Map Shows States With Most Expensive Starter Homes
Summary
The number of cities in the U.S. where even the cheapest homes cost over $1 million has grown to 242, according to Zillow. California has the most such cities, followed by New York, reflecting ongoing challenges for people trying to buy entry-level homes.Key Facts
- There are now 242 U.S. cities where starter homes cost over $1 million, up from 226 last year.
- This number has more than tripled since February 2020.
- Starter homes are defined as homes priced in the lowest third for a region.
- California has 105 cities with million-dollar starter homes, the highest in the country.
- New York has 41 cities with million-dollar starter homes.
- High demand during the pandemic, combined with low supply, pushed prices up sharply.
- New York City metro area has 63 such cities; San Francisco has 37, Los Angeles 33.
- Markets in the Sun Belt states have added more homes, slowing price growth compared to the Northeast.
- It currently takes about six years for homeowners to break even versus renting, down from eight years in 2023.
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