If the word “mansion” sparks a daydream of sprawling terraces, gardens and butlers, you’re certainly not alone. In fact, that sense of old-fashioned charm feels especially lost given that new homes have been shrinking, per the Census Bureau. Shrinking — but growing more expensive per square foot.
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A report by Zillow compared median mansion prices across major metros around the country and identified four cities where you can buy in for under $1 million.
Cities With Accessible Mansions
Zillow defines a “mansion” as a home with at least 5,000 square feet of finished living space.
Across the U.S., the median sales price for mansions is $1,441,500. But in these four cities, you can buy a median mansion for six figures:
- Buffalo: $825,500
- Indianapolis: $965,500
- Cleveland: $995,200
- Memphis: $996,700.
These aren’t backwater cities. All of them have metro areas with over a million residents. All have major league sports teams, including three with NFL teams.
In Buffalo, you can even buy a “starter mansion” for under half a million dollars ($458,200). Zillow defines a starter mansion as falling within the bottom 25th percentile of mansion prices.
Compare these prices with the prices of mansions in, say, San Jose, where a median mansion will set you back over $6.5 million. They don’t get much cheaper in other West Coast cities either, such as San Francisco ($4.9 million), Los Angeles ($4.7 million) and San Diego ($4.6 million).
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More Than Just ‘Cheap’
All four of the more affordable cities above come with plenty to like beyond price.
“The true value is what you get outside of the square footage: walkable neighborhoods, shortened commutes, homes with historic character or modern upgrades that would cost triple in other places,” said real estate agent Evan Harlow at Maui Elite Property. “I had a client who relocated from the Bay Area to Cleveland who was floored by not just the house they could afford, but the access to parks, cultural events and healthcare within a 15-minute drive.”
While these cities may be smaller than some coastal behemoths like New York and Los Angeles, that also gives them easier access to nature and outdoor recreation. “Buffalo’s proximity to Niagara Falls and Lake Erie makes it a great place for families,” explained real estate expert and investor Oren Sofrin of Eagle Cash Buyers. “Cleveland also boasts natural attractions like the Cuyahoga Valley National Park and its own Lake Erie shoreline with waterfront parks and beaches.”
Downsides to Mansions
Charm and space aside, mansions come with their own drawbacks. To begin with, they cost far more to maintain, heat, cool and power. They also come with mansion-sized insurance and property tax bills.
Many buyers also don’t realize how difficult large and unique homes can be to sell. Expect longer listing periods when it comes time to downsize.
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This article originally appeared on GOBankingRates.com: Skip the Million-Dollar Starter Home: 4 Markets Where You Can Buy a Mansion Instead
