A $1 million starter home is now the norm in more than 200 US cities

The number of U.S. cities where first-time homebuyers face a $1 million price tag for an average entry-level home has nearly tripled over the past five years.

According to a new Zillow report, 237 cities now have starter homes valued at $1 million or more, up from 84 in 2019.

This increase highlights the ongoing affordability crisis in the housing market.

Zillow’s senior economist, Orphe Divounguy, noted that these high-priced starter homes are most common in expensive coastal markets, areas with low homeownership rates, and places with stringent building regulations, CNN has reported.

read more: https://www.cnn.com/2024/07/26/business/more-starter-homes-cost-one-million-dollars/index.html

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