Rising Prices of Starter Homes in the U.S.

SOURCE thehill.com
A new report from Zillow shows that in over 230 U.S. cities, a starter home now costs at least $1 million, a significant increase from just five years ago. California leads the nation with 113 cities having million-dollar starter homes, but the trend has spread to other states as well. Despite rising home prices nationwide, the pace of increase has slowed recently.

Key Points

  • Starter homes in over 230 U.S. cities now cost at least $1 million.
  • California leads with 113 cities having million-dollar starter homes.
  • Despite the national median being $192,514, prices have surged in many areas.
  • The number of cities with $1 million starter homes has increased in several states.
  • The pace of home price increase has slowed in recent months.

Pros

  • Provides insight into the increasing cost of starter homes in the U.S.
  • Highlights the impact of rising real estate prices on first-time buyers.

Cons

  • May discourage potential first-time homebuyers due to high costs.