The median home value across the United States continues to rise, and so is the proportion of homes valued at $1 million or more, according to an analysis of American Community Survey (ACS) data released by the U.S. Census Bureau. The national median home value in 2003 was about $140,000, up nearly 16 percent in the last three years, while the percentage of million-dollar homes nearly doubled (from 0.5 percent to 1.0 percent).
California led the nation with the highest median home value ($316,600),
followed closely by Hawaii ($302,300), Massachusetts ($300,800)
and the District of Columbia ($246,300). In contrast, some of the
states with the lowest median home values were West Virginia ($78,200),
North Dakota ($78,600), Mississippi ($78,700) and Arkansas ($79,902).
California also had the highest percentage of million-dollar homes
(4.1 percent)— almost 1-in-25. High concentrations of million-dollar
homes also were found in Connecticut (3.3 percent), the District
of Columbia (3.3 percent), Massachusetts (2.2 percent) and New York
The American Community Survey data are based on responses from a
sample of households across the nation. The new ACS is the cornerstone
of the redesigned 2010 Census and the Census Bureau’s effort
to keep pace with the country’s ever-increasing demands for
timely and relevant population and housing data. Being mailed to
about 250,000 addresses a month nationwide, the ACS will provide
current demographic, housing, social and economic information about
America’s communities every year.