$1 million starter home? It's the norm in 237 cities, according to Zillow

Almost half of those cities are in California.
Friday, July 26, 2024
LOS ANGELES (KABC) -- A $1 million starter home? Apparently, it's the norm in hundreds of cities!

According to a recent study from Zillow, the typical "starter home" - which is defined as being among those in the lowest third of home values in a given region - is worth at least $1 million in 237 cities, the highest number of cities ever.

Plus, almost half of those cities are in California.

New York and New Jersey took the No. 2 and No. 3 spots on the list while Florida and Massachusetts rounded out the top five.

According to Zillow, the typical starter home nationwide is worth less than $200,000, which is more of a down payment in Southern California.



"Home buyers are battling affordability and availability today. So much so that $1 million is the norm for a starter home in hundreds of cities," said Orphe Divounguy, a senior economist at Zillow. "However, it's looking more and more like there will be some good news ahead for first-time buyers. More homes are for sale, price cuts are on the rise, and buyers have a few more days to weigh their options as homes sit on the market."

To read more about the Zillow analysis, click here.

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