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Home buyers are demanding more space: bigger homes and more rooms. So, where can they find a locale with affordable mansions?
Realtor.com®’s research team set out to identify the areas with massive mansions—5,000-plus square feet—for less than $1 million. That isn’t exactly an easy feat: The national median list price for homes of 5,000-plus square feet was $1.58 million in August. The prices of larger homes climbed 17% over the past year, realtor.com® notes.
To find a more affordable mansion, buyers may want to look in the Midwest and South. Many places in the U.S. offer a chance to buy or build a mega-mansion and expansive family compound for less than you can in a coastal city. Many of these areas also have seen a big increase in new residents over the past 20 years as builders ramp up construction of massive developments and communities to keep pace with demand, realtor.com® notes.
Here are seven cities with the most affordable mansions in the country, according to realtor.com®’s research:
1. Indianapolis, Ind.
- Median mansion price (5,000-plus square feet): $845,000
- Median mansion price per square foot: $137
2. Canton, Ga.
- Median mansion price: $829,000
- Median mansion price per square foot: $141
3. Kansas City, Mo.
- Median mansion price: $899,900
- Median mansion price per square foot: $148
4. Lehi, Utah
- Median mansion price: $767,400
- Median mansion price per square foot: $150
5. Louisville, Ky.
- Median mansion price: $969,900
- Median mansion price per square foot: $159
6. Katy, Texas
- Median mansion price: $899,000
- Median mansion price per square foot: $162
7. Aurora, Colo.
- Median mansion price: $899,900
- Median mansion price per square foot: $163