{"id":310862,"date":"2018-10-19T11:29:05","date_gmt":"2018-10-19T18:29:05","guid":{"rendered":"http:\/\/www.esri.com\/arcgis-blog\/?post_type=blog&#038;p=310862"},"modified":"2025-08-15T17:22:43","modified_gmt":"2025-08-16T00:22:43","slug":"how-many-millionaires-are-living-in-your-town","status":"publish","type":"blog","link":"https:\/\/www.esri.com\/arcgis-blog\/products\/esri-demographics\/analytics\/how-many-millionaires-are-living-in-your-town","title":{"rendered":"How many million-dollar homes are in your town?"},"author":4141,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":""},"categories":[23341,37101,37171],"tags":[22951,38561],"industry":[],"product":[36711,36581,37011],"class_list":["post-310862","blog","type-blog","status-publish","format-standard","hentry","category-analytics","category-announcements","category-business","tag-arcgis-content","tag-demographic","product-bus-analyst","product-arcgis-living-atlas","product-esri-demographics"],"acf":{"short_description":"It\u2019s no surprise that today\u2019s residential real estate has remained pricey. Rising interest rates aside...","flexible_content":[{"acf_fc_layout":"content","content":"<p>It\u2019s no surprise that today\u2019s residential real estate has remained pricey. Rising interest rates aside, the value of most homes has gradually recovered since the last major price correction a decade ago. Gone are the days of unrestrained, unsound lending practices, and borrowers overextending themselves to the point of default or foreclosure. By and large, property values across the price spectrum have appreciated since the last recession. As this trend continues to be prevalent within markets containing premium-priced properties, we\u2019re faced with a growing number of towns with million-dollar homes. But how many?<\/p>\n<h1>Show me the numbers<\/h1>\n<p>With over 78 million owner-occupied homes in the US:<\/p>\n<ul>\n<li>More than 2.1 million homes are valued between $1 million and $2 million.<\/li>\n<li>Nearly 600,000 homes are valued at $2 million or more!<\/li>\n<li>New York City tops the list with more than 68,000 homes valued at $2 million or more!<\/li>\n<\/ul>\n<p>These numbers sound impressive, but million dollar plus homes represent a relatively small segment of the US housing stock. However &#8212; an interesting data discovery here is that the <strong><em>percentage<\/em> <\/strong>of million-dollar properties has <strong><em>more than doubled<\/em><\/strong> since 2010.<\/p>\n<p>Across the US, you can see that majority of these million-dollar plus cities are concentrated along the east and west coast regions of the US.<\/p>\n"},{"acf_fc_layout":"image","image":{"ID":345482,"id":345482,"title":"2018 High Median Home Values","filename":"2018-High-Median-Home-Values.png","filesize":38124,"url":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","link":"https:\/\/www.esri.com\/arcgis-blog\/products\/esri-demographics\/analytics\/how-many-millionaires-are-living-in-your-town\/2018-high-median-home-values","alt":"2018 High Median Home Values","author":"4141","description":"","caption":"","name":"2018-high-median-home-values","status":"inherit","uploaded_to":310862,"date":"2018-10-18 21:32:22","modified":"2018-10-18 21:32:40","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/www.esri.com\/arcgis-blog\/wp-includes\/images\/media\/default.png","width":1056,"height":816,"sizes":{"thumbnail":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","thumbnail-width":213,"thumbnail-height":165,"medium":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","medium-width":338,"medium-height":261,"medium_large":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","medium_large-width":768,"medium_large-height":593,"large":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","large-width":1056,"large-height":816,"1536x1536":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","1536x1536-width":1056,"1536x1536-height":816,"2048x2048":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","2048x2048-width":1056,"2048x2048-height":816,"card_image":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","card_image-width":602,"card_image-height":465,"wide_image":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/10\/2018-High-Median-Home-Values.png","wide_image-width":1056,"wide_image-height":816}},"image_position":"center","orientation":"horizontal","hyperlink":""},{"acf_fc_layout":"content","content":"<h1>Where does the data come from?<\/h1>\n<p>Esri provides demographic data for 137 countries covering 90% of the world\u2019s population.\u00a0Esri\u2019s in-house US Data Development team, which consists of demographers, economists, analysts, and programmers, develop independent demographic and socioeconomic updates and forecasts for the United States.<\/p>\n<p>In addition to processing US Census and ACS data, the US Demographic Data Development team produces unique and innovative databases such as Tapestry Segmentation, Consumer Spending, and Market Potential which have become industry benchmarks for understanding communities. To learn more about Esri\u2019s data accuracy, view <a href=\"https:\/\/www.esri.com\/accuracy\" target=\"_blank\" rel=\"noopener\">www.esri.com\/accuracy<\/a>.<\/p>\n<h1>Why track the multi-million dollar housing market?<\/h1>\n<p>In most cases across the country, housing affordability continues to be a major concern. As a result, Esri\u2019s US demographics team recognized the importance of adding more detail to the home value distribution.<\/p>\n<p>\u201cIn many markets home values have surpassed their pre-recession highs. As more homes breach the million-dollar valuation mark, our home value distribution has been expanded to reflect current prices,\u201d says Esri Chief Demographer, Kyle R. Cassal.<\/p>\n<h1>Show me the data<\/h1>\n<p>Taking a step back, if analysts wanted to identify areas with extreme affluence, the highest home value range used to be capped at $1 million or more. Capturing today\u2019s growing multi-million-dollar housing market meant redefining and expanding Esri\u2019s 2018 and 2023 home value ranges to offer more detailed data of owner occupied housing units with home values that would exceed $1 million. The result\u2026<\/p>\n<p style=\"text-align: center;\">&#8230; a home value database that includes 3 new multi-million-dollar ranges:<\/p>\n<p style=\"text-align: center;\">$1,000,000-1,499,999<\/p>\n<p style=\"text-align: center;\">$1,500,000-1,999,999<\/p>\n<p style=\"text-align: center;\">$2,000,000+<\/p>\n<h1>A picture is worth&#8230; well, one or two million bucks!<\/h1>\n<p>One of the best ways to show you the impact of these new data ranges is with a map. Esri\u2019s US demographics team created the\u00a0<a href=\"https:\/\/esri.maps.arcgis.com\/home\/webmap\/viewer.html?webmap=2367cb734a164908957587677c7324bc\" target=\"_blank\" rel=\"noopener\">2017-2018 Home Value Comparison web map<\/a>\u00a0for the Manhattan, New York area using ArcGIS Online\u2019s smart mapping technique called <a href=\"https:\/\/www.esri.com\/arcgis-blog\/products\/arcgis-online\/mapping\/whats-new-in-predominance-mapping-april-2018\/\" target=\"_blank\" rel=\"noopener\">Predominance Mapping<\/a>.<\/p>\n<p>The panel on the left displays the predominant home value range from Esri\u2019s 2017 home value distribution by Census tract. The top end of this distribution of owner\u00a0occupied housing units is capped at $1 million or more and symbolized by the deepest purple bubbles.<\/p>\n<p>The panel on the right displays Esri\u2019s newest 2018 distribution utilizing the three new top end home value ranges. The deep red bubbles symbolize the new higher top-coded home value range.<\/p>\n"},{"acf_fc_layout":"image","image":{"ID":310872,"id":310872,"title":"2017 to 2018 Home Value Comparison","filename":"2017-to-2018-Home-Value-Comparison.png","filesize":370904,"url":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","link":"https:\/\/www.esri.com\/arcgis-blog\/products\/esri-demographics\/analytics\/how-many-millionaires-are-living-in-your-town\/2017-to-2018-home-value-comparison","alt":"","author":"4141","description":"","caption":"","name":"2017-to-2018-home-value-comparison","status":"inherit","uploaded_to":310862,"date":"2018-08-30 15:54:39","modified":"2018-10-19 18:19:19","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/www.esri.com\/arcgis-blog\/wp-includes\/images\/media\/default.png","width":1526,"height":615,"sizes":{"thumbnail":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","thumbnail-width":213,"thumbnail-height":86,"medium":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","medium-width":464,"medium-height":187,"medium_large":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","medium_large-width":768,"medium_large-height":310,"large":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","large-width":1526,"large-height":615,"1536x1536":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","1536x1536-width":1526,"1536x1536-height":615,"2048x2048":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","2048x2048-width":1526,"2048x2048-height":615,"card_image":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","card_image-width":826,"card_image-height":333,"wide_image":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison.png","wide_image-width":1526,"wide_image-height":615}},"image_position":"center","orientation":"horizontal","hyperlink":""},{"acf_fc_layout":"content","content":"<p>Using the predominant mapping technique, you immediately see the impact of the new intervals. Look at how the finer resolution ranges distinguish the smaller pockets of the highest valued homes at $2 million and beyond.<\/p>\n<p>So, what does your town look like?<\/p>\n<p>Access Esri Home Value data from these products and find out!<\/p>\n<ul id=\"UL_A57A822988CD4A77B248BC9C754289C5\">\n<li id=\"LI_17E48049FE464CB58DE64F9588051FD3\"><a class=\"xref xref\" href=\"https:\/\/livingatlas.arcgis.com\/\" target=\"_blank\" rel=\"noopener\"><span class=\"ph\">Living Atlas of the World<\/span><\/a>\u2014Access\u00a0<a class=\"xref xref\" href=\"http:\/\/links.esri.com\/dem\/law_updated_demographics\" target=\"_blank\" rel=\"noopener\">ready-to-use<\/a>\u00a0maps.<\/li>\n<li id=\"LI_D790048E72044E0BB91A655A84BF7E6F\"><a class=\"xref xref\" href=\"http:\/\/doc.arcgis.com\/en\/business-analyst\/\"><span class=\"ph\">ArcGIS Business Analyst<\/span><\/a><\/li>\n<li id=\"LI_A83C416A975E481982EBA9772CBA5562\"><a class=\"xref xref\" href=\"http:\/\/doc.arcgis.com\/en\/community-analyst\/\"><span class=\"ph\">ArcGIS Community Analyst<\/span><\/a><\/li>\n<li id=\"LI_D15D411563244E3D97FE9F3359720509\"><a class=\"xref xref\" href=\"http:\/\/doc.arcgis.com\/en\/maps-for-office\/\"><span class=\"ph\">ArcGIS Maps for Office<\/span><\/a><\/li>\n<li id=\"LI_D9EA678DE349464DAC82F3290999CF62\"><a class=\"xref xref\" href=\"http:\/\/doc.arcgis.com\/en\/maps-for-powerbi\/\"><span class=\"ph\">ArcGIS Maps for Power BI<\/span><\/a><\/li>\n<li id=\"LI_FC2EAF44C3B54C80AE593A0F6C7A5ED9\"><a class=\"xref xref\" href=\"https:\/\/developers.arcgis.com\/features\/demographics\/\" target=\"_blank\" rel=\"noopener\"><span class=\"ph\">ArcGIS GeoEnrichment Service<\/span><\/a><\/li>\n<li id=\"LI_851DEA0124494AD08D02E55317B2BBBB\"><span class=\"ph\">ArcGIS Online<\/span>\u2014<a class=\"xref xref\" href=\"http:\/\/doc.arcgis.com\/en\/arcgis-online\/create-maps\/add-layers.htm#ESRI_SECTION1_D7E2513964E9429E990C8753FB328592\">\u00a0Browse\u00a0<span class=\"ph\">Living Atlas<\/span>\u00a0Layers<\/a>\u00a0and\u00a0<a class=\"xref xref\" href=\"http:\/\/doc.arcgis.com\/en\/arcgis-online\/analyze\/enrich-layer.htm\">Enrich Layers<\/a><\/li>\n<\/ul>\n<p>For more information about US demographics <a href=\"http:\/\/doc.arcgis.com\/en\/esri-demographics\/data\/updated-demographics.htm\">click here<\/a>.<\/p>\n"}],"authors":[{"ID":4141,"user_firstname":"Lucy","user_lastname":"Guerra","nickname":"Lucy Guerra","user_nicename":"lguerra","display_name":"Lucy Guerra","user_email":"lguerra@esri.com","user_url":"","user_registered":"2018-03-02 00:15:46","user_description":"Lucy Guerra has over 20 years of experience as a product manager, working with organizations to understand their business challenges and shaping products to address those challenges. She focuses on enhancing the user experience with quality data, and leads a team focused on bringing to market, and driving awareness of, Esri's data and location services.","user_avatar":"<img data-del=\"avatar\" src='https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2019\/03\/Lucy_Guerra2MB-150x150.jpg' class='avatar pp-user-avatar avatar-96 photo ' height='96' width='96'\/>"}],"related_articles":"","card_image":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison-CARD-1.png","wide_image":"https:\/\/www.esri.com\/arcgis-blog\/app\/uploads\/2018\/08\/2017-to-2018-Home-Value-Comparison-BANNER-1.png","show_article_image":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.9 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How many million-dollar homes are in your town?<\/title>\n<meta name=\"description\" content=\"The percentage of million-dollar properties has more than doubled since 2010.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esri.com\/arcgis-blog\/products\/esri-demographics\/analytics\/how-many-millionaires-are-living-in-your-town\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How many million-dollar homes are in your town?\" \/>\n<meta property=\"og:description\" content=\"The percentage of million-dollar properties has more than doubled since 2010.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.esri.com\/arcgis-blog\/products\/esri-demographics\/analytics\/how-many-millionaires-are-living-in-your-town\" \/>\n<meta property=\"og:site_name\" content=\"ArcGIS Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/esrigis\/\" \/>\n<meta property=\"article:modified_time\" 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