(NEXSTAR) — The idea of living in a mansion may seem like a fantasy to some, especially as U.S. mortgage rates continue to climb and housing affordability takes a hit nationwide.
Even still, there are places across the country where you can live large for less. A new report from Realtor.com ranked the top 10 U.S. cities where you can find the most affordable mansions — homes with more than 5,000 square feet for under $1 million.
Experts analyzed every single-family home listing on Realtor.com from the past year. They calculated what percentage of those big, budget-friendly properties made up each metropolitan area’s single-family home listings.
“Many of the metros on the list stand out for being generally affordable locales, with plenty of space to grow and sprawl,” Hannah Jones, senior economic research analyst with Realtor.com, wrote in the report. “They tend to be less densely populated, especially as you get farther from the city center. So buyers can get more space at a lower price.”
Indianapolis, Indiana, ranked No.1 on the list. According to the report, one in every 33 single-family homes listed in this city has more than 5,000 square feet but costs less than $1 million.
The analysis also noted that Indianapolis’ metro area has a mix of older homes in historic neighborhoods and newer properties in nearby suburbs, like Westfield and Noblesville.
“People moving here from out of state [are] usually very impressed by what they get for their money,” Kelly Lavengood, a real estate agent and the owner of Good Living Indy, told the site.
Here’s the full list of cities with the most affordable mansions, according to Realtor.com:
- Indianapolis, IN
- Atlanta, GA
- Washington, DC
- Cleveland, OH
- Allentown, PA
- Baltimore, MD
- McAllen, TX
- Louisville, KY
- Denver, CO
- Ogden, UT
Click here to see the full report.
