Hawaii top state with $1M households

By
Real Estate Agent

 

Hawaii has the nation's largest percentage of households with at least $1 million in investable assets, according to a New York-based market research company.

Phoenix Affluent Marketing Service reports that 6.79 percent of Hawaii's households, or about one out of every 15, had at least $1 million in investable assets in 2006. New Jersey, Maryland, Connecticut and Massachusetts rounded out the top five.

Hawaii also led the list in 2005, with a percentage of 6.01 percent.

"The high cost of living combined with the affluent lifestyle gives Hawaii the edge in ratings," said David M. Thompson, vice president and managing director, affluent practice.

The high cost of real estate also could give the islands an edge. The median price of a single-family home on Oahu last month was $643,500. The national median price of a single-family home was $222,000, according to the National Association of Realtors.


Comments (2)

Jennifer Kirby
Kirby Fine Homes - Minneapolis, MN
The Luxury Agent
I had some buyers move from Hawaii to Pensacola Florida a few years back. I think they were renting a 600 sqft home for $1600 per month or something like that, and they were a family of four. Your states high prices helped me sell a home in Florida very quickly! But beauty has its price.
Apr 10, 2007 01:44 PM
Lucky Lang
Premiere Plus Realty Marco Island - Marco Island, FL
Marco Island & Naples Florida Real Estate

Scott,

This is incredible!  I guess that's the price you have to pay to live in paradise!

Lucky :)

Apr 10, 2007 01:45 PM