Have you been to NY? It’s both. There are wealthy folks in the city but also some of suburbs are also some of the wealthiest places on the planet. Folks forget that you drive 30 minutes from the city center and you’re basically driving through neighborhoods of $1M+ homes that go on for miles and miles. It flies below the radar, which is precisely why so many wealthy folks hang out there.

1M is not a lot of money for a home in the NYC suburbs, at least where the schools are OK. I'm referring to the nice NJ towns, Westchester, etc.

1M is also the price of a one bedroom apartment in the city of 8.6M. That is, if you don't want a 45 minute one way commute.