Philadelphia ranked 27th among the nation’s 50 largest metro areas on its share of million dollar homes, writes Michael Kolomatsky for The New York Times.

The finding comes from a new report by LendingTree,

In the Philadelphia metropolitan area, out of the overall 1,534,074 owner-occupied housing units, 25,599 are valued at or above one million dollars. That’s 1.67% of housing units.

The median value of owner-occupied housing units in the Philadelphia metro is $250,700.

Location is still the main factor in determining the final price tag of a home, though square footage and construction type also impact the price.

But even when location is taken into account, the report found that million-dollar homes are relatively uncommon throughout the country.

Only 4.27 percent of the owner-occupied homes in the 50 largest metros are valued at $1 million or more.

Objectively, $1 million is still about three times the sale price of the median U.S. home, (about $250,700 in Philadelphia), and out of reach for most.  

The metro with the highest share of million-dollar homes in the country is San Jose, California, at 47 percent, followed by San Francisco at 36 percent, and Los Angeles with 17 percent.

Read more about the metros with the largest share of million-dollar homes in The New York Times.

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