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The U.S. has more ‘million-dollar’ cities than ever, record 550 cities

cross-posted from: lemmy.world/post/14660661

California had the most cities with homes valued over $1 million, totaling 210. New York had 66, while New Jersey — which experienced the largest year-over-year increase — had 49.

Zillow noted that limited housing inventory keeps pushing home values up, and according to the National Association of Realtors, prices are expected to remain elevated this spring.

catloaf ,

Thanks to inflation, among other causes, a million dollars isn’t really all that much any more. Remember when being a millionaire was a big deal? Now it’s not even a big deal to be a billionaire, you have to be a trillionaire.

andrew ,
@andrew@lemmy.stuart.fun avatar

Who Wants to be a Millionaire?

Well, everybody who wants to own a home and maybe retire these days.

disguy_ovahea ,

$1.5M is recommended for a 30-year retirement today. That’s assuming you already own a home.

AbidanYre , (edited )

With retirement at 65 and average US lifespan at ~77, 30 years is pretty optimistic.

disguy_ovahea , (edited )

30 years is assuming perfect health until death. $1.5M is $60K/yr for 30 years. It’ll go a lot faster if you fall ill.

Alternatively, you don’t want to be the healthy 92-year-old that runs out of money and gets evicted.

cbarrick ,

Retirement is in the ballpark of $2 million…

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