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.”

  • GiddyGap@lemm.ee
    link
    fedilink
    arrow-up
    3
    arrow-down
    2
    ·
    3 months ago

    super expensive

    There are very few places in Texas that are super expensive.

    • Soulg
      link
      fedilink
      arrow-up
      1
      arrow-down
      1
      ·
      3 months ago

      So you’re not from Texas then

      • GiddyGap@lemm.ee
        link
        fedilink
        arrow-up
        3
        ·
        3 months ago

        Not from Texas, for sure. But I can say with confidence that there are very, very few places in TX that are “super expensive” compared to California, which was the subject at hand.