242 U.S. cities have $1 million starter homes, Zillow finds
Summary
A new study by Zillow shows that 242 U.S. cities now have starter homes priced at $1 million or more. This means it is becoming harder for people buying their first home to afford one in many areas.Key Facts
- Zillow, a real estate website, researched prices of starter homes in U.S. cities.
- A starter home is usually the first home a buyer would consider purchasing.
- There are now 242 cities where these entry-level homes cost $1 million or more.
- This number is the highest ever recorded by Zillow.
- Rising home prices make it difficult for first-time buyers to get onto the housing market.
- Orphe Divounguy, a senior economist at Zillow, discussed these findings on CBS News.
- High home prices can affect where people choose to live and buy property.
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