A $1 million starter home is now the norm in more than 200 US cities | CNN Business
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The number of US cities where first-time homebuyers are faced with at least a $1 million price tag on the average entry-level home has nearly tripled in the past five years, according to new research.

The number of US cities where first-time homebuyers are faced with at least a $1 million price tag on the average entry-level home has nearly tripled in the past five years, according to new research.

A Thursday report from Zillow indicates that a typical starter home is now worth $1 million or more in 237 cities, up from 84 cities in 2019, underscoring America’s ongoing home affordability crisis.

“Affordability has been strained across the board,” Orphe Divounguy, a senior economist at Zillow, said. “We see the largest number of million-dollar starter homes in expensive coastal markets. We see them in markets with very low homeownership rates and we see them in markets with more building regulations.”

  • chiliedogg@lemmy.world
    8·
    2 months ago

    Texas is getting hit hard because it’s gone from very affordable to super expensive quickly.

    Homes in my area have tripled in cost over past 5 years.

    • GiddyGap
      32·
      2 months ago

      super expensive

      There are very few places in Texas that are super expensive.

        • GiddyGap
          3·
          2 months ago

          Not from Texas, for sure. But I can say with confidence that there are very, very few places in TX that are “super expensive” compared to California, which was the subject at hand.