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.
“We see the largest number of million-dollar starter homes in expensive coastal markets.
To further complicate things for first-time buyers, the value of starter homes has grown at a faster pace than the average home.
According to Zillow, starter home values have grown 54.1% over the past five years, while the average US home has increased by 49.1%.
The nationwide average price tag for a starter home is $196,611, according to Zillow.
Persons:
underscoring, ” Orphe, “, It’s, homebuyer, Zillow, Jeffrey Jenkins, Divounguy, “ That’s, ”, Lawrence Yun
Organizations:
CNN, Gallup, National Association of Realtors, University of Southern
Locations:
Zillow, California , New York, New Jersey, University of Southern California, United States