Once concentrated in coastal regions, cities with starter homes valued at over $1 million are now spread across 26 states.
New data from Zillow reveals that a record 242 U.S. cities have "starter homes" that cost $1 million or more, putting homeownership out of reach for many Americans.
Nationwide, the typical starter home is worth just under $200,000, the article notes, and million-dollar homes remain the exception. But in markets like New York and New Jersey, the number of cities where home prices are over $1 million is growing fast. According to Zillow senior economist Kara Ng, "Sun Belt markets have responded with new supply and seen price growth moderate as a result. The Northeast hasn’t had that relief. Eliminating barriers to building like restrictive zoning is the most direct path to improvement, which is something Zillow is actively advocating for across the country."
California has the highest number of expensive cities with 105, and 26 states have at least one city with million-dollar starter homes.
Read the full story: Starter homes cost $1M in a record 242 US cities: Zillow
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