Luxury Homes – Could I Afford One?
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Luxury Homes – Could I Afford One?

A large price tag is one way to identity luxury real estate. While there’s no question that Bill Gates’ $100 million, 40,000-square-foot home on Lake Washington near Seattle is a luxury home, there are plenty more that fit the “luxury home” definition without costing a large fortune.

While definitions of what constitutes a luxury home vary as much as personal perceptions of luxury, the Institute of Luxury Home Marketing defines a luxury home as property in the top 10 percent of the Multiple Listing Service home sales, but never costing less than $500,000.

Other luxury profiles define luxury homes as properties starting at $1 million – a price category that’s increasing every day. In fact, there are now more than a million $1-million-plus homes the U.S. – a number that has more than doubled since 2000, according to the U.S. Census Bureau.

Most general definitions of luxury homes do not take into account the vast deviation between what $1 million buys in different parts of the country and around the world. For instance, in major metropolitan areas like Upper Manhattan, you would be lucky to find a nice one-bedroom condo for $1 million. In Montgomery, Alabama, on the other hand, the same million would easily purchase a spacious luxury residence.

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Takeaways

  • According to The Institute of Luxury Home Marketing a luxury home is over $500,000 and in the top ten percent of MLS listing home sales.
  • There are more than one million $1-million-plus homes in the U.S.

Did you know?

  • One million dollars buys more, or less, depending on the market.