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Million dollar homes double since 2000
California leads states with the most million-dollar homes and highest median home value.
June 9, 2005: 4:13 PM EDT
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NEW YORK (CNN/Money) - As U.S. housing prices continue to creep higher, more and more of them are enjoying the elite status of a million-dollar home, according to a government report released Tuesday.

Since 2000, the number of homes across the country valued at $1 million has nearly doubled, the Census Bureau reported. The government estimates that one percent of all American homes are now worth a cool seven figures.

The study asked home owners to provide an estimate of their home value if it were on the market. California was at the top of list. The state had the highest concentration of million-dollar homes, with approximately 4.1 percent or 1-in-25 homes meeting the $1 million mark.

Connecticut, the District of Columbia, Massachusetts and New York followed California as the places with the largest percentages of seven-figure homes.

The survey also indicated that the national median home value, the middle point among housing values, has risen almost 16 percent since 2000. It now hovers around $140,000.

California also boasted the highest median home value across the country with $316,600, while Hawaii took second place with $302,300. Massachusetts and the District of Columbia also posted some of the highest median home values nationwide, the report said.

Housing values in West Virginia were the lowest across the country, with the median value at $78,201.


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