The sizzling housing market has propelled home values in many local communities over the $1 million mark to a point where 4% of all U.S. homes are now located in $1 million zip codes, according to a recent report by Zillow.
Based on Zillow’s research, there are now 346 new $1 million neighborhoods in the U.S. since 2014, as the housing market continues its push toward fully recovering. There are now a total of 1,280 $1 million neighborhoods in the U.S., up from 958 in 2014.
- New York added the most million-dollar neighborhoods (53), followed by San Francisco with 36.
- Most of the ZIP codes in tech hubs San Francisco (74 percent) and San Jose (77 percent) are million-dollar ZIP codes.
- There are more million-dollar ZIP codes now than at the housing-market peak in 2007.