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
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
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
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.
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