These U.S. cities have $1 million entry-level homes, a report finds. Is this the new norm?
Summary
A new report from Zillow found that a record 242 U.S. cities have entry-level homes costing $1 million or more. Nearly half of these cities are located in California. The report highlights rising housing prices across the country.Key Facts
- There are now 242 cities in the U.S. where the cheapest homes cost $1 million or more.
- About half of these cities are in California.
- The report was released by the real estate company Zillow.
- Entry-level homes are the most affordable houses in a market.
- Rising home prices affect many American cities beyond California.
- Higher mortgage rates also impact housing affordability.
- The report indicates significant changes in the housing market nationwide.
- CBS News business analyst Jill Schlesinger explained the trends in the report.
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