Many of us conjure an image of expansive vistas, lush gardens, and orchestras of domestic staff at the mention of the term ‘mansion.’ Regrettably, such nostalgic allure seems to be diminishing as newer homes are becoming smaller, according to the Census Bureau. These homes, while decreasing in size, are becoming costlier per unit area. A study conducted by real estate firm Zillow investigated median mansion costs in multiple metropolitan areas nationwide and pinpointed four regions where these plush residences can be acquired for less than a million dollars.
Zillow’s definition of a ‘mansion’ is any residence boasting a minimum of 5,000 finished square feet. The median sales value of these grand houses across the country stands at $1,441,500. However, in four key cities, a median mansion can be purchased for a six-figure price tag.
Buffalo, Indianapolis, Cleveland, and Memphis are the cities in question. A median mansion in Buffalo, for instance, has a price of $825,500, while houses in Indianapolis, Cleveland, and Memphis are priced at $965,500, $995,200, and $996,700, respectively. These locales are not minor or secluded areas, but bustling metropolitan regions each with a population north of one million and equipped with major league sports teams.
Three of these locales, excluding Cleveland, have teams that are part of the NFL. Buffalo also offers something unique: it’s possible to purchase a relatively moderate-priced ‘starter mansion’ for less than half a million dollars ($458,200), according to Zillow. This type of mansion falls within the lower 25th percentile of mansion prices.
To truly appreciate this affordability, one only needs to juxtapose these figures against mansion prices in cities like San Jose, where a median mansion exceeds a staggering $6.5 million. As for other west coast cities, they don’t offer much reprieve either. San Francisco, Los Angeles, and San Diego have median mansion prices of $4.9 million, $4.7 million, and $4.6 million respectively.
Apart from the enticing affordability factor, Buffalo, Indianapolis, Cleveland, and Memphis offer plenty of other attractions that add to their appeal. The high-impact advantage is not just the square footage of living space but the environs outside. These cities boast vibrant neighborhoods, convenient commute time, residences featuring classic charm or recent renovations, all of which would burgeon the cost threefold in alternate cities.
While these cities may not rank in size with coastal giants such as New York or Los Angeles, they hold their own advantage: the ease of access to beautiful natural landscapes and myriad outdoor activities. For instance, Buffalo’s proximity to the legendary Niagara Falls and the resplendent Lake Erie makes it an ideal destination for families.
Cleveland, likewise, boasts an array of natural attractions including the Cuyahoga Valley National Park and its own serene shoreline along Lake Erie, replete with waterfront parks and beaches.
Living in mansions, while filled with glamour and luxury, does come with its fair share of challenges. The most notable among these include the remarkably high costs of maintenance, heating, cooling, and electrical consumption. Not to mention, homeowners are faced with substantially higher insurance and property tax bills.
Mansion owners might also grapple with the issue of selling their sizeable and often unique properties. Larger homes tend to remain on the market for an extended period of time when homeowners decide to downsize, something prospective buyers may need to consider.
Finally, the allure of ‘mansion’ living is undeniably tempting, particularly when it requires a smaller financial investment than one might initially expect. Still, prospective buyers should weigh the projected maintenance costs and potential selling troubles against the undeniable opulence and luxury afforded by mansion ownership.
The post Affordable Mansions: Top Cities Where Luxury is Less appeared first on Real News Now.
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