Real Estate
Starter Home Prices Top $1 Million in More Than 200 US Cities
First-time buyers are having to contend with seven-figure home prices amid low inventory and high borrowing costs.
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What can you get with $1 million in today’s housing market? A starter home.
Just a few years ago, one might expect a large, well-cared for home with a lush lawn and maybe even a pool for $1 million. But not anymore. The typical starter home — defined as the lowest third of residential values in a region — has a seven-figure price tag in 237 cities, including dozens surrounding New York, San Francisco and Los Angeles, an analysis from Zillow Group Inc. shows. That’s more than triple the number of cities just five years ago.