New York landed atop a new study naming the states with the most cities with homes worth more than a million dollars.

According to new real estate data, America has 550 cities where the average home value is at or exceeds a million dollars. This surpasses the previous record set in 2022, where the nation reported a whopping 522 of these million-dollar cities.

In 2023, the nation recorded 491 cities where a typical home was worth more than a million dollars.

Economists say the stark increase in 2024 was triggered by climbing demand for homes and limited inventory, which is driving up prices to their highest point in history.

Home Values Skyrocketing in America

Housing Market Continues To Slow Down, As Federal Reserve Raises Interest Rates
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A recent report from Zillow found that, despite affordability challenges that are icing potential homebuyers out of the competitive housing market, home values are skyrocketing.

This comes as some analysts believe there will be a second wave of home buyer demand in the coming months. Apparently, the incentive of homebuyers to delay parting with their current property is projected to weaken in the coming weeks.

Economists believe mortgage rates will soon be on the decline, which will trigger those who had wanted to sell their home for awhile to bite the bullet and hope for lower mortgage rates in the near future.

The apparent boom of homes on the market will likely cause another home buying frenzy, which could drive up prices even more.

For those who live in New York, this means the competition to score a starter home has entered cutthroat territory.

New York Among Top 3 States with Most Million-Dollar Cities

Existing Home Sales And Prices Hit Record High
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Zillow identified the number of million-dollar cities per state and determined only one other place beat out New York.

That state, unsurprisingly, was California. By February 2024, the Golden State boasted 210 million-dollar cities, as compared to last year's number of 198.

This is by far and large the state with the highest number, as second place New York only has 66 of these wealthy cities. That as a jump from the 54 reported back in 2023.

Read More: Buffalo, NY, Among Best in Nation to Buy a Historic Home

Not only that, the New York City metro area, which encompasses parts of New Jersey and Pennsylvania, had the largest jump in million dollar cities after rising 24 spaces since 2023. The metro area's new total stands at 106.

Third place went to New Jersey, with 49 such cities. Florida and Massachusetts rounded out the top five, with 32 and 31 million-dollar cities, respectively.

Housing Market to be "Fierce" This Spring

California Community Hit Hard By Foreclosure Epidemic
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Anushna Prakash, an economic research data scientist at Zillow, offered her predictions for the spring and summer 2024 house hunting season. To little surprise, she expects another sellers' market.

Prakash says more homes expected to hit the market means bidding could hit feverish heights and cause houses to sell well above their original price.

"Competition will stay fierce, especially for the most attractive and well-priced homes," she said, adding the frenzy will deepen should mortgage rates drop "as many expect."

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This means the nation may add even more million-dollar cities to its portfolio.

Currently, U.S. home values are 4.2 percent higher than this time last year. In these million-dollar cities, the number more closely resembles a rise of 4.6%.

If you're hankering to buy a home at a way more affordable price, check out these cities in New York that offer the cheapest home prices in the state.

Top 10 Cheapest Places to Live in New York State

New York is one of the most expensive states to call home, but there are some areas that are gentle on the wallet. According to HomeSnacks, they deduced the top 10 most affordable cities and towns in the Empire State.

They looked into data from the U.S. Census, median home and rent prices, as well as median income of a particular area's residents. Affordability was also determined based on availability and access to services and conveniences.

Below are the top 10 places that let residents keep more cash in their wallets.

Gallery Credit: Megan

Also, if you're hungry to buy property in an up-and-coming area in the state, these 10 cities are officially the fastest growing in the Empire State.

The Top 10 Fastest Growing Cities in New York State

Another year means another round of residents either moving to or leaving the state. While New York is seeing quite a few people flee the state, the majority of them appear to be leaving New York City.

A report from the New York State Comptroller Thomas DiNapoli found NYC's population shrank by 5 percent since 2021.

The report also found that some of those city-dwellers relocated to towns just outside the Big Apple, which seems to be backed up by the latest Census data. In fact, 9 of the 10 cities with the fastest growing populations are within driving distance to NYC.

Gallery Credit: Megan

Keep Scrolling to Read:

The 10 Worst Places to Live in New York

The 6 Wealthiest Families in New York

The 35 Poorest Counties in New York State

The 10 Worst Places To Live In New York State

While New York is certainly home to a plethora of hidden gems and breathtaking sights, Road Snacks has highlighted the state's most undesirable spots.

As for what determines what makes a city or town one of the "worst" places to live, Road Snacks compared 163 cities with 5,000 or more residents, to find those with the lowest median home value, weakest school districts, and highest rates of unemployment and crime. In short, the survey ranked cities and towns based off their economic performance and opportunity for growth, which Road Snacks says impacts the quality of life of its residents.

In the end, these 10 cities were deemed to be the worst New York State has to offer. That said, the company is not calling these cities bad - so if you have an issue, take it up with Road Snacks. We're just reporting their findings.

Gallery Credit: Megan

The 6 Wealthiest Families in New York

Forbes came out with its annual list of America's 44 Richest Families and six of them call New York State their home.

Gallery Credit: Megan

The 35 Poorest Counties in New York State

Our friends at 27/7 WallSt have done it again. Using data from the U.S. Census Bureau’s 2022 American Community Survey, the website identified the 35 poorest counties in New York State.

Data included poverty levels, unemployment numbers, overall population, and median household incomes. Can you guess which county came in at #1?

Gallery Credit: Megan


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