Property experts have revealed the 10 best cities to move to if you want to buy a mansion on a budget.
Real estate specialists analyzed every single-family house on Realtor.com to determine the cities where you can get the most bang for your buck in square footage. The report calculated what percentage of properties in metropolitan U.S. cities were on the market for under $1 million but offered more than 5,000 square feet of land.
The list of ‘affordable mansions’ had some surprise appearances – like Washington D.C. which has the seventh highest cost of living. But the list also included some cities in states that have consistently been reliable for offering huge properties for small prices, like Texas and Kentucky.
Americans are looking for bigger properties now more than ever as the pandemic gave people in small properties cabin fever and people’s houses became their offices because of working from home. This notion is also reflected in the migration from states with smaller houses and bigger price tags – like California – to states where you can get more for your money – like Arizona and Texas.
Hannah Jones, senior economic research analyst with Realtor.com, wrote in the report: ‘Many of the metros on the list stand out for being generally affordable locales, with plenty of space to grow and sprawl. They tend to be less densely populated, especially as you get farther from the city center. So buyers can get more space at a lower price.’
In Indianapolis you can score a 5,446 square foot house on a 41,817.6 square foot lot for under $900,000 which boasts five bedrooms, six bathrooms, a three car garage and a sprawling front and backyard
1. Indianapolis, Indiana
The percentage of single-family homes currently listed on Realtor.com that are over 5,000 square feet and under $1 million in the midwestern city of Indianapolis is 3 per cent.
The state capital of Indiana is the 16th most populous city in the U.S. with a population of 887,642, which is nearly 13 per cent of Indiana’s residents.
The city has the country’s largest NFL stadium, Lucas Oil Stadium, which is home to the Indianapolis Colts who last won the NFL in 2007. Indianapolis also has an NBA team, a USL soccer team, and a Triple-A baseball team.
As well as being home to a busy sports scene, the city also has a thriving culture and arts scene with plenty of art galleries, museums and centers for performing arts.
Although this city has a lot to offer, it doesn’t come with a hefty price tag. Property experts revealed that Indianapolis has the most affordable mansions in the U.S.
For example, you can score a 5,446 square foot house on a 41,817.6 square foot lot for under $900,000 which boasts five bedrooms, six bathrooms, a three car garage and a sprawling front and backyard.
The city also offers a mixture of older houses in historic neighborhoods and more modern properties in newer developments.
In Atlanta you can secure a 5,542 square foot home on a 12,632 square foot lot for under $600,000 which will give you five huge bedrooms, four bathrooms, high-ceilings, a walk-in closet and a stunning backyard
2. Atlanta, Georgia
The thriving city of Atlanta, Georgia has a 2.3 per cent rate of affordable mansions. That means one in every 43 single-family homes for sale are larger than 5,000 square feet and less than $1 million.
The historic city, known as the capital of the South, has the 22nd largest economy in the world.
Atlanta is known for its diverse population and thriving LGBTQ community.
In Atlanta you can secure a 5,542 square foot home on a 12,632 square foot lot for under $600,000 which will give you five huge bedrooms, four bathrooms, high-ceilings, a walk-in closet and a stunning backyard.
For $990,000 in Washington D.C. you can buy a house in the capital city of the U.S. on a 5,574 square foot lot with four bedroom and 3.5 bathrooms with a front and back porch and a two-car garage
3. Washington D.C.
The percentage of homes in Washington D.C. that are classified as ‘affordable mansions’ is 2.2 per cent.
Home to the White House, Georgetown University, the National Cathedral and the Smithsonian Institution Building – you would expect Washington D.C. to come with a hefty price tag.
D.C. has the seventh highest cost of living in the U.S. but still manages to boast some mega mansions at smaller prices.
For $990,000 you can buy a house in the capital city of the U.S. on a 5,574 square foot lot with four bedrooms and 3.5 bathrooms with a front and back porch and a two-car garage.
An affordable mansion in Cleveland could look like a 1890s-built colonial style 6,089 square foot home on a 14,810.4 square foot lot for just $450,00, complete with four bedrooms, 2.5 bathrooms, nine unique fireplaces, a butler’s kitchen and a three-car garage
4. Cleveland, Ohio
Cleveland’s rate of affordable mansions is 2.1 per cent.
The Midwestern steel city has seen a rebirth as previously sleepy neighborhoods have been urbanized and revitalized, which has attracted younger and more diverse residents.
Cleveland is home to Millionaires Row, also known as Euclid Avenue, which is what gave Cleveland the reputation of being the richest city in the world in the 1910s.
An affordable mansion in Cleveland could look like a 1890s-built colonial style 6,089 square foot home on a 14,810.4 square foot lot for just $450,00, complete with four bedrooms, 2.5 bathrooms, nine unique fireplaces, a butler’s kitchen and a three-car garage.
5. Allentown, Pennsylvania
The percentage of affordable mansions in Allentown is two per cent.
Allentown – which lies in eastern Pennsylvania – has a population of 125,944 and was founded in 1762.
The city is home to one of the nation’s largest amusement and water parks – the Dorney Park & Wildwater Kingdom which fascinatingly boasts the world’s eighth longest steel rollercoaster.
In Allentown you can purchase a 5,454 square foot house for $799,000 that boasts six bedrooms, 3.5 bathrooms on a 0.5 acre lot which even has a sauna.
An affordable mansion on offer in Baltimore is a seven bedroom stately Georgian manse which has a cozy library and a sun-drenched porch all in a 5,374 square foot home which is listed for $995,000
6. Baltimore, Maryland
Baltimore’s rate of affordability in the mansion market is 1.6 per cent.
The city has a population of 585,708 – making it the 30th most populous city in the U.S.
Historically a working-class port town, the city is known as a ‘city of neighborhoods’ because of its many distinct areas.
An affordable mansion on offer in Baltimore is a seven bedroom stately Georgian manse which has a cozy library and a sun-drenched porch all in a 5,374 square foot home which is listed for $995,000.
7. McAllen, Texas
The percentage of affordable mansions in McAllen is 1.5 per cent.
The Southern city is the largest in Hidalgo County, Texas and is located at the southern tip of the state in the Rio Grande Valley on the Mexico-U.S. border.
It is known for its subtropical climate and very long and hot summers.
In McAllen, Texas you can buy yourself a seven bedroom, seven bathroom mansion for the affordable price of $485,000. The 6,188 square foot home comes with a huge pool and a three-car garage.
8. Louisville, Kentucky
Louisville has a 1.5 per cent rate of affordable mansions.
Kentucky’s largest city sits on the southern edge of the Ohio River and is one of the oldest cities west of the Appalachian Mountains.
The city is famous for hosting the Kentucky Derby, which is at Churchill Downs in Louisville. The horse-racing event has been going since 1875 and is dubbed ‘the most exciting two minutes in sports’.
An affordable mansion in Louisville could look like a five bedroom historic high end hybrid mansion with 6,417 square feet of living space and an elevator all for $825,000.
An affordable mansion in Louisville could look like a five bedroom historic high end hybrid mansion with 6,417 square feet of living space and an elevator all for $825,000
9. Denver, Colorado
The percentage of affordable mansions in Denver is 1.4 per cent.
The metropolis dates back to the Old West era and boasts a population of 711,463.
The city is home to the Denver Art Museum and the mansion of the famed Titanic survivor Molly Brown.
In Denver – for $995,000 you can purchase a 5,071 square foot home with five bedrooms and five bathrooms. The home boats a spacious and private front patio complete with a tranquil koi pond and raised garden beds as well as a wine cellar and built-in bar.
10. Ogden, Utah
Ogden has a 1.4 per cent rate of affordable mansions.
The city is just 10 miles east of the Great Salt Lake and just 40 miles north of Salt Lake City.
Ogden was the first settlement in Utah and is a notoriously independent community known for its thriving art scene and local businesses.
Ogden has roots of Mormonism with 63% if religious residents identifying as Mormon, but the area was originally a lawless frontier town.
Ogden offers properties such as a 5,017 square foot home with five bedrooms and three bathrooms complete with 12 foot ceilings for $850,000.