The D.C. metro area ranks No. 8 in the nation for share of owner-occupied homes worth at least $1 million.
A LendingTree report that ranks the 50 largest metro areas based on census data as reported by homeowners, shows 102,450 owner-occupied homes in the D.C. metro are valued at least $1 million. That’s 7.14% of all homes.
Home values in general have been rising for a decade, but D.C. in particular has some catalysts driving million-dollar homes that not all metro areas do. Median household income is among the highest in the D.C. region. And the area also has a somewhat unique cultural attraction.
“D.C. is the nation’s capital. There is a lot of history there. There are a lot of incentives outside of economic reasons for why people might want to live in that area and why people might be willing to spend a premium to do so,” said Jacob Channel, a senior analyst at LendingTree.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
