Where starter homes cost at least $1 million
There are now 233 U.S. cities where a typical starter home costs at least $1 million — nearly triple the number from March 2020, according to a Zillow report.
Why it matters: It's a sharp reminder that homeownership is slipping further out of reach, especially for younger people.
The median age of first-time buyers is pushing 40, the oldest on record, data shows.
The big picture: Half of all states have at least one city with million-dollar starter homes, up from 10 states five years ago, Zillow found.
Minnesota (Minnetonka Beach) and Rhode Island (New Shoreham) recently joined the list. California cities continue to dominate.
The latest: Home prices are still climbing, though not as quickly as before, and mortgage rates remain stubbornly high.
The median existing home price rose 2.7% to $403,700 in March, the 21st straight month of year-over-year increases, per the National Association of Realtors.
What they're saying: "While cities with $1 million starter homes still represent a small piece of American real estate, they are a striking symbol of how the pandemic housing boom reshaped affordability," Zillow's Anushna Prakash wrote in the report.
What we're watching: Some may skip starter homes altogether.
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