Here’s What $1 Million Gets You in the Midwest, South, East and West Coasts—and the Differences Will Surprise You

House hunters with $1 million to spend can expect to afford vastly different properties depending on where they look—and the Midwest offers by far the biggest bang for their buck.

Here is a look at what a low-seven-figure budget would get you in the Midwest, the Northeast, the South, and the West. The breakdown factors in both existing homes and new construction.The breakdown in determining what a bigger budget buys in these areas factors both existing homes and new construction.

Unsurprisingly, the big takeaway is that markets with lower costs of living offer more space–and even some touches of luxury–than those with high costs of living for the same price.

Midwest

A typical $1 million listing in the Midwest—a region that encompasses 12 states in the north central part of the U.S.—has four bedrooms, is 3,534 square feet, and sits on a half-acre lot, says Realtor.com® senior economist Joel Berner.

The median price per square foot in the region is just under $280, which is almost 65% less than in the Northeast. In other words, you can buy a 3,400-square-foot home in Detroit for the same price that would get you a much more modest 2,150-square-foot property in Westchester County, NY.

“Affordability at lower price points is much better in the Midwest than in other regions, so $1 million is much more of a luxury level there than in the others,” Berner explains.

Homebuyers looking to put their own stamp on their dream home by purchasing new construction are also better off house-shopping in the Midwest, where new builds make up nearly 30% of the million-dollar market segment, according to Berner. And those homes boast the largest square footage and the most bedrooms in the U.S.

“The cities in the Midwest are generally more sprawling than in the Northeast especially, so there’s more land to build bigger homes on for lower prices,” the economist adds.

Washington Township, MI

List price: $999,000

Square footage: 3,400

Bedrooms: 4

Bathrooms: 4.5

Reasons to buy: This new-construction home features a great room with a gas fireplace that opens into an eat-in kitchen. There is prefinished hardwood flooring throughout the entire main level. The master bedroom comes with a full bath that includes dual sinks and a separate shower. The property also includes a laundry room and a three-car, attached garage. 

Northeast

Of all the U.S. regions, a budget of seven-figures buys the least amount of house in the Northeast, where the typical property at that price point has about three bedrooms, is 2,308 square feet, and sits on 0.45 acres.

But in an interesting twist, million-dollar homes’ lots are larger in the Northeast compared to the West and South, according to Berner. That is true with both older homes and in new-construction houses.

In the Northeast, a million bucks is also the most likely to get you something other than a single-family house, owing to the fact that condominiums, townhomes, row homes, and co-ops make up more than a third of that price segment.

Middletown, RI

List price: $1,000,000

Square footage: 2,250

Bedrooms: 3

Bathrooms: 2

Reasons to buy: This 1950-built, single-family home with a one-car garage is in Rhode Island’s Easton’s Point. Situated on a spacious corner lot with ocean views, “this property is ready for transformation.”

South

The typical home in the Southern states with a $1 million price tag has three to four bedrooms, is 2,845 square feet, and sits on just 0.34 acres of land, putting the region just behind the Midwest in terms of getting the most value for your money.

Similarly to what’s happening in the Midwest, listing prices are lower in the South than in the Northeast and West. That is why a $1 million price point represents a much higher segment of the market, according to Berner.

The median price per square foot in the Southern states is currently around $348, and the median list price across all price segments is $379,000.

Cape Coral, FL

List price: $999,000

Square footage: 2,614

Bedrooms: 4

Bathrooms: 3

Reasons to buy: This luxury model home includes four spacious bedrooms with walk-in closets, an office, an open floor plan with a gourmet kitchen featuring an island, which flows into the dining room, as well as a three-car garage. Plus, with the house being in Florida, it comes equipped with hurricane-impact windows and doors.

West

In the West, $1 million gets homebuyers a slightly bigger and more upmarket house than in the Northeast—but just barely. And, it’s still a far cry from the value-for-cost seen in the Midwest.

Here are the numbers: A typical million-dollar listing in the West has three to four bedrooms, is 2,441 square feet, and occupies just a quarter-acre lot.

Those hoping to snap a newly built home in the West will likely be disappointed, because new-construction houses make up a measly 16.6% of inventory in this price range.

It’s important to note that at $575,000, the median list price in West is the highest in the nation, even surpassing the prohibitively expensive Northeast.

Claremont, CA

List price: $1,000,000

Square footage: 2,338

Bedrooms: 4

Bathrooms: 3

Reasons to buy: This corner-lot home built in 1977 features a recently remodeled kitchen, upgraded bathrooms, cathedral ceilings, and a family room with a fireplace. The master bedroom has a walk-in closet and a bathroom with dual sinks. Outside, the backyard includes a covered patio, pool, and spa.