If Michael Bloomberg wanted to spend his wealth on a single town, he could buy every single home in Naperville for around $20 billion and still have enough left over for Schaumburg and Highland Park, according to Redfin.
Real estate brokerage Redfin today released a report naming the cities where billionaires could buy every single home. For example, Bill Gates could buy every home in the entire city of Boston; that’s 114,717 single-family homes, condos and townhouses, at a total purchase price of $76.6 billion.
The report is of course just a hypothetical scenario. But given that the average American struggles to afford a home, Redfin wanted to illustrate just how many homes the wealthiest among us could buy, in order to put their billions in perspective. Redfin used billionaires from Forbes’ list and paired them with cities they could afford. Let me know if you want any additional data, or to speak to our chief economist, Nela Richardson, about the report.
While the city of Chicago is too large for any single billionaire to purchase, the suburbs are ripe for poaching. So let’s play a game of Who Can Buy It?
- Michael Bloomberg could buy all the homes in Naperville ($20 billion) and Schaumburg ($5.6 billion) – and still have money enough left over to add Highland Park ($6.3 billion) to his haul. That’s a total purchase price of $31.9 billion, and a staggering 104,391 homes purchased.
- Facebook co-founder Mark Zuckerberg could purchase all the homes in Evanston ($10.9 billion), get bored, and then decide to purchase Winnetka ($7.2 billion) for good measure.
- Nike mogul Phil Knight could easily purchase Lake Forest ($11.1 billion)
- Facebook co-Founder Dustin Moskovitz could buy Wheaton ($6.6 billion)
- Filmmaker George Lucas could snap up Buffalo Grove ($4.5 billion)
- Local brothers J. Christopher Reyes and Jude Reyes are in the food distribution business. Each has $3.7 billion, so one brother could purchase all the homes in Frankfort, IL ($3.5 billion) while the other could purchase all the homes in Geneva, IL ($3.3 billion).
- Donald Trump could just barely afford Glencoe ($3.7 billion)
- Television star and local hero Oprah Winfrey could afford Mokena ($2.9 billion)
[Read the full report on Redfin Blog]Tags: Real Estate