You might be surprised at how many million dollar homes there are these days, but it’s no real shock how it happened.<\/p>\n
The most obvious answer is inflation, as homes that were worth $700,000 or $800,000 have inflated in value beyond the million-dollar threshold.<\/p>\n
Houston-area real estate professional Kenya Burrell van Wormer points out the details, though: The cost of materials that go into a home, from concrete for foundations to sheetrock for walls, has been going up. <\/p>\n
“It’s because of supply costs increasing. And when supply costs increase, those costs are passed on to the consumer. <\/p>\n
“And also, the cost of simply living in a home is increasing, we’re talking about utilities to insurance, repairs, everything,” she says.<\/p>\n
And while she agrees that inflation is a large consideration in the increase in million-dollar homes, there’s another reason too: The demand for more expensive, “higher-end” homes has been strong for a number of years.<\/p>\n
Even during times when mortgages are harder to obtain and interest rates are higher than in many years, people who can afford to put a lot of money down or can pay cash for homes or are willing to pay for temporarily high mortgage rates have stayed in home markets, buying and selling. <\/p>\n","protected":false},"excerpt":{"rendered":"You might be surprised at how many million dollar homes there are these days, but it’s no real…\n","protected":false},"author":2,"featured_media":403419,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[56,58,57,66,223,27],"class_list":["post-403418","post","type-post","status-publish","format-standard","has-post-thumbnail","category-houston","tag-houston","tag-houston-headlines","tag-houston-news","tag-local","tag-news","tag-texas"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/403418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=403418"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/403418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/403419"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=403418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=403418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=403418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}