APRIL 2004

Million-Dollar Homes: A Growing Market

If you are involved in mortgage lending, you appear to have a bright future. The Joint Center on Housing Studies at Harvard University reports that million-dollar homes are now a fast-growing part of the housing market. The Census Bureau has reported that in 2000 there were 313,759 single-family, owner-occupied homes valued at $1,000,000 or more. But, when the Federal Reserve measured household wealth in 2001, it estimated that there were 850,000 primary, owner-occupied homes worth more than $1,000,000. While there are a number of million-dollar residences in New York City, many are condominiums and excluded from the estimates.