A 76% surge in million-dollar cities

The number of million-dollar cities in five pricey California regions rose by 76% since the pandemic upended the economy.

My trusty spreadsheet reviewed Zillow tabulations of cities with median home values in excess of $1 million as of February compared to a year ago and pre-coronavirus November 2019.

The pinch

Five of California’s costliest metro areas for housing had a combined 169 million-dollar cities this year, up 10 over 12 months — or 6%. Since 2019, million-dollar cities have grown by 73 — or a 76% increase.

Yet cities where the typical home is worth seven figures grew even faster across the nation.

There were a total of 550 U.S. million-dollar cities in February, up 59 in a year — or 12% growth. It’s also an increase of 332 cities since 2019 — or a 152% jump.

Think about those five California metros and their million-dollar cities …

SAN FRANCISCO >> 69 cities in February — unchanged in a year and up 23 versus 2019. That’s adding 50% in five years.

LOS ANGELES-ORANGE COUNTY >>

63 — up 7 in a year and up 33 versus 2019. That’s a 110% gain in five years.

SAN JOSE >> 18 — unchanged in a year and up 8 versus 2019. That’s 80% more over five years.

SAN DIEGO >> 10 — up 3 in a year and up 5 versus 2019. That’s double in five years.

SANTA MARIA-SANTA BARBARA >>

9 — unchanged in a year and up 4 versus 2019. That’s 80% more over five years.

Pressure points

Overall, California led the nation this year with 210 million-dollar cities — up 12 in a year. No 2019 data was available.

Note that California has 38% of the nation’s “million-dollar cities” but just 10% of the U,S. housing supply.

Other states with very expensive housing include …

NEW YORK >> 66 cities — up 12 in a year.

NEW JERSEY >> 49 — up 14 in a year.

FLORIDA >> year.

32 — off 2 in a

MASSACHUSETTS >> 31 — up 4 in a year.

COLORADO >> 21 — unchanged in a year.

WASHINGTON >> 18 — up 2 in a year.

HAWAII >> 17 — up 1 in a year.

TEXAS >> year.

14 — off 1 in a

MARYLAND >> 10 — up 2 in a year.

The report shows 34