Not New York, this city boasts the highest percentage of $1 million homes.

The concentration of million-dollar homes in specific areas is increasing across the U.S., according to a November LendingTree analysis.

In 2023, approximately 11% of primary residences in the 50 largest U.S. cities were valued at $1 million or more, according to LendingTree's analysis of U.S. Census Bureau American Community Survey data. This represents an increase from around 8% in 2022.

San Jose, California, has the highest percentage of million-dollar homes among U.S. metros, with 72% of owner-occupied homes worth over $1 million, according to LendingTree. Additionally, homes in San Jose sell for a median of $1.4 million, which is over 200% more than the national median home price of $420,400, as per Realtor.com data.

Besides San Jose, other California metro areas with a significant number of million-dollar homes include San Francisco, Los Angeles, and San Diego.

Despite New York being recognized as an expensive city to reside in, it ranked seventh on LendingTree's list. Nevertheless, it's important to note that although New York has a lower percentage of million-dollar homes compared to San Jose or San Francisco, it has a higher total number of them.

According to LendingTree, the top 10 U.S. metro areas with the highest percentage of $1 million homes are:

1. San Jose, California

• Percentage of owner-occupied units valued at $1 million or more: 71.57%
• Number of owner-occupied units valued at $1 million or more: 267,751
• Median value of owner-occupied housing units: $1,393,400

2. San Francisco

• Percentage of owner-occupied units valued at $1 million or more: 56.57%
• Number of owner-occupied units valued at $1 million or more: 551,606
• Median value of owner-occupied housing units: $1,105,100

3. Los Angeles

• Percentage of owner-occupied units valued at $1 million or more: 36.42%
• Number of owner-occupied units valued at $1 million or more: 797,553
• Median value of owner-occupied housing units: $867,200

4. San Diego

• Percentage of owner-occupied units valued at $1 million or more: 34.83%
• Number of owner-occupied units valued at $1 million or more: 224,035
• Median value of owner-occupied housing units: $864,900

5. Seattle

• Percentage of owner-occupied units valued at $1 million or more: 25.96%
• Number of owner-occupied units valued at $1 million or more: 252,908
• Median value of owner-occupied housing units: $712,200

6. Boston

• Percentage of owner-occupied units valued at $1 million or more: 17.22%
• Number of owner-occupied units valued at $1 million or more: 206,708
• Median value of owner-occupied housing units: $646,600

7. New York

• Percentage of owner-occupied units valued at $1 million or more: 16.17%
• Number of owner-occupied units valued at $1 million or more: 618,642
• Median value of owner-occupied housing units: $610,200

8. Washington, DC

• Percentage of owner-occupied units valued at $1 million or more: 14.04%
• Number of owner-occupied units valued at $1 million or more: 214,807
• Median value of owner-occupied housing units: $574,000

9. Denver

• Percentage of owner-occupied units valued at $1 million or more: 12.4%
• Number of owner-occupied units valued at $1 million or more: 97,425
• Median value of owner-occupied housing units: $611,300

10. Miami

• Percentage of owner-occupied units valued at $1 million or more: 11.43%
• Number of owner-occupied units valued at $1 million or more: 166,014
• Median value of owner-occupied housing units: $474,000

The cost of purchasing a home in California is well-known.

To purchase a home in San Jose or San Francisco without exceeding 25% of their income on housing, hopeful homebuyers would need to earn over $468,000 and $335,000, respectively, according to data from the National Association of Realtors.

The high cost of living and real estate in California may be driving high earners to look for opportunities elsewhere.

According to an August SmartAsset analysis of migration data from the Internal Revenue Service, the largest number of households between the ages of 26 and 35 who earn over $200,000 have left California, while Florida and Texas experienced the highest influx of young high earners.

Earn more money at work by taking CNBC's new online course, "How to Negotiate a Higher Salary." Expert instructors will teach you the necessary skills to increase your paycheck, including preparation, confidence-building, effective communication, and counteroffer crafting. Pre-register now and use coupon code EARLYBIRD for a 50% introductory discount through Nov. 26, 2024.