A $1 million starter home is now the norm in more than 200 US cities

The number of US cities with entry-level homes priced at least $1 million has nearly tripled in the past five years, according to research. A typical starter home is now worth $1 million or more in 237 cities, indicating America’s ongoing home affordability crisis. Factors driving this price explosion include skyrocketing home prices and elevated mortgage rates, leading to a shortage of homes for sale compared to demand. This has resulted in one of the most unaffordable housing markets in a generation, causing many young Americans to remain renters for longer.