Most of us will probably never own a million-dollar home, but most of us have seen the mansions
of rich and famous people on TV and in the movies.
While those homes probably cost several million dollars, how big of a house could we buy for
just one million dollars?
Once again, we went around the world to find out.
A million dollars may seem like a lot of money to spend for a house, but in some parts of
the world it does not buy very much living space.
A recent Forbes article features an infographic from online statistics portal Statista that
shows how much luxury property you could buy for $1 million in various cities around the
world in 2018.
The two places with the most expensive prime property in the world are Monaco and Hong
Kong.
For $1 million, you would not be able to buy an entire house in both of these places.
According to Forbes and the infographic, one million dollars gets you only “16 square
meters [172.2 sq ft] of luxurious property on average” in Monaco.
A million-dollar living space in Monaco is only 40 sq ft (3.7 sq m) bigger than an average
bedroom in some US homes.
Doorways Magazine states that the average bedroom size in a US house under 2500 sq ft
(232.3 sq m) is 132 sq ft (12.3 sq m).
Forbes notes that “in late 2018, $1 million was only enough for 22 square meters [about
237 sq ft] of prime real estate” in Hong Kong.
In Hong Kong, a million-dollar living space is slightly larger than an average master
bedroom in a US house under 2500 sq ft (232.3 sq m).
Doorways Magazine states that the size of this type of room is 224 square feet (about
21 sq m).
In Monaco and Hong Kong, the expensive housing prices are a result of a high supply of rich
people and a low supply of luxury houses.
According to a CNN article, the rich like to live in Monaco because of its pleasant
climate, low taxes, and high-class activities like the Monaco Grand Prix.
Forbes notes that “with one in three people living in Monaco classified as a millionaire,
demand for property there is still soaring and the tiny country is running out of space.”
And Monaco is tiny.
It has an area of only 0.78 sq mi (2.02 sq km).
CNN describes Monaco as “roughly the size of New York’s Central Park.”
Forbes notes that a $2.1 billion plan is in the works to “add 15 acres [0.06 sq km]of
landmass to the principality by 2026.”
It remains to be seen if this “land reclamation project” will lower the average sale price
of residential homes in Monaco, which global real estate website Mansion Global states
was €5.2 million or about $5,747,762 in 2018.
Hong Kong has a similar problem.
According to a CNN article, a recent study by research firm Wealth-X found that Hong
Kong was the “top destination for the planet’s wealthiest people last year.”
These 10,000 people are “ultra-high-net-worth individuals (UHNWIs)” who are “worth $30
million or more.”
Before the current civil unrest, they were attracted to Hong Kong for a variety of reasons.
A website called Expat Focus states that the super-rich moved to Hong Kong because it is
a “’shoppers’ paradise’” and “has a huge variety of elite bars and restaurants.”
Culture Trip notes that businesspeople like Hong Kong because it is “regarded as the
best place for networking, trading and for accessing the huge mainland China market.”
Even if you are a foreigner, “you can own 100% of your business, with no requirements
to be a local resident or a specific nationality.”
However, there is a price to be paid for these posh perks in a crowded city.
It’s an understatement to say it’s hard to find spacious living accommodations in
a place with more than 7 million people living in it.
Expat Focus notes that “Hong Kong is known for its space crunch” and “residents often
complain about paying exorbitant monthly rents for extremely cramped quarters.’”
A CNBC article states that “Hong Kong is the most expensive city in the world for those
looking to buy a home.”
If you have a million dollars, you will be priced out of the market for buying a house
in Hong Kong by a slim margin.
A report by real estate firm CBRE states the “average price of a home in Hong Kong in
2019 is more than $1.2 million.”
While it may not be realistic to find a million-dollar luxury home in the city of Hong Kong, you
might be able to buy a very small and simple one outside of it.
On realtor.com, we found two houses in outlying islands that cost close to $1 million.
One house for sale is located on Lamma Island, which is southwest of Hong Kong Island.
For $673,474, you get a 700 sq ft (65 sq m) house with 2 bedrooms and 1 bathroom.
Another smaller house for sale is located in the Discovery Bay area on Lantau Island.
This 452 sq ft (42 sq m) home with 1 bedroom and 1 bathroom costs $790,821.
These houses are smaller than some of the smallest apartments in the United States,
such as those in Seattle with an average size of 711 sq ft (66.1 sq m) according to a Thrillist
article.
Speaking of the United States, house prices in the US vary depending on location.
A Business Insider article ranked the most and least expensive US states to buy a house.
The least expensive state to buy a house in the US is West Virginia, which has a median
listing price per square foot of $98.
One house for sale on a real estate website called Zillow cost $990,000, but you get a
lot for your money.
This house located in Huntington, West Virginia, includes 5 bedrooms, 5 full bathrooms, 2 half-bathrooms,
and 6 parking spaces.
Other features include 5 fireplaces, a media room, a game room, and a “Work shop/He Cave
& She Cave with a private bath.”
This house has an area of 8,000 sq ft (743.2 sq m), which means it is bigger than Lady
Gaga’s $5.25 million Hollywood Hills mansion.
According to pop culture website Editor Choice, Lady Gaga’s home has six bathrooms and seven
bedrooms and a lot of other remarkable additional features such as “two guest homes,” “an
entire art gallery,” and “a rooftop tennis court,” but it is only about 7,000 sq ft
(650.3 sq m).
Mississippi ranks higher up the list at number 47.
Mississippi’s median listing price per square foot is actually a little lower than West
Virginia’s at $96.
In this state, your housing dollars will go far as well.
On Zillow, we found a 7,700 sq ft house (715.4 sq m) on sale for $950,000 in Aberdeen, Mississippi.
While the square footage of this hilltop house is slightly smaller than the house in West
Virginia, it has 6 bedrooms, 4 full bathrooms, and 2 half bathrooms.
No description of the parking spaces was available, but the property comes with its own “3⁄4
mile [1.2 km] long asphalt airstrip runway” and a 3500 sq ft (325 sq m) hangar that “should
hold most private planes.”
The state of North Carolina comes in about halfway on the list at #25.
According to Business Insider, North Carolina’s median listing price per square foot is $135.
On Zillow, the largest house we could find is a 7,489 sq ft (696 sq m) home located in
Beech Mountain, North Carolina.
Although it is smaller than the houses in West Virginia and Mississippi, it has 5 bedrooms,
5 full bathrooms, and 2 half-bathrooms.
It also has “2 full kitchens, 3 laundry areas (1 on each floor), a library with its
own bath and fireplace, exercise room and game room” as well as “multiple decks.”
And you get all of this for $999,000.
Moving up to the top of the list, the US state with the most expensive housing prices is
Hawaii.
The median listing price per square foot in this state is $521.
On realtor.com, we found one house on sale for exactly $1 million in Kamuela (also known
as Waimea) on the Big Island of Hawaii.
A USA Today article describes Kamuela as “cowboy country” and “home to Parker Ranch, one
of the oldest cattle ranches in the United States.”
This house has 4 bedrooms, 3 full bathrooms, and 1 half-bathroom.
One special feature of the house is that the “main bathroom floors are heated.”
This 2,651 sq ft (246.3 sq m) million-dollar home is not much bigger than many new single-family
homes in the US.
According to eyeonhousing.org, new single-family homes had an “average (mean) square footage”
of 2,641 sq ft (245.4 sq m) in the first quarter of 2018.
However, not all of the houses in the $1 million price range on the Big Island of Hawaii are
average in size.
We found another larger Hawaiian property for $795,000 that contains 5 bedrooms, 3 full
bathrooms, 1 half-bathroom, skylights, and a double garage.
The property consists of a main house and a “separate wing” and once belonged to
Likeke McBride, a “famed author, Hawaiian storyteller, and native plant expert.”
With an area of 4,293 sq ft (399 sq m), the house is much larger than the house in Kamuela,
but there’s a catch.
It is located in Volcano, Hawaii.
According to a Hawaii travel guide website, this small town “literally sits on the slopes
of one of the most active volcanoes in the world – Kilauea.”
It is possible to find homes for about $1 million that are even larger than the 8,000
sq ft (743.2 sq m) house in West Virginia.
Forbes advises wealthy buyers “seeking something a little more spacious” to consider São
Paulo and Cape Town.
According to the Statista infographic, $1 million bought 200 sq m or 2,153 sq ft of
luxury property in São Paulo.
On realtor.com, we found a large house in São Paulo for $985,100.
Unfortunately, the listing provided very few details about its features.
An English translation of the Portuguese description states that the house has “good standard
of construction, entrance hall with double height, bathrooms with marble finish, landscape
design.”
With an area of 12,916.80 sq ft (1200 sq m), this house is larger than Taylor Swift’s
largest estate in Watch Hill, Rhode Island.
According to a Business Insider article, Swift’s 7-bedroom, 9-bathroom mansion has an area
of 12,000 sq ft (1115 sq m) and an estimated value of $6,653,432.
The Statista infographic also shows that $1 million bought 177 sq m or 1905 sq ft of luxury
property in Cape Town.
The largest South African house we came across on centuryglobal21.com is not in Cape Town
but in Bryanston.
Bryanston is a suburb of Sandton, which is a region known as “Africa’s Richest Square
Mile.”
This two-story house selling for $919,605 has 5 bedrooms and 6 bathrooms.
The “Master suite” contains “a large dressing room, private lounge, and a stunning
double bathroom.”
Besides 4 upstairs bedrooms, a “spacious TV Lounge opens onto a large balcony, and
a Gym room and walk-in linen cupboard complete the upstairs.”
There is a “large laundry/scullery, plenty of cupboards, and access to the 4 automated
garages.”
In addition, a “cloakroom, study and full guest suite complete the ground floor,”
and there is a “double staff accommodation with bathroom and kitchen.”
Other features include a storeroom, swimming pool, and tennis court as well as “electric
fencing, burglar alarm, sensor beams, [and] CCTV surveillance system.”
The house also has “underfloor heating in the family room and bathrooms.”
With an area of 15,070 sq ft (1400 sq m), this house is larger than Jennifer Lopez’s
$28 million home in Bel Air, California.
According to insider.com, Lopez owns a “seven-bedroom, 13-bathroom, 14,000-square-foot [1301 sq m]
home” that is “spread out over eight acres and includes amenities such as a home theater
that seats 30, a greenhouse, a spacious library, a personal swimming pond complete with its
own sandy beach, a massage room, a large outdoor amphitheater, and even its own vineyard.”
Besides South Africa, Mexico is a great place to buy big houses at bargain prices with US
dollars.
Century21global.com has a listing for a large two-story house selling for $861,433.
It has 4 bedrooms, 4 full bathrooms, and 1 half-bathroom in Chihuahua, Mexico.
The 4 bedrooms are located upstairs.
Each bedroom has its own dressing room and private bathroom.
The property also has 10 garage spaces and an “interior service room with bathroom.”
Other features of the house include an “alarm, electric gate and rail, intercom,” and “patio
with pool and barbecue.”
While it may not have a lot of bedrooms, it dwarfs the other houses we have previously
discussed with an area of 22,723.4 sq ft (2,111 sq m).
It is even a little larger than Hugh Hefner’s Playboy Mansion in Los Angeles.
According to insider.com, this famous mansion has an area of 22,000 sq ft (2044 sq m) and
“features a catering kitchen, pool, wine cellar, tennis court, and 29 rooms in addition
to a four-bedroom guest house.”
Oddly enough, the Playboy Mansion was a million-dollar property when Hefner bought it, costing him
$1.1 million back in 1971.
What would be the size of your dream house?
How many rooms would it have?
Let us know in the comments!
Also, be sure to check out our other video Fastest Way People Turned $1 Into $1 Million!
Thanks for watching, and, as always, don’t forget to like, share, and subscribe.
See you next time!