Five years after the crash, the economy may not be back on its feet, but the ultra-rich are sitting pretty. According to new research done by UC Berkeley, the richest one percent of Americans captured 95 percent of the income growth in the United States between 2009 and 2012. With homes always on our mind, this stunning stat made us wonder: How did the top 1% of homes fare in the housing crash?
With big money comes big resilience, apparently. At the end of 2012, the median sale price of the top one percent of homes was only four percent below its 2007 level. Comparatively, the median price of the bottom 99 percent of homes was down 23 percent from 2007.
Don’t fret, the rest of us are catching up quickly. Over the past year, median sale prices in the bottom 99 percent have gained 17 percent; comparatively, prices of the top homes have gained just 1.3 percent.
Money may not buy happiness, but it sure can buy real estate. Curious about how much cash you have to cough up to buy a “top one percent” home? Unsurprisingly, it varies widely by location. We dug into the data for 19 markets where Redfin operates and found that:
- The median price for the top one percent of homes sold in August was $1,962,000. For the bottom 99 percent, the median home price was $300,000. In other words, the price of a top one percent home is about 6.5 times the price of a home in the bottom 99 percent.
- Homes in Los Angeles were the most expensive, with the median price of the top one percent of homes tipping the scales at $4,960,000. Assuming a 20% down payment, that’s a $21,000 monthly mortgage payment!
- On the other end of the spectrum, the top homes in Las Vegas were the cheapest at $1,250,000. That mortgage will run you $5,200 per month.
If you’re wondering how much home you can afford, check out Redfin’s new Home Affordability Calculator.
To get an idea of what this means in the real world, check out the examples below of homes for sale in the top one percent and bottom 99 percent:
|Region||Top 1% Example||Bottom 99% Example|
Median Price of Homes in the 1%: $1,766,500
Median Price of Homes in the 99%: $223,000
|1906 Scenic Dr, Austin, TX 78703|
Sq. Ft.: 8,264
Lot Size: 0.37 Acres
Listed by: Drew Tate, Tate Property/PLR
Features: Entertainment and security systems controlled via iPhone, a 2,500 square foot parking garage, boat dock on Lake Austin
|14713 Bescott Dr, Austin, TX 78728|
Sq. Ft.: 2,107
Lot Size: 9,365 Sq. Ft.
Listed by: Lorella Martin, Redfin
Features: New paint, carpet, tile and laminate, granite countertops, large master bedroom with walk-in closet, covered patio, adjacent to greenbelt
Median Price of Homes in the 1%: $1,350,000
Median Price of Homes in the 99%: $259,000
|3925 Folly Quarter Rd, Ellicott City, MD 21042|
Sq. Ft.: 12,186
Lot Size: 54.28 Acres
Listed by: Creig Northrop, Long & Foster Real Estate, Inc.
Features: Once owned by Charles Carroll, who signed the Declaration of Independence; fully fenced 54 acres, pastures, horse barns, guest cottage, pool
|910 Walnut Ave, Baltimore, MD 21229|
Sq. Ft.: 2,071
Lot Size: 7,497 Sq. Ft.
Listed by: Brandon Hoffman, Redfin
Features: 10 ft ceilings, central heat/AC , two-car garage, hardwood floors, large kitchen with stainless steel appliances and granite countertops, ADT security system
Median Price of Homes in the 1%: $2,550,000
Median Price of Homes in the 99%: $385,000
|49 Margin St, Cohasset, MA 02025|
Sq. Ft.: 24,000
Lot Size: 9.41 Acres
Listed by: Jonathan Radford, Coldwell Banker
Features: Private ocean peninsula, historical Georgian Revival-style mansion, tennis court, pool, skating pond, private beach and dock
|43 Saint Paul Ave, Norwood, MA 02062|
Sq. Ft.: 1,344
Lot Size: 8,528 Sq. Ft.
Listed by: Nancy McLaughlin, Redfin
Features: Updated kitchen with new cabinets, back splash, granite countertops and breakfast bar, recessed lighting and home theater in living room, four-car off-street parking
Median Price of Homes in the 1%: $1,650,000
Median Price of Homes in the 99%: $198,000
|401 N Wabash Ave, Ph 89A, Chicago, IL 60611|
Sq. Ft.: 14,260 Sq. Ft.
Lot Size: —
Listed by: Chezi Rafaeli, Coldwell Banker Residential
Features: Penthouse spanning a full floor, the highest residence in the western hemisphere at 1,178′
|25W008 Keswick Ln, Naperville, IL 60540|
Sq. Ft.: 1,464
Lot Size: —
Listed by: Sondra Savino, Redfin
Features: End-unit townhouse, updated kitchen, hardwood floors, sliding glass doors that lead to private patio, new roof, driveway and porch
Median Price of Homes in the 1%: $1,435,000
Median Price of Homes in the 99%: $259,900
10687 Evans Ridge Rd, Parker, CO 80134
Sq. Ft.: 50,397
Lot Size: 70.32 Acres
Listed by: Sandy Weigand Team, The Kentwood Company
Features: 16-car garage, 10 fireplaces, indoor pool/spa, ponds and fountains, 70 wooded acres
767 Roslyn St, #25, Denver, CO 80230
Sq. Ft.: 1,297
Lot Size: —
Listed by: Karla Kirkpatrick Adams, Redfin
Features: Townhome in like-new condition, located in park-like setting, two-car garage, mudroom, living room with work space separating the dining/eating space
Median Price of Homes in the 1%: $1,250,000
Median Price of Homes in the 99%: $165,000
|6629 S Pecos Rd, Las Vegas, NV 89120|
Sq. Ft.: 11,192
Lot Size: 36.12 Acres
Listed by: Dale Thornburgh, Synergy Sothebys International
Features: Wayne Newton’s former estate, eight total homes, a jumbo jet terminal, zoo facilities, 37 stables, equestrian corrals, car “museum,” game room, tennis court
|6781 Kostner St, Las Vegas, NV 89149|
Sq. Ft.: 1,751
Lot Size: 3,920 Sq. Ft.
Listed by: Kate Hawks, Urban Nest Realty
Features: Master bedroom with balcony, covered patio, large backyard, two-sided fireplace in den and living room, mountain views
Median Price of Homes in the 1%: $2,670,000
Median Price of Homes in the 99%: $385,000
Old Country Rd, Eastport, NY 11941
Sq. Ft.: —
Lot Size: 160 Acres
Listed by: Sharyn Guzzi, Long Island Horse Properties
Features: 160 acres of forests, pastures and horse trails, equestrian facilities, tennis court, pool
50 W Madison St, East Islip, NY 11730
Sq. Ft.: —
Lot Size: 10,018 Sq. Ft.
Listed by: Peggy Papazaharias, Redfin
Features: Split level, pool, PVC fence around backyard, wood floors, fireplace, wooden deck
Median Price of Homes in the 1%: $4,960,000
Median Price of Homes in the 99%: $470,000
2300 White Stallion Rd, Thousand Oaks, CA 91361
Sq. Ft.: 13,264
Lot Size: 20.97 Acres
Listed by: Jordan Cohen, RE/MAX Olson & Associates Inc
Features: Guest house with temperature-controlled wine cellar, pool, tennis court, golf course with three greens and sand traps
770 East Ladera St, Pasadena, CA 91104
Sq. Ft.: 854
Lot Size: 5,000 Sq. Ft.
Listed by: Eric Tan, Redfin
Features: Craftsman style home with new cabinets, granite countertops, stainless steel appliances, hardwood floors, basement with storage
Median Price of Homes in the 1%: $1,290,000
Median Price of Homes in the 99%: $229,900
|770 Godfrey Rd, Villanova, PA 19085|
Sq. Ft.: 6,395
Lot Size: 16.93 Acres
Listed by: Lisa Yakulis, Prudential Fox & Roach Realtors-Haverford2
Features: Historical home with nearly 17 acres of conservancy land, restored clock tower building, two guest houses, two story barn
|2340 Poplar Rd, Havertown, PA 19083|
Sq. Ft.: 1,980
Lot Size: 6,534 Sq. Ft.
Listed by: Blakely Minton, Redfin
Features: Split-Level with oversized one-car garage and space for three-car parking, living room with built-in entertainment cabinet, dining area that opens to kitchen, in the highly rated Haverford School District
Median Price of Homes in the 1%: $1,500,000
Median Price of Homes in the 99%: $185,000
5850 E Glenn Dr, Paradise Valley, AZ 85253
Sq. Ft.: 16,370
Lot Size: 8.76 Acres
Listed by: Robert E Joffe, Russ Lyon Sotheby’s Int’l Realty
Features: (To be built) 2,000 square foot entertainment hall carved out of Mummy Mountain, Concert Hall, Theater, 360 degree views
1204 W Mesquite Tree Ln, San Tan Valley, AZ 85143
Sq. Ft.: 2,247
Lot Size: 5,227 Sq. Ft.
Listed by: Raegan Kraft, Redfin
Features: New construction, kitchen with granite countertops and stainless steel appliances, backyard with no neighbors behind, easy to maintain landscaping
Median Price of Homes in the 1%: $1,259,000
Median Price of Homes in the 99%: $269,900
|1865 Palisades Terrace Dr, Lake Oswego, OR 97034|
Sq. Ft.: 8,800 Sq. Ft.
Lot Size: 1.39 Acres
Listed by: Chris Larsson, Coldwell Banker Seal
Features: Waterfront estate on Lake Oswego, built high atop a rocky cliff, backyard pool overlooking lake, boat house and dock, guest quarters.
|3545 NE 68TH Ave, Portland, OR 97213 |
Sq. Ft.: 1,802
Lot Size: 4,791 Sq. Ft.
Listed by: Wayne Olson, Redfin
Features: Hardwood floors, coved archways, crown molding, a kitchen dining booth, large attic and basement, landscaped backyard
Median Price of Homes in the 1%: $1,348,842
Median Price of Homes in the 99%: $250,000
|1159 Casper Cir, Corona, CA 92881|
Sq. Ft.: 12,762
Lot Size: 0.92 Acres
Listed by: Rafael Guzman, Homequest real estate corp.
Features: Ornate detailing throughout, grand dual-stair entrance, crown molding, marble floors and countertops, view of Corona Hills
|4205 Hale St, Riverside, CA 92501|
Sq. Ft.: 1,040
Lot Size: 6,534 Sq. Ft.
Listed by: Ernest Livingstone, Core1 Realty
Features: New dual pane windows, front door and patio door; automatic sprinklers, tanning bed, surveillance system, within close proximity to 91/215/60 interchanges
Median Price of Homes in the 1%: $1,427,500
Median Price of Homes in the 99%: $276,000
8815 Bella Terra Pl, Granite Bay, CA 95746
Sq. Ft.: 13,690
Lot Size: 2.30 Acres
Listed by: Shirley Aronson, Lyon RE Roseville
Features: Private tennis court with night lighting, salt water pool and spa with a grotto and waterfall, outdoor kitchen, 10 car garage
7 Shipman Ct, Sacramento, CA 95823
Sq. Ft.: 2,299
Lot Size: 6,856 Sq. Ft.
Listed by: Heidrun Gross, Capital Realty
Features: Short sale, kitchen with an island and lots of cabinet/counter space, master suite with walk-in closet, jetted tub, two-car garage with workshop area, large patio
Median Price of Homes in the 1%: $3,049,748
Median Price of Homes in the 99%: $420,000
|5992 Calle Camposeco, Rancho Santa Fe, CA 92067|
Sq. Ft.: 16,000
Lot Size: 38.98 Acres
Listed by: Jason Barry, Barry Estates, Inc.
Features: Resort club, two guest houses, gym, lush gardens, meditation and reading rooms, tennis, basketball and badminton courts, room for 27 vehicles
|1553 El Paseo Dr, San Marcos, CA 92078|
Sq. Ft.: 1,598
Lot Size: 4,792 Sq. Ft.
Listed by: Sara Fischer, Redfin
Features: On quiet cul-de-sac overlooking golf course, Lake & Lodge lease through HOA allows use of pools, tennis courts, lake, meeting room in Lions Gate community
Median Price of Homes in the 1%: $4,562,500
Median Price of Homes in the 99%: $628,250
|2712 Broadway, San Francisco, CA|
Sq. Ft.: 11,607
Lot Size: 6,185 Sq. Ft.
Listed by: Thomas Biss, Sotheby’s International Realty
Features: Brand new home, to be built with five levels, home theater, exercise room, wine cellar, sauna, steam room, rooftop terrace, au pair suite
|5800 3rd St, #1319, San Francisco, CA|
Sq. Ft.: 1,572
Lot Size: —
Listed by: Kiesha Stephens, Redfin
Features: Top floor two-level condo, walnut floors, new appliances and fixtures, balcony off of master bedroom and living room
Median Price of Homes in the 1%: $3,754,000
Median Price of Homes in the 99%: $688,000
|12335 Stonebrook Dr, Los Altos Hills, CA 94022|
Sq. Ft.: 30,000
Lot Size: 7.5 Acres
Listed by: Art Sharif, Sothebys Intl Rlty
Features: Historic home that has hosted royalty and world leaders, caretaker/guest house, fitness room, parking for 20+ cars
|820 Harmony Pl, Milpitas, CA 95035|
Sq. Ft.: 1,764
Lot Size: 1,655 Sq. Ft
Listed by: Ashley Rabello, Redfin
Features: Townhome with vaulted ceilings, natural light, upgrades throughout, marble entry, granite countertops, gas range stove, close to highway 880 and 680
Median Price of Homes in the 1%: $1,914,336
Median Price of Homes in the 99%: $325,000
|6220 SE 22nd St, Mercer Island, WA 98040|
Sq. Ft.: 13,721
Lot Size: 0.88 Acres
Listed by: Wendy Lister, Coldwell Banker Bain
Features: Private pool overlooking Lake Washington, living room with room for 4+ televisions, home theater
|17615 133rd Place SE, Renton, WA 98058|
Sq. Ft.: 2,064
Lot Size: —
Listed by: Kenny Whiteside, Redfin
Features: Vaulted ceilings, open floor plan, granite counter tops, hardwood floors, master bedroom overlooking greenbelt
Median Price of Homes in the 1%: $3,175,000
Median Price of Homes in the 99%: $470,250
|5160 Neptune, Oxnard, CA 93035|
Sq. Ft.: 5,394
Lot Size: 7,318 Sq. Ft.
Listed by: Gary Cuoco, RE/MAX Gold Coast-Beach Office
Features: Located on the beach, with panoramic ocean views, floor-to-ceiling windows throughout
|2705 Ophelia Ct, Simi Valley, CA 93063|
Sq. Ft.: 1,666
Lot Size: 6,098 Sq. Ft.
Listed by: Robin Karcich, Troop Real Estate
Features: Located on cul-de-sac with long driveway, wood and laminate wood flooring throughout, larger baseboards, custom paint, drapes and fireplace, private backyard with pool and spa
Area Median Price of Homes in the 1%: $1,950,000
Median Price of Homes in the 99%: $370,000
|7201 Dulany Dr, Mclean, VA 22101|
Sq. Ft.: 28,000
Lot Size: 2.41 Acres
Listed by: Fouad Talout, Long & Foster Real Estate, Inc.
Features: Opulent finishes, home theater, indoor pool, murals and chandeliers
|4745 Pomegranate Ct, Alexandria, VA 22309|
Sq. Ft.: 1,825
Lot Size: 9,269 Sq. Ft.
Listed by: Tonya Nelson, Redfin
Features: Located on cul-de-sac, updated throughout, large backyard, deck, minutes to commuter routes