Affluent homebuyers looking for a spacious home on a $1 million budget will find the most space for the price in Dallas, according to a new housing study.

Dallas-Fort Worth-Arlington ranked No. 5 in Realtor.com's analysis of cities that offer the most square feet for a $1 million price tag for 2025.

The report examined September 2025 real estate listing trends to determine the top five metros where a $1-$2 million budget goes the furthest and the top five where it goes the shortest.

The No. 1 U.S. metro where $1 million goes the furthest is Atlanta-Sandy Springs-Roswell, Georgia. Six-figure earning homebuyers can nab a 4,530-square-foot home in this metro for $1-$2 million.

In DFW, the same price could net a 4,072-square-foot home, Realtor.com's data revealed, whereas the national average home a person could buy with a million dollars is 2,994 square feet.

For reference, the median list price of a Dallas home in September came out to $425,000, according to Zillow.

There were 1,954 million-dollar listings on the market across the Metroplex in September, and 10 percent of the most expensive listings in the metro started at $992,526.

Realtor.com senior economist Anthony Smith said affluent homebuyers get more value for their money by purchasing homes in Southern cities like Dallas than they can get in other regions of America.

"Luxury buyers are increasingly seeking value — and that doesn't always mean a lower price tag, but rather more home for the money," Smith said. "In markets like Honolulu or the Bay Area, buyers are paying for proximity, views, and prestige — not square footage. By contrast, in inland metros across the South and Midwest, high-end buyers can often find larger, newer homes with land and amenities that would cost two or three times as much in more supply-constrained coastal metros."

Elsewhere in Texas, Houston-Pasadena-The Woodlands ranked right above Dallas-Fort Worth as the No. 4 U.S. metro where $1 million nets the most square footage of a home. Houston-area millionaires can buy a 4,112-square-foot home for this six-figure price.

The top five metros that offer the most square feet for $1 million are:

• No. 1 – Atlanta-Sandy Springs-Roswell, Georgia
• No. 2 – Denver-Aurora-Centennial, Colorado
• No. 3 – Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin
• No. 4 – Houston-Pasadena-The Woodlands, Texas
• No. 5 – Dallas-Fort Worth-Arlington, Texas

Meanwhile, the five U.S. metros that net the least square footage for $1 million are: Urban Honolulu, Hawaii (No. 1); San Jose-Sunnyvale-Santa Clara, California (No. 2); San Francisco-Oakland-Fremont, California (No. 3); Los Angeles-Long Beach-Anaheim, California (No. 4); and New York-Newark-New Jersey, New York-New Jersey (No. 5).