Owning a mansion is the pinnacle of the American Dream for many homeowners. From upscale finishes to gated communities, it’s easy to think of owning a million-dollar home and dream of what you may get.
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According to a recent Zillow study, there are only four major metros where mansions are valued under $1 million, with the median mansion valued at $1.4 million nationwide. Carrying the moniker of “starter mansions,” these homes boast at least 5,000 square feet that are attainable without spending millions.
Metros Where the Median Mansion Is Under $1 Million
Zillow reveals a telling truth about where Americans can find a mansion for under $1 million. Aside from Buffalo, each of the metros is in the South or the Midwest. Mansions in states like California are beyond the reach of most, largely due to chronic underbuilding, according to the Public Policy Institute of California.
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Here are the four U.S. metros where grandeur is achievable without spending $1 million.
Buffalo
- Median mansion value: $825,500
Indianapolis
- Median mansion value: $965,500
Cleveland
- Median mansion value: $995,200
Memphis
- Median mansion value: $996,700
Pros of Buying a House in One of These Metros
Purchasing a home is an important decision. Spending up to get a mansion is inevitably more important.
Costs are higher due to higher taxes, upkeep, potential homeowners’ association (HOA) fees and more. Such ongoing costs can make it challenging to continue living in a mansion. However, the locations of the four metros indicate one clear sign — all are in more affordable locations.
“You get more house for the dollar: Larger lots, newer construction in many cases and generally lower carrying costs (taxes, insurance, services) than coastal metros,” said Alex Shekhtman, CEO of LBC Mortgage.
The financial impact doesn’t just influence house pricing. All four metros are located in areas that are less expensive than those in costly coastal states or pricey cities.
“Cost of living is friendlier, and you’re not stretching to qualify. For the right buyer, it’s a lifestyle upgrade without coastal pricing,” added Shekhtman.
Cons of Buying a House in One of These Metros
Just because a metro makes it simpler to purchase a mansion doesn’t always mean it’s a sensible move for your situation. Each situation is unique, but there are several key factors to consider when purchasing a starter mansion, particularly if it requires relocating to a different state to enjoy the opulence.
“The cost of living and having more space is definitely a reason to consider moving. However, I would consider the home less,” said Steve Hill, broker associate at SBC Lending. Moving to a new city or state to purchase a mansion may mean leaving behind a support system or amenities you enjoy.
“For example, don’t move to Buffalo because you can get more space when you could move to another city that might suit your needs better and provide most of the benefits. If you can get a larger home, but maybe not a mansion, in another city, consider that instead if the city suits your needs better,” added Hill.
There’s a lot to contemplate when moving just to buy a mansion. Take everything into account when considering where you live and moving to one of these metropolitan areas. Other factors may outweigh the prestige.
“Consider the weather, job prospects, culture, friends and family — because although the home is important, it’s not everything. And I’ve seen a lot of people move to a city thinking they’d love it, and they end up moving back a few years later,” noted Hill.
Buying a mansion is the apex of lifestyle for many Americans, but it’s not everything. Evaluate the major factors in your life before committing to a luxury home purchase.
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This article originally appeared on GOBankingRates.com: 4 US Metros Where the Median Mansion Costs Less Than $1 Million
