Mansions Cost Less Than $1 Million in Four Markets

• The median mansion costs less than $1 million in four large metro areas: Buffalo, Indianapolis, Cleveland and Memphis. 
• The median mansion nationwide is worth more than $1.4 million, and more than $4.5 million in four major California markets.
• An entry-level 5,000-square-foot home, or a “starter mansion,” goes for less than half a million dollars in Buffalo. 

In four major markets, a home buyer can live like a king while spending like a prince. 

A median mansion nationwide, defined as a home with at least 5,000 square feet of finished living space, is worth more than $1.4 million. But it’s below $1 million in Buffalo ($825,500), Indianapolis ($965,500), Cleveland ($995,200) and Memphis ($996,700). That’s less than California Bay Area buyers are paying for a typical home.

The days of finding a mansion under $1 million are fading. In June 2021, nearly half of all U.S. mansions were valued at less than $1 million (45.1%). Today, just 3 in 10 are (30.3%). And, of course, some cost hundreds of millions of dollars.

In the Midwest and parts of the South, relative bargains are available for buyers dreaming of space and status with a smaller price tag. In addition to the four metros where most mansions are under $1 million, mansions are less expensive than elsewhere in places like Cincinnati ($1 million), Louisville ($1 million) and Birmingham ($1.1 million). 

But on the coasts, big homes come with an even bigger price tag. In San Jose, $1 million wouldn’t even cover the down payment on a median mansion, valued at $6.5 million. Other sky-high markets include San Francisco ($4.9 million), Los Angeles ($4.7 million) and San Diego ($4.6 million). Outside of California, mansions are most expensive in Miami ($3.7 million), Seattle ($3.3 million) and Phoenix ($2.9 million).

Atlanta leads in raw numbers with 21,634 mansions under $1 million — that’s 5% of all mansions under $1 million nationwide. The New York City metro area is second with 12,555, followed by Indianapolis (11,696), Washington, D.C. (10,613) and Chicago (9,530). 

For buyers willing to make a few compromises in their fantasies, a “starter mansion” — a home in the 25th percentile of mansion values in a given area — goes for just a tick under $900,000 nationwide. In 21 of the 50 biggest metro areas, these starter mansions are available for less than $1 million. A buyer could even land one in Buffalo for less than $500,000.