How the Top 1% Fared in the Housing Crash

Five years after the crash, the economy may not be back on its feet, but the ultra-rich are sitting pretty. According to new research done by UC Berkeley, the richest one percent of Americans captured 95 percent of the income growth in the United States between 2009 and 2012. With homes always on our mind, this stunning stat made us wonder: How did the top 1% of homes fare in the housing crash?

With big money comes big resilience, apparently. At the end of 2012, the median sale price of the top one percent of homes was only four percent below its 2007 level. Comparatively, the median price of the bottom 99 percent of homes was down 23 percent from 2007.

Don’t fret, the rest of us are catching up quickly. Over the past year, median sale prices in the bottom 99 percent have gained 17 percent; comparatively, prices of the top homes have gained just 1.3 percent.

Money may not buy happiness, but it sure can buy real estate. Curious about how much cash you have to cough up to buy a “top one percent” home? Unsurprisingly, it varies widely by location. We dug into the data for 19 markets where Redfin operates and found that:

  • The median price for the top one percent of homes sold in August was $1,962,000. For the bottom 99 percent, the median home price was $300,000. In other words, the price of a top one percent home is about 6.5 times the price of a home in the bottom 99 percent.
  • Homes in Los Angeles were the most expensive, with the median price of the top one percent of homes tipping the scales at $4,960,000. Assuming a 20% down payment, that’s a $21,000 monthly mortgage payment!
  • On the other end of the spectrum, the top homes in Las Vegas were the cheapest at $1,250,000. That mortgage will run you $5,200 per month.

If you’re wondering how much home you can afford, check out Redfin’s new Home Affordability Calculator.

Top 1 chart

 

Bottom 99 chart

To get an idea of what this means in the real world, check out the examples below of homes for sale in the top one percent and bottom 99 percent:

Region Top 1% Example Bottom 99% Example

Austin Area

Median Price of Homes in the 1%: $1,766,500

Median Price of Homes in the 99%: $223,000

1906 Scenic Dr1906 Scenic Dr, Austin, TX 78703
Price: $13,950,000
Sq. Ft.: 8,264
Lot Size: 0.37 Acres
Beds: 6
Baths: 6.5
Listed by: Drew Tate, Tate Property/PLR
Features: Entertainment and security systems controlled via iPhone, a 2,500 square foot parking garage, boat dock on Lake Austin
14713 Bescott Dr14713 Bescott Dr, Austin, TX 78728
Price: $229,900
Sq. Ft.: 2,107
Lot Size: 9,365 Sq. Ft.
Beds: 4
Baths: 2.5
Listed by: Lorella Martin, Redfin
Features: New paint, carpet, tile and laminate, granite countertops, large master bedroom with walk-in closet, covered patio, adjacent to greenbelt

Baltimore Area

Median Price of Homes in the 1%: $1,350,000

Median Price of Homes in the 99%: $259,000

3925 Folly Quarter Rd3925 Folly Quarter Rd, Ellicott City, MD 21042
Price: $10,000,000
Sq. Ft.: 12,186
Lot Size: 54.28 Acres
Beds: 6
Baths: 6.5
Listed by: Creig Northrop, Long & Foster Real Estate, Inc.
Features: Once owned by Charles Carroll, who signed the Declaration of Independence; fully fenced 54 acres, pastures, horse barns, guest cottage, pool
910 Walnut Ave910 Walnut Ave, Baltimore, MD 21229
Price: $239,900
Sq. Ft.: 2,071
Lot Size: 7,497 Sq. Ft.
Beds: 4
Baths: 3
Listed by: Brandon Hoffman, Redfin
Features: 10 ft ceilings, central heat/AC , two-car garage, hardwood floors, large kitchen with stainless steel appliances and granite countertops, ADT security system

Boston Area

Median Price of Homes in the 1%: $2,550,000

Median Price of Homes in the 99%: $385,000

49 Margin St49 Margin St, Cohasset, MA 02025
Price: $22,200,000
Sq. Ft.: 24,000
Lot Size: 9.41 Acres
Beds: 10
Baths: 9
Listed by: Jonathan Radford, Coldwell Banker
Features: Private ocean peninsula, historical Georgian Revival-style mansion, tennis court, pool, skating pond, private beach and dock
43 Saint Paul Ave43 Saint Paul Ave, Norwood, MA 02062
Price: $364,000
Sq. Ft.: 1,344
Lot Size: 8,528 Sq. Ft.
Beds: 4
Baths: 2
Listed by: Nancy McLaughlin, Redfin
Features: Updated kitchen with new cabinets, back splash, granite countertops and breakfast bar, recessed lighting and home theater in living room, four-car off-street parking

Chicago Area 

Median Price of Homes in the 1%: $1,650,000

Median Price of Homes in the 99%: $198,000

401 N Wabash Ave401 N Wabash Ave, Ph 89A, Chicago, IL 60611
Price: $32,000,000
Sq. Ft.: 14,260 Sq. Ft.
Lot Size:
Beds: 5
Baths: 8
Listed by: Chezi Rafaeli, Coldwell Banker Residential
Features: Penthouse spanning a full floor, the highest residence in the western hemisphere at 1,178′
25W008 Keswick Ln25W008 Keswick Ln, Naperville, IL 60540
Price: $199,900
Sq. Ft.: 1,464
Lot Size:
Beds: 3
Baths: 1.5
Listed by: Sondra Savino, Redfin
Features: End-unit townhouse, updated kitchen, hardwood floors, sliding glass doors that lead to private patio, new roof, driveway and porch

Denver Area

Median Price of Homes in the 1%: $1,435,000

Median Price of Homes in the 99%: $259,900

10687 Evans Ridge Rd
10687 Evans Ridge Rd, Parker, CO 80134
Price: $19,500,000
Sq. Ft.: 50,397
Lot Size: 70.32 Acres
Beds: 11
Baths: 24
Listed by: Sandy Weigand Team, The Kentwood Company
Features: 16-car garage, 10 fireplaces, indoor pool/spa, ponds and fountains, 70 wooded acres
767 Roslyn St
767 Roslyn St, #25, Denver, CO 80230
Price: $275,000
Sq. Ft.: 1,297
Lot Size:
Beds: 2
Baths: 3
Listed by: Karla Kirkpatrick Adams, Redfin
Features: Townhome in like-new condition, located in park-like setting, two-car garage, mudroom, living room with work space separating the dining/eating space

Las Vegas Area

Median Price of Homes in the 1%: $1,250,000

Median Price of Homes in the 99%: $165,000

6629 S Pecos Rd6629 S Pecos Rd, Las Vegas, NV 89120
Price: $70,000,000
Sq. Ft.: 11,192
Lot Size: 36.12 Acres
Beds: 3
Baths: 5.5
Listed by: Dale Thornburgh, Synergy Sothebys International
Features: Wayne Newton’s former estate, eight total homes, a jumbo jet terminal, zoo facilities, 37 stables, equestrian corrals, car “museum,” game room, tennis court
6781 Kostner St6781 Kostner St, Las Vegas, NV 89149
Price: $179,900
Sq. Ft.: 1,751
Lot Size: 3,920 Sq. Ft.
Beds: 3
Baths: 2.5
Listed by: Kate Hawks, Urban Nest Realty
Features: Master bedroom with balcony, covered patio, large backyard, two-sided fireplace in den and living room, mountain views

Long Island Area 

Median Price of Homes in the 1%: $2,670,000

Median Price of Homes in the 99%: $385,000

Old Country Rd
Old Country Rd, Eastport, NY 11941
Price: $19,900,000
Sq. Ft.:
Lot Size: 160 Acres
Beds: 9
Baths: 7.5
Listed by: Sharyn Guzzi, Long Island Horse Properties
Features: 160 acres of forests, pastures and horse trails, equestrian facilities, tennis court, pool
50 W Madison St
50 W Madison St, East Islip, NY 11730
Price: $329,999
Sq. Ft.:
Lot Size: 10,018 Sq. Ft.
Beds: 3
Baths: 2
Listed by: Peggy Papazaharias, Redfin
Features: Split level, pool, PVC fence around backyard, wood floors, fireplace, wooden deck

Los Angeles Area 

Median Price of Homes in the 1%: $4,960,000

Median Price of Homes in the 99%: $470,000

2300 White Stallion Rd
2300 White Stallion Rd, Thousand Oaks, CA 91361
Price: $11,995,000
Sq. Ft.: 13,264
Lot Size: 20.97 Acres
Beds: 5
Baths: 7.5
Listed by: Jordan Cohen, RE/MAX Olson & Associates Inc
Features: Guest house with temperature-controlled wine cellar, pool, tennis court, golf course with three greens and sand traps
770 E Ladera St
770 East Ladera St, Pasadena, CA 91104
Price: $488,888
Sq. Ft.: 854
Lot Size: 5,000 Sq. Ft.
Beds: 2
Baths: 1
Listed by: Eric Tan, Redfin
Features: Craftsman style home with new cabinets, granite countertops, stainless steel appliances, hardwood floors, basement with storage

Philadelphia Area 

Median Price of Homes in the 1%:  $1,290,000

Median Price of Homes in the 99%: $229,900

770 Godfrey Rd770 Godfrey Rd, Villanova, PA 19085
Price: $25,000,000
Sq. Ft.: 6,395
Lot Size: 16.93 Acres
Beds: 8
Baths: 11
Listed by: Lisa Yakulis, Prudential Fox & Roach Realtors-Haverford2
Features: Historical home with nearly 17 acres of conservancy land, restored clock tower building, two guest houses, two story barn
2340 Poplar Rd2340 Poplar Rd, Havertown, PA 19083
Price: $309,000
Sq. Ft.: 1,980
Lot Size: 6,534 Sq. Ft.
Beds: 3
Baths: 2
Listed by: Blakely Minton, Redfin
Features: Split-Level with oversized one-car garage and space for three-car parking, living room with built-in entertainment cabinet, dining area that opens to kitchen, in the highly rated Haverford School District

Phoenix Area 

Median Price of Homes in the 1%:  $1,500,000

Median Price of Homes in the 99%: $185,000

5850 E Glenn Dr
5850 E Glenn Dr, Paradise Valley, AZ 85253
Price: $30,000,000
Sq. Ft.: 16,370
Lot Size: 8.76 Acres
Beds: 6
Baths: 8
Listed by: Robert E Joffe, Russ Lyon Sotheby’s Int’l Realty
Features: (To be built) 2,000 square foot entertainment hall carved out of Mummy Mountain, Concert Hall, Theater, 360 degree views
1204 W Mesquite Tree Ln
1204 W Mesquite Tree Ln, San Tan Valley, AZ 85143
Price: $199,990
Sq. Ft.: 2,247
Lot Size: 5,227 Sq. Ft.
Beds: 4
Baths: 3.5
Listed by: Raegan Kraft, Redfin
Features: New construction, kitchen with granite countertops and stainless steel appliances, backyard with no neighbors behind, easy to maintain landscaping

Portland Area

Median Price of Homes in the 1%: $1,259,000

Median Price of Homes in the 99%: $269,900

1865 Palisades Terrace Dr1865 Palisades Terrace Dr, Lake Oswego, OR 97034
Price: $7,900,000
Sq. Ft.: 8,800 Sq. Ft.
Lot Size: 1.39 Acres
Beds: 5
Baths: 6.5
Listed by: Chris Larsson, Coldwell Banker Seal
Features: Waterfront estate on Lake Oswego, built high atop a rocky cliff, backyard pool overlooking lake, boat house and dock, guest quarters.
3545 NE 68th Ave3545 NE 68TH Ave, Portland, OR 97213
Price: $269,900
Sq. Ft.: 1,802
Lot Size: 4,791 Sq. Ft.
Beds: 2
Baths: 1
Listed by: Wayne Olson, Redfin
Features: Hardwood floors, coved archways, crown molding, a kitchen dining booth, large attic and basement, landscaped backyard

Riverside, CA Area

Median Price of Homes in the 1%: $1,348,842

Median Price of Homes in the 99%: $250,000

1159 Casper Cir1159 Casper Cir, Corona, CA 92881
Price: $5,299,999
Sq. Ft.: 12,762
Lot Size: 0.92 Acres
Beds: 6
Baths: 8
Listed by: Rafael Guzman, Homequest real estate corp.
Features: Ornate detailing throughout, grand dual-stair entrance, crown molding, marble floors and countertops, view of Corona Hills
4205 Hale St4205 Hale St, Riverside, CA 92501
Price: $229,000
Sq. Ft.: 1,040
Lot Size: 6,534 Sq. Ft.
Beds: 3
Baths: 2
Listed by: Ernest Livingstone, Core1 Realty
Features: New dual pane windows, front door and patio door; automatic sprinklers, tanning bed, surveillance system, within close proximity to 91/215/60 interchanges

Sacramento Area

Median Price of Homes in the 1%: $1,427,500

Median Price of Homes in the 99%: $276,000

8815 Bella Terra Pl
8815 Bella Terra Pl, Granite Bay, CA 95746
Price: $4,950,000
Sq. Ft.: 13,690
Lot Size: 2.30 Acres
Beds: 6
Baths: 7.5
Listed by: Shirley Aronson, Lyon RE Roseville
Features: Private tennis court with night lighting, salt water pool and spa with a grotto and waterfall, outdoor kitchen, 10 car garage
7 Shipman Ct
7 Shipman Ct, Sacramento, CA 95823
Price: $275,000
Sq. Ft.: 2,299
Lot Size: 6,856 Sq. Ft.
Beds: 4
Baths: 3
Listed by: Heidrun Gross, Capital Realty
Features: Short sale, kitchen with an island and lots of cabinet/counter space, master suite with walk-in closet, jetted tub, two-car garage with workshop area, large patio

San Diego Area

Median Price of Homes in the 1%: $3,049,748

Median Price of Homes in the 99%: $420,000

5992 Calle Camposeco5992 Calle Camposeco, Rancho Santa Fe, CA 92067
Price: $40,000,000
Sq. Ft.: 16,000
Lot Size: 38.98 Acres
Beds: 8
Baths: 8.5
Listed by: Jason Barry, Barry Estates, Inc.
Features: Resort club, two guest houses, gym, lush gardens, meditation and reading rooms, tennis, basketball and badminton courts, room for 27 vehicles
1553 El Paseo Dr1553 El Paseo Dr, San Marcos, CA 92078
Price: $419,900
Sq. Ft.: 1,598
Lot Size: 4,792 Sq. Ft.
Beds: 2
Baths: 2
Listed by: Sara Fischer, Redfin
Features: On quiet cul-de-sac overlooking golf course, Lake & Lodge lease through HOA allows use of pools, tennis courts, lake, meeting room in Lions Gate community

San Francisco Area

Median Price of Homes in the 1%: $4,562,500

Median Price of Homes in the 99%: $628,250

 

2712 Broadway2712 Broadway, San Francisco, CA
Price: $28,950,000
Sq. Ft.: 11,607
Lot Size: 6,185 Sq. Ft.
Beds: 6
Baths: 6
Listed by: Thomas Biss, Sotheby’s International Realty
Features: Brand new home, to be built with five levels, home theater, exercise room, wine cellar, sauna, steam room, rooftop terrace, au pair suite
5800 3rd St5800 3rd St, #1319, San Francisco, CA
Price: $599,000
Sq. Ft.: 1,572
Lot Size:
Beds: 3
Baths: 3
Listed by: Kiesha Stephens, Redfin
Features: Top floor two-level condo, walnut floors, new appliances and fixtures, balcony off of master bedroom and living room

San Jose Area

Median Price of Homes in the 1%: $3,754,000 

Median Price of Homes in the 99%: $688,000

12335 Stonebrook Dr12335 Stonebrook Dr, Los Altos Hills, CA 94022
Price: $27,000,000
Sq. Ft.: 30,000
Lot Size: 7.5 Acres
Beds: 7
Baths: 8
Listed by: Art Sharif, Sothebys Intl Rlty
Features: Historic home that has hosted royalty and world leaders, caretaker/guest house, fitness room, parking for 20+ cars
820 Harmony Pl820 Harmony Pl, Milpitas, CA 95035
Price: $649,000
Sq. Ft.: 1,764
Lot Size: 1,655 Sq. Ft
Beds: 4
Baths: 3.5
Listed by: Ashley Rabello, Redfin
Features: Townhome with vaulted ceilings, natural light, upgrades throughout, marble entry, granite countertops, gas range stove, close to highway 880 and 680

Seattle Area

Median Price of Homes in the 1%: $1,914,336 

Median Price of Homes in the 99%: $325,000

6220 SE 22nd St6220 SE 22nd St, Mercer Island, WA 98040
Price: $16,750,000
Sq. Ft.: 13,721
Lot Size: 0.88 Acres
Beds: 8
Baths: 8.5
Listed by: Wendy Lister, Coldwell Banker Bain
Features: Private pool overlooking Lake Washington, living room with room for 4+ televisions, home theater
17615 133rd Pl17615 133rd Place SE, Renton, WA 98058
Price: $329,900
Sq. Ft.: 2,064
Lot Size:
Beds: 4
Baths: 2.5
Listed by: Kenny Whiteside, Redfin
Features: Vaulted ceilings, open floor plan, granite counter tops, hardwood floors, master bedroom overlooking greenbelt

Ventura, CA Area

Median Price of Homes in the 1%: $3,175,000 

Median Price of Homes in the 99%: $470,250

5160 Neptune5160 Neptune, Oxnard, CA 93035
Price: $7,300,000
Sq. Ft.: 5,394
Lot Size: 7,318 Sq. Ft.
Beds: 6
Baths: 7
Listed by: Gary Cuoco, RE/MAX Gold Coast-Beach Office
Features: Located on the beach, with panoramic ocean views, floor-to-ceiling windows throughout
2705 Ophelia Ct2705 Ophelia Ct, Simi Valley, CA 93063
Price: $515,000
Sq. Ft.: 1,666
Lot Size: 6,098 Sq. Ft.
Beds: 3
Baths: 2.5
Listed by: Robin Karcich, Troop Real Estate
Features: Located on cul-de-sac with long driveway, wood and laminate wood flooring throughout, larger baseboards, custom paint, drapes and fireplace, private backyard with pool and spa

Washington D.C.

Area Median Price of Homes in the 1%: $1,950,000 

Median Price of Homes in the 99%: $370,000

7201 Dulany Dr7201 Dulany Dr, Mclean, VA 22101
Price: $32,000,000
Sq. Ft.: 28,000
Lot Size: 2.41 Acres
Beds: 8
Baths: 10.5
Listed by: Fouad Talout, Long & Foster Real Estate, Inc.
Features: Opulent finishes, home theater, indoor pool, murals and chandeliers
4745 Pomegranate Ct4745 Pomegranate Ct, Alexandria, VA 22309
Price: $359,900
Sq. Ft.: 1,825
Lot Size: 9,269 Sq. Ft.
Beds: 4
Baths: 2
Listed by: Tonya Nelson, Redfin
Features: Located on cul-de-sac, updated throughout, large backyard, deck, minutes to commuter routes

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