Study: $1M in Florida buys 753 square feet of luxury housing

Florida is among the top 10 states where $1 million buys the least amount of real estate, according to a study from a high-end cabinetmaker. 

Luxury properties in Florida cost $1,360 per square foot, the study from Highland Cabinetry says, meaning $1 million will purchase about 753 square feet of luxury housing. Luxury properties in the Sunshine State average about $2.67 million, according to the study.

While Florida ranks No. 10 among states where $1 million buys the least amount of real estate, it does offer significantly more square footage for that price point than some other states.

In Hawaii, which topped the list of states where $1 million buys the least real estate, $1 million will purchase 221 square feet. In New York, coming in at No. 2, that will buy 271 square feet.

"With Florida's continued population growth and recent migration patterns, we're seeing sustained demand in both standard and luxury segments," a Highland Cabinetry spokesperson says in a statement. "Recent data shows Florida led the nation in population growth in 2023, adding over 1,000 residents daily, directly impacting real estate values."

These are the top 10 states where $1 million buys the least luxury real estate, the study finds:

1. Hawaii
2. New York
3. Massachusetts
4. California
5. Wyoming
6. Connecticut
7. Montana
8. Rhode Island
9. New Jersey
10. Florida