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

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Aug 13, 2025, 08:03 ET

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.

SEATTLE, Aug. 13, 2025 /PRNewswire/ -- 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.

Markets with the most and least expensive mansions

While the term "mansion" may feel outdated, it still carries cultural weight as a status symbol.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 Mansion Value	Median "Starter Mansion" Value	Number of Mansions Valued Under $1 Million	Share of Mansions Valued Under $1 Million
United 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

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