The number of US cities where first-time homebuyers are faced with at least a $1 million price tag on the average entry-level home has nearly tripled in the past five years, according to new research.

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.

“Affordability has been strained across the board,” Orphe Divounguy, a senior economist at Zillow, said. “We see the largest number of million-dollar starter homes in expensive coastal markets. We see them in markets with very low homeownership rates and we see them in markets with more building regulations.”

  • HubertManne
    link
    fedilink
    53 months ago

    Im pretty old but I often think about how much better off I would be if I got an associate degree and some certs and then bought a house asap.

    • Flying Squid
      link
      43 months ago

      Yes and no. We own a house and we would love to move to another city, but since we live in a less desirable city, we can’t afford a house anywhere else. So if you don’t want to be stuck somewhere forever, be glad you didn’t.