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Starter Homes Now Cost $1 Million in 242 US Cities: Zillow
Zillow said the number has tripled since 2020 as housing shortages and strong demand pushed starter-home prices higher in many markets.
- On Monday, Zillow reported that a record 242 U.S. cities now have starter homes valued at $1 million or more, marking a significant reset in entry-level home affordability since the pandemic began.
- The number of cities with seven-figure entry-level homes has nearly tripled since 2020, rising from 80 before the pandemic, as a persistent housing shortage collided with intense demand.
- California leads with 105 such cities, while New York and New Jersey are the fastest-growing states, adding 15 cities combined in the past year; New York reached 41, New Jersey 26.
- Zillow senior economist Kara Ng said Sun Belt markets have responded with new supply and seen price growth moderate, whereas the Northeast lacks this relief, fueling million-dollar starter homes where shortages persist.
- Despite these seven-figure outliers, the typical U.S. starter home remains valued at under $199,000, though the median home costs nearly $418,000, requiring households to earn nearly $117,000 annually.
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Starter Homes Top $1 Million in Record 242 US Cities, Zillow Reports
Rising housing prices in the United States continue to pressure homeowner affordability, a trend most keenly felt in California, which has 105 cities listing starter homes costing more than $1 million. Nationwide, a record 242 cities in 26 states now have starter homes listed at or above the $1 million threshold, Zillow researchers stated on June 15. Starter homes are typically smaller, lower-priced residences that meet the limited affordability…
·New York, United States
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Total News Sources13
Leaning Left0Leaning Right1Center11Last UpdatedBias Distribution92% Center
Bias Distribution
- 92% of the sources are Center
92% Center
C 92%
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