Some homeowners are hitting the million-dollar mark after selling their home. Researchers from PropertyShark, a real estate data firm, analyzed 31 cities to see which areas had the most millionaires as a result of purchasing a home before 2001 for less than $1 million, and then selling it after 2001 for $1 million or more.
The highest share of home-sale millionaires were from San Francisco, such as homeowners who bought a home prior to the dot-com bubble and then sold after the market stabilized and prices started to rise again, according to the study. The Golden Gate City saw 381 people who became millionaires by selling their home after the turn of the century, followed next on the list by Manhattan with 335 millionaires. Los Angeles and Brooklyn, N.Y., followed with each boasting about 280 millionaires.
“Real estate is an investment choice that has made countless people millionaires,” researchers note. But “the market’s condition will determine how much money you’ll get for a property that you bought 10 or 20 years ago.”