Owning a mansion may sound like a fantasy, but there are parts of the U.S. where a home buyer can live like a king while spending like a prince. A new Zillow® analysis has found four major markets where the median mansion costs below $1 million — less than California Bay Area buyers are paying for a typical home.

While the term “mansion” may feel outdated, it still carries cultural weight as a status symbol. However, today’s dream homes are shaped as much by budget realities as buyer priorities. With affordability tight, buyers are often prioritizing functional space over excess.

Those holding on to mansion-sized fantasies will find they are surprisingly within reach in a few markets. A median mansion nationwide, defined as a home with at least 5,000 square feet of finished living space, is worth more than $1.4 million. But in Buffalo ($825,500), Indianapolis ($965,500), Cleveland ($995,200) and Memphis ($996,700), buyers can stretch out in a palatial pad for a six-figure price.

“Home prices surged during the pandemic, pushing even starter homes into million‑dollar territory in hundreds of cities. Especially on the coasts, champagne tastes require champagne budgets,” said Kara Ng, senior economist at Zillow. “But in some parts of the country, a million dollars still buys serious square footage. More room to roam, including outdoor space, became a must-have during the pandemic, and those preferences have held true.”

The days of finding a mansion under $1 million are fading. In June 2021, nearly half of all U.S. mansions were valued at less than $1 million (45.1%). Today, just 3 in 10 are (30.3%). And, of course, some cost hundreds of millions of dollars.

But for buyers dreaming of space and status with a six-figure price tag, the Midwest and the South still teem with mansions at a relative bargain price.

Atlanta leads in raw numbers with more than 21,000 mansions under $1 million. No other market comes close; New York is second with about 12,500. Roughly 35% of Atlanta mansions are worth less than $1 million, which is high, but still a smaller share than 13 other major markets. That means Atlanta has a lot of mansions, period. Only the New York City and Washington, D.C., metro areas have more.

On the other coast, a cool $1 million wouldn’t even cover the down payment on a median mansion in San Jose, valued at $6.5 million. Other sky-high markets include San Francisco ($4.9 million), Los Angeles ($4.7 million) and San Diego ($4.6 million). Outside of California, mansions are most expensive in Miami ($3.7 million), Seattle ($3.3 million) and Phoenix ($2.9 million).

For buyers willing to make a few compromises in their fantasies, a “starter mansion” — a home in the 25th percentile of mansion values in a given area — goes for less than $1 million in 21 of the 50 biggest metro areas. A buyer could even land one in Buffalo for less than $500,000, evidence that dream homes don’t always come with a nightmare budget.

Those who are seriously considering buying a mansion should keep in mind that the price tag is only the first bill. More house often means more ongoing expenses. They should budget for higher property taxes, insurance and utility bills, plus ongoing upkeep that can run 1%–4% of the home’s value annually. Most importantly, buyers should be certain that the space works for their life and not just their daydreams — massive homes with unique features often take longer to resell than a starter home.