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Starter homes cost $1 million in record 242 U.S. cities according to Zillow
Zillow report reveals 242 U.S. cities have million-dollar starter homes, with the Northeast seeing the fastest growth.
Key points
- A Zillow report from June lists 242 U.S. cities with starter homes costing one million dollars or more.
- The Northeast region experienced the fastest growth, adding fifteen cities to the list in the past year.
- The typical age of first-time homebuyers has climbed to a record forty years old.
Why it matters. The convergence of record home prices and an aging buyer demographic creates severe affordability barriers for millennials forming families in the Northeast and across the country.
A Zillow report released in June identifies 242 U.S. cities where starter homes cost at least one million dollars, a record high that is triple the pre-pandemic count. The Northeast region now leads in growth, with New York and New Jersey adding fifteen cities combined over the past year alone. This surge coincides with the typical first-time buyer reaching a record age of forty, straining affordability for millennial parents entering their peak spending years.
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Starter homes cost $1 million in record 242 U.S. cities according to Zillow
A recent report from Zillow indicates that the cost of entry-level housing has reached seven figures in 242 cities across the United States. This marks a historic high for affordability challenges facing first-time buyers who have waited out the pandemic boom. Consequently, the average age of a first-time homebuyer has climbed to a record 40 years old. The Northeast region has emerged as the fastest-growing area for million-dollar starter homes. These findings suggest that despite saving longer and renting longer, many millennials are still unable to enter the housing market.
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