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Here's how much space $1 million buys in 10 major US cities

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Even if you're lucky enough to enter the U.S. housing market with a $1 million budget, there's still some bad news: That money might only buy a one-bedroom apartment, depending on where you want to live.

That's according to new research from Using its own data, Zillow analyzed homes in each city valued between $950,000 and $1,050,000.

In some expensive, coastal cities, many homeowners choose a smaller condo or apartment in the heart of downtown, rather than a standalone home farther out. In San Francisco proper, $1 million would typically get you a one-bedroom, one-bathroom condo, or a total of 888 square feet. In the metro area overall, $1 million covers a median of 1,150 square feet.

In Memphis, however, you can expect $1 million to buy a home that's roughly 5,440 square feet. That's nearly five times the amount of space that same budget could afford in San Francisco.

Here's the median amount of space $1 million will buy in 10 major cities across the U.S.

San Francisco, California

Median square footage $1 million will buy: 1,150

  • Median listing price: $1,349,000
  • Median rent price: $4,526

Los Angeles, California

Median square footage $1 million will buy: 1,903

  • Median listing price: $849,900
  • Median rent price: $3,607

Seattle, Washington

Median square footage $1 million will buy: 2,090

  • Median listing price: $695,000
  • Median rent price: $2,700
Seattle, Washington
Matteo Colombo | DigitalVision | Getty Images

Denver, Colorado

Median square footage $1 million will buy: 2,429

  • Median listing price: $475,000
  • Median rent price: $2,200

Dallas, Texas

Median square footage $1 million will buy: 3,934

  • Median listing price: $385,000
  • Median rent price: $1,750

Miami, Florida

Median square footage $1 million will buy: 2,274

  • Median listing price: $474,000
  • Median rent price: $2,400
Miami, Florida.
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New York, New York

Median square footage $1 million will buy: 1,725

  • Median listing price: $779,000
  • Median rent price: $2,900

Chicago, Illinois

Median square footage $1 million will buy: 2,208

  • Median listing price: $335,000
  • Median rent price: $1,800

Cincinnati, Ohio

Median square footage $1 million will buy: 3,809

  • Median listing price: $214,000
  • Median rent price: $1,375

Memphis, Tennessee

Median square footage $1 million will buy: 5,442

  • Median listing price: $109,900
  • Median rent price: $950
"The Historic Main Street Trolley in Memphis, Tennessee"
Davel5957 | E+ | Getty Images

If you don't want to move cities just for a larger home, there's good news: Zillow found that homebuyers with $1 million budgets can get even more space if they're willing to commute.

If you work in Los Angeles, $1 million could buy nearly 1,000 more square feet if you moved to neighboring Anaheim. Work in Chicago? A $1 million budget could afford a 4,400-square-foot home in nearby Naperville.

It's important to note that large budgets have also lost some purchasing power over the last five years, according to a comparison of the same data from 2014. Nationally, $1 million buys about 350 fewer square feet on average, according to Zillow.

Don't miss: Rental prices dropped for the first time in 2 years—here are 13 cities where you can rent for less than average

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