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. “We see the largest number of million-dollar starter homes in expensive coastal markets. To further complicate things for first-time buyers, the value of starter homes has grown at a faster pace than the average home. According to Zillow, starter home values have grown 54.1% over the past five years, while the average US home has increased by 49.1%. The nationwide average price tag for a starter home is $196,611, according to Zillow.

Source: CNN July 26, 2024 13:39 UTC