Starter homes in South Florida hit $1 million
Eight communities in South Florida are among the growing list of U.S. cities and towns where a typical starter home costs at least $1 million, 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.
There are 11 such communities in Florida, up from just four in 2020.
Zoom in: In Miami-Dade County, Fisher Island, Golden Beach and Pinecrest were included in the list, with prices ranging from around $1.1 million in Pinecrest to upward of $4 million in Golden Beach.
Elsewhere in South Florida, Jupiter Inlet Colony, Golf, Manalapan and Gulf Stream in Palm Beach County and Southwest Ranches in Broward County were also featured on the list.
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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