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!
