Million-Dollar Metros: Cities With the Most $1M+ Mortgages in 2025
Lenders originated nearly 126,000 mortgages over $1 million in 2025, with the majority concentrated in expensive coastal markets. Los Angeles and New York led the way with 15,027 and 12,957 originations, respectively.
In 2025, lenders originated nearly 126,000 mortgages over $1 million. The majority of these high-end mortgages were concentrated in expensive coastal markets. Los Angeles and New York led the list with 15,027 and 12,957 originations, respectively. The top metropolitan statistical areas accounted for a significant share of these luxury mortgages, with 'coastal elites' occupying the first nine spots. The median loan amount for these mortgages was $1,315,000, with a median property value of $1,775,000 and a median borrower income of $482,000. The proportion of $1 million purchase originations has almost tripled from 2018 to 2025, driven by typical property value gains and the Covid-era price growth spike.
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