A million dollars ain't what it used to be, but it still earns you entry into an elite group. Only 5.5% of the country, or about 6.8 million households, qualify as bona fide millionaires. That means they have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships. Large populations and lucrative industries make New York and Los Angeles home to the most millionaires in America. No surprise there.
Small towns don’t have a monopoly on low living costs. Small towns don’t have a monopoly on low living costs. In our search for the cheapest places to live in the U.S., we found three big cities that rank surprisingly high for affordability. Is one of these sizable cities right for you?
Millionaire Households: 23,170
Total Households: 277,756
Concentration of Millionaires: 8.3%
Median Income for All Households: $80,032
Median Home Value: $528,700
Also known as Ventura County, the Oxnard metro area includes the pricey locales of Thousand Oaks (median income: $100,946), Moorpark ($99,777) and Oak Park ($120,696). Its proximity to Los Angeles helps explain the large concentration of wealth.