of cities. Especially on the coasts, champagne tastes require champagne budgets,” said Kara Ng, senior economist at Zillow. “But in some parts of the country, a million dollars still buys serious square footage. More room to roam, including outdoor space, became a must-have during the pandemic, and those preferences have held true.”

The days of finding a mansion under $1 million are fading. In June 2021, nearly half of all U.S. mansions were valued at less than $1 million (45.1%). Today, just 3 in 10 are (30.3%). And, of course, some cost hundreds of millions of dollars.

But for buyers dreaming of space and status with a six-figure price tag, the Midwest and the South still teem with mansions at a relative bargain price.

Atlanta leads in raw numbers with more than 21,000 mansions under $1 million. No other market comes close; New York is second with about 12,500. Roughly 35% of Atlanta mansions are worth less than $1 million, which is high, but still a smaller share than 13 other major markets. That means Atlanta has a lot of mansions, period. Only the New York City and Washington, D.C., metro areas have more.

On the other coast, a cool $1 million wouldn't even cover the down payment on a median mansion in San Jose, valued at $6.5 million. Other sky-high markets include San Francisco ($4.9 million), Los Angeles ($4.7 million) and San Diego ($4.6 million). Outside of California, mansions are most expensive in Miami ($3.7 million), Seattle ($3.3 million) and Phoenix ($2.9 million).

For buyers willing to make a few compromises in their fantasies, a “starter mansion” – a home in the 25th percentile of mansion values in a given area – goes for less than $1 million in 21 of the 50 biggest metro areas. A buyer could even land one in Buffalo for less than $500,000, evidence that dream homes don't always come with a nightmare budget.

Those who are seriously considering buying a mansion should keep in mind that the price tag is only the first bill. More house often means more ongoing expenses. They should budget for higher property taxes, insurance and utility bills, plus ongoing upkeep that can run 1%-4% of the home's value annually. Most importantly, buyers should be certain that the space works for their life and not just their daydreams – massive homes with unique features often take longer to resell than a starter home.

Metro Area Median Median “Starter Number of Mansions Share of Mansions Mansion Value Mansion” Value Valued Under $1 Million Valued Under $1 MillionUnited States $1,441,500 $899,900 415,117 30.3%New York, NY $2,247,000 $1,381,200 12,555 15.5%Los Angeles, CA $4,716,000 $3,245,700 412 1.0%Chicago, IL $1,383,000 $934,600 9,530 29.2%Dallas, TX $1,864,000 $1,357,800 3,929 10.8%Houston, TX $1,471,600 $1,005,100 8,735 24.7%Washington, DC $1,581,500 $1,158,300 10,613 16.3%Philadelphia, PA $1,373,800 $1,032,700 7,421 22.9%Miami, FL $3,681,100 $2,179,500 1,028 3.5%Atlanta, GA $1,194,000 $878,400 21,634 35.3%Boston, MA $2,462,300 $1,692,500 1,271 5.2%Phoenix, AZ $2,878,700 $1,809,000 1,272 6.9%San Francisco, CA $4,854,100 $3,462,800 171 1.4%Riverside, CA $2,373,500 $1,681,000 621 8.2%Detroit, MI $1,179,600 $814,500 4,687 39.1%Seattle, WA $3,271,900 $2,138,800 415 3.3%Minneapolis, MN $1,215,100 $908,400 6,054 33.3%San Diego, CA $4,550,200 $3,064,500 69 0.7%Tampa, FL $2,049,500 $1,291,500 1,175 14.8%Denver, CO $1,560,800 $1,148,900 4,638 15.0%Baltimore, MD $1,328,700 $1,037,400 4,109 22.2%St. Louis, MO $1,195,300 $788,700 4,827 38.7%Orlando, FL $1,948,200 $1,330,800 1,069 12.4%Charlotte, NC $1,721,700 $1,180,900 2,929 15.7%San Antonio, TX $1,443,300 $1,001,500 1,894 24.9%Portland, OR $1,774,800 $1,368,100 598 7.0%Sacramento, CA $2,191,600 $1,646,600 294 6.3%Pittsburgh, PA $1,246,000 $844,700 1,648 34.4%Cincinnati, OH $1,005,900 $695,900 4,461 49.7%Austin, TX $2,577,900 $1,611,500 666 7.7%Las Vegas, NV $2,353,500 $1,485,200 460 6.6%Kansas City, MO $1,111,500 $834,900 4,120 40.9%Columbus, OH $1,166,200 $895,200 2,265 35.5%Indianapolis, IN $965,500 $769,300 11,696 53.8%Cleveland, OH $995,200 $760,600 4,218 50.3%San Jose, CA $6,533,700 $4,570,900 11 0.3%Nashville, TN $2,220,500 $1,572,500 1,541 8.1%Virginia Beach, VA $1,457,300 $1,049,900 1,146 21.9%Providence, RI $1,597,100 $986,200 1,160 25.6%Jacksonville, FL $2,212,200 $1,455,100 498 10.9%Milwaukee, WI $1,215,500 $918,400 1,374 31.1%Oklahoma City, OK $1,264,800 $918,800 1,419 30.9%Raleigh, NC $1,579,600 $1,269,500 725 8.0%Memphis, TN $996,700 $771,300 3,474 50.3%Richmond, VA $1,136,300 $844,400 3,420 38.8%Louisville, KY $1,009,000 $798,500 2,669 49.1%New Orleans, LA $1,116,100 $714,500 2,379 42.9%Salt Lake City, UT $1,491,000 $1,163,800 1,246 12.3%Hartford, CT $1,226,600 $947,600 1,037 29.7%Buffalo, NY $825,500 $458,200 1,862 59.3%Birmingham, AL $1,071,400 $783,500 4,899 44.0%*Table ordered by market size

AboutZillow Group Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing, and renting experiences.

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.

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SOURCE Zillow

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