So far this year, fifteen communities have been added to Zillow’s list of “million-dollar cities,” where the median home costs at least $1 million: Bonita, Tustin, Brea, San Gabriel, Cerritos, Orange, San Luis Obispo, Placentia, Cambria, Thousand Oaks, Pala, Pleasant Hill, Arroyo Grand, Bonsall and Cypress. They join existing communities like Granite Bay, Homewood, Indian Wells, Irvine, La Cañada Flintridge, Laguna Hills, Laguna Niguel, Poway, Tahoe City and Truckee.
Most of these are coastal cities, though not all. Many of them used to be known for their relative affordability. Now, just a few cities — like Bakersfield and Palmdale — retain median values under $500,000.
Salaries are not keeping up with the home price upswing. According to Harvard University’s Joint Center for Housing Studies, homes nationwide are now worth 5.6 times more than the median household income. That’s the highest home price-to-income ratio on record.
Read more at the Los Angeles Times.